Company Acquisition and Strategy - Muliinsen, the global market leader in LED lighting, plans to acquire a 51% stake in Guangzhou Xinghang Technology for 750 million yuan, with the remaining 49% to be acquired at a valuation of 15 times static P/E ratio [1] - The acquisition marks Muliinsen's entry into the low-altitude lighting sector, a new field within low-altitude economic infrastructure [1] - Muliinsen has committed to exclusively collaborate with Xinghang Technology in the low-altitude and aviation lighting sectors for 360 days post-agreement signing [2] - Muliinsen will support Xinghang Technology's future independent listing plans post-acquisition [2] - Muliinsen established an aviation lighting division in late 2024, focusing on low-altitude and navigation lighting [2] Industry Overview and Market Potential - The low-altitude economy in China is expected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, with 20% of low-altitude infrastructure investment related to lighting [3] - The navigation lighting market in China has grown at a CAGR of 10.8% since 2019, reaching 76 billion yuan by the end of 2024 [4] - Low-altitude lighting applications are extensive, including general aviation airports, helicopter landing points, urban vertical takeoff and landing sites, and emergency lighting for remote areas [5] - The market space for low-altitude lighting is projected to reach 150 billion yuan by 2028, based on the deployment of 10,000 landing points in first-tier cities and fewer in lower-tier cities [6] - The installation of obstacle lights on buildings and towers for low-altitude navigation safety could create a market space of 100 billion yuan or more by 2028 [7] Competitive Landscape and Technological Advantages - The aviation lighting industry is characterized by high product standards, technical barriers, and qualification requirements, with foreign brands like Safegate and Honeywell dominating the market [2] - Domestic companies in the aviation lighting sector are typically small but enjoy high product premiums, with growth potential tied to increasing localization rates [2] - Muliinsen has a comprehensive layout across the LED lighting industry chain, with deep customer relationships and extensive product lines covering residential, commercial, industrial, and municipal lighting [8] - Muliinsen's acquisition of Xinghang Technology is expected to provide a strong starting position in the aviation and low-altitude lighting sectors, leveraging customer resources, design capabilities, and technical expertise [8] Regional Development and Investment - Shenzhen plans to invest 500 million yuan in lighting as part of a 3 billion yuan investment in low-altitude landing points, with plans to build 1,000 general aviation airports and landing points by 2025 [6] - Other cities like Nanjing, Suzhou, Wuxi, and Guangzhou are also planning significant investments in low-altitude infrastructure, including general aviation airports and vertical takeoff and landing sites [6] - Shenzhen aims to increase its flyable airspace to 75% and establish over 1,000 low-altitude commercial routes by 2025 [7]

Financial Performance - Q3 2024 net profit reached 363 million yuan, a year-on-year increase of 3.48% [3] - Sales gross margin was 27.95% [3] - Net profit margin is around 3% [4] Cost Control and Efficiency - Plans to reduce costs through digital manufacturing solutions and supply chain optimization [3] - Focus on optimizing cost structure and strengthening expense control to improve operational efficiency [4] Market Strategy and Growth - LED manufacturing and brand channels are industry-leading, maintaining competitiveness through technology and brand synergy [3] - Expanding into new markets such as overseas photovoltaic energy storage and aviation lighting [3] - Focus on maintaining core business stability while expanding new business segments [4] Technological Development - Developing new LED packaging manufacturing processes and collaborating with research institutes for LED full spectrum, human-centric lighting, and aviation lighting technologies [3] Capital and Asset Management - Monitoring market environment and policy direction for capital operations [4] - Existing production capacity remains at a high level [4] - Conducting year-end goodwill impairment tests in accordance with relevant standards [4] Overseas Business and Shareholder Returns - Optimizing management structure and incentive measures to enhance supply chain and market channel synergy [5] - Implementing new products and business models to improve overseas brand profitability [5] - Announced a three-year dividend or share repurchase plan to actively return value to investors [5]

证券时报e公司讯，木林森(002745)在互动平台表示，公司航空照明业务主要以低空飞行器照明和地面 指引照明等产品为主。 鉴于当前低空经济政策正逐步推进，与之相关的行业领域或将迎来一定的成长契机，具体的发展情况敬 请留意政策的落地情况。 ...

木林森股份有限公司 2024 年第三季度报告 证券代码：002745 证券简称：木林森 公告编号：2024-045 木林森股份有限公司 2024 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 木林森股份有限公司 2024 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|-------------------------|------------------ ...

