After the price war in 2015 and the industry's severe reshuffle, the dominant companies in the LED industry ushered in the spring of 2016. A number of listed companies that are mainly engaged in LEDs have successively announced the announcement of a substantial increase in the first quarter. It is understood that as the cost of products decreases and the price becomes more and more civilian, the recovery of the LED lighting industry is expected to continue, and the company's 2016 performance is worth looking forward to. .
A number of companies report the first season
In the morning of March 11, Hongli Optoelectronics (300219) stocks opened at a one-page daily limit. The reason behind the announcement was that the company released a brilliant quarterly report for the performance of the previous day.
According to Hongli Optoelectronics, in the first quarter of this year, the company will achieve a profit of 5.627 million to 65.448 million yuan, an increase of 110%-140%. The reason for the growth in performance is: In the first quarter of 2016, the LED lighting market demand was good, the company's business scale continued to develop, and the main business maintained a steady growth.
Hongli Optoelectronics said that "the LED market demand is better" reflects from one side that the industry's prosperity has rebounded. According to the survey, as of now, at least five LED companies have announced the first quarter results announcement. In addition to Hongli Optoelectronics, there are also Lianjian Optoelectronics (300269), Lehman shares (300162), Changfang Group, Jingsheng Electromechanical (300316), which are expected to increase by 92.86%~118.33% and 15% respectively in the first quarter. 45%, 77.69% to 105.03%, 30%-60%.
For the reasons for the growth of the performance, there are mainly three types of main business LED business growth, restructuring targets and growth in performance, and other industry performance growth. For example, Lehman shares, said that during the period, the company actively implemented the LED and sports dual-main development strategy to maintain the stable development of the LED business. At the same time, the new acquisition subsidiary Shenzhen Tuoxiang Technology was included in the financial report, and the sports industry revenue increased. The reasons for the pre-increase in the first quarter of Jingsheng Electromechanical are similar.
M&A integration promotes survival and the fittest
The 2015 annual performance situation more fully reflects the LED industry profile. According to statistics from Shanghai Securities, as of now, a total of 24 LED listed companies have announced their 2015 annual results, and more than two-thirds of the company's performance has increased.
Among them, Zhouming Technology (300232) achieved a net profit increase of 85%-100% in 2015 compared with the same period of the previous year. The reason for the growth was that the planning and deployment of overseas market business and UTV small-pitch display products were actively and effectively implemented. The overall export revenue and market share increased significantly compared with the same period of last year. The orders and revenues of UTV small-pitch series products increased rapidly. At the same time, the company's expansion and integration achieved good results. Radio has 100% in the company since December 2015. Consolidated Statement.
In fact, the steady growth of the main business and the consolidation of the target revenue have become the mainstream reason for the growth of LED companies in 2015. Such as Wei Wei shares (300317) and other companies.
Why do many companies' performance growth reasons include the reorganization of the target? In this regard, Zhang Xiaofei, the president of the High-tech LED Research Institute, told reporters that the entire LED industry was severely homogenized last year, the price war was fierce, and the polarization of the industry intensified, leading to the emergence of the LED industry. The tide of mergers and acquisitions, as well as the intense reshuffle, and listed companies are the main force of mergers and acquisitions, so there are more companies benefiting from the reorganization of the target.
According to the statistics of the High-tech Research Institute LED Research Institute, as of November 2015, China's LED industry mergers and acquisitions amounted to 40.8 billion yuan, and 53 mergers and acquisitions, compared with the total amount of 6 billion yuan in 2014, an increase of 580%. Among them, 39 cases of over 100 million mergers and acquisitions, accounting for 73.6%. In addition, the number of LED companies decreased by 4,000 throughout 2015, and the number of companies in 2014 was as high as 20,000.
The LED industry continues to improve
As for the overall trend of the LED industry this year, Zhang Xiaofei believes that after three years, there will be no difference between LED lighting and traditional lighting. The penetration rate of LED lighting will reach 80% or more. In addition, the total amount of M&A in the next two years will reach 100 billion, with a scale of 500 million. Cases of mergers and acquisitions above the yuan will increase, and at the same time, the merger will be internationalized, and the number of overseas mergers will increase simultaneously.
Insiders of Hongli Optoelectronics told reporters that in the future, LED technology prices, industrial scale expansion, market competition and other factors will affect the price of LED products. The decline in product prices will drive up the demand for LED lighting, increase product penetration, and benefit the long-term sustainable development of LED companies. At the same time, the above factors will also drive the LED market to maintain an upward trend in 2016.
Aoyang Shunchang (002245) recently revealed that the company's LED epitaxial wafers and chips are in good condition, and the performance, quality and yield of the products are in good condition, and the equipment is in full production. In addition, Lehman shares, Wanrun Technology (002654) insiders also told reporters that the company's LED business performance is stable, the future LED lighting products will be civilian, the LED industry is still the company's future intensive work.
The latest research report of Founder Securities (601901) pointed out that the LED industry has a long industrial chain, including upstream epitaxial wafer growth, midstream chip manufacturing, downstream chip packaging and application fields. It is expected that the LED market scale will grow at a compound annual growth rate from 2015 to 2017. It will remain above 30%. By 2017, the scale of China's LED market will reach 748.5 billion yuan, and the market potential is huge.
Tongfang Guoxin Tracking Report: IC Localization Opens New Growth Space
The results for the first half of 2015 were basically in line with expectations. In the first half of 2015, the company achieved operating income of 558 million yuan, a year-on-year increase of 23.43%. The net profit attributable to shareholders of listed companies was 133 million yuan, a year-on-year increase of 1.52%. The gross profit margin for the first half of the year was 43.84%, a year-on-year increase of 7.4 percentage points, mainly due to the sharp increase in the gross profit margin of the specialty integrated circuit business.
The government of the integrated circuit industry has vigorously supported and accelerated the replacement process of localization. The outbreak of the "Prism Gate" incident and the establishment of the National Security Council have made "national security" a national strategy, and the localization replacement process has accelerated. National and local support policies for the integrated circuit industry were intensively introduced. In 2014, the National Outline of the Development of Integrated Circuit Industry was introduced, and the National Integrated Circuit Industry Investment Fund was established. The first batch reached 120 billion yuan. At the same time, local governments have also introduced local integrated circuit support policies, and through the establishment of investment funds, we will focus on supporting local leading enterprises to integrate in the field of integrated circuits.
Smart card chip business or volume growth.
1) The financial IC card chip has been piloted in some banks, and the financial IC card has a huge space for issuing cards, and the replacement space for localization is huge.
2) The market share of residents' health card chips is leading. With the completion of the merger of the Health and Family Planning Commission, the issuance of health cards is expected to accelerate.
Specialized integrated circuit military localization alternative, military-to-civilian two-wheel drive to open up the growth space.
1) The replacement space for military special-purpose integrated circuits is huge, and the company is in an absolute leading position.
2) The company has invested heavily in the development of reconfigurable devices, targeting the larger civilian demand areas such as communications, Internet of Things, and cloud computing.
Earnings Forecast and Investment Rating: We expect the company's operating income in 2015-2017 to be 1.478 billion yuan, 1.957 billion yuan, 2.544 billion yuan, and the net profit attributable to shareholders of listed companies is 436 million yuan, 565 million yuan, and 761 million yuan respectively. The corresponding earnings per share were 0.72 yuan, 0.93 yuan, 1.25 yuan.
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