With the advancement of urbanization and the promotion of efficient and environmentally friendly lighting, the LED industry has developed rapidly in recent years. Compared with traditional lighting sources such as incandescent lamps and fluorescent lamps, light-emitting diodes (LEDs), as a new generation of lighting products, are widely used in display screens, general lighting, automotive lighting, electronic product backlighting, signal lighting and other fields due to their advantages such as low power consumption, long life, no pollution, fast response speed, and high color purity.
In the field of general lighting, LEDinside predicts that the global LED lighting output value will reach 17.8 billion US dollars in 2014, and the overall number of LED lighting product shipments will reach 1.32 billion. Philips' market forecast shows that by 2016, the global market size of LED-related lighting products will reach between 70 billion and 80 billion euros, accounting for 45% -50% of the overall lighting market.
From a domestic perspective, the number of lighting products in the national market reached 8.6 billion as early as 2010, of which LED lighting products accounted for only about 0.16%. As the price of LED lighting products continues to falldecline, the LED lighting market is growing rapidly. It is understood that the current terminal retail price of first-tier brand 3.5W bulbs has dropped to about 20 yuan, which is very close to the price of ordinary energy-saving lamps. Gaogong LED predicts that the compound growth rate of China's LED bulb and fluorescent tube market output from 2013 to 2017 will reach about 44% and 35% respectively, and market sales in 2017 will exceed 2.5 billion and 1 billion respectively.
On the other hand, my country's LED display industry has maintained a rapid development trend since its inception in the 1990s, creating the initial prosperity of the LED industry. At present, the global LED display market is still on the rise. According to earlier predictions by the China Optics and Optoelectronics Industry Association, China's LED display market size will reach 24.094 billion yuan in 2013.
A research report from China International Finance Securities believes that the LED display market will still maintain rapid growth in the future, and is expected to maintain a growth rate of about 15% in the next 3-5 years. Among them, LED full-color displays will grow faster, reaching an average annual growth rate of about 30%. It is expected that display screen applications will become one of the most stable growth points in the field of domestic LED applications.
Concept stocksList:
Qianzhao Optoelectronics, Qinshang Optoelectronics, Tianlong Optoelectronics, Lianchuang Optoelectronics, Huacan Optoelectronics, Changdian Technology, Changfang Lighting, Sunshine Lighting, Wanrun Technology, etc.
Qinshang Optoelectronics research report: Continue to maintain traditional advantages and look forward to innovative models to bring new growth
Research report source: Founder Securities Time: 2014-8-29
Investment points
Event: The company released its 2014 semi-annual report. During the reporting period, it achieved operating income of 480.4 million yuan and net profit of 56.8553 million yuan, an increase of 4.02% and 4.11% respectively over the same period last year. EPS is 0.15 yuan. The company expects the net profit range from January to September this year to be between 0% and 20%.
Comments: ※The company's growth rate in the first half of the year was slightly lower than expected, but from the perspective of business segments, it has a greater relationship with the strategic adjustment of the company's product structure, which is in line with our previous judgment. Among them, outdoor lighting, which has traditional advantages, still maintains a good growth rate, with revenue increasing by 27.79% year-on-year. It still accounts for the largest proportion of revenue, accounting for more than 60%. Indoor lighting also performed well, with a year-on-year growth rate of 15.37%. The gross profit margin of both businesses declined slightly, which is expected to be related to the company's implementation of low-price competition strategies in exchange for market share. The revenue scale of landscape lighting, display screens and other products has shrunk significantly. In the future, the company will gradually present a dual-pronged main business structure of outdoor and indoor lighting.
※ During the reporting period, the company's various expense rates were basically the same as those of the previous period, except for a slight increase in the sales expense rate. This was mainly due to the company's vigorous development of domestic and overseas sales channels during the reporting period. At present, the layout of the company's three-dimensional marketing network has been initially formed. In the future, the company will continue to develop terminal retail stores across the country, develop project partners, and establish a national, multi-level marketing network. In the international market, the company mainly focuses on independent products and has successfully entered emerging markets such as South America and Africa. Southeast Asia, Europe and the United States can maintain market share while continuing to develop deep channels.
※The unique and innovative business model has always been a commendable feature of the company. Emerging contract energy management models, factory incubation plans, B2B, B2C online sales and wealth creation plans, etc., make good use of the company's engineering capabilities and good customer relationships accumulated in the field of outdoor lighting in a "multi-wheel drive" manner to shape the company's brand and develop new products.The big market provides abundant and effective ways. During the reporting period, the company participated in major lighting exhibitions such as the Frankfurt Exhibition in Germany. The company's newly launched ultra-high cost-effective products can be displayed on a larger stage, allowing consumers to fully experience the good experience of brand products.
