Investment Rating - The report maintains an "Outperform" rating for Foshan Lighting (000541 SZ) [1][3] Core Views - Foshan Lighting's Q3 2024 performance faced temporary pressure, with revenue and net profit declining [1] - The company plans to acquire a smart lighting company to strengthen its position in the smart lighting sector [1] - Traditional general lighting business is under pressure due to the real estate and consumer environment, while automotive lighting is expected to maintain rapid growth [1] Financial Performance Revenue and Profit - Q3 2024 revenue was RMB 2 10 billion, down 5 7% YoY [1] - Q3 2024 net profit attributable to shareholders was RMB 0 59 billion, down 15 9% YoY [1] - Adjusted net profit attributable to shareholders was RMB 0 39 billion, down 21 8% YoY [1] Segment Performance - General lighting domestic sales declined slightly in Q3 2024 [1] - Automotive lighting revenue grew 29 6% YoY in H1 2024, with 6 new automotive OEM customers and 10 new vehicle projects secured [1] Profitability - Q3 2024 gross margin decreased by 1 0 percentage points to 18 6% [1] - Net profit margin in Q3 2024 was 2 8%, down 0 3 percentage points YoY [1] Strategic Developments - Foshan Lighting signed a letter of intent to acquire over 50% of Qingdao Yilai Intelligent Technology, a smart lighting company with RMB 880 million revenue and RMB 37 million net profit in 2023 [1] - The company announced a new automotive lighting production project in Suzhou to enhance its market share in the automotive lighting sector [1] Financial Forecasts - Revenue is expected to grow from RMB 9 296 billion in 2024E to RMB 11 086 billion in 2026E [2] - Net profit attributable to shareholders is forecasted to increase from RMB 314 million in 2024E to RMB 456 million in 2026E [2] - EPS is projected to rise from RMB 0 20 in 2024E to RMB 0 29 in 2026E [2] Valuation Metrics - PE ratio is expected to decrease from 26 8x in 2024E to 18 5x in 2026E [2] - PB ratio is forecasted to decline from 1 31x in 2024E to 1 25x in 2026E [2] - ROE is projected to increase from 4 9% in 2024E to 6 8% in 2026E [2]

Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Views - The company is experiencing temporary pressure on revenue but is actively expanding its layout in the smart lighting sector, which is expected to create synergistic effects. The earnings forecast for 2024-2026 is maintained, with EPS projected at 0.22, 0.25, and 0.29 yuan, representing year-on-year growth of +16%, +16%, and +15% respectively. The target price is set at 6.60 yuan, based on a 30x PE ratio for 2024 [4][12]. Summary by Sections 1. Investment Recommendation - The company is rated "Accumulate" despite current revenue pressures, with a target price of 6.60 yuan [3][4]. 2. Performance Overview - For the first three quarters of 2024, the company achieved a revenue of 6.887 billion yuan, a year-on-year increase of +1.33%. The net profit attributable to shareholders was 251 million yuan, up +5.12% year-on-year [14]. 3. Revenue Analysis - The LED lighting business is expected to face revenue growth pressure due to the real estate sector's post-cycle impact. Traditional LED lighting revenue is projected to decline slightly, while new lighting business revenue is expected to grow by approximately +20% year-on-year [15]. 4. Financial Performance - The gross margin for the first three quarters of 2024 was 19.08%, a year-on-year increase of +0.4 percentage points. However, the gross margin for Q3 2024 was 18.59%, a decrease of -1 percentage point year-on-year [16]. 5. Cash Position - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 3.216 billion yuan, a year-on-year increase of +14.62% [17]. 6. Strategic Acquisition - The company signed a share acquisition intention agreement with the controlling shareholder of Yilai Smart on October 28, 2024, aiming to acquire over 50% of Yilai Smart's shares. This acquisition is expected to enhance the company's capabilities in smart lighting, particularly in research and development of smart control systems [18][19].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [3][12]. Core Views - The company plans to acquire Easy Light Intelligent to enhance its influence in the smart lighting business, which is expected to significantly boost its market competitiveness [2][6]. - The company reported a revenue of 6.887 billion yuan for the first three quarters of 2024, a year-on-year increase of 1.33%, and a net profit of 251 million yuan, up 5.12% year-on-year [1][2]. - The automotive lighting business continues to show growth, with the company developing six new automotive manufacturers and launching ten new model projects in the first half of 2024 [1][2]. Financial Performance - For the first three quarters of 2024, the gross margin was 19.08%, an increase of 0.4 percentage points year-on-year, while the net margin was 4.88%, up 0.16 percentage points year-on-year [2][6]. - The company has seen an increase in expense ratios, with sales, management, R&D, and financial expense ratios rising compared to the previous year [2][6]. - The company’s revenue forecast for 2024 is 9.33 billion yuan, with net profits expected to reach 321.76 million yuan, reflecting a growth rate of 10.82% [4][6]. Strategic Developments - The acquisition of Easy Light Intelligent is aimed at strengthening the company's smart lighting segment, which had a revenue of 880 million yuan in 2023 [2][6]. - The company is actively expanding its automotive lighting production capacity and has established partnerships with major automotive manufacturers [1][2]. - The focus on emerging lighting areas, such as smart streetlights and marine lighting, is expected to drive future growth [2][6].

