When do you enter? China's lighting industry investment characteristics revealed
In 2006, the price of main raw materials for lighting appliances: copper hit new highs; tin prices rebounded rapidly; tungsten wire continued to shrink in December last year, and the import and export price difference of molybdenum wire expanded.
Brand chain lighting electrical appliance enterprises are the most important focus of the lighting electrical industry in 2005. The rise of Huizhou NVC and other companies is gradually changing the competitive landscape of China's traditional lighting industry.
Foshan Lighting's cumulative sales revenue in 2005 was 1.11 billion yuan, a decrease of 8.19% compared with 2004. The total profit was 270 million yuan, a decrease of 7.01% compared with 2004, and the 2005 earnings per share was about 0.625 yuan.
Adjust Foshan Lighting's 2005/06 company's earnings per share forecast of 0.62 yuan and 0.75 yuan. Considering that Foshan Lighting entered a new round of growth cycle and Zhejiang Sunshine increased significantly in the early period, investors maintained Foshan Lighting (000541) and Zhejiang Sunshine (600261) investment rating "recommended" and cautious "recommended" unchanged.
Risk factors include: macroeconomic regulation, raw material price increases, RMB appreciation, trade friction and anti-dumping. Focus on macroeconomic regulation and growth in the real estate industry.
The lighting industry maintains growth of more than 20%
In December 2005, China's lighting industry sales, sales revenue and export delivery value increased rapidly compared with the same period last year. In December last year, the sales volume of electric light source and lamps reached 876 million and 94.181 million sets respectively. The sales of electric light sources increased by 6.33% year-on-year, which was the same as that of the previous month. The sales volume of lamps increased by 27.90% year-on-year; the chain rose by 16.82%.
From January to December last year, the sales revenue of the whole industry was 91.184 billion yuan, up 23.55% year-on-year; the export delivery value was 47.489 billion yuan, up 20.77% year-on-year; the total profit was 3.736 billion yuan, up 9.29% year-on-year. In the last December, domestic sales and export growth of lighting appliances accelerated, and the industry's peak season characteristics were more obvious, and the industry's profitability has increased.
In 2005, from the sales revenue and export delivery value of China's lighting industry, the industry still maintained a growth of more than 20%. Relatively speaking, the growth rate of electric light sources is lower than that of lamps, and the industry concentration is just the opposite. However, the emergence of branded chain lighting electrical enterprises has caused profound changes in the industry competition pattern.
The price of major raw materials rose
In December last year, the prices of major raw materials for lighting appliances: copper hit new highs; tin prices rebounded; tungsten and molybdenum prices continued to trend last month, tungsten concentrates remained high and molybdenum prices continued to weaken; The export price gap continued to shrink and the import price of molybdenum wire rebounded rapidly. Among them, the import and export price of tungsten wire has increased compared with that of November last year; after the five-month decline in the import price of molybdenum wire, it rebounded sharply in December last year and is now higher than the export price. At present, copper prices have deviated from the fundamentals of supply and demand. However, due to tight supply in the market, the price remained high but the turnover was scarce.
Decrease in the number of ten companies in the industry
The top ten sales revenue in the industry was 11.481 billion yuan, a year-on-year increase of 19.87%, accounting for 12.59% of the lighting industry's revenue, down 1.67 percentage points compared with 2004; total profit was 923 million yuan, down 15.57% year-on-year, accounting for lighting appliances The proportion of total industry profits was 24.71%, a decrease of 9.51 percentage points compared with 2004; the proportion of the top ten has continued to shrink. This seems to run counter to the expectations of the industry in the lighting industry. In fact, the development of the light source industry in the lighting industry is in a period of steady and small growth. The real rapid growth is the lamps, and the concentration of lamps in the small batch industry has not been high. The main reason for the decline in the profit of the electric light source industry is that the cost is high, and the electric light source enterprises are difficult to pass the cost because of fierce competition in the industry.
In the second half of 2005, the lighting electrical industry continued to improve. The proportion of loss-making enterprises has dropped for five consecutive months, and has dropped to 16.63% in December, but still higher than 15.99% at the end of 2004.
