Manufacturers in the field of backup lighting rank among the highest in the industry in terms of export volume
The company focuses on the production and sale of rechargeable backup lighting fixtures and rechargeable AC/DC fans. The products are mainly used in various fields such as civil backup lighting, industrial backup lighting, outdoor sports, outdoor living, military long-range lighting, etc. Currently, the export volume of the company's two series of products ranks second in the industry, and its products are sold in more than 70 countries and regions around the world.
The rechargeable backup lighting and fan industry has good room for growth
The company's products have good room for growth, and future demand mainly comes from: (1) developing countries with prominent contradictions between electricity supply and demand; (2) global needs to cope with natural disasters and unexpected situations; and (3) developed countries and regions where outdoor sports are developing rapidly. (4) As countries around the world pay more and more attention to energy saving and environmental protection, traditional lighting sources for incandescent lamps will gradually be replaced by lighting sources such as LEDs.
The company has a leading edge in scale and technology
In 2010 and 2011, the company's backup lighting exports ranked first in the industry, and 2012 ranked second in the industry; in 2011 and 2012, rechargeable AC/DC dual-use fans ranked second in the industry. The company attaches importance to technological research and development, and all products rely on independent research and development. The company currently has 13 invention patents, 32 utility models, and 166 design patents. It is currently one of the enterprises with the most patented technology in the same industry. The core technologies currently mastered by the company in this field include LED drive control technology, heat dissipation control technology, secondary light distribution technology, finite element integrated vector control technology for DC permanent magnet brushless motors, etc., and it has accumulated a clear technological leadership advantage in the industry.
Fundraising projects solve bottlenecks in production capacity and enhance scientific research capabilities
The company publicly issued 23.35 million shares. After deducting the issuance fee, the net amount of capital raised was about 266 million yuan, which was invested in the rechargeable backup LED lamp production expansion project, the rechargeable AC and DC fan production expansion project, and the R&D center project to resolve the company's existing production capacity bottlenecks and enhance the company's R&D and sales strength.
Profit forecasting and valuation
Based on the calculation of the total share capital of 93.35 million shares after issuance, we predict that the company's 2013-2015 EPS will be 0.43, 0.61, and 0.75 yuan respectively. Compared with the valuations of comparable companies, we think that the company's reasonable valuation range in 2014 is 17-22 times, and the corresponding value range is 10.37-13.42 yuan.
Risk warning
There is a risk of large exchange rate fluctuations; increased competition in the industry has led to a decline in the company's profitability.