Analysis conclusion

Key planning

On August 29th, Zhen Mingli (1868.HK), which was listed in Hong Kong, closed at 83.51%, and its main factors were:

1) Subsidiary Heshan Yinyu Lighting Co., Ltd. won the bid for the indoor lighting LED downlight project in the “2012/2013 Annual Financial Lighting Product Financial Subsidy Promotion Project”; 2) Announced on the LED modular production mode on the same day.

 The High-Tech LED Industry Research Institute (GLII) believes that the transformation of Zhen Mingli's production model does not have a unique competitive advantage, and the role of the company's revenue and profit growth in this year or in the next few years will be very limited. The change in the modular production model of Zhen Mingli and the resulting large fluctuations in stock prices have made investors more rational.

The performance and operation of LED chip listed companies in the first half of the year mainly have the following characteristics:

1) The leading performance of the revenue leader is outstanding, and the net profit declines comprehensively; 2) The downward trend of gross profit margin may continue, the net interest rate will rebound and the capacity will be further released; 3) The price of the product will fall but the sales will not be smooth, and most of the inventory will increase, and the accounts receivable will be increased. The number of turnover days has increased.

GL GLII believes that domestic LED chip listed companies will still face the pressure of price decline in the second half of the year. The competition for product competition, especially the sales channel competition, will continue to increase due to price decline. The industry leader with scale and brand advantage will be in the long run. Will maintain a competitive advantage.


 High-tech observation

GL GLII: It is more difficult to catch up with sapphire. Silicon-based GaN substrate mass production companies are trying to get rid of the monopoly. GLII: The Japanese lighting market is suddenly braking, and Japanese businesses may face “white busy”.
宝 Baosteel joins hands with Keken Optoelectronics to enter the high-power LED market
 Quote review

 This week's high-tech LED industry index was 1063.17 points, up 1.03%, and the Shanghai and Shenzhen 300 index fell 3.11%. The overall performance of the LED industry was resistant, which is still a hot spot this week.


大 LED key stocks, Dazu Laser (23.94%), Zhouming Technology (5.76%) and Sanan Optoelectronics (3.83%) were among the top gainers.

High-tech LED portfolio
Qinshang Optoelectronics (002638), Yuanfang Optoelectronics (300306), Lianchuang Optoelectronics (600363).

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