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15380311086
Address: No. 158, Cai子從hong Road, Shatou T電村own, Guangling Distri得北ct, Yangzhou船山 City, Jiangsu Province
Postcode: 225105
Postcode: 225105
The LED ligh花醫ting market is expec動技ted to increase by 草中30% next year睡高, and the industry cha路愛in will welcome good o姐身pportunities
abstract：According to research山體 institute L友和EDinside, the total科作 value of glo雨又bal LED lighti房女ng output wil街視l reach US$25.7 bill術音ion in 2015, accounting 兵章for 31.3% of the total o身校utput value
Acc區美ording to research腦哥 institute LE煙黃Dinside, the total va媽舊lue of global LED ligh鄉山ting output will reach U林員S$25.7 billi多老on in 2015, ac的煙counting for 31.3% of th木的e total output value o錢西f the overall很媽 lighting market. The industry pre了藍dicts that European看日 production capacity 體山will account for 23% of分紙 the global LED li錯妹ghting marke秒都t next year, Chi師志na will acco綠什unt for 21%, and t報答he United States很內 will account for 19費雨%.
According t費書o foreign media reports,能金 Taiwan's sup體對ply chain companies pred是村ict that the total outpu不玩t value of the gl化物obal LED lighting信大 market will in制下crease by 30近那% in 2015, and a理從 doubling of s暗場hipments will offset志花 the negative impact亮什 of a 30%-35% price 物喝drop.
Accordi鐘空ng to research institute場長 LEDinside, the 國票total value of gl村筆obal LED lighting o購銀utput will reach US$25.兒厭7 billion in 2015, ac很錯counting for 31.3% of視筆 the total outpu村路t value of the overal厭東l lighting market. The industry predicts th雪站at European produc笑年tion capacity will a綠討ccount for 23% 訊公of the global LED l鐘見ighting market ne車亮xt year, China will 綠妹account for 21%, a子討nd the United States w家靜ill account for 19%.鐘秒
Industr快了y insiders said that北風 compared with the她窗 overall growth o信快f the LED lighting呢海 market, the LED backlig光城ht lighting market w年快ill decline. T內算his is mainly 呢要due to the fact that n匠們ew LED TVs require few子們er chips than backlit 金林LCD TVs, and t答這he price of backlight L唱靜ED chips is also dec為生lining.
An important嗎綠 trend in the LED indu錯黃stry recently is the con理答tinued growth in 醫土demand for indoor 拿街LED lighting equipmen靜人t and the decline i煙遠n the LED chip/compo多校nent business. The financial report re地放leased by CREE, th兵慢e leading US L城聽ED lighting compan空西y, shows that in the t快銀hird quarter場低 of this year,去錯 the company's LE輛鄉D lighting pro愛下duct sales increased線多 by 51% year-on-畫是year to US$2照放23 million. D著車uring the same period, 村樹the chip/compo子紙nent business sale費分s fell by 20% to U員業S$173.6 million.
Accordin公低g to US chip supp睡空lier Rubicon Tec兵算hnology (RBCN), it 紅拍is expected th但的at the weakness of the媽她 LED backlight lighting 到船market will have木離 a significant 媽雪impact on the compan些人y's current qu銀火arter performance,遠理 and it is exp金那ected that demand 和報will not pick up un師空til the good quarter 懂業of next year.
玩學Stock comments我低:
San體雪an Optoelectronics (60票看0703, Stock Bar): Perf刀師ormance is expected國姐 to exceed expectation他可s, employee stock owner費如ship demonstra廠花tes company c兵民onfidence
這訊Category: Com子草pany Research Ins就工titution: Fortu低南ne Securities Co., Lt月銀d. Researcher:火做 Zou Jianjun報小 Date: 2014-09-0水熱9
Even光遠t: Our recent comments 老也on the company C街雨onducted on-site 麗看research and communic是金ated on the comp子制any's LED an和日d integrated 說中circuit business deve資醫lopment status, employee美南 stock ownership plan很好, etc.
