Professional spare lighting manufacturer: the company mainly sells rechargeable spare lighting and rechargeable AC / DC fans; LED lamps account for more than 60% of the total sales of lamps and lanterns. The products are widely used in civil standby lighting, industrial standby lighting, outdoor sports, outdoor life, military long-distance lighting and other fields; the products are mainly used for export, the export proportion is about 85%, and are sold to more than 70 countries and regions.
The export industry of rechargeable lighting is growing fast and fully competitive: in recent years, the export of domestic rechargeable lighting products has maintained a high growth rate. From 2010 to 2012, the compound growth rate of China's spare lighting and flashlight exports reached 17.1% and 12%, respectively. The industry concentration is low, the competition is sufficient, and the overall market share of the top 10 enterprises in export volume is less than 20%.
The competitive advantage is obvious: 1) leading technology and strong R & D strength, the company has 211 patents and pushes 50 new products to the market every year; 2) pricing autonomy, using cost-plus pricing method to ensure gross profit margin; 3) overseas marketing network sound, do not rely on a single market or customers; 4) accounts receivable, inventory, total asset turnover are higher than the industry average.
Fund-raising projects break through capacity bottlenecks and strengthen R & D strength: three fund-raising projects are "rechargeable spare LED lamps expansion project", "rechargeable AC / DC dual-purpose fan expansion project" and "R & D center project". If the fund-raising project reaches production, the company's production capacity will double and break through the capacity bottleneck; the R & D strength will be strengthened, and the launch of new products that meet market demand will be accelerated, and it is expected that 100 new products will be added every year; at the same time, the performance of key components such as light sources and batteries will also be greatly improved.
Investment suggestion: it is estimated that the income growth rate from 2013 to 2015 is 0.52%, 17.3% and 17.07%, and the net profit growth rate is-30.2%, 38.5% and 28.2% respectively. Considering the valuation level of similar companies in the market and the scale of funds raised this time, we think it is more reasonable to give 19-23 times PE, with an inquiry range of 12.20-15.23 yuan.
Risk tips: 1) RMB appreciation brings exchange losses; 2) the company's products currently implement an export tax rebate rate of 13-18%, and the decline in export tax rebate rate will lower gross profit margin; 3) there may be risks in new capacity digestion.