The LED packaging market is rapidly expanding by the east wind: LED is called the fourth-generation lighting source or green light source. Compared with the traditional light source, the LED light source has many advantages such as energy saving, environmental protection and long service life. LED packaging manufacturers face huge opportunities for growth in the overall industry. In 2013, the global LED packaging market model was $14.4 billion. It is estimated that by 2018, the global packaging market model will reach 25.9 billion US dollars. Up to 12.5. In 2010, China's LED packaging market model was 27 billion yuan, and in 2014 it grew to 56.8 billion yuan, with a compound annual growth rate of 20.43. It is expected that the LED packaging market model will maintain a high-speed trend in the next two years. . Mulinsen focuses on LED packaging manufacturing and leads the industry: Mulinsen has been focusing on the research, production and sales of LED packaging and application products. It is a major supplier of LED packaging and application products in China. According to the 2014 annual report, the company achieved operating income of 4.002 billion yuan, an increase of 39.25 over the previous year. The company's revenue was the first in the same industry in the country. The company's compound revenue growth rate reached 37.48 in the past five years, and the compound growth rate of assets reached 40.45. Controlling cost expansion capacity provides double growth pole for Mulinsen's profit growth: the company controls production costs by optimizing product structure and using model economy, and improves the company's comprehensive gross profit margin. High sales net interest rate, high return on capital, and the company's production equipment are close to full-load production status throughout the year, which provides the necessary capacity for Mulinsen to expand production capacity. The company's successful listing has provided financial support for expanding production capacity. Investment Strategy: We expect the company's operating income in 2015-2016 to be 53.74 and 7.040 billion yuan respectively, with a year-on-year growth rate of 34.3 and 31.0, EPS of 1.43 and 1.78 yuan respectively, and PE valuations of 31.5 and 25.3 times respectively. We believe that Mulinsen is an industry-leading LED packaging company, keeping up with trends and tight opportunities, and giving coverage for the first time. Risk warning: increased competition in the industry, risk of falling prices; risk of rising costs; risk of capacity expansion.
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Hebei Chunfeng International Trade Co., Ltd , https://www.cfcastiron.com