Hongli: automotive lighting thriving mergers and acquisitions restructuring by the new power

Business scale steadily

Honglitronic performance express in 2014 revenue 1 billion yuan mark for the first time, reached 1 billion 18 million yuan, up 38.38% over the same period last year; net profit of 90 million yuan, representing a growth of 47.62%. The revenue situation of domestic LED packaging enterprises comparison, honglitronic revenue scale ranked third in the industry, packaging industry, wood Linsen only nationstar, honglitronic revenue of over one billion.

Car lighting scenery alone good

Compared with the traditional halogen lamp and xenon lamp, LED lamp has the advantages of high brightness, rich color, low power consumption, small size, long life and so on. It has been widely used in recent years. The business of automotive lighting with an average annual growth rate of over 40%, gross margin increased from 34.35% in 2011 to 44.25% in 2013, compared to other business gross margin decline, automotive lighting business can be described as it is A new force suddenly rises. thriving.

Strategic transition is expected to open 2 M & A

Since the listing of the company's successful acquisition of heavy industry, Yuan Ying, smalite Forda signal and other enterprises, these mergers and acquisitions is the company's acquisition of 1 models, mainly around the LED lighting market mergers and acquisitions, to complete the integration of the LED industry chain. We think honglitronic after the acquisition of 1 models, the company will actively seek new profit growth, possibly through some segments of the industry into the new in the industry, which will open the 2 acquisition mode, bring new impetus to the expansion of company.

Ping An Securities is expected, honglitronic 2015, 2016 revenue reached 1 billion 633 million yuan and 2 billion 463 million yuan, an increase of 60.6% and 50.8%, the corresponding EPS were 0.53, 0.82, 41.3, 26.6 for the corresponding PE.

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