Listed company Buddha shines into focus
In the listed company, Foshan Lighting's accumulated sales revenue in 2005 was 1.11 billion yuan, a decrease of 8.19% compared with 2004. The proportion of revenue in the lighting and electrical industry decreased by 0.58 percentage points compared with the end of 2004. The ranking dropped by one place last month. Sixth; total profit of 270 million yuan, down 7.01% compared with 2004, accounting for 1.86 percentage points of the lighting industry's revenue compared with the end of 2004, ranking still ranked first in the industry. Foshan Lighting Co., Ltd. 2005 earnings per share of about 0.625 yuan.
The sales volume of Foshan lighting source products has increased compared with the same period of last year. The average selling price of products has not risen but decreased by nearly 6%. Coupled with the rising cost of product materials, the total profit has decreased. The commissioning of the new Gaoming new manufacturing base will enable the company to enter a new round of capacity growth cycle. The average growth rate of production capacity in the next five years is expected to be around 20%. The environmental protection and marketing strategy companies that complement the capacity expansion have made adjustments: first, to strengthen the promotion incentives for domestic distributors; secondly, to upgrade the manufacturing technology of export products to meet EU environmental protection directives, and expand exports to Europe and the United States.
Brand chain enterprises began to rise The rise of brand chain lighting electrical appliances is the most important focus of the lighting industry in 2005. In the past, the integration of manufacturing and sales of lighting electrical appliances was the basic business model, and it is undergoing changes. At present, enterprises with brand chain sales and sales income of 500-100 million yuan have emerged, and the scale of these enterprises is growing with the growth of stores. Rapidly expanded.
This is obvious for the traditional manufacturing-oriented lighting electrical appliances, because the sales channels basically grasp the pricing power of the products, and the overall overcapacity of the lighting appliances in China, the industrial concentration is low, which means supply for the brand chain enterprises. Rich in business resources. At present, Huizhou NVC, Matsumoto Electric, Sanxiong Aurora and other rising momentum are obvious, and are gradually changing the competitive landscape of China's traditional lighting industry.
Main factors limiting growth
Macro-control: In particular, the regulation of the real estate industry will have a certain impact on the demand for domestic lighting appliances in the short term. It is expected that the central government will not introduce new macro-control policies in the second half of the year, and the real estate industry will stabilize.
The price of major raw materials in the upstream: The price of major upstream raw materials of lighting appliances is likely to maintain the level of December last year, while the lighting electrical industry is in the peak season of sales, and the profit of the lighting industry will still increase.
RMB appreciation and international trade barriers: China's lighting appliances are increasingly dependent on exports, and the appreciation of the renminbi and international trade barriers may affect China's lighting appliances exports.
North America and Europe are the main cities in China's lighting products. North American and European Union products have higher product quality requirements, requiring UL and CE certification. North America and the European Union account for about 60% of China's lighting products exports, and because of the high quality requirements, it is conducive to enterprises to improve product quality.
Looking into the future domestic market, demand will continue to grow year by year. The following strong factors indicate that China's lighting market still has great potential to be tapped.
1. Infrastructure construction: Machines and railways, ports, urban rail transit and other speed development, each project needs lighting.
2, urban lighting project: the city wide-ranging green space, roads, buildings floodlighting, has been developed from large cities to small and medium-sized cities, with the continuous development of China's urbanization, the demand for urban lighting projects has great potential.
3. Industrial and commercial lighting: The factory pays more and more attention to the effect of lighting on the improvement of production efficiency of enterprises. Commercial enterprises are trying to attract customers and spend more money on lighting in shopping malls. The lighting of office buildings, schools and hospitals also has obvious improvement. .
4, Beijing 2008 Olympic Games: Beijing's bid to host the Olympic Games is successful, is planning the construction of the Olympic venues and the corresponding urban supporting projects, so in the next 3-4 years, Beijing-related Olympics-related projects will be launched one after another. The lighting industry is a huge business opportunity. At present, companies have realized this huge market and have started to invest in various preparations.
5. The successful bid for the 2010 World Expo in Shanghai will also promote a new round of urban development in Shanghai. The business opportunities for lighting projects are self-evident.
6. Under the situation of the development of the western region, the development of the central and western regions cannot be ignored. A gradient is formed from east to west, forming different demands on product grades, and the market potential is considerable.
