In 2016, LED lighting listed companies have become the main force in the development of LED industry. At present, there are more than 40 lighting companies listed on Shanghai Main Board, Shenzhen Small and Medium-sized Board and GEM, and more than 70 new three boards. The author selects eight LED listed companies that have recently released performance announcements. The author has compiled the latest research report of the securities company and shared it with you.
The development of LED lighting will affect the pattern of the world's lighting industry. Recent international famous lighting companies such as Philips, Osram's spin-off and introduction of strategic investors are just the beginning of changes in the pattern, while Sunshine Lighting, Mulinsen, Sanan Optoelectronics, etc. The rise of domestic enterprises has had an impact on the world pattern of lighting in the industrial chain. This pattern change has provided a rare opportunity for China's lighting industry to move from a manufacturing power to a manufacturing power.
1 sunlight lighting
Comments: Researcher of Huaxin Securities Co., Ltd.: Xu Peng
Sunshine Lighting disclosed the 2015 annual report. During the reporting period, the company achieved operating income of 4.25 billion yuan, a year-on-year increase of 31.0%; the net profit attributable to shareholders of listed companies was 372 million yuan, a year-on-year increase of 29.0%. At the same time, the company expects net profit of Q1 in 2016 to increase by 0%-30%.
LED business accounted for a rapid increase
In 2015, the company's LED light source and lighting products revenue was 3.114 billion yuan, an increase of 91.8%. Sales of 204 million (sets). The growth rate of the company's LED business significantly exceeded the growth rate of the industry, indicating that the transformation attitude of sunlight lighting is firm and successful.
It is estimated that the LED penetration rate in the global general lighting field is between 16-20%, and the LED industry is still in the high-speed growth period in the next three years. The energy-saving lamp business has experienced a large decline.
In 2015, the income from sunlight lighting energy-saving lamps and lamps and lanterns products was 1.093 billion yuan, down 31.61% year-on-year. The sales volume was 134 million pieces (sets), down 33.99% year-on-year. The decline in traditional business slightly exceeded expectations. It is expected that energy-saving lamp products will be difficult to appear in the future. Similar to the long tail effect of incandescent lamps, the business will continue to decline at a certain rate in the next three years. However, from the perspective of income structure, in 2015, the traditional business income of energy-saving lamps accounted for only 26%, so the overall impact on the enterprise will not be great.
Overseas growth is obvious, and the country is still undergoing a transition period
In 2015, Sunlight Lighting achieved rapid growth in its revenues in Europe and North America through the market expansion of LED lighting products, with growth rates of 65.4% and 53.7%, respectively. At the same time, domestic sales revenue fell 8.8% year-on-year, mainly due to channel adjustment and insufficient domestic demand.
The road to brand transformation is long. The transition from OEM and sales market models to independent brands is the established strategy for Sunshine Lighting. Sunshine Lighting has established overseas subsidiaries in Belgium, Germany, the United States, Australia, Hong Kong, etc., and actively promotes the international market to achieve sales of its own brand products, while the domestic market adopts a sales model based on distribution. However, due to the scattered channels of the domestic general lighting market and the difficulty of entering foreign channels, it is expected that the sunshine lighting will remain OEM-oriented in the next few years, and the brand strategy will progress slowly.
2 Sanan Optoelectronics
Comments: Qunyi Securities (Hong Kong) Researcher, Zhu Jixiang
It is reported that despite the continuous adjustment of the LED industry, the output growth rate of the chip industry has returned to single digits, but Sanan Optoelectronics' 2015 performance still recorded a 26% growth after deduction, and its performance is brilliant, far surpassing its peers, reflecting its production control capability. And scale effect. It is estimated that Sanan Optoelectronics will achieve a net profit of 2.21 billion yuan and 2.9 billion yuan in 2016-2017.
1Q16 performance continues to grow rapidly
1Q16 Sanan Optoelectronics realized revenue of 1.18 billion yuan, YOY increased by 27.2%, and the net profit attributable to listed companies was 460 million yuan, a year-on-year increase of 29.2%. Affected by changes in the sales structure and the decline in gross profit margin of LED chips, the consolidated gross profit margin for the quarter was 39.1%, a decrease of approximately 9.3 percentage points from the same period of the previous year. With the gradual release of production capacity, the gross profit margin is expected to gradually recover.
