In Chapter One the Simon, Jack, and Ralph go on their first expedition. It is Simon who first recognizes and identifies the candle buds. Ralph is not interested. He dismisses them by saying "They can't be lit. Jack "slashed at one with his knife," and also is not interested. If the boys can't eat them, he has not use for them. We see early on how each boy responds to nature, telling us much about each boy's personality. Jack is interested in food, immediate gratification, and is antagonistic toward nature. Ralph is the practical one, interested in what can be used; Simon enjoys the beauty and serenity of nature. He enjoys nature for nature's sake.
When I read about the candle buds in chapter three, as Simon retreats into his sanctuary, I think they stand for a couple things simultaneously. ...
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To Simon, they appear to be something of a calming influence, the "riotous colors died and the heat and urgency cooled away" as they open up and he retires by himself to his quiet place in the woods.
But to the rest of the boys, they may in fact symbolize the coming terrors of the night as they spill out "their scent and [take] possession of the island. The rest of the boys are absolutely terrified of the night and flock together in order to try and stave off the horror of it.
So in my mind at least, the candle buds stand for both things, at least at this point in the novel. When Jack attacks them later, perhaps other symbols could be found there as well.