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LED lighting application is the most important industrial driving force, and the timing of domestic home lighting startup has matured. Global LED lighting penetration is expected to increase by 118, 86 and 61 in 2013-15, due to the rapid adoption phase. It is estimated that the global LED lighting penetration rate will be slightly over 10 in 13 years, and there will still be 5 times space in the future. From the perspective of LED chips, the proportion of lighting in 13 years has exceeded 30, and lighting will be the main driving force of the industry. Judging from the price of the mainstream e-commerce channel, the timing of the start of domestic home lighting has matured, and considering that there are many low-cost solutions in the industry ready to launch, home lighting will accelerate growth, and the home market is the largest user group, accounting for The entire lighting market is around 40. China has manufacturing advantages in major accessories in the field of LED lighting. China will be the global base for LED lighting manufacturing. It is expected that the domestic LED indoor lighting compound growth rate will be 59.
The market for backlights and displays has grown steadily, with growth coming from industry differentiation. The global backlight demand will remain flat in 14 years, and will tend to decline in the future. The opportunity for domestic manufacturers is to squeeze the market of Hantai in the large-size field. The domestic backlight industry is expected to grow 18 in 14 years. The mid-to-high-end areas are Ruifeng and Jufei, and the low-end areas have mega Chi. The demand for display screens has grown steadily, and listed companies have more capital cost advantages. Small-pitch products will open up new markets for high-end indoor screens.
The ranking of the LED industry chain is the upstream of the downstream midstream. The ROE in lighting applications and packaging is high, and industrial capital is pouring into downstream applications in 11H13. The upstream capacity expansion is almost stagnant. In the upstream epitaxial chip field, the price decline is lower than the level of industrial progress, and the industry boom is in the process of recovery. At present, the big factory has begun to consider capacity expansion. The packaging industry as a whole is still active with the expansion of listed companies. In addition, the medium and large power power packaging solutions have more cost advantages and grow faster. In the field of application, traditional lighting manufacturers have increased the launch of LED products, and the advantages of traditional companies have been relatively strengthened due to the lower cost of lighting products.
The LED industry will be divided, and the strong will be strong. The chip field is Sanan Optoelectronics, and the packaging field is Jufei Optoelectronics and Ruifeng Optoelectronics. The application fields are Sunlight Lighting and Zhaochi. From the perspective of the industry chain, we are more optimistic about companies with competitive advantages in chip and lighting applications. Home lighting will enter a critical period of brand creation, and e-commerce channels need to be more important. Chau Ming Technology has tested water and electricity companies. Recommended combination: Sanan Optoelectronics, Sunlight Lighting, Zhouming Technology, Ruifeng Optoelectronics, and Zhaochi. Sanan Optoelectronics is becoming a globally competitive chip company with vertical and horizontal extension potential; Sunlight Lighting as a traditional energy-saving leader has outstanding LED lighting manufacturing capabilities and will continue to grow steadily in the future; Zhouming Technology will have a business turning point in the second half of the year. And e-commerce as the main channel of lighting business; Ruifeng Optoelectronics is a professional packaging factory that successfully implements the strategy of large customers, lighting packaging business is growing at a high speed, international OEM business is the focus of attention; Zhaochi has low-cost manufacturing Experience is expected to grow rapidly in the field of backlighting and lighting.