Actively deploying compound semiconductor business
Gallium arsenide and gallium nitride devices are 5G, and the downstream demand space is huge. The corresponding market space exceeds 10 billion US dollars, and China relies heavily on imports. Sanan Optoelectronics obtained a large fund (shared 9.1%) and CDB, and recently acquired Huanyu Communication Semiconductor for US$230 million. The capital technology capability has been further strengthened. The planned production capacity of compound semiconductors is 30,000 pieces/month. At present, the production capacity has reached 4,000 pieces/month. The equipment preparation production has been completed. Some of the sampled products have been certified and will be expected to form a new growth momentum in the future.
3 Hongli Photoelectric
Comments: Southwest Securities Researcher, Xiong Li
Hongli Optoelectronics released the first quarter of 2016 report, achieving operating income of 440 million yuan, an increase of 53.01%; net profit of 65 million yuan, an increase of 138.3%. Excluding the non-recurring gains and losses of approximately 14 million from the equity transfer of Xinquan Optoelectronics, the non-recurring net profit attributable to shareholders of the listed company was approximately RMB51 million, a year-on-year increase of 103%.
Strong demand for automotive lighting, boosting revenue growth
In the first quarter of 2016, revenues increased significantly. In addition to the packaging business (including package brackets), with the increase in production capacity and steady increase in revenue, the Fo Da signal is also one of the first quarter revenue highlights. In the first quarter of 2016, the net profit contributed by Fo Da signal was about 10 million yuan (the net profit of Fo Da signal in the first half of 2015 was only 9.95 million), a substantial increase year-on-year. Fo Da's own brand is currently mainly engaged in the aftermarket of overseas commercial vehicles; it also carries out ODM OEM for LED headlights such as HELLA and BOSCH. The company's advantages in automotive LED experience and technical advantages have become increasingly prominent. In view of the fact that automotive LEDs have replaced the traditional xenon lamps and halogen lamps, the space is still very large, and the company's automotive LED business continues to be optimistic.
Capacity continues to expand, and multiple packaging technologies are widely available
In the field of white light packaging, Hongli Optoelectronics actively expands production to create cost advantages. In 2016, the production base in Jiangxi will be officially put into production, contributing 16,200kk/year TOPLED and 360kk/year power LED production capacity, and the total production capacity will increase by nearly 60%. Hongli Optoelectronics has a variety of packaging technology, in addition to the traditional smd package and lamp package form, the company also has flip-chip, EMC bracket package, COB package and other high-power packaging technology, reserve diversified packaging technology, leading the development of domestic LED packaging technology .
The car networking business is actively promoted, and the twin main business is emerging.
Hongli Optoelectronics invested 45 million yuan in Diner Technology last year, and plans to invest 30 million yuan this year to participate in the Zhuhai school bus, cutting into the car networking industry. At the end of last year, I established a car networking fund with Jiu Pai Capital, Tiansheng Yunding and Dongfang Yunding, with a scale of 800 million yuan (the first phase of 160 million yuan). It is planned to use professional investors to accelerate the layout of the car networking field and strive to build LED industry + car. The dual main business ecosystem of the networking industry.
4 Mulinsen
Comments: Researcher of Ping An Securities Co., Ltd.: Liu Yifeng
The 2015Q3 results were lower than expected: the company's 15Q1-Q3 realized revenue of 2.887 billion yuan (+4%YoY), the net profit of the mother returned to 249 million yuan (-25%YoY), the company's gross profit margin reached 24%, and the net profit margin was 9%. Among them, 15Q3 income was 887 million yuan (-9%YoY), and net profit of returning home was 0.17 billion yuan (-79%YoY). Mainly due to the overcapacity of the LED industry and the intensified competition in the industry, the company's LED product prices have shown a downward trend, resulting in the company's performance below our expectations.
"Control cost + scale effect" has become the key to the company's development: Mulinsen has been focusing on the R&D, production and sales of LED packaging and application series products, and is a major supplier of LED packaging and application products in China. The company controls production costs by optimizing product structure and using economies of scale to enhance the company's overall gross profit margin. The company's large-scale production has driven the company to implement large-scale procurement of chips to reduce costs. In addition, the company's production equipment has now achieved large-scale fully automated production, which in turn reduces unit labor costs and manufacturing costs, and enhances the market competitiveness of products through economies of scale.
