Technology (002654) Guide to purchase report title: technology (002654, unit): LED lighting products and lighting device package provider 2012-02-01 we expect companiesAfter the release of 11-13 annual sales of 361 million, respectively, 535 million; attributed to owners of the parent company's net profit to 56 million, respectively, 112 million; corresponding diluted EPS $ 0.60, $ 0.86, 1.17, respectively. Current industry than the company average PE of 11 to 24 times. ISuggested reasonable price range is $ 13.2 per cent, corresponding 2011 year PE for 22-26.4 times. Listing price target $ 14.52 per cent, 2011 PE of 24.2 per cent. Researchers: Wei Xingyun affiliations: guotai Junan securities company limited report title: run it:Leader in LED package in 2012-02-01 research conclusions in the company is China's high-end LED lighting and LED lighting device package product provider. Compound growth in operating income in 2008-2010 24.79%, 28.95% compound growth in net profit, which LED line, pasteLED lighting and LED products 2010 annual revenues, respectively, 50.55% and 18.6%. Company domestic advanced LED packaging technology. For SMD, through special arc design, glue to support performance improvement, selection of fluorescent powder particle size, reduce packaging-related materials on chipEffects of light, so as to improve the efficiency of optical chip effect, currently by Shenzhen science and technology achievement appraisal, and achieves the domestic advanced level, and obtaining the relevant certificate. Company product line by taking alternative gold alloy wire welding, unit manufacturing cost savings, to achieve cost optimization results. High quality escort client resource for the performance of the company's growth. AccountsFormer company indicates that the application displays, backlit lighting, automotive, lighting applications, such as cooperation with the domestic and international well-known customers have contacted indicating lights include DELL, IBM, HP, backlit KONKA, light, EGLO, automotive applications, such as Dongfeng Nissan, Citroen, lighting applications, such as Wal-Mart, Carrefour, cooperation and basis for customersBrand awareness promotion of the company lay the Foundation for the future, at the same time as the product technical upgrading, the deepening of cooperation, provide a guarantee for the performance of the company's growth. Strong research and development team and get the relevant certification benefit the marketing of related products. Technology research and development team of the company currently has more than 200 people, covers and lighting the LED package, withPatent 51, including 3 invention patents, 38 using new patent and 10 design patents. LED lighting products of the company have access to United States UL certification, EU ROHS and CE certification, Germany TUV, SGS and LVD REACH and other related certification, national 3C certification has been obtained. StrongResearch and development team and get the relevant certification benefit the marketing of related products. Raising investment project to boost capacity of SMD type LED and LED lighting products. Raise money this company about 24,555.300,000 yuan, investment in new high-efficiency SMD LED manufacturer, LED production of green energy-saving lighting project of construction projects, enterprise technologyCenter for research and development projects. Project reaches the postpartum added all kinds of 984 million/year capacity of SMD type LED light source device, and new LED lighting 792,000/year and lamp 660,000-metre/year capacity. We expect companies 2011-2013 EPS $ 0.59 to $ 0.84, respectively, 1. $ 17. Combined with the company's growth and industry averages, PE company 2012 times, reasonable valuations between $ 16.8 per cent. Risk factors: there may be a risk of intensified market competition and capacity expansion of the company market sales of risk. Researchers: pitched affiliations: Oriental cardCoupons limited report title: technology IPO value report: industry leader in the high-end white-light LED package 2012-01-20 leading packaging businesses, customized, integrated company has hundreds of specifications, high-end route thousands of types of products, participate in the high-end customer product design, customerProvide customization, integration products, helps customers to save costs and for best lighting effects, cohesive stronger and more profitable customers. Corporate strategy by providing innovative services to high-end customers to form a long-term and stable cooperation relations. White light technology in the field, and optical efficiency up to 132m/w, 95,3000 little time failure 0 the company as the oldest domestic LED packageFirst tier enterprises, quality has been the company's core competitiveness. Company now has 51 items, 3 invention patents. Luminous efficiency of the company 132m/w, is higher than the domestic industry listed company 100-120m/w; zero-light fades up to 3,000 hours, optical attenuation is less than 6,000 hours 6%; maximum color rendering index of 95, compared with80-90 level. In lighting applications, the company has a high efficiency energy-saving technology and secondary distribution technology, belong to the market first. Gold and silver alloy wire technology innovations reduce costs and increase productivity. Indicating, decorative landscape lighting to expand the field of application to the general illumination, backlighting, through years of accumulation, firm foundation in indicating, decorative landscape lightingA prominent market position, into Mattel, De, and international giants such as IBM supplier system; in recent years to expand the field of general illumination, backlighting, won internationally renowned lighting customers such as Ego, is rare to be able to provide a large size backlight products one of the domestic enterprises, has become the KONKA group suppliers. LED lighting product fast entrance downstream applications company-passExcellent in the field of packaging technology, successfully cut into the downstream application link. Company led Streetlight effect rectangle with spot-free, good thermal, luminous efficiency reach 105.4Lm/W. Raising investment and project substantial increases in chip-type lighting device and lighting company plans to raise production capacity to vote 3 projects, added production of 984 million various SMD type LED lightProduction capacity of the source device; added 792,000 LED lighting lamps and lamp production capacity of 660,000 m; technology research and Development Center expansion project will strengthen research and development, maintain the company's long-term competitiveness. Reasonable valuations of the company at $ 18.24 per cent is expected in the next three-year revenue growth rate of 51.77%, 2011-2013Thin EPS 0.60, respectively, and $ 1.34, based on relative valuation and DCF valuation, company a reasonable interval 18.24 per cent to $/unit valuation, corresponding to Dynamics earnings in 2012 times.