On August 22, there were market rumors that LED import tariffs will be raised sharply, and the tax rate will be raised from the current 4% to 10%. Affected by this news, Taiwan's LED chip exporters such as Jingdian and Yanyuan fell sharply on Thursday, while the A-share market LED sector rose due to possible protection of tariff protection.
Officials from the Ministry of Finance said that they did not hear about the plans and news of the above tariff adjustment. Many people in the industry said that the LED tariff increase is "perfect lie", but even if it finally fails, it will not affect the fundamentals of the sector.
LED tariff increases or does not hold <br> <br> Recently, market rumors that the Ministry of Commerce intends to increase import tariffs on LED yield, which is the current tax rate will increase 4% to 10%, up by as much as 150%. This directly led to the strong daily limit of Jufei Optoelectronics (300303.SZ) after midday on Thursday, Zhouming Technology (300232.SZ), Liard (300296.SZ), Huacan Optoelectronics (300323.SZ), Hongli Optoelectronics (300219.SZ), Qinshang Optoelectronics (002638.SZ) and other five concept stocks rose more than 5%.
In this regard, on August 22, CITIC Jiantou analysts said that the rumor content has many fallacies, it is likely to be a perfect lie.
He said that the first "anti-monopoly" is indeed one of the current goals of the Chinese government, and "increasing tariffs" has been followed in the LCD panel field, and Taiwan's Jingdian and Yuyuan announced that they are about to merge and scale growth, while the mainland There is still a certain gap between the technology and quality of LED products and overseas. Therefore, the summing up of these backgrounds has indeed made this news a lot of "credibility" in the first time.
CITIC Construction Securities analysts further revealed that at this stage, China Customs has adopted a tax exemption policy for overseas LED imports, which is obviously different from the 4% reported in the report. In the short-term, once the LED chip tariffs are raised, it will inevitably lead to a rise in the price of LED chips manufactured in Taiwan. There is also a certain contradiction in the concept of pursuing low-cost and popularization of downstream terminal applications; this matter is not trivial and it is not easy to implement in the short term.
An analyst with a background in Taiwan revealed that in the context of the sharp fall in the share prices of Jingdian and Yiyuan, investors in the Taipei stock market have gone to the power company to ask, and they have been told that they have not received any notice from the mainland government about raising tariffs. There is no judgment on this.
LED tariff increase, if established, chip end benefit the most resilient <br> <br> Qilu Securities noon on August 21, said the current Taiwan enterprises in the LED industry chain market share is still high, if the Ministry of Commerce to raise tariffs, Taiwan's LED business is expected to It will be hit hard, which is very conducive to the localization rate of the LED industry.
As companies such as Jingdian have a higher market share in mainland China, Yiguang and Dongbei have higher market share in packaging and backlighting. If the Ministry of Commerce raises tariffs, it will benefit domestic LED chip manufacturers and Ruifeng Optoelectronics (300241. SZ), Jufei Optoelectronics and other representative packaging companies.
A brokerage researcher at Industrial Securities said that if the Ministry of Commerce raises tariffs, it will increase the competitiveness of domestic LED products and will benefit the entire LED sector. The most beneficial benefit is the chip end, and the benefit elasticity is relatively small for the LED lighting end.
According to the combing, the current domestic LED chip A-share listed companies mainly include Sanan Optoelectronics (600703), Huacan Optoelectronics (300323.SZ), Aoyang Shunchang (002245.SZ), and Dry Photoelectric (300102.SZ). , Silan Micro (600460.SH) and so on. Among them, Sanan Optoelectronics is the domestic leader, and Huacan Optoelectronics is in the second.
The LED sector reported good results in the mid-term, and the fundamentals continued to be released to the LED listed companies, which also confirmed the industry's recovery trend. As of Thursday, 31 of the 55 LED companies have disclosed the interim report. Among them, 24 companies achieved net profit growth in the first half of this year, accounting for 77.42%, Tiantong (600330.SH), Huacan Optoelectronics, Zhouming Technology, Hengshun Vinegar (600305.SH), Liard, and Companies such as Lanwei (600460.SH), Ai Biesen (300389.SZ) and Aoyang Shunchang (002245.SZ) increased their net profit by more than 50% in the first half of this year.
Zhou Ming Technology and Liard, which have the concept of small spacing, are the most concerned by the market. Both companies said that the trend of small-pitch display is clear, and it is expected to greatly improve product profitability. Among them, Zhouming Technology's business income realized in the first half of this year was 445 million yuan, a year-on-year increase of 35.05%; net profit was 23.83 million yuan, an increase of 111.16%. Liad’s operating income in the previous year was 412 million yuan, a year-on-year increase of 50.81%; net profit was 0.54 billion yuan, a year-on-year increase of 76.02%.
Researcher of Industrial Securities said that the LED industry will be in a period of rapid growth in 2014-2016, and the growth will be confirmed. The recent operating results of mainland and Taiwan LED companies are brilliant. In July, Taiwan's LED data showed that the economy continued to climb, and the economy continued to flourish in the second half of the year. After the chip and package side declined slightly in June, the chip and package revenues rose again in July.
Researcher of Industrial Securities further said that since the subsidy policy for energy-saving lamps will end in 2008, more subsidies will be implemented on LEDs. Currently, in August, if the downstream subsidies for LEDs start next year, the follow-up LED subsidy policy will be implemented. The introduction of the subsidy should be a high probability event, and the introduction of the downstream subsidy policy will further enhance the industry's prosperity.
The industry believes that with the implementation of policy concessions, the promotion of energy-saving awareness and the reduction of LED lighting prices and the demand for high-resolution (4K*2K) TV monitors, the LED industry's prosperity will gradually increase and the penetration rate will gradually increase. It is expected that LED market demand is expected to maintain rapid growth in the next two years.