木林森股份有限公司 2024 年半年度报告全文 木林森股份有限公司 2024 年半年度报告 2024 年 8 月 1 木林森股份有限公司 2024 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人孙清焕、主管会计工作负责人李冠群及会计机构负责人(会计 主管人员)王宝真声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中所涉及的未来计划、发展战略等前瞻性描述，不代表公司盈利 预测，不构成公司对投资者的实质承诺，投资者及相关人士均应对此保持足 够的风险认识，并且应当理解计划、预测与承诺之间的差异。请投资者注意 投资风险。 公司在本报告第三节之"十、公司面临的风险和应对措施"中详细阐述 了可能面对的风险，敬请投资者注意阅读。 公司经本次董事会审议通过的利润分配预案为：以 1,484,166,399 为基 数，向全体股东每 10 股派发现金红利 3.6 元（含税），送红股 0 股（含税）， 不以公 ...

木林森（002745.SZ） 事件：公司发布 2023 年年报和 2024 年第一季度报告，2023 年公司实现营 收 175.36 亿元，同比增长 6.17%；实现归母净利润 4.30 亿元，同比增长 121.71%；实现扣非净利润 4.00 亿元，同比增长 157.88%。2024 年 Q1 公 司实现营收 39.99 元，同比下降 1.97%，环比下降 16.48%；实现归母净利 润 1.81 亿元，同比增长 28.88%，环比增长 129.07%；实现扣非净利润 1.51 亿元，同比增长 11.78%，环比增长 53.29%。 照明行业降本增效趋势明显，海外市场空间广阔：2023 年，国内照明行业内 供应链的降本增效明显，在稳固现有市场的基础上，不断拓展新的海外市场， 尤其 LED 显示屏在亚非拉市场增长迅猛，显示屏照明 2023 年行业整体产值 约为 420 亿，同比+8%。此外，国内照明行业在与"一带一路"沿线国家的 作者 邮箱：zoulanlan@cgws.com 上调至"买入"评级：公司持续深化和扩展品牌照明与 LED 智能制造两大核 心业务，积极拓展储能及植物照明业务。根据公司 2023 年 ...

公司研究 -29% -19% -9% 2% 12% 05/23 08/23 11/23 01/24 木林森 沪深300 | --- | --- | --- | --- | |------------|-------|-------|-------| | | | | | | % | 1M | 3M | 1Y | | 相对 | 3.88 | 26.52 | 8.88 | | 绝对 | 5.80 | 39.14 | -1.69 | | 资料来源： | Wind | | | 木林森是国内 LED 封装制造领域的领军企业。木林森实行多品牌战略，拥有"木林 森 MLS"、"木林森照明"、"光源世家"、"空净视界"等国内品牌，拥有 "LEDVANCE"、"Forest Lighting"等国外品牌，在品牌集群战略的强大作用力 加持下，木林森走出国门走向世界，销售网络覆盖全球 140 个国家和地区。木林森 拥有员工 21000 余人，生产基地 5 个，分布广东、江西、浙江三省五城，建设标准 化厂房 300 多万平方米，实现 LED 封装月产能超 1000 亿颗，PCB 领域双面高精板 月产能超过 50 万平方米，柔性线路板月 ...

（17）报告期期末少数股东损益较上年同期增加 70.44%，主要系少数股东享有的收益增加影响所致； （20）报告期期末不能重分类进损益的其他综合收益较上年同期增加 482.23%，主要系重新计量设定受益计划变动额影 响所致； （22）报告期期末将重分类进损益的其他综合收益较上年同期减少 1474.22%，主要系外币报表折算差额影响所致； （23）报告期期末外币财务报表折算差额较上年同期减少 1475.52%，主要系外币汇率的影响所致； （25）报告期期末归属于母公司所有者的综合收益总额较上年同期减少 33.08%，主要系其母公司综合收益减少影响所致； （26）报告期期末归属于少数股东的综合收益总额较上年同期增加 70.44%，主要系其少数股东综合收益增加影响所致； （27）报告期期末基本每股收益（元/股）较上年同期增加 33.33%，主要系归属于母公司股东的净利润增加影响所致； （28）报告期期末稀释每股收益（元/股）较上年同期增加 33.33%，主要系归属于母公司股东的净利润增加影响所致。 3、现金流量表项目 （2）报告期期末收到其他与经营活动有关的现金较上年同期增加 1115.42%，主要系票据保证金增加 ...

证 公 2024 年 04 月 22 日 | --- | --- | --- | |------------------------------------------------------------------------------------------------|-------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

木林森股份有限公司 木林森股份有限公司 2023 年年度报告全文 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别 和连带的法律责任。 不以公积金转增股本。 目录 木林森股份有限公司 2023 年年度报告全文 三、报告期内在中国证监会指定网站上公开披露过的所有公司文件的正本及公告的原稿。 木林森股份有限公司 2023 年年度报告全文 木林森股份有限公司 2023 年年度报告全文 | --- | --- | --- | --- | |-----------------------------|-----------------------------------------------------------|------------------------------------------------------------------------|----------------------------------------------------------------------------------------| ...