Although the market has experienced a sharp decline today, the market performance of related listed companies such as Lianchuang Optoelectronics (600363), Snowlight (002076) and Foshan Lighting (000541) is still super-stimulated by the national policy of popularizing energy-saving lamps. Strong resilience, it is worth noting that the up-and-coming Aucma (600336) in the energy-saving lighting sector is a strong day-to-day seal on the daily limit, which further enhances the popularity of the sector. It should be said that in the LED concept of Zhejiang Sunshine (600261), Xuelaite, Lianchuang Optoelectronics and other related products in the recent week, the capital inflows are very obvious, the transaction is rapidly expanding, and the stock price is also soaring. Many of the varieties have also recorded consecutive daily limit. . Combined with the strong daily limit of Aucma in this sector today, it is clear that the market for energy-saving lighting is developing in depth. Therefore, we believe that Xiamen Xinda (000701), which has a special liking for the LED field, is even more worthy of active attention. In particular, the domestic LED giant that the company participates in, Sanan Electronics will become an S*ST day through asset restructuring. The major shareholder of é¢ (600703), Xiamen Xinda (000701) will also share the real equity value-added income!
China's LED industry has great opportunities for development
China's LED industry started in the 1970s, and the high-brightness LED industry developed rapidly in the late 1990s. In 2003, the Ministry of Science and Technology launched the national semiconductor lighting project, and at the same time promoted the construction of the national semiconductor lighting industrialization base, and built Dalian Light Industry Park, Shanghai Zhangjiang High-Tech Park, Nanchang Lianchuang Optoelectronics Technology Park, Xiamen Kaiyuan Science and Technology Park, and Beijing Yizhuang Economic Technology. Development Zone and six industrial bases in Shenzhen Guangming High-tech Zone.
There are more than 600 LED enterprises in China. The enterprises are mainly concentrated in the downstream packaging and application fields. There are more than 10 enterprises engaged in LED upstream epitaxial wafers and midstream chips. Traffic lights and landscape lighting are the two main application areas of semiconductor lighting in China, which makes red LED the largest sales in China. In the automotive application, the LED is gradually turned from the interior, the third brake lamp to the fog lamp and the headlights, making the white LED the fastest growth rate, reaching 112%.
The National Development and Reform Commission has launched ten key energy-saving projects, and proposed to save energy of 240 million tons of standard coal during the 11th Five-Year Plan period. Green lighting is an important aspect. In the field of lighting, China is the world's largest producer and the second largest exporter of lighting appliances. The semiconductor lighting industry has a strong industrial base. Therefore, China's LED will face tremendous development opportunities in the future.
LED industry enjoys favorable policy support
The electronic energy-saving lamp is praised as the third-generation new light source and green environmental protection product for its high luminous efficiency, high color rendering, power saving and long life. It represents the development direction of the lighting source in the 21st century. In China, the electricity consumption of lighting accounts for about 12% of the total electricity consumption of the whole society. If all the existing ordinary incandescent lamps are replaced with energy-saving lamps, the country can save more than 60 billion kWh a year, equivalent to the annual power generation of the Three Gorges Power Station. the amount.
Recently, the Ministry of Finance and the National Development and Reform Commission jointly issued the Interim Measures for the Administration of Financial Subsidy Funds for Efficient Lighting Products Promotion, which will focus on supporting high-efficiency lighting products to replace incandescent lamps and other inefficient lighting products in use, mainly including self-ballasted fluorescent lamps for general lighting. , three-color double-ended straight tube fluorescent lamps (T8, T5 type) and metal halide lamps, high-pressure sodium lamps and other electric light source products, semiconductor (LED) lighting products, and necessary supporting ballasts. The state adopts indirect subsidy for promotion, that is, unified bidding to determine the high-efficiency lighting product promotion enterprises and the agreed supply price, and the financial subsidy funds are replenished to the winning bidder, and then the bid-winning enterprise sells the price after the bidding agreement minus the financial subsidy fund. End user. The "Interim Measures" stipulates that the central government of large users shall be subsidized according to 30% of the supply price of the winning bid agreement; the central government of urban and rural residents shall provide subsidies at 50% of the supply price of the winning bid agreement. During the “Eleventh Five-Year Plan†period, the state will promote 150 million energy-saving lamps, save 29 billion kWh of electricity, and reduce carbon dioxide emissions by 29 million tons.
