Yongxin Optics (603297)： High-end growth of high-end lenses and components in the microscope business
Yongxin Optics (603297): High-end growth of high-end lenses and components in the microscope business
The company released its semi-annual report for 2019 and achieved revenue in the first half of the year2.
55 ppm, 10-year average2.
8%, achieve net profit attributable to mother 0.
57 ppm, an increase of ten years.
7%, realized non-net profit deduction of 0.
49 ppm, an increase of 12 in ten years.
Core point of view The microscope business remains stable and the revenue structure is constantly optimized.
Revenue of microscope products in the first half of 20191.
10,000 yuan, unchanged from the same period last year.
The Sino-US trade friction has brought instability to the market, but the optical microscope industry has been less affected and continues to maintain steady development.
At the same time, the demand for high-end microscopes and automated micro-detection equipment has grown rapidly. In the first half of the year, the company completed high-magnification stereo microscopes, water-immersion objective biological microscopes, scientific-grade microscope automation upgrades, and 5G wireless interactive teaching systems.Develop and put into the market, continuously optimize the company’s product structure, and increase the proportion of high-end product revenue.
Optical component components interfered slightly, and the high-end lens business maintained rapid growth. In the future, it will be the main force for revenue and profit contribution.
In the first half of the year, the company’s optical component module business achieved revenue1.
3 ‰, the ten-year average of 5.
Absolutely, the adjustment of the product structure of barcode customers in the first half of the year caused the sales revenue of related products to decline, and it took a certain period to replace the mass production of new products.
Although the prosperity of the traditional consumer electronics industry has declined in the first half of the year and competition has intensified, the decomposition of artificial intelligence, medical equipment, laser projection, machine vision, and semiconductor equipment has heated up.
The company’s machine vision lenses, automotive optics, and projection photography lenses still maintained 杭州夜生活网 a growth rate of more than 50% in the first half of the year. The company completed bar code glass-plastic hybrid imaging lenses, hybrid solid-state automotive lidar lenses, and high-end objective lenses for medical analysis instruments for foreign customers.The development of high-end cinema laser projector optical components, low-vision AI glasses lens and other high-end optical component products development, and gradually enter mass production.
It is expected that the above-mentioned high-end lenses and components will still be the company’s main revenue and profit growth points in the future.
Financial forecast and investment recommendation Maintain Buy rating and adjust target price to 45.
Based on the latest share capital, we predict that the company’s quantified earnings after dilution in 2019-2021 will be 1.
49 (Original 2.
46) Yuan. According to the evaluation of comparable companies of optical lenses and components, we give the company 33 times PE in 19 years and adjust the target price to 45.
54 yuan, maintain BUY rating.
Risks indicate progress in production expansion and product sales are not up to expectations.
The average unit price of the product and the gross margin improved more than expected.