High-quality LED lighting companies enter a stable profit stage
With the arrival of LED traditional season, the backlight market has returned to steady growth, the penetration rate of lighting has increased quarter by quarter, the LED lighting enterprises have experienced rapid growth in shipment, and the scale effect will gradually be reflected. The high-quality LED lighting enterprises have entered a stable profit stage, and the change in the past has not increased. The situation of Lee. As the price of LED lighting products has fallen, traditional lighting brands have taken advantage of the channel to fully explore the LED market. Enterprises with lack of core competitiveness have begun to show significant profit pressure, and the market concentration is also increasing. Wang Wenxiang, manager of Dacheng Jingfu Closed Fund, believes that the current LED lighting industry is optimistic about the LED industry. First, with the improvement of cost performance, the trend of LED lighting replacing energy-saving lamps and incandescent lamps is very clear. The current penetration rate is 15 and is expected to enter a stage of rapid growth. Secondly, the industry space for LED lighting is very large, and the global market is expected to be 300 billion yuan. The scale. Wang Wenxiang believes that from the perspective of investment, upstream chips and downstream channels have higher barriers and higher investment value. The mid-stream packaging has low entry barriers and fierce price competition. In the future, through mergers and acquisitions to engineering and lighting. Expansion is a point of view. In the second half of the year, the industry will enter a high level of prosperity, and the chip chain and downstream brand manufacturers with scale advantages and channel advantages will show high growth. Zhang Xiaoren, manager of Baoying Hongli Fund, analyzed that the LED industry boom began in the fourth quarter of 2013. On the one hand, TV/NB shipments stabilized and LED backlight demand bottomed out; on the other hand, LED lighting demand began to increase in the fourth quarter of 2013. The superposition of two factors has given birth to the inflection point of LED demand. Zhang Xiaoren believes that in the future, LED lighting will be brought to the LED industry with strong demand and huge space. In 2013, China's domestic lighting output value was 450 billion yuan. It is expected to reach nearly 700 billion in 2015. At the end of 2013, the penetration rate of LED lighting was less than 20. At present, the LED lighting penetration rate is estimated to be only around 30, and the future space is huge. In the context of the rapid development of the LED lighting industry, Baoying Fund Zhang Xiaoren believes that enterprises with both channel manufacturing capabilities will be the ultimate strong. In terms of channels, channels are the foundation of the lighting industry. Regardless of traditional lighting or LED lighting, only the channel has the right to scale and pricing, so that it has the potential to grow. At present, in China's hardware distribution, home monopoly, commercial lighting and other market segments, there are few companies with national channel advantages, only Op Lighting, NVC Lighting, Foshan Lighting (000541, shares it), Feile Audio (600651, A few companies such as Sanxiong Aurora. In terms of manufacturing capabilities, LED lighting currently has obvious integration trends of light sources and lamps, and because LEDs are point sources, lighting design forms are diverse, and a large number of new products are constantly updated. The product update cycle is 3-5 from previous traditional lighting. The year has been greatly accelerated to 1-2 quarters. Frequent product updates and cost reduction through large-scale procurement have made the design and manufacturing capabilities of industry players a core competency. In other words, LED lighting requires lighting manufacturers to have design and manufacturing capabilities, barriers are far higher than the traditional lighting era.
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