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In 2014, the company's LED lighting revenue was 1.62 billion yuan, a year-on-year increase of 65.2%, accounting for 50% of revenue, of which sales volume was 71.57 million sets, up 124% year-on-year, of which sales in North America increased by 140%, much higher than other regions. Energy-saving lamp revenues fell by 25.8%, which was more than our estimate, indicating that the replacement of energy-saving lamps by LED lighting is accelerating. The scale effect of LED lighting appeared. The gross profit margin increased by 1.66pct year-on-year; the competition level of energy-saving lamps decreased, and the gross profit margin increased by 2.05pct year-on-year; we expect that the higher proportion of LED lighting with higher gross profit margin in 2015 will continue to push up the overall gross profit margin. The company plans to achieve revenue of 4 billion yuan in 2015, a year-on-year increase of 23%. We estimate that it is mainly from LED lighting. It is expected that the revenue growth rate of this business is still expected to be above 50%. It is mainly due to the narrowing of the price difference between LED lighting and energy saving lamps. The demand for LED lighting is rapidly increasing. At the same time, the company develops its customers and the new customers are superimposed last year. New customer development this year. It is expected that the growth rate of energy-saving lamps will continue to decline, but the impact on the company will be weakened. We expect the government's efficient lighting subsidies to be received this year, estimated to reach 80 million yuan, which is expected to increase 2015 revenue. Give the company a target price of 14.2 yuan and maintain a “buy†investment rating.
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