Since the second half of 2008, due to the impact of the global financial crisis, the growth rate of the energy-saving lamp market has slowed down even year-on-year. The export volume of China's energy-saving lamps increased by 20% year-on-year in the first six months of 2008, and decreased by 12% in the second half of the year. Upstream component manufacturers have a greater impact on the elimination of inventory in energy-saving lamps.
However, energy-saving lamps as a substitute for the original incandescent bulbs, the entire replacement process is still continuing, especially in the current environment, governments have emphasized energy conservation and emission reduction, and accelerated the elimination of incandescent lamps, which will accelerate the recovery of the energy-saving lamp market: 1) The United States set a higher standard of lighting energy efficiency in February 2009 and required all public buildings to be replaced with energy-saving light bulbs (290 US energy-saving lamps accounted for 20% of the bulb market in 2007); 2) EU September this year High-power incandescent bulbs of 100 watts or more are forbidden. In 2012, incandescent lamps were completely banned. At present, there are only 350 million energy-saving lamps in Europe, accounting for 17% of the total number of lamps. 3) China is also accelerating the promotion of energy-saving lamps. The National Development and Reform Commission and the United Nations Development Program have jointly carried out China's phase-out of incandescent lamps and accelerated the promotion of energy-saving lamps. In 2008, under the financial subsidy, more than 60 million energy-saving light bulbs were sold. This year is expected to continue to increase financial input in this regard.
Although LED lighting is growing rapidly, it will start with street lighting (alternatively high-pressure sodium lamps), and its price/performance ratio is far from threatening energy-saving lamps in household lighting. The replacement of incandescent lamps by energy-saving lamps will still be the main change in the lighting market in the next few years. Energy-saving lamps will still have huge room for growth (the incandescent lamps exported by China are 4.5x for energy-saving lamps).
At a time when global electronics demand is sluggish, we still have confidence in the growth in demand for the energy-saving lamp market. At present, the global energy-saving lamp market has begun to gradually warm up. We remind investors to pay attention to the upstream component suppliers of energy-saving lamps, Farah Electronics and China Microelectronics, and the performance recovery brought by the energy-saving lamps in the future.
Farah Electronics (600563)'s capacitor products account for 40% of lighting applications, and the company is actively pursuing a large-capacity product. Future products will not only be used in hybrid vehicles, but also in power generation equipment and power transmission equipment. And various industrial control areas. This will be the company's new growth highlights. We upgraded the company's EPS in 2009 from 0.34 to 0.4 yuan, and the EPS for 2008-2010 was 0.4, 0.4 and 0.56 yuan. The 6-month target price is 12 yuan, which is equivalent to 30xPE in 2009.
China Microelectronics (600360)'s transistor products account for 45% of lighting applications, and the future operating rate will have a huge impact on the company's heavy-asset business. The amount of VDMOS products in the second half of the year is the main focus of the company's growth. We expect the company's EPS for 2008-2010 to be 0.13, 0.17 and 0.41 yuan. It is currently one of the lowest PB vendors among key component companies. The six-month target price is 6.15 yuan, equivalent to 15xPE in 2010.
National Development and Reform Commission: three links between the promotion of energy-saving lamps and the promotion of domestic demand [Grenman led the LED decorative lighting] [Looking for the 2009 China lighting industry hope]
1
CSRM safety relay fulfills the safety requirements of ISO13849- 1Cat.4, applies to monitoring of signals of industry field with high safety requirements, including emergency stop signal, safety gate switch signal, Safety Light Curtain signal, safety light curtain signal with pulse output and two-hands button signal.
Safety Relay Module,Emergency Stop Module,Relay Module,Electric Safety Smart Module,Electric Safety Relay,Smart Relay Module
Jining KeLi Photoelectronic Industrial Co.,Ltd , http://www.sdkelien.com