Recent background information:
Taiwanese LED manufacturers such as Jingyuan, Yiguang, Dongbei, Yuyuan, Addison, etc. will be announced this week in succession in February operating income. It is reported that with the significant increase in demand for panel backlights and LED lighting, LED makers in Taiwan have generally increased their revenue by 10% to 20% in February, and are expected to rise month-on-month from February to the third quarter.
Jingyuan Optoelectronics' orders in February increased by 20% from January, and actual revenue is expected to exceed December 2011; Yiguang’s February revenue is better than that in January, and this year will show a quarter-by-quarter upward trend; The order was better than originally expected, and the production rate gradually increased from 90% to 60% from the previous period to 90%. The first quarter of 2012 is expected to surpass the fourth quarter of 2011; Edison said that revenue in February is expected to exceed NT$200 million, and the module's share in 2012 will increase from 25% in 2011 to 35% to 40%.
Compared with the January sales transcripts, only the Dongbei and Yuen-Yuan revenues rose. In February, LED Taiwanese plant revenues showed a full recovery, a good momentum of flourishing, and led LED Lei Crystal plant capacity utilization has rebounded. However, due to the oversupply in 2011, prices will not go back. Therefore, only those companies that are constantly pursuing cost reduction and improving efficiency can squeeze profits in the first quarter.
According to LED industry experts, at present, LED industry orders have changed from short-term orders in the past month to long-term orders of at least one quarter, mainly focusing on the backlights of TVs, tablet computers and smart phones, and LED lighting should be from the second The season began to show a clear recovery, while LED factory revenue growth in March will also exceed February.
our opinion:
1. The signal shows that the warming continues to strengthen. Sapphire prices continued to stabilize, production capacity utilization gradually increased, order visibility was elongated, and in February, the revenue of major LED manufacturers in Taiwan verified the relevant content. In February, the revenue of major LED manufacturers in Taiwan increased significantly from the previous quarter. We believe that backlighting is still the biggest contributor to the rapid rise of this round, followed by policy-stimulating lighting applications, mainly commercial lighting, architectural lighting, factory lighting, road lighting and civil lighting in the Japanese market, and outdoor lighting in Europe and the United States growing rapidly. It is a subsidy standard for domestic LED street lamps and related terminal lighting fixtures to stimulate the nerves of the world's major manufacturers and speed up the layout of China's mainland.
2. In 2012, the LED industry is expected to gradually recover. After the 2011 baptism, the major manufacturers have gradually adjusted their strategies, from the original main attack backlight, gradually shifted to lighting, and gradually adjust the proportion of backlight and lighting applications; traditional lighting manufacturers GE, Philips, Osram, Toshiba, Panasonic, NVC Lighting gradually began to pay attention to the development of LED lighting applications, began to increase the type of LED lamps, the site began to add LED lighting columns, and began to have advertising investment and internal business unit integration. At the same time, in terms of policies, the global incandescent lamp has gradually been accelerated from being eliminated. In 2012, accompanied by the adjustment of the proportion of applied product types (destocking), the improvement of technology, the sharp drop in prices, and the catalysis of policies, the LED industry in 2012 will be the bottom and gradually recoverable year, which is truly LED lighting. Starting year.
3, can continue to be observed. After the Spring Festival every year, affected by the introduction of new models and inventory replenishment, the overall revenue performance was upward. The performance in 2010 and 2011 was extremely significant. In 2012, this effect will gradually appear, but its effect will be weaker than 2010 and 2011. year. The main reason is that since the back light was the absolute kinetic energy of LED growth from 2008 to 2011, from NetBook to NB to TV, but due to the overall impact of 2011 in 2011, the kinetic factors of backlight growth gradually weakened, and at the same time, Dachang's strategy focused. Much has been transferred to lighting applications. It is expected that the sequential decline will decrease gradually, but it will maintain a positive growth. Therefore, we believe that whether the follow-up can continue to rise will see whether the growth of commercial lighting and other related application markets can continue.
4. Policy in 2012 remains the key. Lighting-related products are still relatively high in terms of price. How to reduce costs in terms of power supply, chips, and heat dissipation will be the key; due to the rapid evolution of LED lighting products, standards, specifications, and other aspects are relatively weak and absent, so the formulation of standards is also It will be one of the major obstacles to restricting the rapid promotion of lighting; therefore, we believe that the guidance and promotion of related policies in 2012 will be critical and will be a key factor in the rapid arrival of lighting.
Note: The LED industry in Taiwan has the largest capacity in the world, accounting for about 40%, with an output value of about 2-3%, a relatively clear division of the industry chain, and changes in its revenue contribution are more representative of the changes in the global LED industry.