Investme校市nt Points
LE要綠D chips continue to be科件 in short supply. Since the second qu吃姐arter of this ye件謝ar, the company司間's LED chips have been i為票n short supp雪麗ly and the b師音usiness is still bo花對oming. Thanks to the high prosp機女erity of the industry an她動d the company's technol笑離ogical improvement姐內s, the company遠呢's LED chip sales r電她evenue and gross 人站profit margin increase如海d significantly路看 in the secon新黃d quarter. The company achieved sal湖話es revenue of 1.354 bill兵但ion yuan in the secon的器d quarter, a mont呢山h-on-month increase of哥離 about 65%, mainly from 內慢the growth of chip re文他venue; the comp區服rehensive gros鐵話s profit margin retu還西rned to more than 40%自低 again, a month-on黃還-month increase of業民 about 2.23 percentag訊請e points. The penetration of LED i老森n the general lighti草很ng field is still p也來rogressing rapidl票會y, and the company's討大 gross profit margin 技小is expected 音相to continue to mainta你們in an upward tr遠房end in the second 樹子half of the 雨地year.
There 相哥are many bright spot喝村s, and the com月音pany's LED business錢工 development農麗 prospects are op多拿timistic.Judging from th公務e semi-annual地數 report, the company's 大紙LED business shows sev冷市eral highlights:費樹 First, overseas busin黃不ess revenue 農業has grown rapidly, with 銀來revenue of 291 million 月秒yuan in the 師場first half of the year, 笑亮mainly chip sales revenu冷媽e, which has e在答xceeded last yea弟自r's total rev外綠enue of 210 mil月筆lion yuan, showing Th看店e company's LED c分志hip market expansion in 生街the international ma文高rket has achieved init多嗎ial results.Second, the company has上服 basically strai物高ghtened out the int開著ernal management of i樂音ts wholly-owned subsid都這iary American Lumen 做綠and clarified it喝月s future developme少門nt layout. A線地merican Lumen is ma房用inly engaged in th志呢e packaging 日煙and application o河河f high-end LED products自舞 in special fiel用女ds. It has a good bran冷分d effect and high v可高isibility in th民高e global mar術坐ket. It is expe算子cted that It will contr自風ibute significant perfor些路mance to the company和票 in 2015.Third, many pr微分oducts of subsidi很都ary Anrui Opto玩章electronics ha劇站ve been cert線司ified by automo美計bile manufac長要turers. The c請花ompany holds做器 51% of the equit窗大y of Anrui Opt讀時oelectronics. When A森慢nrui Optoelectroni友長cs was founded謝河, it was posit友商ioned to develop and p愛老romote LED applicati廠子on products in the autom話身otive industry. After這短 years of har商很d work, it has no很書w There are 7-自歌8 products certified 術費by Chery, Zotye, BAIC,購區 SAIC and other auto弟的makers, and they 車司are expected to 行做achieve breakeven this服筆 year. Fourth, the se一吧cond phase of the Xiamen書火 project is prog花樹ressing as scheduled.女山 It is expec雨快ted that more街個 than 20 MOCVD units w新老ill be launched 對拿in the fourth qu影門arter of this year, a現紅nd the remaining un船生its will be put歌金 into production one 去你after another森話 according to m影區arket condit道下ions next year. At present, 是照the penetration rate of 哥體LED in the general ligh她南ting field is less 習行than 20%; the local拿可ization rate o妹子f domestic LED chips i他廠s about 60%, and 舞司there is considerable個得 room for im花站provement; we ex習討pect that th行身e company's LED bu筆冷siness will continue to 大是maintain rapid 對舞growth in the next 2-3 歌鄉years.
The developm刀愛ent of integr答關ated circuit product有喝s is progressi作日ng smoothly and is exp樂人ected to contri做弟bute profits in 201水物5. In April 2014, the 票高company announced空學 that it would co站對operate with Chengdu Yag技山uang to enter the fiel信水d of integrat商外ed semiconductor c外光ircuits. The company 裡裡holds 65% of 還房the equity of the i舞紙ntegrated circ的器uit subsidiary.術林In the field of 民訊integrated circuit黃間s, III-V compoun自紅ds are compound s分務emiconductor materials t到腦hat are widely 高不used and developing rap高弟idly. HEMTs pr他動epared from mate多對rials such as GaAs or 購風GaN are generally consid門對ered to be one of the 個的high-speed el著理ectronic devi商輛ces with great developm見場ent potential. As a leading enterpr是亮ise in the LED chip ind雜內ustry, the compa綠計ny has a good相算 technical le弟對vel in the developm我從ent of III-V semic鐵森onductor mater友快ials.At present, the compa山放ny's integrated c算生ircuit product devel但還opment is prog南西ressing smoothly, and i湖腦ndustrialized 跳月products will be lau間服nched soon in the fourth會文 quarter. We estimate 司窗that in the in匠些itial stage of pro務草duction, the company'術在s products will be一生 given priority to th麗日e partner Chengd計視u Yaguang. It is商小 expected that the compa影友ny's integra錢船ted circuit busin放會ess will reach a la來愛rge scale by 2015器舞. income.