At present, China's energy-saving lamp market accounts for a large share of the entire lighting market, so it still has a lot of room for development. Some institutions predict that the annual average compound growth rate of the domestic energy-saving lighting industry will reach 27% in the next five years, and With the support of national policies, development may be faster.
According to the research report of CITIC Securities, as the types and quantities of specific bidding products are unknown, roughly based on the average price of 6 yuan, the comprehensive subsidy rate is estimated at 40%, and 150 million energy-saving lamps are promoted in the three-year average from 2008 to 2010. In the case of distribution, the income from subsidies for each year will reach 120 million. As the leading enterprises in the lighting industry have great advantages in terms of production capacity, after-sales service and quality, the benefits of leading enterprises are more obvious.
Xiamen Xinda has a special liking for the LED industry
It should be said that Xiamen Xinda (000701) has a special liking for the LED industry. The company has not only established a joint venture subsidiary, Xiamen Langxing Photoelectric Co., Ltd., which is engaged in LED packaging, application research and development and industrialization, but also holds the largest domestic 10% equity of Xiamen Sanan Electronics Co., Ltd., the LED manufacturer with the most complete industrial chain and the most complete product.
At the end of October 2007, Xiamen Xinda (000701) announced that it had signed a “Joint Venture Agreement†with Xiamen Langxing Photoelectric Co., Ltd., and jointly invested RMB 200 million to establish Xiamen Xinda Optoelectronics Technology Co., Ltd. According to the data, Cinda Optoelectronics has a registered capital of 200 million yuan. The company invested 140 million yuan in currency, accounting for 70% of the registered capital. Langxing Optoelectronics invested 60 million yuan in currency, accounting for 30% of the registered capital. The company's business scope is optoelectronic technology research and consulting services; optoelectronic product production, sales, engineering and services. Xiamen Xinda said that the purpose of this foreign investment is to accelerate the pace of the development of the company's main electronic information industry, and seek the photovoltaic industry as a new profit growth point for the company. The joint venture Fanglangxing Optoelectronics has mature experience in the research and development of ultra-high brightness LED (LED) packaging and other products. To this end, the two sides use their respective capital advantages and industrial resources to jointly establish a base for ultra-high brightness LED packaging, application research and development and industrialization.
Xiamen Xinda (000701) currently holds a 10% stake in Xiamen Sanan Electronics Co., Ltd. with total assets of 800 million yuan and net assets of 500 million yuan. According to the data, Sanan Electronics is currently the largest ultra-high brightness LED epitaxial and chip industrialization base in China. The main products are full-color LED epitaxial wafers, chips, optical communication core components, etc., which are national semiconductor lightings designated by the Ministry of Science and Technology. Leading enterprises in engineering, the current production capacity in the domestic accounted for more than 58%, ranking first in the country, ranking fourth in the Asia-Pacific region (except Japan).
It is worthy of high attention that, according to the share reform manual announced by S*ST Tianyi (600703), the company's share reform is combined with major asset restructuring, and major asset restructuring is used as the consideration arrangement for this share reform. According to the share reform plan, the company's potential controlling shareholder Sanan Group intends to inject its holding subsidiary Sanan Electronics' LED epitaxial wafer and chip operating assets into the company. The company plans to issue 114,945,392 shares to Sanan Electronics at a price of 4.33 yuan per share. Purchase all LED assets with a net asset value of 500 million yuan. Prior to this, in October 2007, Sanan Group won the S*ST Tianyi related equity through a judicial auction for RMB 16.78 million, becoming a potential shareholder of S*ST Tianzhu.
S*ST Tianyi (600703) said that after the completion of the restructuring, the company became a listed company focusing on the research, development, production and sales of LED epitaxial wafers and chips. The total share capital of the company increased to 234,461,856 shares, Sanan Group held 23.16% of the company's shares, Sanan Electronics held 49.03% of the company's shares, and the number of shares held by tradable shareholders remained unchanged.
