Several weeks ago I buyed a chinese led spotlight. The light was nice but after several days the light started to blink. I have tested the leds and they seems to work. Now I’m searching and AC converter (220V to 12V) to replace the old one. Size does not matter because of location (above a false ceiling).
A picture:
I don’t know the answer to your question, but I’ve read that capacitors are a common failure point in many circuits. Bulging is a sign of failure. I can’t tell if the big capacitor in the picture is bulging. If it is, maybe you have similar ones in old unused equipment around.
I have read some review reported that the D3, the diode at the lower right corner close to the transformer, was very hot. Check this diode to see whether it is good.