5 National Star Optoelectronics
Comments: Southwest Securities Researcher, Xiong Li
In the first quarter of 2016, Guoxing Optoelectronics achieved operating income of 459 million yuan, a year-on-year increase of 18.2%; net profit of 37 million yuan, an increase of 8.4%. It is estimated that the net profit for the first half of 2016 will be 0.84-1.09 billion, a year-on-year increase of 0%-30%.
Price reduction is still the theme of the LED packaging market, and leading companies may benefit from increased market concentration. Data show that in the past six months (2015Q3-2016Q1) LED mainstream white light chip prices have fallen by more than 20%; and LED device import and export prices have also dropped by 29% in the past year. According to this, although the decline in product prices affects the company's revenue in the industry to a certain extent, it is good for domestic packaging leading enterprises to continue to expand their scale and separate the market.
On the one hand, foreign leading companies such as Osram, Philips and other shrinking LED business, foreign substitution space is broad; on the other hand, domestic SMEs continue to withdraw from the market, market concentration has increased. As the second largest packaging company in China, Guoxing Optoelectronics will continue to expand production this year. At present, the company's packaging capacity has reached 4000 kk / m, a significant increase of more than 40% from the end of last year, helping the company's performance to increase steadily.
Small-pitch LED market breaks out and enjoys downstream market growth dividend
The downstream market demand for small-pitch LEDs is hot. According to the data of the small-pitch LEDs, the small-distance orders in the first quarter have increased by more than 150%. In addition, the spacing between small-diameter display screens has gradually narrowed, and the demand for small-diameter displays has been packaged. Multiplied (the number of lamps required for P1.0 is four times that of P2.0). Combined with the above, it is expected that the demand for small-pitch LED lamp beads in 16-18 years will maintain a compound growth rate of 70%. RGB Device Division is the company's traditional advantage business. As the world's second largest LED small-pitch packaging manufacturer, Guoxing Optoelectronics is second only to Taiwan Everlight.
In view of the fact that Guoxing Optoelectronics has been able to mass-produce 0808 small-pitch packaged devices, it is the only energy-generating 0808 packaged device enterprise in China. It has obvious technical advantages and the industrial chain is at home. It has a cost advantage and is expected to enjoy the downstream market growth dividend in the future.
The high-quality state-owned enterprise of Guangsheng, the Foshan lighting platform was initially formed
After Guangsheng Company, a subsidiary of the Guangdong State-owned Assets Supervision and Administration Commission, became the actual controller of Guoxing Optoelectronics, in 2015, Guangzhao re-entered Foshan Lighting and became the major shareholder of Foshan Lighting. In the short-term, Guoxing Optoelectronics and Foshan Lighting are expected to develop synergistically, and the performance will continue to grow steadily. In the medium and long term, the Hirose platform integrates the upstream, middle and downstream industrial resources, and exerts synergies between enterprises in the region to open up the entire industry chain. , to create a large LED platform.
6 Australian Yang Shunchang
Comments: Guangfa Securities Researcher, Chen Zikun
Aoyang Shunchang's profit for the first quarter was 389.125 million yuan, optimistic about the direction of the transformation of ternary lithium battery. Affected by the price of metal substrates and the decline in the price of LED chips, Aoyang Shunchang achieved revenue of 295 million yuan (-18.81%) in the first quarter and net profit of 389.125 million yuan (-24.63%), which is expected to be net profit of the first half of the year. 8588.05~12551.77 million yuan (-35.00%~-5.00%, the acquisition failure compensation of 40 million yuan non-recurring gains and losses in the same period last year). Aoyang Shunchang cut into the ternary lithium battery business through the outsourcing of Tianpeng Power, which is expected to benefit from the industry boom and promote the performance.
Acquired Jiangsu Luwei Lithium Energy and cut into the field of ternary lithium battery
Aoyang Shunchang acquired and increased its capital in Jiangsu Luwei in cash, and ultimately held a 47.06% stake. The main operating assets of Luwei Lithium Energy is Tianpeng Power Supply, which promises to accumulate non-net profit of not less than 360 million yuan in the next three years. Tianpeng Power has been cultivating ternary batteries for nearly ten years. In the past two years, it has begun to focus on the use of ternary lithium batteries for new energy vehicles. The ternary battery is expected to be in short supply, and the expansion of Tianpeng Power's three-yuan capacity will be the first to benefit.