In other words, Xiamen Xinda (000701) indirectly holds a stake in S*ST Tianyi (600703) with its 10% stake in Sanan Electronics. Once S*ST Tianyi's share reform plan can be passed, Xiamen Xinda (000701) holding 10% of Sanan Electronics will become the largest shareholder of S*ST Tianzhu. Then, in the future, after S*ST Tianyi completed the resumption of the share reform, the revaluation space of its secondary market share price will be very large. As a result, Xiamen Xinda (000701) will naturally share the real equity value-added income.
In view of the fact that the secondary market share of the energy-saving lighting segment represented by Aucma (600336) and others is strengthening against the market, and various signs have been fully demonstrated, the market for energy-saving lighting is developing in depth. Therefore, we believe that Xiamen Xinda (000701), which has a special liking for the LED field, is worthy of more attention!
China's LED industry has great opportunities for development
China's LED industry started in the 1970s, and the high-brightness LED industry developed rapidly in the late 1990s. In 2003, the Ministry of Science and Technology launched the national semiconductor lighting project, and at the same time promoted the construction of the national semiconductor lighting industrialization base, and built Dalian Light Industry Park, Shanghai Zhangjiang High-Tech Park, Nanchang Lianchuang Optoelectronics Technology Park, Xiamen Kaiyuan Science and Technology Park, and Beijing Yizhuang Economic Technology. Development Zone and six industrial bases in Shenzhen Guangming High-tech Zone.
There are more than 600 LED enterprises in China. The enterprises are mainly concentrated in the downstream packaging and application fields. There are more than 10 enterprises engaged in LED upstream epitaxial wafers and midstream chips. Traffic lights and landscape lighting are the two main application areas of semiconductor lighting in China, which makes red LED the largest sales in China. In the automotive application, the LED is gradually turned from the interior, the third brake lamp to the fog lamp and the headlights, making the white LED the fastest growth rate, reaching 112%.
The National Development and Reform Commission has launched ten key energy-saving projects, and proposed to save energy of 240 million tons of standard coal during the 11th Five-Year Plan period. Green lighting is an important aspect. In the field of lighting, China is the world's largest producer and the second largest exporter of lighting appliances. The semiconductor lighting industry has a strong industrial base. Therefore, China's LED will face tremendous development opportunities in the future.
LED industry enjoys favorable policy support
The electronic energy-saving lamp is praised as the third-generation new light source and green environmental protection product for its high luminous efficiency, high color rendering, power saving and long life. It represents the development direction of the lighting source in the 21st century. In China, the electricity consumption of lighting accounts for about 12% of the total electricity consumption of the whole society. If all the existing ordinary incandescent lamps are replaced with energy-saving lamps, the country can save more than 60 billion kWh a year, equivalent to the annual power generation of the Three Gorges Power Station. the amount.
Recently, the Ministry of Finance and the National Development and Reform Commission jointly issued the Interim Measures for the Administration of Financial Subsidy Funds for Efficient Lighting Products Promotion, which will focus on supporting high-efficiency lighting products to replace incandescent lamps and other inefficient lighting products in use, mainly including self-ballasted fluorescent lamps for general lighting. , three-color double-ended straight tube fluorescent lamps (T8, T5 type) and metal halide lamps, high-pressure sodium lamps and other electric light source products, semiconductor (LED) lighting products, and necessary supporting ballasts. The state adopts indirect subsidy for promotion, that is, unified bidding to determine the high-efficiency lighting product promotion enterprises and the agreed supply price, and the financial subsidy funds are replenished to the winning bidder, and then the bid-winning enterprise sells the price after the bidding agreement minus the financial subsidy fund. End user. The "Interim Measures" stipulates that the central government of large users shall be subsidized according to 30% of the supply price of the winning bid agreement; the central government of urban and rural residents shall provide subsidies at 50% of the supply price of the winning bid agreement. During the “Eleventh Five-Year Plan†period, the state will promote 150 million energy-saving lamps, save 29 billion kWh of electricity, and reduce carbon dioxide emissions by 29 million tons.
At present, China's energy-saving lamp market accounts for a large share of the entire lighting market, so it still has a lot of room for development. Some institutions predict that the annual average compound growth rate of the domestic energy-saving lighting industry will reach 27% in the next five years, and With the support of national policies, development may be faster.
