led市场报告- led lighting market to enter golden age in 2014.pdf

Apr 10, 2014 LED Industry Industry Report Positive (initiate) LED lighting market to enter golden age in 2014 Top Picks With the market presence of LED bulbs spreading since 2H13, the LED lighting Seoul Semiconductor market should start flowering in earnest from this year. Believing that the LED Buy (initiate) W60,000 (initiate) lighting market will display long-term growth—widening through to 2020—we P/E(x) P/B(x) forecast a sharp expansion over the next three years. We initiate coverage on the Market 9.7 1.1 LED industry with a Positive rating, suggesting SSC as our top pick for the sector. Sector 13.1 1.3 Sector Index Market penetration of LED lighting to rise quickly from 2014 IT종합 110 KOSPI – Over the next three years, the LED lighting industry’s penetration rate (shipment 100 basis) should rise sharply (20 13: 4% → 20 14: 9% → 2015: 15% → 20 16: 22%). – We expect 2014 to represent the inflection point of the LED lighting industry’s 90 growth curve, believing that it will display an S-curve market adoption pattern. 80 – Our anticipation towards this acceleration is premised on : 1) likely price reductions 13