※The company has also gone all out in terms of technology and research and development, not only continuing to actively invest in the research and development of new products, but also strengthening strategic cooperation in various scientific research. The company itself undertakes a number of national-level scientific research tasks, and many of its products have reached the domestic leading level. It has successively carried out industry-university-research cooperation with Tsinghua University and other famous universities to implement resource sharing and complementary advantages. It also cooperates exclusively with the Institute of Semiconductors of the Chinese Academy of Sciences to conduct technology research and development and industry-university-research cooperation on visible light positioning systems and communication systems.
Huacan Optoelectronics research report: Fundamentals are improving quarter by quarter, optimistic about the supply and demand pattern next year -140813
Research report source: Changjiang Securities Time: 2014-8-13
Report key points
Event description
Huacan Optoelectronics released on the evening of August 12, 2014 Semi-annual report, during the reporting period, the company achieved operating income of 304.4196 million yuan, an increase of 172.19% over the same period last year; the operating profit was -7.3259 million yuan, an increase of 84.07% over the same period last year; the total profit was 53.2189 million yuan, an increase of 99.30% over the same period last year; the net profit attributable to ordinary shareholders of the listed company was 44.145 million yuan, an increase of 239.25% over the same period last year.
Event Comments
The company's semi-annual report has good performance. Through the continuous opening of new machines in the new factory in Zhangjiagang, the single-quarter revenue in the second quarter has increased rapidly, and has gradually reversed the quarterly loss situation. Q2 single-quarter revenue was 195 million yuan, a year-on-year increase of 186% and a month-on-month increase of 79%. The single-quarter operating profit was 4.1 million yuan and the net profit was 29.6 million yuan. The company's operating performance was released, benefiting from LED It has the dual effects of good industry demand and the right time to release its own production capacity.
In addition, from the perspective of product gross profit margin, the company's gross profit margin continued to increase in the second quarter. The single-quarter gross profit margin reached 29%, an increase of nearly 9% from the previous quarter. On the one hand, it shows that the company's production capacity utilization rate is high. On the other hand, the company's research and development is mature and product quality is gradually stable. performanceThe release intensity is also restricted by financial expenses. The company's Q2 financial expenses reached 22.67 million yuan, which is also the short-term debt pressure caused by the company's current rapid expansion of production. As the company's sales scale gradually expands, the cost problem will be gradually resolved.
The company will implement the previous board resolution and continue to implement the LED red-yellow light chip and blue-green light chip projects in Zhangjiagang. In the short term, the company will continue to use self-raised funds to expand production, so the production capacity growth in subsequent quarters of this year will be certain. With the rapid growth in demand for the company's products, future production expansion plans will be able to be implemented steadily.
From the perspective of demand, the supply and demand pattern of the LED industry next year is relatively clear. The penetration rate of LED lighting will continue to increase, and demand will grow steadily and rapidly. The main place for production capacity growth will be in mainland China. The entire LED chip industry in mainland China will form an industrial cluster effect similar to Taiwan's semiconductor foundry. At the same time, the competitive advantage of manufacturers with fewer machines will be weakened. The entire mainland LED Chip factories will become more concentrated, and Huacan has the ability to become the best among them. While the company will satisfy domestic customers, it will also open up exports overseas. Therefore, it maintains the "recommended" rating for the company, 2EPS from 014 to 2016 were 0.30, 0.81, and 1.3 yuan.
Changdian Technology Research Report: Marriage with STATS Chippac is not easy, but a strong alliance can be expected
Research report source: Shenyin & Wanguo Time: 2014-9-5
The company has had initial contact with STATS ChipPAC, but good things are hard to come by. Currently, the company has made preliminary contact with STATS ChipPAC, the world's fourth largest packaging and testing factory, and is exploring the possibility of a potential acquisition. The company said it is unlikely to reach any legally binding documents with STATS ChipPAC within the next three months. We believe that considering such a large-scale cross-border merger and acquisition, STATS ChipPAC's recent rapid rise in share price and other factors, this acquisition will be a long-term success and will be difficult to implement in the short term.
