“Mingjiahui” is a specialized company integrating planning, design, installation and construction of overall urban lighting projects. R&D and production of LED lighting products, it is an expert in system solutions in the field of urban lighting. In recent years, the company has successively completed overall urban lighting plans for many large and medium-sized cities such as Xiamen, Haikou, and Harbin. Key investment points: China's lighting engineering market will grow at a rate of 25% every year, reaching a market size of 340 billion in 2016. Compared with traditional light sources, LED landscaping and public lighting have the characteristics of high energy efficiency, good brightness, and strong plasticity. It has a strong competitive advantage in urban landscape lighting. As demand for urban lighting projects increases, it is expected that the growth rate of the industry will continue to maintain a high growth rate in the future. The IPO has broken the capital bottleneck, and revenue is expected to grow rapidly. The lighting engineering industry is a capital intensive industry. Lighting engineering projects place high demands on the financial strength of enterprises due to factors such as advance payment of materials, performance bonds, bid deposits, quality guarantees, and the inability to recover project payments in a timely manner due to the slow completion settlement process of some projects. The IPO has three fund-raising projects: working capital for lighting projects (180 million), Lu'an Mingjiahui Optoelectronics Industrial Park (34.58 million), and research center upgrading projects (12.49 million). Among them, the lighting project accounted for 79% of the working capital, which is the main purpose of raising capital this time. “Patented technology+scarce qualifications” forms a double barrier. In the industry, there are more than 200 enterprises with “Urban and Road Lighting Professional Contracting Level 1” and 36 enterprises with “Special Class A for Lighting Engineering Design”. There are 27 enterprises with two qualifications at the same time, and qualifications are scarce to a certain extent. The company has no regional characteristics in taking orders, and has the ability to collect orders across regions. Based on the large project orders in previous years, we found that the company's orders were relatively scattered and not concentrated in any one province. Revenue is expected to be 325 million yuan and net profit of 65 million in 2016, an increase of 30.76% over the previous year. Taking into account factors such as IPO preferences, etc., the company was given a 40 times PE valuation, with a reasonable market value of 2.6 billion yuan and a corresponding stock price of 21.67 yuan. Risk warning: risk of bad debts on accounts receivable, risk of macroeconomic policy adjustments, risk of overvaluation