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Sunshine Lighting shines in 2015. The 2014 third quarter report shows that the proportion of LEDs in the company's main business has reached 50, and the network channel has continuously increased the proportion of total sales of the company. In 2015, the LED industry maintained its boom. LED penetration rate is rapidly increasing in the global market. According to estimates by global market research institutions, the LED lighting market has a value of 35.3 billion U.S. dollars in 2014, which is 47.8 more than in 2013. In 2014, the LED lighting penetration rate will also increase to 32.7. The most widely used bulbs and lamp penetration rates are respectively. Up to 20 and 15. In 2014, the scale of the global commercial and residential lighting market will exceed 100 billion for the first time. In 2015, it is expected to reach 160 billion yuan, and the compound growth rate in the next two years will be around 60. In 2014, many countries have completely banned the sale of incandescent lamps, and China is gradually bidding farewell to the era of incandescent lamps. It is expected that with the global energy shortage problem, the price of electricity will increase further. With the improvement of LED lighting technology and the continuous decline of prices, the demand for LED replacement incandescent lamps and LED replacement energy-saving lamps will continue to be hot. LED became the company's revenue growth main kinetic energy company in 2012 to transform into LED, 2014 third quarter report shows that the company's main composition of LED has reached 50, compared with the traditional energy-saving lamp business half-point situation, compared with It is the shrinking of traditional business. We expect this trend to remain in the future. It is expected that in 2015, the LED revenue share will reach 70 and 80 respectively in 2016. This is beneficial to the growth of the company. The gross profit margin of LED is higher than that of the ordinary energy-saving lamp business. About 4 percentage points, the increase in the proportion of LEDs can boost the company's overall profitability. Self-owned brand development to enhance market competitiveness The company's tradition is based on foundry products. In recent years, major customers such as Philips and Osram have been established. From the company's revenue changes this year, the company is currently developing its own brand. From 2012, the company began to develop its own brand. It is expected that its own brand will reach 20% or more in 2014. Obviously, the company is gradually getting rid of the foundry. In the dilemma, it is expected that the proportion of revenue from non-branded brands will further increase. In 2015 and 2016, it will reach 19 and 24 respectively, with growth rates of 59 and 28. respectively. This will not only improve the core competitiveness of enterprises, but also boost overall profitability. It will help companies to improve the market risk of the ever-changing market. Compared with Other LED domestic brands, the network channel is slightly different from other LED domestic brands. As the company's long-term OEM work, brand awareness is lacking. However, the company's next strategy of using the Internet e-commerce channel to open up the market can obviously turn the company's disadvantage into an advantage. Because the company does not currently have a huge offline sales channel, do not worry about the impact of online open and transparent prices on dealer sales, you can let go of online business. Since the beginning of 2014, the company has established an e-commerce team. In addition to the self-operated model, the company has launched an online distribution system, which has taken root on platforms such as Alibaba, Jingdong and Amazon. Although the current sales scale is small, with the increase in the proportion of e-commerce sales to total social retail sales, this business has unlimited potential. Earnings Forecast and Valuation We expect the company to achieve EPS of 0.31, 0.43 and 0.51 yuan in 14-16 years, up 16,37,19 respectively, corresponding to PE of 30.2, 22.1 and 18.6 times respectively; with world-class manufacturing equipment and talents With a good e-commerce marketing channel and a vast domestic demand market in the mainland, we are optimistic about the company's development prospects in the LED lighting era, the company's performance prospects are bright, maintain a strong recommendation rating. The risk suggests that the LED penetration rate does not reach the expected risk; the risk of falling gross profit margins.