Qinshang Optoelectronics: Outdoor commercial lighting demand boosts this year's performance

In the latest research report, Guoxing Junan electronic components industry analyst Wei Xingyi believes that the demand for outdoor lighting and commercial lighting is increasing. Qinshang Optoelectronics is expected to rely on the launch of these two markets to boost its 2013 performance. Significant growth.
The outdoor lighting business of Qinshang Optoelectronics will return to the high-speed growth track. The inspection and acceptance of LED outdoor lighting projects in various cities in Guangdong Province was concentrated at the end of the 13th to the end of the year. In the past 13 years, local municipal governments have invited the company to participate in the bidding. We predict that Guangdong will be in a period of intensive implementation of policies in the past 13 years, and its market will show a doubling of growth. The company will share the biggest cake as the number one company in Guangdong Province.
The shortened energy-saving recovery period stimulates the growth of commercial lighting demand. In 13 years, the company's commercial lighting products prices have been reduced to reflect energy savings in two years or less. 5W (270-320lm) bulb lamp ex-factory price is 15 yuan, 18W (1350lm) T8 lamp terminal price is more than 30 yuan. We believe that in addition to the government-led commercial EMC/BT project in 13 years, the demand for commercial lighting for new or renovated underground parking lots, shops and office buildings will also grow rapidly.
In 2013, the company's indoor lighting revenue ratio is expected to increase further.
Channel construction accelerates the promotion of outdoor and commercial lighting business. The company's more than 100 specialty stores are currently in a profitable state, and 60 specialty stores are also operating LED outdoor engineering and commercial lighting business. We believe that the company's distribution channel will expand rapidly in 13 years, and 800-1000 stores will be built in 14 years, which will help the company to develop outdoor/commercial lighting business nationwide.
The EMC project returned normally. The biggest uncertainty of EMC energy-saving projects is the poor return. The company cooperated smoothly with Nanwang Energy, an energy-saving company affiliated to China Southern Power Grid, and the energy-saving revenue recovery was smooth. The local government has never defaulted on the company's EMC project for 12 years.
Raise the target price to 14 yuan. We forecast 13-15 years of company revenue of 1.237 billion yuan, 1.762 billion yuan, 2.33 billion yuan, net profit of 184 million yuan, 257 million yuan, 334 million yuan, EPS of 0.49 yuan, 0.69 yuan, 0.89 yuan. We raise our target price to 14 yuan, corresponding to 28.6 times PE for 13 years.

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