Brand chain lighting electrical appliance enterprises are the most important focus of the lighting electrical industry in 2005. The rise of Huizhou NVC and other companies is gradually changing the competitive landscape of China's traditional lighting industry.
Foshan Lighting's cumulative sales revenue in 2005 was 1.11 billion yuan, a decrease of 8.19% compared with 2004. The total profit was 270 million yuan, a decrease of 7.01% compared with 2004, and the 2005 earnings per share was about 0.625 yuan.
Adjust Foshan Lighting's 2005/06 company's earnings per share forecast of 0.62 yuan and 0.75 yuan. Considering that Foshan Lighting entered a new round of growth cycle and Zhejiang Sunshine increased significantly in the early period, investors maintained Foshan Lighting (000541) and Zhejiang Sunshine (600261) investment rating "recommended" and cautious "recommended" unchanged.
Risk factors include: macroeconomic regulation, raw material price increases, RMB appreciation, trade friction and anti-dumping. Focus on macroeconomic regulation and growth in the real estate industry.
The lighting industry maintains growth of more than 20%
In December 2005, China's lighting industry sales, sales revenue and export delivery value increased rapidly compared with the same period last year. In December last year, the sales volume of electric light source and lamps reached 876 million and 94.181 million sets respectively. The sales of electric light sources increased by 6.33% year-on-year, which was the same as that of the previous month. The sales volume of lamps increased by 27.90% year-on-year; the chain rose by 16.82%.
From January to December last year, the sales revenue of the whole industry was 91.184 billion yuan, up 23.55% year-on-year; the export delivery value was 47.489 billion yuan, up 20.77% year-on-year; the total profit was 3.736 billion yuan, up 9.29% year-on-year. In the last December, domestic sales and export growth of lighting appliances accelerated, and the industry's peak season characteristics were more obvious, and the industry's profitability has increased.
In 2005, from the sales revenue and export delivery value of China's lighting industry, the industry still maintained a growth of more than 20%. Relatively speaking, the growth rate of electric light sources is lower than that of lamps, and the industry concentration is just the opposite. However, the emergence of branded chain lighting electrical enterprises has caused profound changes in the industry competition pattern.
The price of major raw materials rose
In December last year, the prices of major raw materials for lighting appliances: copper hit new highs; tin prices rebounded; tungsten and molybdenum prices continued to trend last month, tungsten concentrates remained high and molybdenum prices continued to weaken; The export price gap continued to shrink and the import price of molybdenum wire rebounded rapidly. Among them, the import and export price of tungsten wire has increased compared with that of November last year; after the five-month decline in the import price of molybdenum wire, it rebounded sharply in December last year and is now higher than the export price. At present, copper prices have deviated from the fundamentals of supply and demand. However, due to tight supply in the market, the price remained high but the turnover was scarce.
Decrease in the number of ten companies in the industry
The top ten sales revenue in the industry was 11.481 billion yuan, a year-on-year increase of 19.87%, accounting for 12.59% of the lighting industry's revenue, down 1.67 percentage points compared with 2004; total profit was 923 million yuan, down 15.57% year-on-year, accounting for lighting appliances The proportion of total industry profits was 24.71%, a decrease of 9.51 percentage points compared with 2004; the proportion of the top ten has continued to shrink. This seems to run counter to the expectations of the industry in the lighting industry. In fact, the development of the light source industry in the lighting industry is in a period of steady and small growth. The real rapid growth is the lamps, and the concentration of lamps in the small batch industry has not been high. The main reason for the decline in the profit of the electric light source industry is that the cost is high, and the electric light source enterprises are difficult to pass the cost because of fierce competition in the industry.
In the second half of 2005, the lighting electrical industry continued to improve. The proportion of loss-making enterprises has dropped for five consecutive months, and has dropped to 16.63% in December, but still higher than 15.99% at the end of 2004.
Listed company Buddha shines into focus
In the listed company, Foshan Lighting's accumulated sales revenue in 2005 was 1.11 billion yuan, a decrease of 8.19% compared with 2004. The proportion of revenue in the lighting and electrical industry decreased by 0.58 percentage points compared with the end of 2004. The ranking dropped by one place last month. Sixth; total profit of 270 million yuan, down 7.01% compared with 2004, accounting for 1.86 percentage points of the lighting industry's revenue compared with the end of 2004, ranking still ranked first in the industry. Foshan Lighting Co., Ltd. 2005 earnings per share of about 0.625 yuan.
