Jingfeng Mingyuan (688368): LED driver chip leading enterprise in-depth layout of intelligent lighting

Jingfeng Mingyuan (688368): LED driver chip leading enterprise in-depth layout of intelligent lighting

Main point of view: The company is a leading domestic power management driver chip design enterprise. The company’s main business is the development and sales of power management driver chips.

The company’s products include LED lighting driving chips and motor driving chips. Among them, LED lighting driving chips include general LED lighting driving chips and intelligent LED lighting driving chips.

From 2016 to the first half of 2019, the company’s general LED lighting driver chip revenue accounted for more than 70%.

The company’s revenue and 西安耍耍网 net profit are increasing. The company’s revenue scale has increased from 3 in 2015.

5.7 billion increased to 7 in 2018.

67 ppm, with an average annual compound intensity of 29.

00%; net profit attributable to mother increased from 19.25 million yuan in 2015 to 81.33 million yuan in 2018, with a compound annual growth rate of 61.

66%.

In terms of gross profit margin, the company’s product gross profit margin has maintained steady growth over the past three years, from 20 in 2016.

31% rose to 23 in 2018.

twenty one%.

Power management chip chips have been upgraded and the market size has continued to expand. From 2015 to 2017, the domestic power management chip chip market sizes were 53.8 billion, 59.3 billion, and 65.5 billion US dollars.

China’s power management chip market can sustain its huge market capacity and broad development prospects, and will continue to maintain its growth momentum.

According to the relevant data of China Industry Information Network, it is estimated that by 2020, the size of the internal power management chip market will be close to US $ 90 billion, and the average annual compound growth rate from 2016 to 2020 will be close to 8%.

Increased demand for smart LED product chips to help the industry’s future development According to data from the LED Research Institute of Industrial, Industrial and Industrial Research, the scale of China’s smart lighting output value reached 14.7 billion in 2016, and it is estimated that by 2020, the scale of China’s smart lighting output value will reach USD 103.5 billionThe average composite strength is expected to reach 62.

89%.

The intelligent LED lighting industry will usher in an important development prospect for the industry in the future. The development of intelligent LED lighting driver chips for intelligent lighting has broad development prospects.

The company’s market prospects are outstanding, the market share has remained stable, and with the technological progress and market development of domestic LED lighting companies, it has become a major producer in the global LED lighting market. The company has established cooperation with major domestic LED lighting manufacturers.relationship.

According to statistics from the National Semiconductor Lighting Engineering Research and Industry Alliance, and based on the calculation that each LED lighting product is usually equipped with an LED lighting driver chip, the company’s market share in 2018 reached 28.

28%.

A high market share is conducive to the company’s timely grasp of industry needs and technological developments, and to transfer the development of the downstream LED industry to maintain rapid growth.

Use of raised funds: The company’s public offering of new shares will not exceed 15.4 million shares. The proposed investment projects of the raised funds include: 1) general LED lighting driver chip development and industrialization projects; 2) smart LED lighting chip development and industrialization projects; 3)Product R & D and Process Upgrade Fund.

Risk warning: the company’s business development is less than expected; the construction progress of the raised project or the return on production is less than expected; the downstream market demand growth is expected.