Investment Rating - The report maintains a "Buy" investment rating for the company [3][6]. Core Viewpoints - The company is a well-known domestic lighting enterprise with advantages in brand and distribution channels, focusing on green energy-saving smart lighting solutions [1][2]. - The company's revenue performance for the first three quarters of 2024 shows a decline, with total revenue of 5.068 billion yuan, a year-on-year decrease of 8.09%, and a net profit of 621 million yuan, down 5.68% year-on-year [1]. - The gross margin improved by 1.05 percentage points to 40.19% in the first three quarters of 2024, while the net profit margin increased by 0.25 percentage points to 12.29% [2]. - The smart lighting industry is experiencing significant growth, with a retail market size of 42.5 billion yuan in 2023, particularly in the smart home segment [3]. Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 871 million yuan, reflecting a year-on-year decrease of 5.7%, with projections of 945 million yuan and 1.016 billion yuan for 2025 and 2026, respectively [3][5]. - The company's revenue for 2024 is projected to be 7.093 billion yuan, a decrease of 9% compared to 2023 [5]. - The earnings per share (EPS) for 2024 is estimated at 1.17 yuan, with a gradual increase to 1.36 yuan by 2026 [5].

Core Viewpoint - The lighting industry in China is facing significant transformation pressures due to weak domestic demand and shrinking external demand, with key indicators showing a decline in activity and profitability [1][2]. Industry Overview - The China Light Industry Federation reports that in early 2025, several core indicators for the lighting industry have entered a "warning zone," with the lighting prosperity index and revenue prosperity index falling into a "cooling zone," indicating insufficient overall industry activity [1]. - The profit prosperity index has dropped significantly, with a year-on-year decline of 36 percentage points in February alone [1]. - The export value of lighting products in the first quarter of this year is approximately $11.8 billion, reflecting a year-on-year decrease of about 8% [1]. Market Opportunities - The aging population in China presents a new growth engine for the economy, with over 300 million people aged 60 and above by 2024, accounting for 22% of the total population [2]. - The State Council has issued its first policy document on the "silver economy," recognizing the consumption capacity and demand of the elderly population, which is projected to be a trillion-dollar market [2]. Product Development - Signify has launched the Philips LumCare Anrui series solutions, focusing on the lighting needs of the elderly in China, marking the beginning of increased investment in aging-friendly lighting products [3]. - The company is also applying for subsidies for aging-friendly products in Shanghai [3]. Technological Advancements - The lighting industry is experiencing a shift towards smart lighting, with traditional products evolving into comprehensive solutions [4][5]. - The integration of AI and Time-of-Flight (ToF) sensors is seen as a key technological advancement, enabling machines to understand 3D spaces and enhancing interaction across various sectors [5][6]. Strategic Collaborations - Signify aims to build a smart ecosystem by collaborating with local companies, recognizing the need for partnerships in the Internet of Things (IoT) sector [7]. - The joint venture with Xiaomi, Feihui Smart Lighting, has shown rapid growth, outperforming the overall lighting market [7]. - The company emphasizes that collaboration strategies will depend on the compatibility and needs of potential partners [7].

Summary of Conference Call for Mingbao Optoelectronics Company Overview - Mingbao Optoelectronics is a national-level specialized small giant enterprise focused on the R&D, production, and sales of LED green lighting products, primarily using the ODM model to provide personalized lighting solutions for overseas brand merchants and engineering companies [2][3] Core Industry Insights - The global LED market is expected to reach $82 billion by 2026, with China maintaining over 60% of the global export share of lighting products, solidifying its position as the largest producer and exporter of LEDs [8] - The company operates in a highly fragmented market, employing a differentiated market strategy to cater to diverse customer needs [4][6] Financial Performance - For 2024, the company reported a revenue of 1.641 billion yuan, a year-on-year increase of 7.35% [11] - Net profit attributable to shareholders was approximately 231 million yuan, reflecting a slight increase of 0.17% year-on-year [11] - The commercial lighting segment generated 939 million yuan in revenue, up 8.18%, while the industrial lighting segment achieved 623 million yuan, a growth of 7.8% [11] - Total assets reached 3.098 billion yuan, a 1.34% increase, while net assets attributable to shareholders slightly decreased by 0.76% due to shareholder dividends and share buybacks [11] Strategic Initiatives - The company plans to enhance its R&D investment, which reached approximately 120 million yuan in 2024, a 20% increase, accounting for 7.29% of revenue [6] - Future strategies include expanding production capacity with new bases in Vietnam and Huizhou, focusing on digitalization and automation to improve efficiency and reduce costs [9][10] - The company aims to strengthen its market position by leveraging its quality advantages and rapid response capabilities to tap into North American and emerging markets [10] Additional Insights - The company has established long-term partnerships with over 4,000 clients across more than 150 countries [3][6] - It has received numerous industry awards, enhancing its brand influence and market competitiveness [7] - The focus remains on continuous innovation and maintaining a flexible manufacturing and quality control system to meet customer demands [7][9]