The sales volume of Foshan lighting source products has increased compared with the same period of last year. The average selling price of products has not risen but decreased by nearly 6%. Coupled with the rising cost of product materials, the total profit has decreased. The commissioning of the new Gaoming new manufacturing base will enable the company to enter a new round of capacity growth cycle. The average growth rate of production capacity in the next five years is expected to be around 20%. The environmental protection and marketing strategy companies that complement the capacity expansion have made adjustments: first, to strengthen the promotion incentives for domestic distributors; secondly, to upgrade the manufacturing technology of export products to meet EU environmental protection directives, and expand exports to Europe and the United States.
Brand chain enterprises began to rise The rise of brand chain lighting electrical appliances is the most important focus of the lighting industry in 2005. In the past, the integration of manufacturing and sales of lighting electrical appliances was the basic business model, and it is undergoing changes. At present, enterprises with brand chain sales and sales income of 500-100 million yuan have emerged, and the scale of these enterprises is growing with the growth of stores. Rapidly expanded.
This is obvious for the traditional manufacturing-oriented lighting electrical appliances, because the sales channels basically grasp the pricing power of the products, and the overall overcapacity of the lighting appliances in China, the industrial concentration is low, which means supply for the brand chain enterprises. Rich in business resources. At present, Huizhou NVC, Matsumoto Electric, Sanxiong Aurora and other rising momentum are obvious, and are gradually changing the competitive landscape of China's traditional lighting industry.
Main factors limiting growth
Macro-control: In particular, the regulation of the real estate industry will have a certain impact on the demand for domestic lighting appliances in the short term. It is expected that the central government will not introduce new macro-control policies in the second half of the year, and the real estate industry will stabilize.
The price of major raw materials in the upstream: The price of major upstream raw materials of lighting appliances is likely to maintain the level of December last year, while the lighting electrical industry is in the peak season of sales, and the profit of the lighting industry will still increase.
RMB appreciation and international trade barriers: China's lighting appliances are increasingly dependent on exports, and the appreciation of the renminbi and international trade barriers may affect China's lighting appliances exports.
North America and Europe are the main cities in China's lighting products. North American and European Union products have higher product quality requirements, requiring UL and CE certification. North America and the European Union account for about 60% of China's lighting products exports, and because of the high quality requirements, it is conducive to enterprises to improve product quality.
Looking into the future domestic market, demand will continue to grow year by year. The following strong factors indicate that China's lighting market still has great potential to be tapped.
1. Infrastructure construction: Machines and railways, ports, urban rail transit and other speed development, each project needs lighting.
2, urban lighting project: the city wide-ranging green space, roads, buildings floodlighting, has been developed from large cities to small and medium-sized cities, with the continuous development of China's urbanization, the demand for urban lighting projects has great potential.
3. Industrial and commercial lighting: The factory pays more and more attention to the effect of lighting on the improvement of production efficiency of enterprises. Commercial enterprises are trying to attract customers and spend more money on lighting in shopping malls. The lighting of office buildings, schools and hospitals also has obvious improvement. .
4, Beijing 2008 Olympic Games: Beijing's bid to host the Olympic Games is successful, is planning the construction of the Olympic venues and the corresponding urban supporting projects, so in the next 3-4 years, Beijing-related Olympics-related projects will be launched one after another. The lighting industry is a huge business opportunity. At present, companies have realized this huge market and have started to invest in various preparations.
5. The successful bid for the 2010 World Expo in Shanghai will also promote a new round of urban development in Shanghai. The business opportunities for lighting projects are self-evident.
6. Under the situation of the development of the western region, the development of the central and western regions cannot be ignored. A gradient is formed from east to west, forming different demands on product grades, and the market potential is considerable.
IDC Series Centronic Connector
IDC Series Centronic Connector
Current Rating:5A
Dielectric Withstanding Voltage:1000V for one minute
Insulation Resistance:1000MΩ Min.(at 500V DC)
Contact Resistance:35mΩ Max.
Temperature:-55°C to +105°C
IDC Series Centronic Connector
ShenZhen Antenk Electronics Co,Ltd , https://www.antenksocket.com