Industry Competition Is Increasingly Fierce, Guangdong Led Promotion In 2013

LED interior lighting mass substitution is about to begin

. Benefit from the LED lighting terminal products price to drop quickly, incandescent lamp bans, and implementation of China gradually reducing the amount of mercury in the fluorescent lamp in the implementation roadmap ", LED interior lighting in large scale to replace traditional lighting window. According to what we do in the sensitivity of the test, we think, the traditional lighting will replace from industrial and commercial lighting, 2013, industrial and commercial lighting the field of LED products comprehensive promotion is about to begin.

Industry competition is increasingly fierce, outdoor lighting segments with barriers. Starting from the second half of 2011, LED lighting manufacturers to increase the downstream application. LED industry chain links to other manufacturers are to the downstream lighting application fields, domestic enterprises and foreign traditional lighting LED lighting companies are entering the domestic LED lighting market, resulting in an increasingly competitive industry. Companies in the field of outdoor lighting with industry cluster, scale, brand and channel multiple advantages, with strong barriers, but to the indoor illuminating area of difficulty could be increased.

The government needs to first impetus, support performance in 2013. Based on our Guangdong province level throughout the city to promote LED lighting project statistics, we think that before 2014, Guangdong Province public lighting to be transformed LED lighting industry to bring more than 4000000000 of revenue increment. History has proved the company in Guangdong province government tender areas with Nathan advantage, has recently won the bid / pre bid Guangzhou township road construction projects, Qingyuan city street reconstruction project, a hundred group LED lighting demonstration project, Guangzhou metro project in Guangdong Province, the company has strong competitiveness of government project. We expected before 2014, Guangdong Province LED lighting renovation project for outdoor lighting business to bring more than 700000000 Yuan increment income.

Monetary Fund predicts company strategy rhythm. In 2012 the company funds more cautious, as of the end of the three quarter, the company carrying the monetary funds 1243000000 Yuan, in addition to 452000000 Yuan dropped the project raised funds, the actual available funds of about 790000000 Yuan. Recently, the company non-public offering is not more than 800000000 Yuan of corporate bonds, interest cost slightly higher than bank loans, early 4 billion will produce about 16000000 Yuan net finance cost. We expect that in 2013, the company will have more than 1000000000 of the funds for the acquisition and merger of industrial expansion, in general, we believe that the company is cutting Guangdong Province in 2013 public lighting transformation cake and future lighting market open cut ready reserve funds.

Valuation and investment advice that our Forecast Ltd 2012-2014 year business income is respectively 8.52, 11.02 and 1474000000 Yuan, net profit of respectively 1.46, 2.03 and 265000000 Yuan, corresponding to earnings per share were 0.39, 0.54 and 0.71 Yuan, the corresponding dynamic earnings ratio of 2012-2014 years were 25.60, 18.35, 14.06 times. LED companies in the field of outdoor lighting with brand, channels and other multiple advantages, we maintain the overweight" rating.

Key issues of concern.

The stock catalyst (positive): Guangdong Province LED lighting renovation project regions have been hanging net tender, currently the company has bid at the scale of several hundred million, the future will constitute a positive catalyst bid price.

Risk tip (negative): LED industry in the fierce competition from downstream to upstream transmission has lighting, home lighting, LED lighting traditional enterprises of foreign companies are entering the market in mainland China; company outdoor lighting business expansion of the country also remains to be seen. We think, the future, companies need to by virtue of the hands of cash advantage to choose the correct direction to make a strategic breakthrough, if successful, will become the biggest risk of long-term development.

POLESTAR ELECTRIC INDUSTRIES CO., LTD. mainly sales LED decorative lighting, led christmas light, halloween light, led string light, ice light, net light.

Welcome to make a deal if you have any needs.

by: 0804shirleyhu

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