Policy is good for price increase, harmless lighting industry, profit growth
The overall development trend of the lighting and electrical industry is improving. Last year, the profit growth of the whole industry was higher than the income growth level, and the overall profitability of the industry was improved. However, the current development of electric light source and lighting industry in the industry is different. The industry believes that the electric light source industry is expected to develop rapidly with the help of energy conservation and environmental protection policies.
The overall level of the electric light source behind the industry According to the statistics of the National Bureau of Statistics Information Center and the Lighting Industry Association, the overall operation of the lighting industry in January-November last year was good. The sales revenue of the whole industry increased rapidly, and the main business income reached 1019.09. 100 million yuan, an increase of 26.10%. At the same time, the total profit of the whole industry showed a large volatility, with a cumulative growth of 28.45%, of which April's profit increased by 62.45% year-on-year, reaching the peak of annual growth. In October, it reached a low point of the year with -4.31%.
Shao Qing, an analyst at Ping An Securities, said that although the statistics for the whole year of last year have not yet been obtained, it is basically certain that the growth level of the total profit of the lighting industry in 2006 is generally higher than the income growth level, and the profitability of the whole industry has been strengthened.
He also pointed out that the current development of the lighting electrical industry is not balanced, and the phenomenon that the total profit growth exceeds the income growth, mainly benefiting from the simultaneous increase in the price and cost of the lighting industry products, so that the overall cost has decreased compared with last year, but This phenomenon is not obvious in the electric light source industry. The profit growth of major companies such as Foshan Lighting, Zhejiang Sunshine, and Snowlight is still lower than revenue growth.
The influence of raw materials is not obvious. The main raw materials for lighting appliances include crude oil, copper, tin, tungsten wire, molybdenum wire, etc. Although Foshan Lighting and Zhejiang Sunshine both said in the third quarter of last year that they were under pressure from high raw materials, especially the recent LME copper. Once again breaking through 6,000 US dollars, Shanghai copper also rose to 57,000 yuan, but the industry generally believe that the fluctuation of raw material prices has limited impact on the company's annual performance.
Shao Qing said in the report that copper is mainly used for the manufacture of lamp holders, which is relatively small in raw materials. The recent rebound in copper prices has little effect on companies in the industry. On the other hand, due to measures such as centralized procurement, the impact of raw material fluctuations has a certain lag. Especially for Foshan Lighting, the company has a long industrial chain, good digestive ability for cost, diversified product varieties, and anti-risk The ability is also strong, so it is not sensitive to fluctuations in raw material prices.
Hu Yali, an analyst at China Merchants Securities, also believes that although the impact of raw material price increases must exist, the relevant company's full-year performance last year is definitely better than the first three quarters. It is expected that Zhejiang Sunshine's net profit will increase by 20%. Shellett has predicted that net profit will increase. 40%. Domestic market growth is expected to accelerate.
According to the requirements of the “Eleventh Five-Year Planâ€, by 2010, China’s energy consumption per unit of GDP will be reduced by about 20% from the end of the “Tenth Five-Year Plan†period. Therefore, energy conservation will be an important development trend in the coming years. According to calculations by industry insiders, according to the current retail price of energy-saving lamps of about 8 yuan, replacing incandescent lamps with energy-saving lamps can recover the cost through the saved electricity bill in 8 months. If the country is replaced with energy-saving lamps, the amount of electricity saved in a year will be the power generated by a Three Gorges power station. However, the implementation of energy-saving lamps in homes and private places is much more difficult than in the field of public lighting. For this reason, the Chinese government is formulating a financial subsidy policy for lighting energy conservation. It is reported that the subsidy expenses during the 11th Five-Year Plan period are expected to be around 10 billion yuan. The subsidy policy will clearly tilt to domestic large and medium-sized electric light source enterprises that meet national standards and obtain energy-saving certification, and will also promote domestic consumption of energy-saving lamps.
At the same time, the export of lighting appliances still maintained rapid growth, with a cumulative year-on-year increase of 16.67% from January to November last year. Statistics show that the average unit price of lighting appliances is large, for example, the average unit price of HID lamps in November last year was 77.2 yuan, and the average unit price of exports was only 25.89 yuan. Shao Qing said that the current price gap has gradually narrowed down. However, due to the obvious advantages of China's labor costs, even if it is adversely affected by the appreciation of the renminbi, it will be difficult to change the situation of strong export demand in the short term.
