Company profile:
The company focuses on the R & D, production and sales of power supplies and power components in the consumer and industrial fields, continues to explore market segments with large room for development in the consumer and industrial power fields, and makes full use of its own advantages. concentrate resources to win the market leading position.
Magus holds 60.09 million shares of the company, accounting for 60.70% of the total share capital before the issue, and is the company's controlling shareholder. Xiao Juncheng is the actual controller of the company.
Current situation and prospect of the industry
Since 2000, China's lighting power industry began to enter a period of rapid development. The variety of lighting products is increasing, the specialization of lighting industry is increasing, and there are obvious differences in technical parameters and performance indicators of lighting power supply, which makes it more difficult to develop and produce. Especially in recent years, LED lighting power supply has developed rapidly. According to the Guangdong Lighting Electrical Appliances Association, China's lighting power industry has maintained a good development trend, with the market scale growing from 70.4 billion yuan in 2011 to 139.6 billion yuan in 2015, with a compound growth rate of 18.67%. It is expected that the market will maintain a relatively rapid growth trend in the future, with a market size of 246 billion yuan in 2020.
Highlights of the company:
International customer resources and advantages of localized and customized services. The company has always viewed enterprise development and resource allocation from a global perspective, adhering to the path of internationalization and diversification, positioning itself as a partner for competition and cooperation with international enterprises, and cultivating international competitiveness. The company regards going out to provide customers with localized and customized intimate services as the guiding principle of market development and brand promotion, and permeates the market through local sales services. every year, we organize and participate in large-scale exhibitions in the industry to promote products and brands, so as to form an international marketing network and perfect pre-sale, in-sale and after-sale services.
Research and development and technological advantages. Through close cooperation with many international well-known companies in the industry, including Philips, Ikea, Hitachi, Agilent, Bosch, Ming Electric House, Sanshe Motor and so on, the company grasps the development direction of new technology and forms a complete R & D system and process. At present, the company has 71 patents, including 13 invention patents.
Fund-raising project
1. It is proposed to raise 119 million yuan for the industrial base project of high-frequency transformer for new energy.
2. It is proposed to raise 117 million yuan for the production project of LED lighting power supply.
3. It is proposed to use 30 million yuan to raise funds for the Igor R & D center project.
4. It is proposed to use the raised capital of 97 million yuan to repay bank loans and supplement working capital.
Main potential risks
International business risk. The company has always viewed enterprise development and resource allocation from a global perspective and adhered to the path of internationalization. The company has set up subsidiaries in the United States, Japan and Germany, which are responsible for local market development and after-sales service. During the reporting period, the proportion of the company's sales in foreign markets was 54.03%, 54.64%, 54.61% and 58.94%, respectively. Foreign markets are greatly affected by international political, economic changes and exchange rate fluctuations, such as: exchange rate fluctuations of US dollar and yen affect the company's operating income. In the future, the company's internationalization strategy is still faced with local policy uncertainty, exchange rate fluctuations, cultural differences and different quality standards, resulting in certain risks in the company's international operation.
Valuation
The issuer works in the electrical machinery and equipment manufacturing industry. As of December 15, 2017, the average static price-to-earnings ratio for the most recent month released by the CSI was 31.39 times earnings. It is estimated that the company's earnings per share in 2017 and 2018 are 0.58 yuan and 0.61 yuan respectively, combined with the current market conditions, the initial pressure is expected to be 23 yuan-26 yuan.