In the LED industry, "leftover is king" era, Mu Lin Sen is understandable.

In recent years, after the wave of the sand, the LED packaging camp began to differentiate. Manufacturers or transformation gradually fade out of the market, or do differential competition. Mu Lin Sen has large-scale cost advantages (large-scale expansion and large-scale digestion capacity), radical market strategy and production equipment, process technology innovation, and so on, is currently the absolute leader for LED packaging, with an annual capacity of 350 billion SMD/Lamp, and this expanded 490 billion post expansion. Leading the competition in an all-round way. The main business is characterized by high growth rate, sustainable financial management mode and full implementation of the company's executive power. In 2015, he initiated the price war and pulled over his opponent, resulting in less profitable than expected. In 2016, the market price has recovered, and the net profit of the net profit is expected to reach 5 hundred million in the whole year, an increase of 100% over the same period. 2017, and maintained more than 30% high speed growth in 2018. At the same time, the company actively layout downstream lighting applications, expand high-end brands and channels, enhance valuation space. The company had fewer stock financing times (IPO financing 900 million, this time increased by 2 billion 300 million), and expansion mainly through debt financing. The company makes full use of upstream and downstream accounts receivable / payable accounts for capital turnover, and does not substantially increase the financial cost and healthy financial structure. Considering the fixed dilution, the chairman still holds 67% of the shares, and the subsequent financing is expected to be large. The acquisition of Osram general lighting business is expected. OSRAM occupies the first place in the European lighting distribution channel, North America ranks second, and is the second largest lighting manufacturer in the world. The industry chain is perfect, and has strong technical strength in the upstream, monopolizes the high-end product market, and has high brand recognition. The spin off business includes traditional bulbs, ballasts and LED lighting and systems, which account for about 40% of OSRAM's annual revenue. The expansion of the company's lighting applications is badly in need of OSRAM's brand and channels. From the scale of production and the size of funds, the company is pushing the participation of other buyers. Fixed increase. It is proposed to raise 2 billion 320 million of non public offering funds at a price not less than 28.12 yuan / share. For Zhongshan Xiaolan SMD LED packaging expansion, Jiangxi Ji'an SMD LED phase I investment and Jiangxi Xinyu LED lighting application phase I investment. At present, the company has an annual capacity of about 350 billion SMD/Lamp. After expansion, the capacity of SMD will only be doubled. This is enough to show that the company is full of confidence in the future.