Taiwanese LED manufacturers such as Jingyuan, Yiguang, Dongbei, Yuyuan, Addison, etc. will be announced this week in succession in February operating income. It is reported that with the significant increase in demand for panel backlights and LED lighting, LED makers in Taiwan have generally increased their revenue by 10% to 20% in February, and are expected to rise month-on-month from February to the third quarter.
Jingyuan Optoelectronics' orders in February increased by 20% from January, and actual revenue is expected to exceed December 2011; Yiguang’s February revenue is better than that in January, and this year will show a quarter-by-quarter upward trend; The order was better than originally expected, and the production rate gradually increased from 90% to 60% from the previous period to 90%. The first quarter of 2012 is expected to surpass the fourth quarter of 2011; Edison said that revenue in February is expected to exceed NT$200 million, and the module's share in 2012 will increase from 25% in 2011 to 35% to 40%.
Compared with the January sales transcripts, only the Dongbei and Yuen-Yuan revenues rose. In February, LED Taiwanese plant revenues showed a full recovery, a good momentum of flourishing, and led LED Lei Crystal plant capacity utilization has rebounded. However, due to the oversupply in 2011, prices will not go back. Therefore, only those companies that are constantly pursuing cost reduction and improving efficiency can squeeze profits in the first quarter.
According to LED industry experts, at present, LED industry orders have changed from short-term orders in the past month to long-term orders of at least one quarter, mainly focusing on the backlights of TVs, tablet computers and smart phones, and LED lighting should be from the second The season began to show a clear recovery, while LED factory revenue growth in March will also exceed February.
our opinion:
1. The signal shows that the warming continues to strengthen. Sapphire prices continued to stabilize, production capacity utilization gradually increased, order visibility was elongated, and in February, the revenue of major LED manufacturers in Taiwan verified the relevant content. In February, the revenue of major LED manufacturers in Taiwan increased significantly from the previous quarter. We believe that backlighting is still the biggest contributor to the rapid rise of this round, followed by policy-stimulating lighting applications, mainly commercial lighting, architectural lighting, factory lighting, road lighting and civil lighting in the Japanese market, and outdoor lighting in Europe and the United States growing rapidly. It is a subsidy standard for domestic LED street lamps and related terminal lighting fixtures to stimulate the nerves of the world's major manufacturers and speed up the layout of China's mainland.
2. In 2012, the LED industry is expected to gradually recover. After the 2011 baptism, the major manufacturers have gradually adjusted their strategies, from the original main attack backlight, gradually shifted to lighting, and gradually adjust the proportion of backlight and lighting applications; traditional lighting manufacturers GE, Philips, Osram, Toshiba, Panasonic, NVC Lighting gradually began to pay attention to the development of LED lighting applications, began to increase the type of LED lamps, the site began to add LED lighting columns, and began to have advertising investment and internal business unit integration. At the same time, in terms of policies, the global incandescent lamp has gradually been accelerated from being eliminated. In 2012, accompanied by the adjustment of the proportion of applied product types (destocking), the improvement of technology, the sharp drop in prices, and the catalysis of policies, the LED industry in 2012 will be the bottom and gradually recoverable year, which is truly LED lighting. Starting year.
3, can continue to be observed. After the Spring Festival every year, affected by the introduction of new models and inventory replenishment, the overall revenue performance was upward. The performance in 2010 and 2011 was extremely significant. In 2012, this effect will gradually appear, but its effect will be weaker than 2010 and 2011. year. The main reason is that since the back light was the absolute kinetic energy of LED growth from 2008 to 2011, from NetBook to NB to TV, but due to the overall impact of 2011 in 2011, the kinetic factors of backlight growth gradually weakened, and at the same time, Dachang's strategy focused. Much has been transferred to lighting applications. It is expected that the sequential decline will decrease gradually, but it will maintain a positive growth. Therefore, we believe that whether the follow-up can continue to rise will see whether the growth of commercial lighting and other related application markets can continue.
4. Policy in 2012 remains the key. Lighting-related products are still relatively high in terms of price. How to reduce costs in terms of power supply, chips, and heat dissipation will be the key; due to the rapid evolution of LED lighting products, standards, specifications, and other aspects are relatively weak and absent, so the formulation of standards is also It will be one of the major obstacles to restricting the rapid promotion of lighting; therefore, we believe that the guidance and promotion of related policies in 2012 will be critical and will be a key factor in the rapid arrival of lighting.
Note: The LED industry in Taiwan has the largest capacity in the world, accounting for about 40%, with an output value of about 2-3%, a relatively clear division of the industry chain, and changes in its revenue contribution are more representative of the changes in the global LED industry.
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