HSBC upgrades Asian LED rating and estimated LED TV penetration rate will reach 50% in 2011
Recently, HSBC Securities has upgraded the Asian LED rating to overweight. Taiwan's Jingdian (2448) and Yiguang (2393) target prices were originally 75 yuan, up to 133, 111 yuan.
HSBC Securities pointed out that during the Mid-Autumn Festival and the 11th holiday period in 2010, LED TV operators cut prices and grabbed the market. Each sale price was reduced by 15~20% to 825~900 USD, which drove the consumer market to buy gas and accelerate LED TV penetration. The rate has increased from 40% to 50%.
The LED TV market can follow the experience of LCD TVs. After the mainstream 32-inch LCD TV hit 900 US dollars in Q4 in 2006, the market penetration rate increased rapidly, from the original 20% jump to 40% of the annual Q3. In 2011, the price of 40-inch and 42-inch LED TV sets will reach 850 US dollars. By then, the penetration rate will be 50% from the current 20%, and the total sales will increase from 36 million units in 2010. To 106 million units. In the next 4 to 5 years, LED high-speed growth period, taking LED packaging and testing as an example, the annual compound growth rate is 25~30%.
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