Mid- and long-term optimistic about the progress of LED chip phase II and IGBT project industrialization
It is expected that the performance contribution of the logistics supply chain and LED chips of the traditional main business of Aoyang Shunchang will be stable at around RMB 250 million in 2016. The medium and long-term incremental factors mainly depend on the LED chip Phase II and IGBT projects currently being promoted. It will become a medium- and long-term source of growth for the company's traditional main business.
7 Zhou Ming Technology
Comments: Guolian Securities Researcher, Makino
Despite the fierce competition in the external market, the performance of Chau Ming Technology continued to grow at a high speed. The LED display industry market is fragmented, and with the increase of technical barriers, the industry naturally enters the stage of mutual merger of the company. In 2015, Chau Ming Technology relied on product upgrading, small-pitch entering the business upswing period and acquiring Redio to expand the overseas display market, achieving a profit growth of 86.61%, and making the profit growth rate significantly ahead of the revenue growth rate, indicating that the company has developed New high-profit business direction. In the early stage, Zhouming Technology's overseas brand promotion and layout effect began to show, and overseas revenue increased by 53.88% year-on-year. The outstanding development results were outstanding.
Rapid growth in small-pitch products, helping the company develop
The LED small-pitch products developed by Chau Ming Technology are in the forefront of display technology replacement. The product cost performance, technology and first-mover advantage ensure its 70% revenue growth rate in the past three years. With the expansion of the domestic small-pitch market and the gradual expansion of display applications into the civilian sector, products for the high-end exhibition will be more popular, and its product revenue in 2015 will increase by 122.61%. Chau Ming Technology focuses on segmentation, seeks differentiated lead and introduces products with high added value, of which 2mm small pitch products are the strongest driver of its performance growth. The company's active overseas presence will help open up overseas small-pitch markets.
Acquired Ledio, to create a stage display rental faucet
After the performance of the company's performance in 2015, its profit accounted for 45.90%. Redio is deeply immersed in the high-end LED display leasing field in Europe and America. It provides LED display rental screen services for large-scale venues such as stage and exhibitions. Its customized creative screens account for a high proportion and guarantee a high profit margin. The competitive advantage of Redio will continue to be maintained in the next few years, and the performance of the overseas creative screens of Chau Ming Technology will continue to grow. In addition, Chau Ming Technology will also try to open up the domestic creative screen rental market, promote unified layout and common growth at home and abroad.
8 snow lite
Comments: Researcher of Galaxy Securities, Wang Huajun, Lin Yuyu
According to the 2015 annual report released by Shell, the operating income was 802 million yuan, up 81.42% year-on-year; the net profit attributable to the parent company was 57 million yuan, up 229.08% year-on-year. It is understood that both revenue and performance increased significantly in 2015, mainly from Fushun Optoelectronics, which was wholly acquired last year at a consideration of approximately 500 million yuan. The subsidiary was included in the consolidated financial statements in February. According to the data, Fushun Optoelectronics has a revenue of 392 million yuan and a profit of 64 million yuan, exceeding the performance commitment. According to this forecast, in 2016, Fushun Optoelectronics has a high probability of fulfilling its performance commitment, which will help the company's performance to grow steadily.
DC charging pile products independently developed and produced by Fushun Optoelectronics (product model: FSEV-DCL60/500-A160KW integrated DC charging pile), recently passed the State Grid Electric Power Research Institute Experimental Verification Center, State Grid Corporation Automation Equipment Electromagnetic Compatibility Laboratory Inspection, obtained the relevant inspection report, "Automated Product Electromagnetic Compatibility Inspection Qualification Registration Registration Certificate" and "Power Automation Product Type Inspection Qualification Registration Registration Certificate", all the inspection results are in line with the inspection requirements. The charging pile technology has been verified, which means that the charging pile business has made substantial progress. Judging that the charging pile passes the inspection is the first step of the snow energy new energy strategy. After that, it will continue to improve the overall layout of the new energy vehicle field and enhance the overall core competitiveness. .
The traditional business revenue declined year-on-year. It is reported that Shelley's 2016 quarterly report achieved operating income of 169 million yuan, an increase of 16.59%. The net profit of returning to the mother was 5.22 million yuan, a year-on-year decline of 26.74%. The traditional business of Snow Wright is LED lighting and energy-saving fluorescent lamps, automotive LED lighting and automotive xenon lamps, air purification and water treatment products, ultraviolet light sources and table lamps. In 2015, the traditional business experienced a slight decline, down about 7% year-on-year.
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