Main points of investment
Manufacturers in the field of spare lighting, the export volume is in the forefront of the industry.
The company focuses on the production and sales of rechargeable spare lighting and rechargeable AC / DC fans. The products are mainly used in civil backup lighting, industrial backup lighting, outdoor sports, outdoor life, military long-distance lighting and other fields. At present, the export volume of the company's two series of products ranks second in the industry, and the 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 the future demand mainly comes from: (1) developing countries with prominent contradiction between power supply and demand; (2) global needs to deal with natural disasters and emergencies; and (3) developed countries and regions with rapid development of outdoor sports. (4) as countries all over the world pay more and more attention to energy saving and environmental protection, the traditional lighting source of incandescent lamp will be gradually replaced by LED and other lighting sources.
The company has a leading edge in scale and technology.
In 2010 and 2011, the company's spare lighting exports ranked first in the industry, and in 2012, ranked second in the industry; in 2011 and 2012, the export volume of rechargeable AC / DC fans ranked second in the industry. The company attaches importance to technology research and development, and all products are completed by independent research and development. At present, the company has 13 invention patents, 32 utility models and 166 appearance patents, which is one of the enterprises with the most patented technology in the same industry. At present, the core technologies mastered by the company in this field include LED drive control technology, heat dissipation control technology, secondary light distribution technology, DC permanent magnet brushless motor finite element integrated vector control technology and so on.
Raise investment projects to solve the bottleneck of production capacity and enhance the strength of scientific research
The company's public offering of 23.35 million shares, the net raised funds after deducting the issuance costs is about 266 million yuan, invested in rechargeable spare LED lamps and lanterns expansion project, rechargeable AC / DC dual-purpose fan expansion project, R & D center project, used to solve the company's existing capacity bottleneck, enhance the company's R & D and sales strength.
Profit forecast and valuation
Based on the calculation of the total share capital of 93.35 million shares, we predict that the EPS of the company from 2013 to 2015 will be 0.43,0.61,0.75 yuan respectively. Compared with the comparable company valuation, we think that the reasonable valuation range of the company in 2014 is 17-22 times, and the corresponding value range is 10.37-13.42 yuan.
Risk hint
The risk of large exchange rate fluctuations; increased competition in the industry leads to a decline in corporate profitability.