Jinlaite is a leading company in the field of rechargeable backup lighting and rechargeable AC / DC fans in China, accounting for more than 80% of product export revenue. Due to the occurrence of power shortage, outdoor sports development and natural disasters in different parts of the world, to promote the growth of backup lighting and fan demand, the company has the advantages of technology and scale, and enjoys industry growth at the same time, there is also much room for market share improvement. After the fund-raising project is put into production, it will alleviate the shortage of production capacity and promote technology and product upgrading.
The market segments of spare lighting and fan have good growth prospects, and the industry concentration has room for improvement. The demand of the company's rechargeable spare lighting and rechargeable fan market mainly comes from four aspects: 1) the long-standing power gap in some developing countries or regions around the world; 2) the rapid development of outdoor sports in developed countries and areas with rapid economic development; 3) the global need to deal with emergencies and natural disasters; 4) the global demand for energy-saving and environment-friendly electrical products. Based on the above positive factors, it is expected that the global spare lighting and fan market still has a good room for growth in the future. In addition, at present, the concentration of China's spare lighting and fan market is relatively low, and the share of the export amount of the top ten export enterprises is only about 18%. Therefore, there is much room for improvement in the market share of enterprises with advantages such as technology and scale.
Jinwright: China's export leader in the field of backup lighting and fans. The company is a professional manufacturer in the field of spare lighting in China, focusing on the R & D, production and sales of rechargeable spare lighting and rechargeable AC / DC fans. More than 80% of its products are exported to countries or regions such as Asia, South America and Africa. In 2011-12, the export amount of the company's spare lighting or fans and other products ranked first and second respectively in the country. The company attaches importance to product research and development, with R & D investment accounting for about 3% of revenue, has advantages in product innovation and production scale, and has a wide distribution of channel customers, the company mainly adopts ODM model, while actively developing OBM model, launched its own brand KENNEDE, to promote product competitiveness and profitability.
IPO fundraising project is an important guarantee for future performance growth. The funds raised by Jinlaite IPO are mainly invested in the expansion project of rechargeable spare LED lamps, the expansion project of rechargeable AC / DC fans and the R & D center project. After the project is put into production, the company will increase the production capacity of 9.48 million rechargeable lighting products and 1.13 million fan products every year, which will greatly alleviate the problem of insufficient production capacity and promote product upgrading and technology upgrading. promote revenue scale and profitability.
Profit forecast. It is estimated that in 2013-15, the net profit of shareholders belonging to the parent company is 40 million yuan, 60 million yuan and 73 million yuan, and the corresponding EPS is 0.42,0.64 yuan and 0.78 yuan respectively. With reference to the average 22 times PE valuation of the comparable company, the company is valued at 18-22 times in 2014, with a target price range of 11.52-14.08 yuan.
The main uncertain factors. The fluctuation of RMB exchange rate leads to the risk of exchange loss, and the progress of the fund-raising project falls short of the expected risk.