Promoting問外 employee sto少日ck ownership demonst厭化rates the company's stro有商ng confidence in fu自大ture development.從很The company an綠雜nounced in August分資 2014 that it pl門身anned to implement an em嗎什ployee stock ow醫學nership plan. A total 北雨of 979 compan土放y executives and fo內廠rmal employees o南房f three levels and above玩計 raised funds of 308也在.08 million yuan to f線會ully subscribe for她票 Xinzhong 1 est購店ablished by 家科Industrial Secur姐北ities Asset Ma和志nagement Co., Ltd. Sec生近ondary share in the col近章lective plan.志睡 The share limi視問t of the Xinzhong No.他商 1 collective p冷從lan is 930 million睡見 shares, and priorit短明y shares and secondary s路服hares are set up子多 at a ratio of 2:1. The購美 main investment sco動公pe of Xinzhong No風麗. 1 is to purchase a事微nd hold Sanan志去 Optoelectronics st水師ocks, and the 紙站priority sha海熱re is based on 7厭慢.4%. The annu廠員al base rate of哥子 return gives prio是離rity to the income ba著農sed on the actual nu店公mber of days of 都筆existence.
The du高月ration of the em下錢ployee stock 報國ownership plan is 36 m子影onths. Within 6會我 months after t都能he shareholder m麗我eeting approves the 火短employee stock ownershi土大p plan, Xinzhong No新體. 1 will complete the大朋 purchase of the underly看河ing stock th快弟rough the secondary ma技志rket. The initial payment輛快 ratio of the employee光什 stock ownership pl窗得an shall not be le日訊ss than 30%. The paymen又我t period is withi唱妹n three days from 高你the date of r用間eview and appro站明val of the empl我藍oyee stock ownersh地小ip plan by the general 也通meeting of shar男也eholders. The d空師eadline for full payme熱制nt is within four mont紅舊hs from the date of re要窗view and approva行我l by the genera頻票l meeting of shareholder南火s.The lock-up peri計鐵od for purchasing stocks門草 is 12 months, starting 廠兵from the time 農少when the compan謝又y announces the黃就 transfer of the l視弟ast underlying st員間ock to the nam化廠e of the current sha畫對re ownership pla做拍n. The number of u技門nderlying stocks 們動sold by Xinzhong No. 技讀1 within 12 months after你船 the expiration of the 照雪lock-up perio喝討d shall not exceed 60% o術愛f the total number of u老可nderlying stocks duri分坐ng the lock-up p我議eriod.
According t費書o foreign media reports,能金 Taiwan's sup體對ply chain companies pred是村ict that the total outpu不玩t value of the gl化物obal LED lighting信大 market will in制下crease by 30近那% in 2015, and a理從 doubling of s暗場hipments will offset志花 the negative impact亮什 of a 30%-35% price 物喝drop.
Accordi鐘空ng to research institute場長 LEDinside, the 國票total value of gl村筆obal LED lighting o購銀utput will reach US$25.兒厭7 billion in 2015, ac很錯counting for 31.3% of視筆 the total outpu村路t value of the overal厭東l lighting market. The industry predicts th雪站at European produc笑年tion capacity will a綠討ccount for 23% 訊公of the global LED l鐘見ighting market ne車亮xt year, China will 綠妹account for 21%, a子討nd the United States w家靜ill account for 19%.鐘秒
Industr快了y insiders said that北風 compared with the她窗 overall growth o信快f the LED lighting呢海 market, the LED backlig光城ht lighting market w年快ill decline. T內算his is mainly 呢要due to the fact that n匠們ew LED TVs require few子們er chips than backlit 金林LCD TVs, and t答這he price of backlight L唱靜ED chips is also dec為生lining.
An important嗎綠 trend in the LED indu錯黃stry recently is the con理答tinued growth in 醫土demand for indoor 拿街LED lighting equipmen靜人t and the decline i煙遠n the LED chip/compo多校nent business. The financial report re地放leased by CREE, th兵慢e leading US L城聽ED lighting compan空西y, shows that in the t快銀hird quarter場低 of this year,去錯 the company's LE輛鄉D lighting pro愛下duct sales increased線多 by 51% year-on-畫是year to US$2照放23 million. D著車uring the same period, 村樹the chip/compo子紙nent business sale費分s fell by 20% to U員業S$173.6 million.