Officials from the Ministry of Finance said that they did not hear about the plans and news of the above tariff adjustment. Many people in the industry said that the LED tariff increase is "perfect lie", but even if it finally fails, it will not affect the fundamentals of the sector.
LED tariff increases or does not hold <br> <br> Recently, market rumors that the Ministry of Commerce intends to increase import tariffs on LED yield, which is the current tax rate will increase 4% to 10%, up by as much as 150%. This directly led to the strong daily limit of Jufei Optoelectronics (300303.SZ) after midday on Thursday, Zhouming Technology (300232.SZ), Liard (300296.SZ), Huacan Optoelectronics (300323.SZ), Hongli Optoelectronics (300219.SZ), Qinshang Optoelectronics (002638.SZ) and other five concept stocks rose more than 5%.
In this regard, on August 22, CITIC Jiantou analysts said that the rumor content has many fallacies, it is likely to be a perfect lie.
He said that the first "anti-monopoly" is indeed one of the current goals of the Chinese government, and "increasing tariffs" has been followed in the LCD panel field, and Taiwan's Jingdian and Yuyuan announced that they are about to merge and scale growth, while the mainland There is still a certain gap between the technology and quality of LED products and overseas. Therefore, the summing up of these backgrounds has indeed made this news a lot of "credibility" in the first time.
CITIC Construction Securities analysts further revealed that at this stage, China Customs has adopted a tax exemption policy for overseas LED imports, which is obviously different from the 4% reported in the report. In the short-term, once the LED chip tariffs are raised, it will inevitably lead to a rise in the price of LED chips manufactured in Taiwan. There is also a certain contradiction in the concept of pursuing low-cost and popularization of downstream terminal applications; this matter is not trivial and it is not easy to implement in the short term.
An analyst with a background in Taiwan revealed that in the context of the sharp fall in the share prices of Jingdian and Yiyuan, investors in the Taipei stock market have gone to the power company to ask, and they have been told that they have not received any notice from the mainland government about raising tariffs. There is no judgment on this.
LED tariff increase, if established, chip end benefit the most resilient <br> <br> Qilu Securities noon on August 21, said the current Taiwan enterprises in the LED industry chain market share is still high, if the Ministry of Commerce to raise tariffs, Taiwan's LED business is expected to It will be hit hard, which is very conducive to the localization rate of the LED industry.
As companies such as Jingdian have a higher market share in mainland China, Yiguang and Dongbei have higher market share in packaging and backlighting. If the Ministry of Commerce raises tariffs, it will benefit domestic LED chip manufacturers and Ruifeng Optoelectronics (300241. SZ), Jufei Optoelectronics and other representative packaging companies.
A brokerage researcher at Industrial Securities said that if the Ministry of Commerce raises tariffs, it will increase the competitiveness of domestic LED products and will benefit the entire LED sector. The most beneficial benefit is the chip end, and the benefit elasticity is relatively small for the LED lighting end.
According to the combing, the current domestic LED chip A-share listed companies mainly include Sanan Optoelectronics (600703), Huacan Optoelectronics (300323.SZ), Aoyang Shunchang (002245.SZ), and Dry Photoelectric (300102.SZ). , Silan Micro (600460.SH) and so on. Among them, Sanan Optoelectronics is the domestic leader, and Huacan Optoelectronics is in the second.
The LED sector reported good results in the mid-term, and the fundamentals continued to be released to the LED listed companies, which also confirmed the industry's recovery trend. As of Thursday, 31 of the 55 LED companies have disclosed the interim report. Among them, 24 companies achieved net profit growth in the first half of this year, accounting for 77.42%, Tiantong (600330.SH), Huacan Optoelectronics, Zhouming Technology, Hengshun Vinegar (600305.SH), Liard, and Companies such as Lanwei (600460.SH), Ai Biesen (300389.SZ) and Aoyang Shunchang (002245.SZ) increased their net profit by more than 50% in the first half of this year.
Zhou Ming Technology and Liard, which have the concept of small spacing, are the most concerned by the market. Both companies said that the trend of small-pitch display is clear, and it is expected to greatly improve product profitability. Among them, Zhouming Technology's business income realized in the first half of this year was 445 million yuan, a year-on-year increase of 35.05%; net profit was 23.83 million yuan, an increase of 111.16%. Liad’s operating income in the previous year was 412 million yuan, a year-on-year increase of 50.81%; net profit was 0.54 billion yuan, a year-on-year increase of 76.02%.
Researcher of Industrial Securities said that the LED industry will be in a period of rapid growth in 2014-2016, and the growth will be confirmed. The recent operating results of mainland and Taiwan LED companies are brilliant. In July, Taiwan's LED data showed that the economy continued to climb, and the economy continued to flourish in the second half of the year. After the chip and package side declined slightly in June, the chip and package revenues rose again in July.
Researcher of Industrial Securities further said that since the subsidy policy for energy-saving lamps will end in 2008, more subsidies will be implemented on LEDs. Currently, in August, if the downstream subsidies for LEDs start next year, the follow-up LED subsidy policy will be implemented. The introduction of the subsidy should be a high probability event, and the introduction of the downstream subsidy policy will further enhance the industry's prosperity.
The industry believes that with the implementation of policy concessions, the promotion of energy-saving awareness and the reduction of LED lighting prices and the demand for high-resolution (4K*2K) TV monitors, the LED industry's prosperity will gradually increase and the penetration rate will gradually increase. It is expected that LED market demand is expected to maintain rapid growth in the next two years.
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