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　　 Changjiang Securities Chen Zhijian

Event description:

　　 Maoshuo Power Supply The third quarter report of 2012 was released today. In the third quarter, the company realized a total operating revenue of 133 million yuan, a year-on-year decrease of 4.54%, and the net profit attributable to shareholders of the listed company was 8.21 million yuan, a year-on-year decrease of 39.67%; The total operating revenue in the first three quarters was 373 million yuan, a year-on-year decrease of 12.92%, and the net profit attributable to shareholders of the listed company was 37.82 million yuan; The company estimates that the net profit attributable to shareholders of listed companies in 2012 will be 483.5-64.47 million yuan.

Event comment:

Due to the continuous downturn of the domestic and international economic environment, the electronic industry as a whole showed a low peak season in the third quarter of this year, which caused a great adverse impact on the company's consumer electronic power business, which was the main reason for the decline of the company's performance in the reporting period. In the future, the profit contribution rate of the company's LED drive power business is expected to further improve, which will help improve the profitability of the company's overall business.

The company today launched the equity incentive plan (revised). According to the unlocking conditions of incentive objects, the average annual growth rate of the company's net profit in the next three years should be more than 20%. We believe that the implementation of the equity incentive plan will help improve the corporate governance structure, facilitate the sustainable development of the company, and help improve the certainty of the rapid growth of the company's performance in the future.

As the downstream market is sluggish and there is no sign of improvement in the short term, we have lowered the company's profit forecast. As the leading manufacturer of LED street light driving power supply in China, the company will benefit from the main development trend of energy conservation and emission reduction at home and abroad and vigorously promote green lighting for a long time. We expect that the company's EPS will be 0.56 yuan, 0.75 yuan and 0.99 yuan respectively in 2012, 2013 and 2014, and the corresponding PE will be 29.21 times, 21.7 times and 16.45 times respectively, maintaining the "recommended" rating.

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