CLSA’s Positive 2014 Outlook for San’an and Yankon

Rapid LED price drops for LED bulbs have driven up penetration rates, according to the latest CLSA Asia- Pacific Markets report . Chinese LED lighting market penetration rates for 2014 are expected to increase to 15 percent from 3 percent in 2012, according to a recent report by CLSA. Global LED lighting market growth will stimulate LED chip shipments in 2013-2014. CLSA is optimistic that Chinese LED manufacturers will benefit from this trend, listing LED chip manufacturer San’an and lighting manufacturer Yankon as main beneficiaries.


Factory prices for 5w and 7w LED bulbs has dropped to RMB 15 and RMB 20 (US$2.50 and US$3.28), and retail price at RMB 48 and RMB60 is 30 percent lower compared to 2012, according to research by CLSA. It is estimated that 5w and 7w LED bulb retail price in the European and North American market will be lowered to RMB 36 and RMB 42,in 2014.


The drop in LED bulb prices has raised LED lighting penetration rates. It is anticipated that the penetration rate in 2014 for the Chinese lighting market will reach 15 percent by the end of the year, and that global LED lighting penetration rates will increase 10 percent. At the same time, production output for the global LED lighting market will reach US$14 billion by 2015. The compound annual growth rate (CAGR) for 2013-2015 will reach 60 percent, and is much higher than the overall lighting industry average of 30 percent.


Compared with Taiwanese and Korean manufacturers, who in the past were focused more on strategy and securing a foot hold in the backlight market, China LED chip manufacturers in turn focused on entry into low level backlight product supply chains. Therefore, CLSA has a positive outlook for China LED chip manufacturers as the largest beneficiaries of future LED lighting market growth, San’an and Yankon in particular. The two companies have already joined forces in attacking LED lighting market opportunities both abroad and in China.
 

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