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具有创新 投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业绩不稳 定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投 资风险及本公司所披露的风险因素，审慎作出投资决定。 深圳民爆光电股份有限公司 Up-shine Lighting Co., Limited （深圳市宝安区福永街道（福园一路西侧）润恒工业厂区 2#厂房第 二、三、四、五层） 首次公开发行股票并在创业板上市 招 股 说 明 书 保荐人（主承销商） （深圳市罗湖区红岭中路 1012 号国信证券大厦 16-26 层） 深圳民爆光电股份有限公司 招股说明书 0 深圳民爆光电股份有限公司 招股说明书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责； ...

投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业绩不稳定、 退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风 险及本公司所披露的风险因素，审慎作出投资决定。 深圳民爆光电股份有限公司 Up-shine Lighting Co., Limited （深圳市宝安区福永街道（福园一路西侧）润恒工业厂区 2#厂房第 二、三、四、五层） 首次公开发行股票并在创业板上市 招 股 意 向 书 保荐人（主承销商） （深圳市罗湖区红岭中路 1012 号国信证券大厦 16-26 层） 深圳民爆光电股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 ...

投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业绩不稳定、 退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风 险及本公司所披露的风险因素，审慎作出投资决定。 深圳民爆光电股份有限公司 保荐人（主承销商） （深圳市罗湖区红岭中路 1012 号国信证券大厦 16-26 层） 深圳民爆光电股份有限公司 招股说明书 1-1-0 2022 本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具有创新 深圳民爆光电股份有限公司 招股说明书 Up-shine Lighting Co., Limited （深圳市宝安区福永街道（福园一路西侧）润恒工业厂区 2#厂房第 二、三、四、五层） 首次公开发行股票并在创业板上市 招 股 说 明 书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程 序。本招股说明书（注册稿）不具有据以发行股票的法律效力，仅供预先披露 之用。投资者应当以正式公告的招股说明书作为投资决定的依据。 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、 ...

深圳市联域光电股份有限公司 SHENZHEN SNC OPTO ELECTRONIC CO.,LTD （深圳市宝安区燕罗街道罗田社区象山大道 172 号正大安工业 城 6 栋 101-601；7 栋 101-301；12 栋 101-301；17 栋 101-301； 21 栋 101-201） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 本公司的发行申请尚需经深圳证券交易所及中国证监会履行相应的程序。本招股说明 书（上会稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 保荐人（主承销商） （北京市朝阳区安立路 66 号 4 号楼） 式公告的招股说明书作为投资决定的依据。 深圳市联域光电股份有限公司 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主 ...

深圳市联域光电股份有限公司 SHENZHEN SNC OPTO ELECTRONIC CO.,LTD （深圳市宝安区燕罗街道罗田社区象山大道 172 号正大安工业 城 6 栋 101-601；7 栋 101-301；12 栋 101-301；17 栋 101-301； 21 栋 101-201） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 本公司的发行申请尚需经深圳证券交易所及中国证监会履行相应的程序。本招股说明 保荐人（主承销商） 式公告的招股说明书作为投资决定的依据。 （北京市朝阳区安立路 66 号 4 号楼） 书（申报稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 深圳市联域光电股份有限公司 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主 ...

深圳市联域光电股份有限公司 SHENZHEN SNC OPTO ELECTRONIC CO.,LTD （深圳市宝安区燕罗街道罗田社区象山大道 172 号正大安工业 城 6 栋 101-601；7 栋 101-301；12 栋 101-301；17 栋 101-301； 21 栋 101-201） 首次公开发行股票并在主板上市 （北京市朝阳区安立路 66 号 4 号楼） 深圳市联域光电股份有限公司 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 招股说明书 （申报稿） 本公司的发行申请尚需经深圳证券交易所及中国证监会履行相应的程序。本招股说明 书（申报稿）不具有据以发行股票的法律效力 ...

深圳市联域光电股份有限公司 SHENZHEN SNC OPTO ELECTRONIC CO.,LTD （深圳市宝安区燕罗街道罗田社区象山大道 172 号正大安工业 城 6 栋 101-601；7 栋 101-301；12 栋 101-301；17 栋 101-301； 21 栋 101-201） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 本公司的发行申请尚需经深圳证券交易所及中国证监会履行相应的程序。本招股说明 书（申报稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正 保荐人（主承销商） 式公告的招股说明书作为投资决定的依据。 （北京市朝阳区安立路 66 号 4 号楼） 深圳市联域光电股份有限公司 招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主 ...