Snow Wright: Energy-saving lamps "illuminate" secondary market performance



The company is the leading stock in the low-carbon economy sector. The core technology of HID metal for vehicles will become the main source of profit. Is your household bulb an ordinary incandescent lamp or an energy-saving lamp? If you want to enter the "low-carbon life" of energy saving and environmental protection, then replacing ordinary incandescent lamps with energy-saving lamps is inevitable.
There is data showing that one energy-saving lamp is equivalent to five incandescent lamps, and the energy-saving lamps are 80% less than ordinary incandescent lamps.
When it comes to energy-saving lamps, it is worth mentioning that the product is mainly based on Shell. This week, Shellett's share price in the secondary market was strong, rising 34% against the trend. From March 2 to March 4, although the daily limit for three consecutive days. In particular, on March 4th, the two-day “two sessions” concept stocks fell for the second time. The low-carbon economy sector fell 3.87%, but the leading stock, Shell Wright, continued its daily limit.
"It is indeed very powerful. This is a company that makes energy-saving lamps. The price is only ten yuan. The plate is small, and there are more subjects for speculation. It can be said that it is the best object of hot money speculation." A market person told the author.
It is understood that Shelley is mainly a low-carbon economy, and its main products are the popular energy-saving lamps on the market, accounting for more than 60% of the company's operating income, including integrated electronic lights, intubation lights, and lamps. product.
Among them, the core technology of HID, which is controlled by the company, will become the main source of profit. It is reported that HID lamps have the characteristics of energy saving, high luminous efficiency, long life and good color rendering performance. They have been adopted by Benz full range, BMW full range, Ford RSMondeo and MondeoST220, Mitsubishi Pajero and other high-end models, and the sales volume may increase significantly. The replacement of incandescent lamps with energy-saving lamps is considered to be the trend of the times, and many countries have already raised this upsurge. In China, the penetration rate of energy-saving lamps is still quite low. The data shows that the current penetration rate of energy-saving lamps in China is less than 30%, less than half of the developed countries such as the United States and Japan.
The reason why the energy-saving lamps are low in China is because the price of energy-saving lamps is quite high compared with ordinary incandescent lamps. Generally, the price of an energy-saving lamp is about 10 times that of incandescent lamps. Because of this, the state has introduced a number of policies to subsidize energy-saving lamps. In 2008, the Ministry of Finance and the National Development and Reform Commission issued the Interim Measures for the Administration of Financial Subsidy Funds for Efficient Lighting Products Promotion, and announced the use of indirect subsidies to support the promotion of energy-saving lighting.



Because of this, non-operating income has become the main source of the company's income, and to a certain extent, the company's performance is “protected”. In the first three quarters of 2009, the company's operating profit loss was 7.13 million yuan and net profit was 10.99 million yuan. The reason was that the non-operating income was as high as 20.76 million yuan.
Hu Yali, an analyst at CITIC Securities, believes that the current production of the energy-saving lamps of Shell is about one-third of that of Zhejiang Sunshine. Both companies plan to expand their production capacity in the next few years. The market's optimistic forecast is based on the replacement of incandescent lamps by energy-saving lamps.
From the current market of energy-saving lamps, the competition has been fierce. Even the three companies, including Philips, NVC and Op, have only 3% of the market share.
The fierce competition in the market has made the company's performance growth weak. The report shows that the company's operating income in 2009 was 322 million yuan, a year-on-year decrease of 8.64%, net profit of 10.1112 million yuan, a year-on-year decrease of 25.5%, and earnings per share of only 0.0549 yuan.
"We currently have more than a dozen energy-saving lamp production lines, with an annual output of about 80 million energy-saving lamps." On March 5, the staff of the sales department of Shelley said in an interview. In fact, as a local listed company in Foshan, Shelley does have a good regional advantage. It is understood that Foshan City has gathered upstream and downstream enterprises in the lighting industry such as Snowlight, Nanhai Chimei and Jinbang Electronics.
Risk warning: Raw material prices continue to rise, and high-efficiency lighting promotion policies are not continuous and other factors will cause the company's performance to fluctuate.

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