Zhou Ming Technology (300232) announced that it intends to acquire 65% equity of Aijia Lighting for no more than RMB 95 million. The acquiree promised that the net profit of 2017/2018/2019 is not less than 11 million / 14.3 million / 18.59 million yuan. As a scarce brand in professional lighting design and high-end lighting engineering, Aiga Lighting has a high reputation in professional lighting channels, and has a wide reputation and influence in the high-end owners' customer base, lighting design company and interior design company customer base. With the upgrade of consumption, the demand for high-end professional lighting is expected to gradually enlarge. The listed company is based on high-end and strives to build a visual segment with Radio as the core. We believe that this acquisition is an important part of the company's high-end visual sector strategy and is expected to be with the company. The original business has a large synergy. By rapidly expanding the company's high-margin product portfolio, it is expected to become a new profit growth point for the company in the future. The LED display industry has entered a period of great mergers and acquisitions, and companies with revenues of 3 to 4 billion will appear in the next three years. The LED display industry has a CR6≈14%, and the industry concentration is significantly lower. Since 2012, industry mergers and acquisitions have gradually increased. It is expected that the LED display industry has entered the era of large mergers and acquisitions. The leading companies in the market will use the capital market to kick off the large-scale mergers and acquisitions. The commercial small-pitch market continues to be prosperous, and operation and maintenance innovations contribute to high performance growth. At present, the domestic small-pitch LED market penetration rate is still at a low level (about 20%). It is expected that the small-pitch market will grow from nearly 4 billion in 2016 to 10 billion in 2018 (CAGR ≈ 60%). Chau Ming Technology's small-pitch products are mainly for high-end exhibitions (more than 50%) and have a dislocation competitive advantage (the competitor's small-pitch products are mainly for government agencies and other official organizations). With the technical foundation accumulated in the display field and high-quality customers, as well as the integration and innovation in operation and maintenance services, the company will fully enjoy the industry dividend and continue to perform well. The supply chain rationalized the release of production capacity, and the sales channels in overseas markets accelerated. In the second half of 2016, Zhouming Technology conducted a thorough review of the supply chain and solved the problem of tight production capacity. The Daya Bay project is expected to build a super LED project with a capacity of 80,000 square meters per year (the project will raise 329 million yuan and the major shareholder will subscribe for 273 million yuan); the company will continue to increase its overseas subsidiaries and focus on expanding overseas sales channels. Redio's dual-brand strategic advantage is highlighted. With the opening of new production capacity and the effective expansion of overseas markets, the company's performance in 2017 will quickly reach a new high.
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