Op Lighting (603515): The value of the stable troika and the drive is expected to improve quarterly in the future

Op Lighting (603515): The value of the stable troika and the drive is expected to improve quarterly in the future

Event On April 22, Op Lighting released its 2018 annual report.

The company achieved operating income of 80 in 2018.

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.

03%; net profit after returning to the mother 5.

96 ppm, a ten-year increase2.


Among them, Q4 2018 had a single quarter revenue of 24.

1.6 billion per year 13.

27%; net profit attributable to mother 3.

29 ppm, 24 per year.


At the same time, the 2018 profit distribution plan will be announced: a cash dividend of 4 will be distributed for every 10 shares.

00 yuan (including tax), the dividend rate is 33.


In the first quarter of 2019, the company realized operating income of 16.

63 ppm, an increase of 12 in ten years.

17%; net profit attributable to mother 0.

86 ppm, an increase of 22 in ten years.

76%, net profit after deduction is 0.

40 ppm, an increase of 10 in ten years.


We analyze and judge the short-term impact of real estate downwards, omni-channel layout, and the forecast results after 19Q1 will gradually improve the announcement. The company’s 2018Q1 / Q2 / Q3 / 2018Q4 revenue will increase by 23 respectively.

55%, 13.

00%, 13.

55%, 13.

27%, net profit attributable to mothers increased by 42 each year.

20%, 37.

47%, 35.

04%, 24.


Affected by the decline in the land cycle, the company’s specialty store traffic has improved from the first half of 2018, but with the rebound of sales in first- and second-tier cities in 2019Q1 and the gradual delivery of early-stage housing, it is expected that the growth rate of specialty store revenue will accelerate from quarter to quarter after 2019Q2.

In addition, the increase in the company’s net profit after non-returning to mothers is mainly due to: one is the replacement of the company’s gross profit margin caused by the increase in raw material costs, price reductions of some products, and product structure adjustments;Third, the company’s disposal of subsidiaries may result in impairment losses from the sale of financial assets.

Home lighting business: (1) Retail channels: more than 4,000 monopoly zones, which comprehensively empower dealers to change from “seller” to “dealer”, “sell products” to “sell solutions”, and continue to enrich the product portfolio.

Hierarchical and classified management of dealers, assist terminals to create scene-based display methods, standardized service experience, and provide consumers with overall home lighting solutions.

(2) Distribution channels: As of the end of 2018, the number of distribution outlets exceeded 100,000, and the number of quality outlets exceeded 70,000.

(3) Online channels: The growth rate of online traffic in the industry in 2018 is under pressure and competition is fierce.The company’s multi-platform, multi-category strategic layout, in conjunction with strategic product price adjustments, structural optimization, and continuous accurate channel launch, achieve e-commerce business share growth.

Online sales rank among 淡水桑拿网 the top in the industry, and “Double 11” ranked first in the industry for the sixth consecutive year.

In addition, a new Wujiang automatic sorting line and a new Guangdong e-commerce warehouse have been added to greatly improve the accuracy of ordering and the speed of order delivery.

The commercial lighting business has achieved a comprehensive product line.

Among them distribution channels: upgrade project matching design and distribution services, focus on developing dealers ‘full value chain project service capabilities, and enhance distributors’ ability to undertake small and medium-sized projects; project channels: focus on industrial, real estate, retail, municipal, office and other fieldsStrengthen the training of project distributors in the subdivided industries to carry out orders, design, and after-sales service capabilities.

In terms of overseas business, it achieved revenue in 20188.

530,000 yuan, an increase of 39 in ten years.

86%, accounting for 10.


Since 2014, the company has accelerated the development of overseas business, adhered to the strategy of independent brands and localized operations.

At present, the overseas business is a distribution model, mainly focusing on commercial products, and has covered more than 190 countries overseas.

In 2018, the company achieved rapid growth in Europe, the Middle East, South Africa, India, Indonesia and other places.

The profitability is basically stable, and the overall expense ratio has decreased. In terms of research and development supplements to further improve profitability, the company’s overall gross profit margin in 2018 was 36.

46% ten years ago.

13pct, mainly due to the increase in raw material prices, the price reduction of some products and the decrease in the gross profit margin of commercial license products increased.

The company’s net profit margin was 11 in 2018.

24%, increase by 1 every year.

44 points.

In Q1 2019, the company’s gross profit margin and net profit margin were 36.

26%, 5.

17%, each year increased by -1.

52 pieces, 0 pieces

44pct, profitability is relatively stable.

In terms of period expenses, the company’s period expenses in 2018 were 26.

46%, a decline of 3 per year.

14 points.

The sales expense ratio decreased by 3.

48 points to 20.

04%, mainly because of the downward pressure on real estate and the decrease in traffic of the building materials city, the company’s direct-sale terminal store construction; the management expense rate rose by 0.

73pct to 6.

58%, of which the R & D expense ratio increased by 0.

78 points to 3.

95%; financial expense ratio decreased by 0.

39pct to -0.

17%, mainly due to the increase in exchange gains.

Investment advice: We estimate that the company’s revenue for 2019-2020 will be 92.

13, 105.

$ 5.5 billion, an increase of 15 per year.

11%, 14.

56%; net profit attributable to mothers is 10.
89, 13.
08 billion yuan, an annual increase of 21.

05%, 20.

13%, corresponding to PE of 23.

4 times and 19.

5x, maintain “Buy” rating.

Risk factors: industry competition is intensifying, and downstream real estate growth is not up to expectations.

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