Opp lighting enjoys the industry development bonus

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Opp lighting: enjoy the development dividend of the industry, fine management helps expand the leading edge of the general lighting industry, and the strategic layout is clear. Opel lighting (the protection cost behind 603515 is too high) is a leading enterprise in the field of lighting for plastic shopping bags, and its business covers led and traditional light sources, lamps, electrical appliances, kitchen and bathroom ceiling products, etc. At present, the income structure is mainly household lighting, and the proportion of commercial lighting, lighting control and other income has increased rapidly. By region, the company's domestic sales revenue accounted for more than 90%, and the overseas market was in a period of rapid growth. In 2017, the growth rate of export sales was 49%

during the transformation period of the lighting industry, global LED lighting accelerated to replace traditional lighting. With the continuous development of technology, LED lighting is rapidly replacing traditional lighting products. The global LED lighting penetration rate has rapidly increased from 1.5% in 2009 to 31% in 2016. The scale growth rate of China's LED industry is also increasing. According to CSA data, the overall output value of China's semiconductor lighting industry in 2017 reached 653.8 billion yuan (year-on-year +25.3%), of which the output values of upstream epitaxial chips, midstream packaging and downstream applications were 23.2 billion yuan, 96.3 billion yuan and 534.3 billion yuan respectively, with year-on-year growth of 28%, 29% and 25% respectively. The downstream application links are divided into general lighting (2017 output value of 255.1 billion yuan, year-on-year +25%) and special lighting (2017 output value of 279.2 billion yuan, year-on-year +24%). At present, China's general lighting market is scattered, with the leading enterprise OPP lighting accounting for% of the market, and there is great room to improve the industry concentration

optimization and adjustment of business structure and clear layout help the steady development of the company. Affected by the lag of real estate, the growth rate of the company's home furnishing business in the first half of 2018 was significantly lower than that in 2017, but the business of commercial lighting and lighting control still maintained rapid growth, alleviating the downward impact of real estate on the company to a certain extent. The development strategies of different businesses of the company are clear: the home business focuses on category expansion and service upgrading; The business of business license focuses on the five sub sectors of real estate, retail, industry, office and municipal administration; Integrated home decoration is suitable for long-time and continuous work. This series of testing machines are suitable for the compressive strength tests of cement, concrete and rock. Equipped with appropriate fixtures and measuring devices, they can meet the splitting tensile test, bending test and static pressure elastic modulus test of concrete; It can also be used in metal contraction and upsetting experiments; According to user requirements, multiple displacement (or deformation) measurement channels can be expanded to intercept previous home decoration users and improve one-stop service capability. In the future, the company is expected to achieve steady growth in revenue and performance under the condition of coordinated development of multiple businesses

differentiated channel management and continuous improvement of operation capability. (1) Domestic sales: the company adopts the sales mode of "distribution first, supplemented by direct sales" in China to continuously promote channel sinking. At present, the company has more than 4000 exclusive stores and more than 100000 circulation points, covering more than 90% of provinces, cities and prefecture level cities in China. The domestic dealer team is stable. Among the top 50 major domestic dealers, more than 90% have cooperated for more than 3 years and have high loyalty. (2) Export sales: the company began to intensify efforts to develop overseas business in 2014. It started late, but its scale grew rapidly. In 2017, its export sales revenue was 610million yuan, a year-on-year increase of 49%. The company's overseas sales are in the distribution mode, and it adheres to its own brand operation, with strong long-term development strength

optimistic about the company's development, and raised to the "strong promotion" rating. At the industry level, at present, global lighting is in the process of replacing traditional lighting with LED lighting. The LED lighting industry has a large market space. The company is in the first echelon in China's LED lighting industry and is expected to benefit from the overall growth of the industry. Although the company is in a leading position in the industry, its share in the general lighting market is only about 3%-5%. In the future, the market share of the company has great room to improve. At the company level, with outstanding R & D strength and clear business layout, it is expected to achieve stable growth through the real estate cycle with the help of business structure optimization and channel sinking. The company's equity incentive measures effectively stimulate the enthusiasm of employees, and also demonstrate the confidence of the company's management in the future development. We maintain the estimated annual net profit attributable to the parent company of RMB 867/1018/1155 million, corresponding to the current market value PE of 24/21/18 times, which is upgraded to the "strong promotion" rating


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