Issue plan: the company intends to issue no more than 23.35 million new shares, the company's shareholders intend to issue no more than 8 million shares, and the total amount of shares in this public offering does not exceed 23.35 million shares. It is used in three construction projects: rechargeable spare LED lamp expansion project, rechargeable AC / DC dual-purpose fan expansion project and R & D center project, with a total investment of 272.4998 million yuan.
Backup lighting industry export leader, raise investment to expand green lighting production capacity. As a professional manufacturer of spare lighting industry, our products are mainly used for export. our products are sold in more than 70 countries and regions around the world. The export volume of spare lighting in 2010 and 2011 ranks first in the industry and second in 2012. The company takes the lead in the research and development of LED lighting technology, and LED lamps account for more than 60% of lighting products. The company takes "autonomy" as the core principle of the "41st" business model to open up the market, using its global marketing network, through the company's own brand and ODM products, the company will continue to take the lead in the industry in the future. This fundraising project includes a production expansion project for rechargeable spare LED lamps, which will expand the production capacity of green lighting products. It is estimated that after reaching production, the average annual production capacity will be 9.48 million units, with an output value of more than 368 million yuan.
The industry is developing in the direction of green environmental protection, and global demand continues to grow. Rechargeable spare lighting sub-industry with the global awareness of energy conservation and environmental protection, rechargeable spare lighting products are developing in the direction of green environmental protection, and the proportion of LED light sources is rising rapidly. The export of China's standby lighting industry has an average annual compound growth rate of about 21%. We believe that with the aggravation of power shortage in emerging development areas, the frequent occurrence of global disasters and the upgrading of their products to green environmental protection, the demand of the global backup lighting industry will continue to grow.
Profit forecast and valuation: we expect the company's revenue to grow by 0.85%, 18.39% and 17.07% in 2013-15, and net profit to increase by-23.06%, 29% and 21.38% compared with the same period last year. Assuming that the company issues 21421149 new shares, the fully diluted EPS after the corresponding issue in 2013-15 is 0.52,0.67,0.82 yuan respectively. Combined with our net profit forecast and relative valuation and absolute valuation, we believe that the reasonable value range of the company is 10.41-16.08 yuan per share, and the proposed inquiry range is 14.13-15.28 yuan per share.
Risk factors: the risk of the impact of exchange rate fluctuations on business, and the risk of fluctuations in the demand for spare lighting products in the international market.