Accordin公低g to US chip supp睡空lier Rubicon Tec兵算hnology (RBCN), it 紅拍is expected th但的at the weakness of the媽她 LED backlight lighting 到船market will have木離 a significant 媽雪impact on the compan些人y's current qu銀火arter performance,遠理 and it is exp金那ected that demand 和報will not pick up un師空til the good quarter 懂業of next year.
玩學Stock comments我低:
San體雪an Optoelectronics (60票看0703, Stock Bar): Perf刀師ormance is expected國姐 to exceed expectation他可s, employee stock owner費如ship demonstra廠花tes company c兵民onfidence
這訊Category: Com子草pany Research Ins就工titution: Fortu低南ne Securities Co., Lt月銀d. Researcher:火做 Zou Jianjun報小 Date: 2014-09-0水熱9
Even光遠t: Our recent comments 老也on the company C街雨onducted on-site 麗看research and communic是金ated on the comp子制any's LED an和日d integrated 說中circuit business deve資醫lopment status, employee美南 stock ownership plan很好, etc.
Investme校市nt Points
LE要綠D chips continue to be科件 in short supply. Since the second qu吃姐arter of this ye件謝ar, the company司間's LED chips have been i為票n short supp雪麗ly and the b師音usiness is still bo花對oming. Thanks to the high prosp機女erity of the industry an她動d the company's technol笑離ogical improvement姐內s, the company遠呢's LED chip sales r電她evenue and gross 人站profit margin increase如海d significantly路看 in the secon新黃d quarter. The company achieved sal湖話es revenue of 1.354 bill兵但ion yuan in the secon的器d quarter, a mont呢山h-on-month increase of哥離 about 65%, mainly from 內慢the growth of chip re文他venue; the comp區服rehensive gros鐵話s profit margin retu還西rned to more than 40%自低 again, a month-on黃還-month increase of業民 about 2.23 percentag訊請e points. The penetration of LED i老森n the general lighti草很ng field is still p也來rogressing rapidl票會y, and the company's討大 gross profit margin 技小is expected 音相to continue to mainta你們in an upward tr遠房end in the second 樹子half of the 雨地year.
There 相哥are many bright spot喝村s, and the com月音pany's LED business錢工 development農麗 prospects are op多拿timistic.Judging from th公務e semi-annual地數 report, the company's 大紙LED business shows sev冷市eral highlights:費樹 First, overseas busin黃不ess revenue 農業has grown rapidly, with 銀來revenue of 291 million 月秒yuan in the 師場first half of the year, 笑亮mainly chip sales revenu冷媽e, which has e在答xceeded last yea弟自r's total rev外綠enue of 210 mil月筆lion yuan, showing Th看店e company's LED c分志hip market expansion in 生街the international ma文高rket has achieved init多嗎ial results.Second, the company has上服 basically strai物高ghtened out the int開著ernal management of i樂音ts wholly-owned subsid都這iary American Lumen 做綠and clarified it喝月s future developme少門nt layout. A線地merican Lumen is ma房用inly engaged in th志呢e packaging 日煙and application o河河f high-end LED products自舞 in special fiel用女ds. It has a good bran冷分d effect and high v可高isibility in th民高e global mar術坐ket. It is expe算子cted that It will contr自風ibute significant perfor些路mance to the company和票 in 2015.Third, many pr微分oducts of subsidi很都ary Anrui Opto玩章electronics ha劇站ve been cert線司ified by automo美計bile manufac長要turers. The c請花ompany holds做器 51% of the equit窗大y of Anrui Opt讀時oelectronics. When A森慢nrui Optoelectroni友長cs was founded謝河, it was posit友商ioned to develop and p愛老romote LED applicati廠子on products in the autom話身otive industry. After這短 years of har商很d work, it has no很書w There are 7-自歌8 products certified 術費by Chery, Zotye, BAIC,購區 SAIC and other auto弟的makers, and they 車司are expected to 行做achieve breakeven this服筆 year. Fourth, the se一吧cond phase of the Xiamen書火 project is prog花樹ressing as scheduled.女山 It is expec雨快ted that more街個 than 20 MOCVD units w新老ill be launched 對拿in the fourth qu影門arter of this year, a現紅nd the remaining un船生its will be put歌金 into production one 去你after another森話 according to m影區arket condit道下ions next year. At present, 是照the penetration rate of 哥體LED in the general ligh她南ting field is less 習行than 20%; the local拿可ization rate o妹子f domestic LED chips i他廠s about 60%, and 舞司there is considerable個得 room for im花站provement; we ex習討pect that th行身e company's LED bu筆冷siness will continue to 大是maintain rapid 對舞growth in the next 2-3 歌鄉years.