The overall level of the electric light source behind the industry According to the statistics of the National Bureau of Statistics Information Center and the Lighting Industry Association, the overall operation of the lighting industry in January-November last year was good. The sales revenue of the whole industry increased rapidly, and the main business income reached 1019.09. 100 million yuan, an increase of 26.10%. At the same time, the total profit of the whole industry showed a large volatility, with a cumulative growth of 28.45%, of which April's profit increased by 62.45% year-on-year, reaching the peak of annual growth. In October, it reached a low point of the year with -4.31%.
Shao Qing, an analyst at Ping An Securities, said that although the statistics for the whole year of last year have not yet been obtained, it is basically certain that the growth level of the total profit of the lighting industry in 2006 is generally higher than the income growth level, and the profitability of the whole industry has been strengthened.
He also pointed out that the current development of the lighting electrical industry is not balanced, and the phenomenon that the total profit growth exceeds the income growth, mainly benefiting from the simultaneous increase in the price and cost of the lighting industry products, so that the overall cost has decreased compared with last year, but This phenomenon is not obvious in the electric light source industry. The profit growth of major companies such as Foshan Lighting, Zhejiang Sunshine, and Snowlight is still lower than revenue growth.
The influence of raw materials is not obvious. The main raw materials for lighting appliances include crude oil, copper, tin, tungsten wire, molybdenum wire, etc. Although Foshan Lighting and Zhejiang Sunshine both said in the third quarter of last year that they were under pressure from high raw materials, especially the recent LME copper. Once again breaking through 6,000 US dollars, Shanghai copper also rose to 57,000 yuan, but the industry generally believe that the fluctuation of raw material prices has limited impact on the company's annual performance.
Shao Qing said in the report that copper is mainly used for the manufacture of lamp holders, which is relatively small in raw materials. The recent rebound in copper prices has little effect on companies in the industry. On the other hand, due to measures such as centralized procurement, the impact of raw material fluctuations has a certain lag. Especially for Foshan Lighting, the company has a long industrial chain, good digestive ability for cost, diversified product varieties, and anti-risk The ability is also strong, so it is not sensitive to fluctuations in raw material prices.
Hu Yali, an analyst at China Merchants Securities, also believes that although the impact of raw material price increases must exist, the relevant company's full-year performance last year is definitely better than the first three quarters. It is expected that Zhejiang Sunshine's net profit will increase by 20%. Shellett has predicted that net profit will increase. 40%. Domestic market growth is expected to accelerate.
According to the requirements of the “Eleventh Five-Year Planâ€, by 2010, China’s energy consumption per unit of GDP will be reduced by about 20% from the end of the “Tenth Five-Year Plan†period. Therefore, energy conservation will be an important development trend in the coming years. According to calculations by industry insiders, according to the current retail price of energy-saving lamps of about 8 yuan, replacing incandescent lamps with energy-saving lamps can recover the cost through the saved electricity bill in 8 months. If the country is replaced with energy-saving lamps, the amount of electricity saved in a year will be the power generated by a Three Gorges power station. However, the implementation of energy-saving lamps in homes and private places is much more difficult than in the field of public lighting. For this reason, the Chinese government is formulating a financial subsidy policy for lighting energy conservation. It is reported that the subsidy expenses during the 11th Five-Year Plan period are expected to be around 10 billion yuan. The subsidy policy will clearly tilt to domestic large and medium-sized electric light source enterprises that meet national standards and obtain energy-saving certification, and will also promote domestic consumption of energy-saving lamps.
At the same time, the export of lighting appliances still maintained rapid growth, with a cumulative year-on-year increase of 16.67% from January to November last year. Statistics show that the average unit price of lighting appliances is large, for example, the average unit price of HID lamps in November last year was 77.2 yuan, and the average unit price of exports was only 25.89 yuan. Shao Qing said that the current price gap has gradually narrowed down. However, due to the obvious advantages of China's labor costs, even if it is adversely affected by the appreciation of the renminbi, it will be difficult to change the situation of strong export demand in the short term.
Solar Power Systems,Home Solar Power System,Solar Micro Inverter,High Frequence Power Inverter
Shengtian New Energy (Shenzhen)Â Co., Ltd. , https://www.stenergysolar.com