The synergy effect of strong alliances is significant, and we can quickly catch up with global leaders. The IC industry is an industry with a very significant scale effect. Large packaging and testing factories can use their scale advantages to improve production efficiency and increase R&D investment to maintain technological leadership. As the leader in packaging and testing in China, if JCET can successfully acquire STATS ChipPAC, the company will surpass Silicon Products from sixth place in the world to become third in the world, achieving a significant catch-up in scale. moreTo consolidate the company's domestic leading position, it is expected to receive more support from the country. Moreover, STATS ChipPAC has advanced packaging technology. If the acquisition is successful, it will significantly reduce the technological gap between the company and global leaders.
The advanced packaging business continues to grow at a rapid pace, and the profitability of the low-end packaging and testing business has rebounded significantly. The company has taken advantage of its scale to continue to invest large amounts of R&D expenses, and has achieved a comprehensive layout in advance on the evolution path of advanced packaging technology. It will become the biggest beneficiary of future technological progress, and its advanced packaging business will achieve sustained and rapid growth. The company's low-end packaging business, which was a major drag on its performance in the past, has now completed its factory relocation, its labor cost advantage has begun to emerge, and its profitability has rebounded significantly. Therefore, we believe that the company's performance will achieve sustained and rapid growth in the next two years.
Reiterate Buy rating. Considering that the merger and acquisition event still has great uncertainty, we maintain our profit forecast for the company. It is expected that the EPS in 2014-16 will be 0.24 yuan, 0.42 yuan, and 0.67 yuan. The current price corresponds to the PE of 42.1X, 23.9X, and 14.8X in 2014-16. The company's different packaging businesses have different growth potentials. We believe that the company is advancedThe reasonable valuation levels for packaging, mid-range packaging, and low-end packaging are 40 times, 30 times, and 20 times respectively in 2015. The corresponding target price is 12.67 yuan, and the buy rating is reiterated.
Lianchuang Optoelectronics research report: Infrared LED leader, superconducting equipment pioneer
Research report source: Shenyin Wanguo Time: 2014-9-5
Investment tips:
The company's existing traditional LED industry mainly includes LED device packaging, lighting and LED backlight. In terms of industry attributes, the gross profit margin of the traditional LED industry is not high. Although the company plans to innovate in its business model, we expect that it will only be able to maintain growth in line with the growth rate of the industry in the future.
Infrared LED is the company's key investment and cultivation direction. In infrared LED, the company has the advantages of the entire industry chain of chips, packaging, and terminals and has mastered its own core technology. The future application of infrared LEDs in military products, security or somatosensory equipment will bring great room for imagination to the industry.
In terms of superconducting equipment, the company can be called the pioneer of domestic superconducting equipment.. The "high-temperature superconducting induction heater" developed and launched this time is an energy-saving product, which is an exclusive domestic technology. It is mainly used in metal heating companies and can improve energy efficiency by about 85%. This equipment realizes the commercial application of domestic superconducting technology outside the laboratory.
Xiamen Hongfa's investment income still accounts for the majority of the company's profits. The steady growth of Xiamen Hongfa's performance in the future will provide a sufficient safety margin for the company's performance.
Investment advice:
Under the assumption that the company's traditional LED industry remains stable and Xiamen Hongfa's performance grows steadily, we believe that the growth of the infrared LED market will exceed
Due to the explosive performance contribution brought by the guidance equipment, we estimate that the EPS from 2014 to 2016 will be 0.4261, 0.8095, and 1.1251 yuan respectively, and the corresponding P/E will be 21.73 times, 11.43 times, and 8.23 times respectively. Judging from the current average P/E level of 49.63 times in the electronics industry, the company's valuation still has a lot of room for growth in 2014. Therefore, we gave it a "buy" rating for the first time and gave it a target price based on the assumption of 35 times P/E in 2014.14.91 yuan.
Risk warning:
Superconducting business progress is weaker than expected; Xiamen Hongfa's performance growth is lower than expected; traditional LED business gross profit margin decline is stronger than expected.
Existing traditional LED business will continue to expand in scale, but limited to gross profit margins, profit growth may remain in line with the industry. The company's traditional LED business mainly includes LED device packaging, lighting and LED backlight. In the LED field, the company currently has the capabilities of the entire industry chain, including epitaxial wafers and packaging business. However, due to the overall scale of the company, the development of the entire industry chain has reached a bottleneck. At present, in the field of lighting LED, the company mainly plans to expand to downstream terminal application products, and at the same time introduce innovative business models (Jiangxi Lianrong New Light Source Collaborative Innovation Co., Ltd.), which will help increase the scale of lighting LED.
