GF Securities: LED industry will maintain rapid growth

Cost price in recent 10 years LED increases every year, the LED light effect than traditional light sources, lighting comprehensive costs are lower than the incandescent lamp, halogen lamp and CFL downlight, 2012 will be equivalent to energy-saving lamps. 2015 LED product prices are likely to be reduced to 1/5 in 2010, when the general lighting market penetration rate reached 50% in 2020 will account for more than 75% of the lighting market. China's LED industry output value reached 120 billion yuan, enterprises in the past 5 years, the average growth rate of 35% in 2010, more than 40% in. Expected output in the next few years the average growth rate of more than 35%. Recommendations aimed at potential enterprises: system integration ability, at the same time with vertical integration of the enterprise; in some special segments of the enterprise; brand has the advantage of enterprise channels; a unique business model, EMC. According to the first public lighting, commercial lighting, home lighting path for the orderly layout.