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 2 0 0 5 4 1（B 股） 公告编号：2024-064 佛山电器照明股份有限公司 第十届监事会第二次会议决议公告 本公司监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 2、审议通过关于会计政策变更的议案 同意 5 票，反对 0 票，弃权 0 票 本次会计政策变更系公司根据财政部发布的《企业会计准则应用 指南汇编 2024》进行的相应变更，本次会计政策变更不会对当期和 会计政策变更之前公司财务状况、经营成果和现金流量产生重大影响， - 1 - 相关决策程序符合有关法律、法规和《公司章程》等规定，不存在损 害公司及股东利益的情形，同意本次会计政策的变更。 详细内容请见同日刊登于巨潮资讯网的《关于会计政策变更的公 告》。 特此公告。 本公司于 2024 年 10 月 23 日以电子邮件的方式向全体监事发出 了会议通知，并于 2024 年 10 月 28 日召开第十届监事会第二次会议， 会议通过书面传真方式审议会议议案，应会 5 名监事均对会议议案作 出表决，符合《公司法》和 ...

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 2 0 0 5 4 1（B 股） 公告编号：2024-067 佛山电器照明股份有限公司 关于续聘 2024 年度会计师事务所的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司于 2024 年 10 月 28 日召开的第十届董事会第二次会议审 议通过了《关于续聘 2024 年度会计师事务所的议案》，董事会同意 续聘大信会计师事务所（特殊普通合伙）为公司 2024 年度财务审计 机构及内部控制审计机构，聘期为 1 年，并提交公司股东大会审议。 现将相关事项公告如下： 4、投资者保护能力 大信职业保险累计赔偿限额和计提的职业风险基金之和超过 2 亿元，职业风险基金计提和职业保险购买符合相关规定。 5、诚信记录 一、大信会计师事务所的基本信息 （一）机构信息 1、基本信息 大信会计师事务所（特殊普通合伙）（以下简称"大信"）成立 于 1985 年，2012 年 3 月转制为特殊普通合伙制事务所，总部位于北 京，注册地址为北京市海淀区知春路 1 号 22 层 220 ...

