Taiwan enterprises in September to recover the temperature Q4 market is expected to achieve low season is not light

Societe Generale Securities News, 2015 September, 7 LED chip companies in Taiwan area (EPISTAR, Dingyuan, epileds, Guang Lei, Hua, Taigu, new century photoelectric) total revenue of NT $3 billion 242 million (equivalent to approximately RMB 633 million yuan), down 21.23%, an increase of 5.91%. 9 LED packaging companies (Bai Hong, East Bay, Hong Qi, Huaxing, Li Zhou, Lunda, I-Chiun, Everlight, Edison) total revenue of NT $5 billion 779 million (equivalent to approximately RMB 1 billion 129 million yuan), down 18.94%, an increase of 3.62%.

The 3 quarter of 2015, 7 LED chip enterprises in Taiwan total revenue of NT $9 billion 548 million (equivalent to approximately RMB 1 billion 865 million yuan), down 30.58%, a decline of 10.7%; 9 LED packaging companies total revenue of NT $16 billion 729 million (equivalent to approximately RMB 3 billion 267 million yuan), down 19.71%, a decline of 5.58%.

September Taiwan chip side and the end of the chain were slightly increased, but still fell sharply. The main reason for the decline, the price war affected by PHILPS in April, the Taiwan area LED industry revenue since May, a significant decline. Up to September recession is not reverse the trend, but the September end and end a chip package began to rise slightly, indicating that the industry boom in September began to warm, the Department of lighting into the season and caused by crystal electric and Ronda said September backlight demand rebounded slightly.

Crystal electric September revenue of 2 billion 147 million yuan NT (equivalent to about RMB 419 million yuan), down by 5.4%, an increase of $11.8%. EPISTAR said that following the 7, August revenue after the first season in September, lighting and temperature rise under the backlight back slightly back temperature growth; but overall 3 quarter total revenues of NT $6 billion 178 million (equivalent to approximately RMB 1 billion 207 million yuan), NT $6 billion 770 million in the 2 quarter but compared to the (equivalent to approximately RMB 1 billion 322 million yuan), single quarter revenue is reduced by 8.74%, the traditional season of dull.

The outlook for the 4 quarter, EPISTAR believes that the application of LED lighting order visibility is good, overall shipments are expected to grow in the 3 quarter, but the LED backlight demand remained weak, overall, although the 4 quarter is the traditional off-season LED industry, but the current orders will have the opportunity to view the off-season.

Billion light in September to achieve revenues of NT $2 billion 492 million yuan (equivalent to approximately RMB 487 million yuan), down 18.19%, an increase of 6.72%, Everlight said, under the orders of LED lighting return, since August revenue has returned to growth track. Looking forward to the fourth quarter, 100 million light is expected, with the end of the year will enter the lighting market shipping season, is expected to show a low season is not light, and the same as the third quarter.

We judge, Taiwan LED manufacturers in September to recover the temperature camp mainly lighting into the season. In the 4 quarter, the lighting industry is expected to continue LED shipments season, the off-season, but the estimated in international manufacturers price war and continued growth, LED, production capacity oversupply problems unsolved case, an irreversible decline. Before we judge, LED chip companies in mainland China and Taiwan the gap is very small, from Taiwan area share; the 4 quarter with lighting shipments entering the season, LED manufacturers should also performance better than that of Taiwan manufacturers, is not short off-season worth looking forward to.

We are optimistic about the development prospects of LED lighting and small spacing. After the show, the main growth of LED applications from lighting, ongoing price war makes the price of LED lighting close to traditional lighting, is expected to achieve rapid replacement; but in 2015 the LED industry in 2015 and 2016 to estimate the pile up in excess of requirement increasing, the capacity ratio is expected to pile up in excess of requirement were 10%, 12%, compared with 4% in 2014 rose sharply, the competition in the industry intense, with the advantages of technology and scale leading enterprises will win.

In addition, although the LED display market slowdown, but the emergence of a small spacing, the share continues to rise, in 2015 the small spacing in the big screen splicing market penetration is expected to increase from 12% to 25%, is in a rapid penetration period.

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