According to the research report of CITIC Securities, as the types and quantities of specific bidding products are unknown, roughly based on the average price of 6 yuan, the comprehensive subsidy rate is estimated at 40%, and 150 million energy-saving lamps are promoted in the three-year average from 2008 to 2010. In the case of distribution, the income from subsidies for each year will reach 120 million. As the leading enterprises in the lighting industry have great advantages in terms of production capacity, after-sales service and quality, the benefits of leading enterprises are more obvious.
Xiamen Xinda has a special liking for the LED industry
It should be said that Xiamen Xinda (000701) has a special liking for the LED industry. The company has not only established a joint venture subsidiary, Xiamen Langxing Photoelectric Co., Ltd., which is engaged in LED packaging, application research and development and industrialization, but also holds the largest domestic 10% equity of Xiamen Sanan Electronics Co., Ltd., the LED manufacturer with the most complete industrial chain and the most complete product.
At the end of October 2007, Xiamen Xinda (000701) announced that it had signed a “Joint Venture Agreement†with Xiamen Langxing Photoelectric Co., Ltd., and jointly invested RMB 200 million to establish Xiamen Xinda Optoelectronics Technology Co., Ltd. According to the data, Cinda Optoelectronics has a registered capital of 200 million yuan. The company invested 140 million yuan in currency, accounting for 70% of the registered capital. Langxing Optoelectronics invested 60 million yuan in currency, accounting for 30% of the registered capital. The company's business scope is optoelectronic technology research and consulting services; optoelectronic product production, sales, engineering and services. Xiamen Xinda said that the purpose of this foreign investment is to accelerate the pace of the development of the company's main electronic information industry, and seek the photovoltaic industry as a new profit growth point for the company. The joint venture Fanglangxing Optoelectronics has mature experience in the research and development of ultra-high brightness LED (LED) packaging and other products. To this end, the two sides use their respective capital advantages and industrial resources to jointly establish a base for ultra-high brightness LED packaging, application research and development and industrialization.
Xiamen Xinda (000701) currently holds a 10% stake in Xiamen Sanan Electronics Co., Ltd. with total assets of 800 million yuan and net assets of 500 million yuan. According to the data, Sanan Electronics is currently the largest ultra-high brightness LED epitaxial and chip industrialization base in China. The main products are full-color LED epitaxial wafers, chips, optical communication core components, etc., which are national semiconductor lightings designated by the Ministry of Science and Technology. Leading enterprises in engineering, the current production capacity in the domestic accounted for more than 58%, ranking first in the country, ranking fourth in the Asia-Pacific region (except Japan).
It is worthy of high attention that, according to the share reform manual announced by S*ST Tianyi (600703), the company's share reform is combined with major asset restructuring, and major asset restructuring is used as the consideration arrangement for this share reform. According to the share reform plan, the company's potential controlling shareholder Sanan Group intends to inject its holding subsidiary Sanan Electronics' LED epitaxial wafer and chip operating assets into the company. The company plans to issue 114,945,392 shares to Sanan Electronics at a price of 4.33 yuan per share. Purchase all LED assets with a net asset value of 500 million yuan. Prior to this, in October 2007, Sanan Group won the S*ST Tianyi related equity through a judicial auction for RMB 16.78 million, becoming a potential shareholder of S*ST Tianzhu.
S*ST Tianyi (600703) said that after the completion of the restructuring, the company became a listed company focusing on the research, development, production and sales of LED epitaxial wafers and chips. The total share capital of the company increased to 234,461,856 shares, Sanan Group held 23.16% of the company's shares, Sanan Electronics held 49.03% of the company's shares, and the number of shares held by tradable shareholders remained unchanged.
In other words, Xiamen Xinda (000701) indirectly holds a stake in S*ST Tianyi (600703) with its 10% stake in Sanan Electronics. Once S*ST Tianyi's share reform plan can be passed, Xiamen Xinda (000701) holding 10% of Sanan Electronics will become the largest shareholder of S*ST Tianzhu. Then, in the future, after S*ST Tianyi completed the resumption of the share reform, the revaluation space of its secondary market share price will be very large. As a result, Xiamen Xinda (000701) will naturally share the real equity value-added income.
In view of the fact that the secondary market share of the energy-saving lighting segment represented by Aucma (600336) and others is strengthening against the market, and various signs have been fully demonstrated, the market for energy-saving lighting is developing in depth. Therefore, we believe that Xiamen Xinda (000701), which has a special liking for the LED field, is worthy of more attention!
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