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 2 0 0 5 4 1（B 股） 公告编号：2024-063 佛山电器照明股份有限公司 第十届董事会第二次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司于 2024 年 10 月 23 日以电子邮件的方式向全体董事发出 了会议通知，并于 2024 年 10 月 28 日召开第十届董事会第二次会议， 会议通过书面传真方式审议会议议案，应会 9 名董事均对会议议案作 出表决，符合《公司法》和《公司章程》的有关规定。会议审议通过 了如下议案： 1、审议通过《2024 年三季度报告》 同意 9 票，反对 0 票，弃权 0 票 本议案已经公司第十届董事会审计、合规与风险管理委员会第一 次会议审议通过。 详细内容请见同日刊登于巨潮资讯网的《2024 年三季度报告》。 2、审议通过《关于会计政策变更的议案》 同意 9 票，反对 0 票，弃权 0 票 董事会认为：本次会计政策变更系公司根据财政部发布的《企业 会计准则应用指南汇编 2024》进行的相应变更，本次会 ...

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 200541（B 股） 公告编号：2024-068 佛山电器照明股份有限公司 关于签署《股权收购意向协议》的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、本次签订的《股权收购意向协议》是双方建立合作关系的初 步意向，是双方进一步洽谈的基础，无需经公司董事会审议。本次股 权收购事项尚需完成全面尽职调查、审计和资产评估，并根据相关结 果进一步协商洽谈，本次交易最终条款以签署正式股权收购协议为准， 最终能否达成存在不确定性。 2、本次签订的《股权收购意向协议》涉及的交易事项预计不构 成关联交易，也不构成《上市公司重大资产重组管理办法》规定的重 大资产重组。公司将根据交易事项后续进展情况，按照相关规定，及 时履行相应的决策程序和信息披露义务。 3、鉴于本次收购事项仍存在不确定性，本次签订的《股权收购 意向协议》仅为双方就本次收购事宜达成的意向性协议，尚无法预计 对公司经营业绩的影响。 一、协议签署情况 为了进一步促进公司智能照明业务的发展，做优做强做大 ...

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 2 0 0 5 4 1（B 股） 公告编号：2024-069 佛山电器照明股份有限公司 关于股权收购意向书自动终止的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、 交易概述 2023 年 10 月 30 日，公司的全资子公司佛照（海南）科技有限 公司（以下简称"佛照（海南）公司"）与上海亮舟灯具制造有限公 司（以下简称"上海亮舟"）股东蒋爱良、蒋世娣签订了《股权收购 意向书》（以下简称"意向书"），佛照（海南）公司拟以现金支付 方式收购上海亮舟 51%股权，根据意向书的约定，意向书的有效期为 自签订之日起一年，即 2024 年 10 月 30 日到期，现有效期即将届满。 二、交易进展 - 1 - 特此公告。 佛山电器照明股份有限公司 董 事 会 2024 年 10 月 28 日 详细内容请见 2023 年 10 月 31 日刊登于巨潮资讯网的《关于全 资子公司签署<股权收购意向书>的公告》（公告编号：2023-067）。 - 2 - 意向书签署后，公司积极 ...

股票简称：佛山照明（A 股） 粤照明 B（B 股） 股票代码：0 0 0 5 4 1 （A 股） 2 0 0 5 4 1（B 股） 公告编号：2024-066 佛山电器照明股份有限公司 关于会计政策变更的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 本公司于 2024 年 10 月 28 日召开的第十届董事会第二次会议、 第十届监事会第二次会议审议通过了《关于会计政策变更的议案》， 同意公司根据财政部颁布的《企业会计准则应用指南汇编 2024》的 相关规定和要求，变更公司相关会计政策。具体情况如下： 一、 会计政策变更情况概述 1、会计政策变更的原因 2024 年 3 月，财政部会计司编写并发行了《企业会计准则应用 指南汇编 2024》，明确了"关于因保证类质量保证产生的预计负债 的列报"的规定，并于 2024 年 1 月 1 日起执行。根据上述文件规定， 公司需对会计政策予以相应变更。 2、变更前采用的会计政策 本次会计政策变更前，公司执行财政部颁布的《企业会计准则— —基本准则》和各项具体会计准则、企业会计准则应用指南、企业会 计准则解释公告及其他相关 ...

