在低空经济成为市场热点的大背景下，国内LED照明龙头企业木林森股份有限公司（002745.SZ）曾试图切 入这一新兴赛道，以期开辟第二增长曲线。 时间回到2024年，低空经济首次被写入政府工作报告，正式上升为国家战略性新兴产业。据中国民航局预 测，2025年中国低空经济市场规模将达到1.5万亿元，到2035年有望突破3.5万亿元。在政策红利密集释放的 背景下，全国已有近30个省份将发展低空经济写入政府工作报告或出台相关政策，低空经济概念股在资本 市场表现活跃，万丰奥威、宗申动力等龙头股年度累计涨幅近300%。 在这波低空经济的产业热潮中，营收和净利润增速已经出现放缓迹象的LED照明龙头自然也希望找到第二 增长曲线。 2025年1月3日，公司与陈利、广州市新航科技有限公司（以下简称"新航科技"）共同签署了《合作意向协议 书》。通过公告中木林森的表述不难发现，公司也是期望通过收购新航科技51%的股权，从而能够获得"资 源、整体设计能力、成功案例、成熟团队和较为完整的资质证照、专利"等相关资源，以便快速切入航空照 明和低空照明的领域。 与此同时，新航科技还承诺2025年至2027年净利润分别不低于5000万元、60 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for Foshan Lighting (000541.SZ) [1][3]. Core Insights - The company is in a strategic transformation phase, with significant investments in high-growth verticals such as automotive lighting, marine lighting, aviation lighting, and sports lighting, showing promising results [1]. - The new board of directors is expected to optimize governance and accelerate the company's transition from a lighting manufacturer to a comprehensive solution provider [6]. Financial Performance Summary - **Revenue Forecast**: The total revenue for 2023 is projected at 90.57 billion yuan, with a slight decline to 90.48 billion yuan in 2024, followed by a further decrease to 85.84 billion yuan in 2025, before recovering to 92.35 billion yuan in 2026 and 99.41 billion yuan in 2027 [2][14]. - **Net Profit**: The net profit attributable to shareholders is expected to drop significantly to 1.98 billion yuan in 2025, before rebounding to 3.01 billion yuan in 2026 and 3.49 billion yuan in 2027 [2][14]. - **Earnings Per Share (EPS)**: EPS is forecasted to be 0.19 yuan in 2023, increasing to 0.29 yuan in 2024, but declining to 0.13 yuan in 2025, with a gradual recovery to 0.20 yuan in 2026 and 0.23 yuan in 2027 [2][14]. - **Valuation Ratios**: The Price-to-Earnings (PE) ratio is projected to be 34.2 in 2023, dropping to 22.2 in 2024, and then increasing to 50.1 in 2025, with subsequent ratios of 33.0 and 28.4 in 2026 and 2027 respectively [2][14]. Business Segment Analysis - **Automotive Lighting**: Revenue for automotive lighting reached 1.6 billion yuan in the first three quarters, showing a 2% year-on-year growth, supported by acquisitions that enhanced technology capabilities [6]. - **Marine Lighting**: This segment saw a remarkable growth of 129% year-on-year, with revenue of 130 million yuan, benefiting from the acquisition of core technologies and product systems [6]. - **Aviation Lighting**: The company has expanded into aviation lighting, obtaining AS9100D certification, which positions it as a potential supplier for domestic large aircraft manufacturers [6]. - **General Lighting**: Despite facing challenges from the real estate downturn, general lighting revenue declined in double digits, but the company is focusing on strengthening offline distribution and expanding e-commerce channels [6]. Governance and Management Changes - The recent board restructuring is aimed at enhancing governance, with the new chairman bringing extensive cross-industry management experience, which is expected to facilitate the company's strategic transition [6].