In the field of LED backlight, the company changed its investment projects in September 2013 and added the "high-brightness ultra-thin LED backlight and supporting light guide plate project" to strengthen its technology accumulation in the backlight field. In the future, the company's LED backlight is expected to rise to the same level as LED lighting in scale.
Deeply cultivate infrared LED and fully master the core technology of infrared LED. In addition to traditional applications in military products (night vision devices) and security (night vision cameras), infrared LEDs also have extremely broad application prospects in the field of civilian products (body sensing equipment). The company's subsidiaries, Nanchang Xinlei Optoelectronics Technology Co., Ltd. and Xiamen Hualian Electronics Co., Ltd. both focus on the R&D and production of infrared LEDs. Xinlei focuses on infrared epitaxy and chips, while Hualian focuses on the packaging and application of infrared LED devices. The company entered the field of infrared LED early, has a full industrial chain layout from chips, packaging to terminals, and has mastered core technologies. The future application of infrared LEDs in military products, security or somatosensory equipment will bring great room for imagination to the industry.
Introducing the high-temperature superconducting induction heater project to realize the commercial application of superconducting technology outside the laboratory. On March 5, 2014, the company announced that it had signed a three-party strategic cooperation agreement with the Institute of Electrical Engineering of the Chinese Academy of Sciences and Shanghai Superconductor to conduct strategic cooperation in the research and industrialization of superconducting induction heating devices. The announcement mentioned that "high-temperature superconducting induction heating device is a product of the application of high-temperature superconducting materials in induction heating devices. It has the characteristics of energy saving and uniform heating."It has the characteristics of high uniformity and high production efficiency. It is mainly used for the heating treatment of non-magnetic metal materials such as aluminum and copper. The main application areas include building materials (aluminum profiles) processing, military industry (gun barrels, etc.), aviation, etc. The company signed a tripartite cooperation agreement with the Institute of Electrical Engineering of the Chinese Academy of Sciences and Shanghai Superconductor, hoping to expand the company's applications in the field of energy conservation and cultivate new economic growth points. The "high-temperature superconducting induction heater" developed this time is a typical energy-saving and emission reduction product. It is a domestic exclusive technology and is mainly used in metal heating companies. It can improve energy efficiency to about 85%, far exceeding the 45% energy efficiency of traditional induction heaters. Traditional induction heaters use copper coils to pass power frequency or medium frequency alternating current, and aluminum inside the coils The ingot generates an alternating magnetic field and senses eddy currents to heat the aluminum ingot. This type of equipment has low heating efficiency (about 45%) and shallow heat penetration depth. By using a superconducting induction heater, an unimpeded superconducting coil can be used to generate a stable DC magnetic field, and the aluminum ingot can be heated by electricity. By rotating and heating under the power of a machine, the efficiency of the superconducting induction heating device can be as high as 85%, and the heat penetration depth is much higher than that of traditional equipment. According to experimental statistics, a 1MW superconducting induction heater can save about 7 million degrees of electricity per year, and has outstanding cost performance.
LED industry: About dry lighting photoelectric expansionComments on producing 100 MOCVD units
Research report source: Industrial Securities Time: 2014-7-25
Event:
On July 24, Qianzhao Optoelectronics announced that it plans to invest 5 billion yuan to add 100 MOCVD units, which will be invested in two phases. The first phase of 50 units will be no later than 2015. It was put into operation years ago. The Xiamen government will provide equipment subsidies based on 48% of the purchase price of each equipment. The subsidy amount for a single equipment shall not exceed 5 million yuan. The subsidy limit is 50 units. The subsidy will be paid in installments according to the project payment progress.
Comments:
Under the new round of production expansion, we need to be cautious about industry supply and demand: The peak of the last round of MOCVD production expansion was in 2010 and 2011. After that, due to slower than expected growth in backlight and lighting demand, the upstream chip side was in oversupply for the next two years. In 2011 and 2012, chip prices fell by 35%-50% each year. In 2013 The annual decline narrowed to 20%-25%. This shows that after two years of industry demand growth and expansion slowdown, industry supply and demand are currently at a good level. From 2013Q4 to now, chip prices haveThere have been three quarters of very small declines. However, including the new round of production expansion released by Sanan Optoelectronics, Qianzhao Optoelectronics and other manufacturers, the demand situation in the industry needs to remain cautious. We estimate that there will be about 600 million new LED light sources in the world in 2015, which according to our calculations can consume about 200 units of MOCVD production capacity (taking into account technological progress and efficiency improvements, this data may be further reduced). If the current MOCVD manufacturers successfully reach production capacity, the new production capacity will exceed 200 units. We will keep close track of the progress of each manufacturer's expansion and production in the future.