Financial Performance - The company's revenue for Q3 2024 was CNY 2,102,727,793.40, representing a decrease of 5.75% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was CNY 58,693,073.41, down 15.86% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY 38,987,283.45, a decrease of 21.77%[2] - Basic earnings per share for Q3 2024 was CNY 0.0382, reflecting a decline of 26.11% compared to the previous year[2] - Total operating costs for Q3 2024 were CNY 6,603,913,211.15, an increase of 2.85% from CNY 6,420,801,736.12 in Q3 2023[21] - Net profit for Q3 2024 reached CNY 336,157,294.11, up 4.06% from CNY 320,851,164.95 in the same period last year[22] - The company's revenue from sales of goods and services in Q3 2024 was CNY 6,382,134,539.43, compared to CNY 5,975,682,602.93 in Q3 2023, reflecting a growth of 6.79%[24] - Total profit for Q3 2024 was CNY 363,910,660.03, slightly up from CNY 359,295,787.71 in Q3 2023, an increase of 1.43%[22] - Operating profit for Q3 2024 was CNY 349,795,045.66, a decrease of 2.93% from CNY 358,993,842.93 in Q3 2023[21] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to CNY 17,321,642,323.83, an increase of 2.29% from the end of the previous year[2] - The company's equity attributable to shareholders was CNY 6,395,566,168.23, up 1.75% from the end of the previous year[2] - The company’s total liabilities amounted to CNY 7.32 billion, up from CNY 7.16 billion, indicating an increase of approximately 2.3%[19] - Non-current assets totaled CNY 8.19 billion, an increase from CNY 7.41 billion, reflecting a growth of about 10.5%[18] Cash Flow - The net cash flow from investing activities was negative at CNY -1,005,019,520.60, a decrease of 269.17% compared to CNY -272,237,910.41 in the previous year[9] - The net cash flow from financing activities improved by 77.99% to CNY -80,483,899.13, attributed to increased bank borrowings[9] - The net cash flow from operating activities for Q3 2024 was ¥571,133,616.55, a decrease of 24.2% compared to ¥753,566,221.72 in Q3 2023[25] - The total cash outflow from investment activities reached ¥1,489,843,614.84, significantly higher than ¥510,261,825.18 in the previous year, resulting in a net cash flow from investment activities of -¥1,005,019,520.60[25] - Cash and cash equivalents at the end of Q3 2024 amounted to ¥2,598,927,218.57, an increase from ¥2,066,057,201.66 at the end of Q3 2023[26] Investments and Acquisitions - The company plans to invest approximately CNY 580 million in establishing a wholly-owned subsidiary for automotive lighting production, aiming to enhance its market competitiveness[12] - Foshan Electric Lighting Co., Ltd. acquired 66% equity of Zhejiang Hule Electric Equipment Manufacturing Co., Ltd., making it a controlling subsidiary[14] Other Income and Expenses - Non-recurring gains for Q3 2024 included CNY 21,170,598.07 from the disposal of non-current assets and CNY 8,544,869.96 from government subsidies[3] - Other income increased by 93.20% to CNY 79,097,762.16, primarily due to an increase in government subsidies received[8] - Investment income surged by 138.97% to CNY 46,575,224.07, mainly from increased interest income on large time deposits[8] - Research and development expenses increased to CNY 412,737,821.41 in Q3 2024, up from CNY 359,659,339.75 in Q3 2023, marking a rise of 14.74%[21] - The company’s sales expenses rose to CNY 247,090,723.82 in Q3 2024, compared to CNY 203,017,067.09 in Q3 2023, reflecting an increase of 21.69%[21] Market Strategy - The company plans to expand its market presence and enhance product development strategies in the upcoming quarters[2] - The company plans to gradually transfer the land of the Fenjiang North Road plot over three years, with the southern area already handed over[15]