Sunshine Lighting released a semi-annual report, slightly lower than previously expected by securities institutions. In the second quarter, revenue increased by 32, and net profit increased by 14. In the first half of the year, Sunshine Lighting achieved a revenue of 1.46 billion yuan, a year-on-year increase of 23, and a net profit of 100 million yuan, a year-on-year increase of 13. In the second quarter, the company's revenue and net profit. They were 810 million yuan and 34 million yuan respectively, with year-on-year growth rates of 32 and 14.
The fundamentals of the LED industry have improved significantly, and the company has benefited from the integration of light sources and lamps for a long time. Although the energy-saving lamp industry will shrink in the next few years, the two factors will make the energy-saving lamp business of Sunlight maintain growth: 1) Philips will integrate suppliers, the market share of Sunshine Lighting will expand; 2) The Development and Reform Commission has been in February The “China Roadmap for Gradually Lowering Fluorescent Lamps†will be released, and the small factory share that uses backward production processes will gradually be integrated into leading industries such as solar lighting.
Since we released the LED industry in-depth report in March, the fundamentals of the sector have rebounded significantly. However, due to some negative reports from the media and lower-than-expected TV backlight market, the stock price did not show our expected increase, but also some investors. Take an evasive attitude towards the entire sector. We believe that the solar lighting business is highly market-oriented and there is no risk of negative reporting.
We believe that sunlight lighting will have a stronger industry position in the LED era than in the era of energy-saving lamps. The light-duty properties of energy-saving lamps are strong. The world's top three lighting companies Philips, Osram and GE rely on their respective strategic suppliers. Sunshine is Philips' largest supplier; LED lighting has stronger electronic industry attributes and higher technical barriers. The scale effect is also more pronounced, and the potential market space for sunlight is greatly increased. Sunshine also achieved volume shipments of LED products for the North American electrical retail chain Lowes.
In the long run, the integration of LED light sources and lamps is an inevitable development law of the industry. Companies that have layouts in both aspects will benefit significantly. The proportion of LEDs continues to increase and valuations will increase. The proportion of LEDs in the company's revenue has increased from less than 8 in the first half of 2012 to 27 in the first half of this year. We expect to further increase to 50 or more next year. As the proportion of LEDs increases, the company's valuation will move closer to the electronics industry.
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