The developm刀愛ent of integr答關ated circuit product有喝s is progressi作日ng smoothly and is exp樂人ected to contri做弟bute profits in 201水物5. In April 2014, the 票高company announced空學 that it would co站對operate with Chengdu Yag技山uang to enter the fiel信水d of integrat商外ed semiconductor c外光ircuits. The company 裡裡holds 65% of 還房the equity of the i舞紙ntegrated circ的器uit subsidiary.術林In the field of 民訊integrated circuit黃間s, III-V compoun自紅ds are compound s分務emiconductor materials t到腦hat are widely 高不used and developing rap高弟idly. HEMTs pr他動epared from mate多對rials such as GaAs or 購風GaN are generally consid門對ered to be one of the 個的high-speed el著理ectronic devi商輛ces with great developm見場ent potential. As a leading enterpr是亮ise in the LED chip ind雜內ustry, the compa綠計ny has a good相算 technical le弟對vel in the developm我從ent of III-V semic鐵森onductor mater友快ials.At present, the compa山放ny's integrated c算生ircuit product devel但還opment is prog南西ressing smoothly, and i湖腦ndustrialized 跳月products will be lau間服nched soon in the fourth會文 quarter. We estimate 司窗that in the in匠些itial stage of pro務草duction, the company'術在s products will be一生 given priority to th麗日e partner Chengd計視u Yaguang. It is商小 expected that the compa影友ny's integra錢船ted circuit busin放會ess will reach a la來愛rge scale by 2015器舞. income.
Promoting問外 employee sto少日ck ownership demonst厭化rates the company's stro有商ng confidence in fu自大ture development.從很The company an綠雜nounced in August分資 2014 that it pl門身anned to implement an em嗎什ployee stock ow醫學nership plan. A total 北雨of 979 compan土放y executives and fo內廠rmal employees o南房f three levels and above玩計 raised funds of 308也在.08 million yuan to f線會ully subscribe for她票 Xinzhong 1 est購店ablished by 家科Industrial Secur姐北ities Asset Ma和志nagement Co., Ltd. Sec生近ondary share in the col近章lective plan.志睡 The share limi視問t of the Xinzhong No.他商 1 collective p冷從lan is 930 million睡見 shares, and priorit短明y shares and secondary s路服hares are set up子多 at a ratio of 2:1. The購美 main investment sco動公pe of Xinzhong No風麗. 1 is to purchase a事微nd hold Sanan志去 Optoelectronics st水師ocks, and the 紙站priority sha海熱re is based on 7厭慢.4%. The annu廠員al base rate of哥子 return gives prio是離rity to the income ba著農sed on the actual nu店公mber of days of 都筆existence.
The du高月ration of the em下錢ployee stock 報國ownership plan is 36 m子影onths. Within 6會我 months after t都能he shareholder m麗我eeting approves the 火短employee stock ownershi土大p plan, Xinzhong No新體. 1 will complete the大朋 purchase of the underly看河ing stock th快弟rough the secondary ma技志rket. The initial payment輛快 ratio of the employee光什 stock ownership pl窗得an shall not be le日訊ss than 30%. The paymen又我t period is withi唱妹n three days from 高你the date of r用間eview and appro站明val of the empl我藍oyee stock ownersh地小ip plan by the general 也通meeting of shar男也eholders. The d空師eadline for full payme熱制nt is within four mont紅舊hs from the date of re要窗view and approva行我l by the genera頻票l meeting of shareholder南火s.The lock-up peri計鐵od for purchasing stocks門草 is 12 months, starting 廠兵from the time 農少when the compan謝又y announces the黃就 transfer of the l視弟ast underlying st員間ock to the nam化廠e of the current sha畫對re ownership pla做拍n. The number of u技門nderlying stocks 們動sold by Xinzhong No. 技讀1 within 12 months after你船 the expiration of the 照雪lock-up perio喝討d shall not exceed 60% o術愛f the total number of u老可nderlying stocks duri分坐ng the lock-up p我議eriod.
