LED subsidy policy is expected to be launched in the near future1

The recent continuous correction of the LED sector still has a solid support for the industry economy. In recent years, the LED sector has experienced continuous correction. Investors will inevitably have doubts about the investment prospects of the industry and suspect that the industry economy will continue to decline. The research report released by Ping An Securities pointed out that the cyclical source of the LED sector in the past was mainly due to the seasonal fluctuations in the backlight market. Since the beginning of this year, the source of the industry's prosperity has been the general lighting market. Affected by the improvement of upstream chip technology and the rapid decline in prices, the price gap between LED lighting and traditional lighting products is gradually narrowing, and the cost-performance advantage of downstream LED lighting products has emerged. In the future, with the increasing penetration rate of LED lighting, the industry economy will have a solid support. From Taiwan LED enterprise June operation data see the first half industry overall performance excellent the second half boom is expected to ultra-expected. Judging from the recent stock price trend of A- share related listed companies, due to the influence of the external environment, the trend of the sector deviates from the fundamentals, and investment opportunities are expected in the second half of the year. The LED subsidy policy is expected to be launched. The subsidy policy for energy-saving lamps from 2008 will end by the end of this year. At present, the National Development and Reform Commission, the Ministry of Finance and other departments are studying the policy of financial subsidies to promote LED lighting products, the form and intensity of subsidies will be adjusted based on the promotion of energy-saving lamps and the characteristics of LED lamps. As home lighting considers more about the cost of purchasing for the first time, there is still a gap between LED and energy-saving lamps. The introduction of subsidy policies in the future will greatly accelerate the comprehensive replacement of traditional lighting by LED lighting. Because energy-saving lamps contain mercury, environmental protection is a big concern. At present, many local governments have canceled subsidies for energy-saving lamps, and the cost performance and environmental protection effects of LED will gradually be reflected in the future. The industry has been favored by a number of brokers or ushered in medium and long-term investment opportunities. Citic Securities believes that at present, although the end consumers are still purchasing a large number of traditional lighting products, dealers have obviously begun to reduce the proportion of traditional light source purchases. From the perspective of output value, it is estimated that the proportion of LED lighting in the mainland lighting market in the first half of the year is 25 ~ 30, and the second half of the year will be 35 ~ The probability of the 40 interval is large, and the trend of quarter-on-quarter improvement is obvious. Therefore, the overall lighting revenue in the third quarter is expected to be flat month on month, while the LED penetration rate is rising quarter by quarter. The total LED lighting revenue in the third quarter is still growing month on month, and the growth rate may further increase in the fourth quarter. Galaxy Securities believes that driven by the strong demand for LCD TV backlight and the rapid growth of the lighting market, the capacity utilization rate of various LED factories in Taiwan has been fully loaded this year, lunda and other manufacturers are expected to boom in the third quarter. In addition, the mid-term performance forecast of mainland LED manufacturers such as Sanan Optoelectronics and zhouming technology is better than market expectations, and the industry valuation will rise. Continue to promote Zhou Ming technology and Liad. Industrial Securities is optimistic about the development of mainland LED companies, maintaining the recommended investment rating of the LED industry, recommending Liad, sunshine lighting, Hongli optoelectronics, and Sanan Optoelectronics. Riad Small spacing led TV alternative DLP trend established the second half indoor big TV worth looking forward; Sunlight lighting relies on locking customers and continuously expanding to other customers, rapidly expanding the scale of LED and having a stable profit level; Hongli Optoelectronics will have a good development prospect in LED general lighting and automobile lighting in the next few years; The status of San'an Optoelectronics's domestic chip leader is gradually established, which will benefit from the competition pattern of Evergrande.