GLII: LED industry's first quarter results increase, no increase, good for the whole year

Key Analysis

As of this weekend (April 28, 2013), the 25 LED key stocks included in the Gaogong LED Industry Research Institute were released in 2012 and the 1st quarter of 2013. In 2012, the total operating income of 25 key LED listed companies increased by 9% to 48.4 billion yuan; the total net profit was 3.9 billion yuan, down 18% year-on-year. In the first quarter of 2013, the total revenue of 25 key LED listed companies was 9.9 billion yuan, a year-on-year increase of 12%; the total net profit reached 700 million yuan, down 3% year-on-year.

In the first quarter of this year, the overall performance of the LED industry continued to increase without increasing profits, but the overall performance decline trend was significantly weakened. In the first quarter, the combined revenue and net profit growth rate of 25 companies were 12% and -3% respectively. Compared with the whole year of 2012, the growth rate of revenue accelerated and the decline in net profit decreased significantly.

GLII believes that the overall performance of the LED industry in 2013 is good, and its first-quarter performance is one of the supporting evidence. More importantly, it is because: 1) the policy continues to promote the development of the industry; 2) the price of lighting products declines and the penetration rate increases. The lighting market continues to develop rapidly; 3) The absolute space for the decline in chip prices has been limited, and the price decline has slowed down.

High-tech observation

Gaogong 2013 "Zhongshan LED Lighting Quality Upgrade Strategy" Conference kicked off on May 7th Veeco received the mainland MOCVD urgent order market favorable for continued doubt

Market review

This week, the high-tech LED industry index closed at 1102.23 points, down 2.13%, the Shanghai and Shenzhen 300 index closed at 2,443.31 points, down 3.41%, the high-tech LED industry index performance is still better than the broader market.

This week, 25 LED-only stocks, the average increase of 0.70%. The top three gainers were Sunshine Lighting (14.29%), Jufei Optoelectronics (12.67%) and Hongli Optoelectronics (9.89%). The top three declines were Han's Laser (-18.16%) and Silan Micro (-10.75%). ) and Dehao Runda (-8.49%).

Investment recommendation

Tongfang shares (600100), Jufei Optoelectronics (300303), Moso Power (002660).

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