Policy subsidies should be transferred more to downstream consumers: Because MOCVD is relatively expensive, the expansion of production in mainland China is basically accompanied by government subsidies for its equipment. We believe that the LED industry is still in the early stages of growth. At present, the price of LED lamps is still higher than that of energy-saving lamps. As the upstream of the industry has relatively sufficient production capacity, more policies to subsidize consumers will be more conducive to stimulating industry demand and maintain a good supply and demand situation on the demand side of the industry. In 2010 and 2011, government equipment subsidies were basically around 10 million per unit, but have now dropped to around 5 million. We expect more policy subsidies to be transferred from the upstream to consumers.
The industry boom continues, and we are more optimistic about downstream companies: The continuous production of manufacturers also proves that the demand for LED lighting is indeed in a period of rapid growth. We are optimistic about the LED industry boom and maintain the industry's "recommended" rating. Downstream companies have lighter assets and will benefit more obviously when industry demand is strong. We recommend Leyard, Sunshine Lighting, Hongli Optoelectronics, and Sanan Optoelectronics, and we recommend actively paying attention to Dehao Runda. The trend of Leyard's small-pitch LED TVs replacing DLP has been established, and indoor large TVs are worth looking forward to in the second half of the year; Sunshine Lighting relies on locking in world-class customers and continuously expanding to other customers, rapidly expanding its LED scale, and has a stable profit level, becoming the downstream leader in LED lighting; Hongli Optoelectronics' LED lighting in the next few years Both general lighting and automotive lighting will have good development prospects (the mid-term report predicts an increase of 35%-60%); Sanan Optoelectronics' position as the domestic chip leader is gradually established and will benefit from the competitive landscape of the larger Evergrande (the mid-term report predicts an increase of more than 40%).
Risk warning: Industry growth is lower than expected; price declines are greater than expected.
Wanrun Technology: Clear development strategy, successful mergers and acquisitions open up new growth
Source of research report: Shenyin WanguoTime: 2014-8-21
The prosperity of the lighting-driven LED industry has rebounded, and the industry will develop rapidly in the next three years. LED lighting products are in a stage of continuous explosive growth. We estimate that the average increase in LED lighting penetration rate from 2013 to 2015 will be 118%, 86% and 61%. During this stage, the LED lighting industry will develop rapidly.
The strategy of positioning mid-to-high-end products is in line with the industry development trend. The company's current strategy is mainly to focus on the mid-to-high-end market, prudently develop midstream packaging, continue to expand into downstream lighting applications, and digest its own packaging production capacity.
The company's LED packaging and lighting application products are mainly aimed at mid- and high-end users. Their profit margins are relatively stable, and competition is not fierce compared to low-end products. Since the midstream packaging market is huge and has high growth potential, we believe that the company's reasonable valuation in 2015 is 30 times, corresponding to a target price of 20.1 yuan. We cover it for the first time and give it a buy rating.
Risks of core assumptions: The development of LED downstream lighting applications is lower than expected; the company's mergers and acquisitions failed; the mergers and acquisitions integration was unsuccessful; the company's strategy was not effectively implemented
Sunshine Lighting: Energy-saving lamp business declines, LED continues to grow rapidly
Research report source: Shanxi Securities Time: 2014-8-21
Event tracking:
The company announced the 2014 semi-annual report. The company's operating income in the first half of 2014 was 1.524 billion yuan, up 4.07% from the same period last year; net profit attributable to owners of the parent company was 134 million yuan, up 35.05% from the same period last year; basic earnings per share was 0.14 yuan, down 6.67% from the same period last year. Net assets attributable to the parent company were 2.540 billion yuan, an increase of 1.51% over the same period last year. No cash dividends will be distributed, no bonus shares will be issued, and no accumulation funds will be converted into share capital during this period.
Event analysis:
LED market demand is accelerating, and the company's LED sales increased by 60%. LED market demand shows an accelerating trend, and the company's results in product development, market expansion, equipment automation and other aspects in the first half of the year will gradually be reflected in the second half of the year. Due to the rapid shift of the lighting market to LED products and the company's initiative to adjust the traditional energy-saving lamp product structure, the company's energy-saving lamp business has emergedDespite the decline, LED continues to maintain high growth, with sales increasing by 60% compared with the same period last year.
