\u3000\u3000 Opt Machine Vision Tech Co.Ltd(688686) (688686)
Event overview
The company issued a performance express. In 2021, the company achieved revenue of 875 million yuan / yoy + 36.21%, net profit attributable to parent company of 305 million yuan / yoy + 24.87%, and net profit not attributable to parent company of 265 million yuan / yoy + 14.80%.
Analysis and judgment:
The performance is in line with expectations, and the new energy field is expanding rapidly. The company achieved a revenue of 232 million yuan in Q4, a year-on-year increase of 29.06%; In a single quarter, the net profit attributable to the parent company was 87 million yuan, a year-on-year increase of 38.57%. The main reasons for the rapid growth of the company’s performance are: 1) the rapid development of new energy business; 2) In the consumer electronics industry, the application field of the company’s visual solutions continues to expand; 3) The company seized the market opportunity, deepened the application of existing industries, expanded the overseas markets of semiconductor and automobile industries, strengthened the research and development of new products and product upgrading, made breakthroughs in many industries and continued to increase its revenue.
New energy takes over 3C and promotes the rapid development of the company. 1) In terms of 3C, the company continues to tap the depth of application, expand the production links of front-end modules and parts, and expand new product lines; 2) In terms of new energy, the industry is booming and the application of machine vision is deepening. The new energy business will become the rapid growth point of the company in the next few years. In addition, as the new energy field passes the initial stage of business expansion, the gross profit margin of the company’s new energy business is expected to rise; 3) In the long run, machine vision has good growth prospects in semiconductor, photovoltaic, medical, logistics, auto parts and other industries. The company continues to expand to new fields based on the accumulation of underlying technology of machine vision.
The machine vision track is of high quality and the company has strong core competitiveness. It is optimistic about the growth prospect of the company. 1) Machine vision is the main way for machine equipment to collect and understand information. It is one of the important foundations of industry 4.0 and intelligent manufacturing. The long-term development of the industry can be expected; 2) The company has strong core competitiveness: on the one hand, the company’s independent product line has covered light source, light source controller, lens, camera, visual control system, etc., has perfect hardware and software product line, and master independent underlying core algorithms; On the other hand, the company has established in-depth cooperation with downstream major customers such as 3C and lithium battery, which has obvious first mover advantages. With the continuous accumulation of industrial scene understanding in cooperation with key customers and the continuous progress of the company’s technology and R & D, the company’s moat continues to build high.
Investment advice
Referring to the company’s performance express, we lowered the forecast of revenue of 905 million yuan in 21 years to 875 million yuan, kept the forecast of revenue of the company from 22 to 23 years unchanged, 1.216/1.617 billion yuan respectively, lowered the forecast of net profit attributable to the parent company from 310 million yuan in 21 years to 305 million yuan, kept the forecast of net profit attributable to the parent company from 22 to 23 years unchanged, 4.23/566 million yuan respectively, and lowered the forecast of EPS 3.2 million yuan in 21 years The forecast of 76 yuan is 3.70 yuan, which remains unchanged from the EPS forecast of 22-23 years, which is 5.13/6.86 yuan respectively, corresponding to the closing price of 204.82 yuan / share on February 22, 2022, and PE is 55 / 40 / 30 times respectively, which has not been rated yet.
Risk warning: 3C and other important downstream industries fluctuate greatly; The orders of relevant products of the company are less than expected; Sino US trade frictions exceeded expectations.
