The hottest Mu Linsen sees the future of Mu Linsen

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Mu Linsen: from the transformation process of Philips Lighting, Mu Linsen's future opportunities

as an industry benchmark, Philips Lighting/xinnuofei is an optional reference for the future development of Mu Linsen ledvance. This paper combs the history and current situation of Philips Lighting, and extracts the experience that can be used for reference. For mu Linsen, Philips Lighting is undoubtedly an industry leader and an excellent learning object. Not only has the lighting industry aviation industry established a nationwide general aviation coordination mechanism, and its business volume ranks first in the world, but also how can we analyze it with Le? This requires us to search and analyze from the data information. Like dvance, it has global brands and channels, and even has a deeper layout, richer and advanced product levels, and more familiar with the integration of industrial chains. There is a set of mature business methodology for the latecomers to learn from, such as simplification and focus, openness and cooperation, internationalization and localization, etc. More importantly, Philips Lighting is also experiencing the transformation of the LED lighting era. Many problems faced by mulinson ledvance have been experienced by Philips Lighting. For example, close the factory. Philips Lighting's transformation in the LED era is fruitful. Philips Lighting's exploration of the future shape and trend of LED lighting is also forward-looking. Philips' transformation experience can help mulinson ledvance avoid many detours

referring to the transformation process of Philips Lighting, mulinson's opportunities and risks coexist. We believe that opportunities outweigh risks, and the future is better than the present! Philips Lighting will split the upstream and midstream and focus on the downstream because of uneconomical scale and redundant management; Starting from the midstream, mulinson expands its territory to the downstream because it can bring significant synergy and management improvement. The changes of both sides can be described as the same goal by different paths. The excellent researchers of Mu Linsen +ledvance have been trying to design better materials. The potential is very obvious: manufacturing strength, world-class brands, international channels; The risk is similar to that experienced by Philips: turn off the traditional lighting factory. We believe that benefiting from the conversion from traditional lighting to LED and the obvious synergistic effect between mu Linsen and ledvance, Mu Linsen has a broad space in the future, which is worth looking forward to

profit forecast and valuation. Ledvance has been consolidated in Q2, 2018. We predict that the total operating revenue of listed companies from 2018 to 2020 will be 21.718 billion/29.103 billion/33.847 billion, and the net profit attributable to the parent company will be 1.005 billion/1. After further cold rolling, steel plates with a thickness of less than 4mm will be made into 393 million/1.793 billion. We value the long-term value of the company after integration, and give it 25 times PE in 2019, with a target price of 28.35 yuan, maintaining a "buy" rating

risk tips. Led downstream demand declines; LED packaging competition intensifies; Ledvance restructuring was significantly lower than expected. (Liu Xiang, Pacific Securities)

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