The company increases investment in automation to improve production efficiency. The company invested in automatic bulb lamp production equipment in 2013. In the first half of the year, it continued to invest in T8 lamp automatic lines and a number of lamp-related automation equipment. After half a year of production practice and improvement, the implementation plan for the next stage of automation equipment was clarified. In the second half of the year, investment will be increased to realize the installation and debugging of automation equipment. As a lighting application company, in addition to product design capabilities, the most important thing for the company in terms of downstream application product competitiveness is the establishment of production efficiency capabilities. Continuous investment in automation is conducive to increasing per capita output value.
As a traditional lighting leader, the company has obvious channel advantages. The company has long established an international and domestic market network with effective coverage and market share, and formed a channel strategy with diversified layout.
In recent years, with the continuous improvement of technology and the continuous enrichment of product structure, the company's business has maintained good growth in major regional markets in Asia, Europe, North America and China, and its market position is gradually strengthening. The company has long-term cooperation with Philips, the international lighting leader, and has great customer advantages. In addition, the company accumulatesThe company has made great efforts in the e-commerce field to make the company's existing channels more complete.
Profit forecast and investment advice:
Profit forecast and investment advice. As a domestic lighting leader, the company began its deployment in the LED industry in 2008, and currently ranks first in the civilian LED lighting market. With the launch of the LED lighting industry, we believe that the leading position in the sunlight lighting industry is expected to be further strengthened. Taking into account the company's continued investment in automation, advanced reserves of smart lighting, and continued optimization of product structure, we maintain our "buy" investment rating on the company.
Changfang Lighting-300301-acquired Kang Mingsheng to build brand advantages in mid- and downstream channels
Research report source: Founder Securities Time: 2014-7-3
Investment points
※Main points
The company focuses on two core products: LED lighting sources and LED lighting fixtures. It also provides lighting fixture structural design support, supporting solutions and services.
1) In terms of lighting sources, it is expected that the monthly packaging production capacity will be 3000k in early 2014On the basis of k, it will be increased to 5000~6000kk by the end of the year. The light source production capacity and output rank first in the mainland. The self-built supporting materials (brackets and other auxiliary materials) are extremely cost-effective, and the advantages of mid-stream and downstream integration are obvious. At the same time, it is actively deploying high-margin RGB backlight products to further enrich the product line.
2) In terms of lighting fixtures, the product range is complete. At the beginning of the year, it integrated the two brands "Tongyu Home" and "Donghan Commercial", and developed "Changfang" lighting as a key brand. It also actively expanded channels through cooperation with Shengguang Co., Ltd. In 2013, the sales of lighting fixtures exceeded 150 million yuan, with obvious results.
The LED industry will usher in a period of frequent consolidation, and companies with prominent industry positions will rapidly expand their scale and improve profitability through endogenous and external methods. The company plans to purchase 60% of the equity of Kangmingsheng in the form of cash and issuance of shares, and enter the field of mobile lighting. Since the two companies have cooperated for a long time in history, and have a foundation of understanding and trust at the management and product levels, it will accelerate the integration process and reflect the comprehensive advantages. More importantly, the company will gain strong market operation and marketing capabilities in lighting and other fast-moving consumer goods through the core team of Kangmingsheng:
1) Kangmingsheng focuses on mobile lighting products such as LED flashlights, emergency lights and table lamps, as well as mobile charging products, and has built the "Duolanda" brand in the field of general lighting (endorsed by the famous movie star Chen Jianbin). It is already the No. 1 enterprise in the domestic mobile lighting segment. With outstanding brand influence, there are many followers and imitators in the industry. At the same time, relying on the portable combination of battery power supply and low energy consumption of LED, it has developed high value-added products such as LED rechargeable table lamps, horse lanterns, electric fans and electric mosquito swatters, which are widely recognized by the market.
2) The company's internal control and market expansion have great advantages in the industry, and it is one of the successful examples of using the B2C model to market LED lighting products in mainland China. Kangmingsheng has unique and efficient cost control and channel expansion advantages in the entire link of procurement, production, marketing and sales. It maintains a scientific model of daily exchange of information between the core management team and important links such as procurement and channels, and the entire link is powerful and efficient.
3) Looking at the future, if the Kangmingsheng team gradually participates in the company's full-process lighting product business, it will play a very positive role in the expansion of the parent company's lighting market.
ANNA