Op Lighting (603515) Company Annual Report Comments: Steady Growth in Revenue and Profits Lighting Leaders Continue to Develop

Op Lighting (603515) Company Annual Report Comments: Steady Growth in Revenue and Profits Lighting Leaders Continue to Develop

Investment 深圳桑拿网 Highlights: OP Lighting released the 2018 annual report and the 19th quarterly report.

Company 18 initially realized revenue of 80.

40,000 yuan, an increase of 15 in ten years.

05%; net profit attributable to mother 8.

99 ppm, an increase of 32 in ten years.


Total non-recurring profits and losses of the company in 20183.

03 billion US dollars, of which most of the government subsidies and investment income increase, excluding non-recurring gains and losses, the company deducted non-net profit in 20185.

96 ppm, a ten-year increase2.


The company paid a dividend of 4 yuan per 10 shares in 2018, and the dividend rate reached 33 based on the net profit attributable to the parent in 2018.

6%, the dividend ratio remained stable.

1Q1 total revenue and profit maintained steady growth.

The company achieved revenue of 16 in 19Q1.

63 ppm, an increase of 12 in ten years.

17%; net profit attributable to mother was 8613.

420,000 yuan, an annual increase of 22.


19Q1 received 26.57 million government subsidies still increased the net profit, Q1 company realized non-net profit of 4008.

60,000 yuan, an increase of 10 in ten years.


The gross profit margin went down, and the net profit margin continued to rise.

Affected by fierce competition in the market environment in 2018, the company adopted proactive strategic price reductions for some categories, resulting in a gradual decline in the gross profit margin of its main business in 20184.

23pct to 36.


Under the pressure of weak terminal demand, the company increased the speed and area of franchise store construction in 2018, and the sales expense ratio increased and decreased3.

48 points to 20.


The management expense ratio (under the reduction of R & D expenses) increases by 0 every year.

73pct to 6.

58%, mainly due to the increase in R & D mold development costs resulting in an annual increase in R & D expense ratio of 0.

78 points to 3.


Taken as a whole, the great increase in the expense control well offsets the replacement of the company’s gross profit margin, overlapping non-recurring revenue contributions, and an increase in the overall overall net profit margin1.

44 points to 11.

twenty three%.

From the perspective of 19Q1, the downward trend of the gross profit margin in the single quarter ceased, which was an increase of 0 from 18Q4.

95pct to 36.26%, the final net margin extension increased by 0.

45 points to 5.


The lighting sector has made more efforts to actively promote channel transformation.

In terms of the home furnishing sector, in 2018, the company faced downward land and changes in the flow structure of terminal channels. The company actively promoted the transformation of channel capabilities and comprehensively consolidated the comprehensive competitiveness of retail channels and distribution channels.

The “seller” and “merchant” of the retail channel continued to advance, and the active marketing strategy seized market share; the distribution channels were refined and refined to improve management standards, and the number of circulation channel outlets at the end of 18 was over 100,000. We believe that it will become a company in the futureGrowth highlights of the overall home business.

The e-commerce channel is based on a multi-platform, multi-category strategic layout, combined with strategic product price adjustments and structural optimization, to achieve continuous growth. The company’s 2018 “Double 11” event sales volume has been the lighting home improvement industry for the sixth consecutive yearthe first.

In the commercial sector, the company continued to improve the comprehensive service capabilities of small and medium-sized projects for dealers in 2018, focusing on providing differentiated lighting solutions for subdivided industries.It has been used in multiple commercial lighting fields such as group companies, new retail supermarkets, municipal engineering, and industrial plants.Benchmarking items were output.

In terms of overseas business, the company adheres to the development strategy of independent brands. In 2018, it achieved rapid growth in Europe, the Middle East, South Africa, India, Indonesia and other places, and achieved sales revenue8.

53 ppm, a 39-year increase of 39.


New business starts with one step, diversified development based on lighting.

In 2018, the company’s electrical products and integrated assembly business also developed.

In terms of electrical business, the company established an electrical converter business unit in 2018 to coordinate the planning of the electrical product category and layout to form an effective linkage with the sales of lighting products; the integration and assembly business focuses on the design and transformation of interior spaces.Improve the coverage of key markets based on the advantages of lower channels.

We believe that both the electrical and integrated assembly businesses are based on the integration of customers and channels in the lighting sector. Diversified attempts and explorations can help the company to become a solution provider for the overall lighting solution, and further lay the foundation for investment advice and profit forecast in the field of smart lighting.

We believe that the company, as a leader in home lighting, incorporates continuous growth of multiple categories and deep-going layout of all channels, and brands + channels build competitive barriers, which is expected to achieve continuous increase in market share during the industry integration period.

In the long term, under the background of the overall track conversion in the lighting industry, policies and capital have contributed 天津夜网 to the flames, demand-side brand awareness has increased under overlapping consumption upgrades, and multiple parties have favored leading integrated industries.

We expect the company’s EPS to be 1 in 19-21.

37 yuan, 1.

64 yuan and 2.

03 yuan, considering that the company as a leader in lighting consumer goods has a broad future growth space, the company is given a certain estimated premium in the same industry, given a PE estimate of 25-30 times in 19 years, corresponding to a reasonable value range of 34.

25 yuan-41.

1 yuan, “continuous market” rating.

risk warning.

Industry consolidation was worse than expected, and price wars continued to affect profitability.