\u3000\u3 Shengda Resources Co.Ltd(000603) 297 Ningbo Yong Xin Optics Co.Ltd(603297) )
Event: on March 3, 2022, the company released the performance express of 2021. In 2021, the operating revenue was 805 million yuan, a year-on-year increase of 39.62%; The net profit attributable to the parent company was 262 million yuan, a year-on-year increase of 62.05%; The net profit attributable to the parent company after deduction was 158 million yuan, with a year-on-year increase of 65.99%.
Comments:
The performance was slightly higher than expected. The optical component achieved high growth rate and the proportion increased continuously. The company's revenue mainly came from the microscope products and optical component business. Among them, the optical component business achieved rapid growth and the proportion continued to increase. For detailed disassembly:
1) microscope products: the revenue was 300 million yuan, with a year-on-year increase of 20.55%, accounting for 37.32% of the company's operating revenue;
2) optical component business: the revenue was 488 million yuan, a year-on-year increase of 57.06%, accounting for 60.67% of the company's operating revenue and 53.99% in 2020.
The company's performance has increased significantly, mainly benefiting from the following aspects: 1) in recent years, the company has actively grasped the market opportunities in the fields of automatic driving, lidar and machine vision, and the revenue of bar code scanning and machine vision lens, vehicle optics and laser radar optical components in its optical component business has increased rapidly; 2) The optical microscope business also increased significantly compared with the same period last year. With the continuous improvement of the prosperity of downstream industries, the company's new plant is fully put into operation and multi businesses work together. The future performance is expected to continue to maintain a high growth rate.
The growth in the volume of optical components has benefited from the development of on-board optics / lidar, machine vision and automatic driving. According to the company's official website, the company's optical component products include lenses, glass spherical lenses, filters, windows, plastic lenses, etc., with an annual output of 20 million pieces, which are mainly used in bar code scanners, on-board optics, lidar, machine vision Professional image and other subdivided fields. According to the company's semi annual report, in the first half of 2021, the revenue of bar code lens, machine vision lens, vehicle lens front film and lidar optical element components in optical components increased by more than 70% year-on-year, realizing high-speed and large-scale growth. The company's optical component business mainly adopts the direct selling mode. Firstly, it obtains the supplier certification of international well-known brand terminal manufacturers, signs order contracts, provides product scheme design and carries out production and sales according to customer needs, and some products adopt the JDM (joint design and manufacturing) mode to deeply cooperate with customers from the product R & D stage, It makes the optical component business of the company have high customer stickiness and market competitiveness.
According to the company's 2020 annual report, the company has actively grasped the industry opportunity of lidar on-board application, developed a variety of optical lenses and optical components for mechanical rotary, semi-solid and solid-state on-board lidar, established cooperation with many lidar solution providers at home and abroad such as Hesai and innoviz, and has entered the list of designated product suppliers of Magna; The car lens front film order exceeds 800000 pieces per month, laying the foundation for entering the ordinary car lens assembly business; The high-speed focusing liquid lens applied to machine vision and the lithography lens applied to PCB Maskless Laser Direct Writing lithography equipment realize mass production and sales.
The microscope business market is broad, and the medium and high-end market brings development opportunities
China's microscope market has a good foundation, but there are still market vacancies for high-end products. At present, China's high-end microscope has a low mastery of the core technology, and only a few enterprises have the ability to produce high-end microscope. High-end products such as system microscope, confocal scanning microscope and super-resolution microscope still rely on overseas enterprises such as Leica, Zeiss, Nikon and Olympus. With the process of China's intelligent manufacturing, the state has continuously issued relevant policies to guide the manufacturing industry to gradually move towards high-end. In the future, China's local high-end microscope enterprises are expected to further seize the market share of China's high-end microscope, and the market development space is large.
The company is the leader of microscope manufacturing enterprises in China. It has been engaged in microscope manufacturing for 20 years and has rich technical experience. With its comprehensive competitive strength, it has deeply bound Nikon, Leica and other international giants in the high-end microscope business, forming a high customer barrier. The company provides OEM services for world-class microscope brands such as Nikon and Leica microsystems in Japan all year round. Guided by customer demand, the company continues to invest in the R & D and market development of high-end products. It has become a leading enterprise in China's optical microscope industry and an advantageous enterprise in the subdivided field of core optical components.
Profit forecast and investment rating
Benefiting from the domestic substitution of high-end microscopes and the trend of automotive intelligence, the demand for high-end microscopes / optical components of the company has increased. The company has been deeply engaged in the optical field for many years, has built a high technical moat, has low marginal development cost of new products and has strong competitive strength. It is estimated that the net profit of the company from 2022 to 2023 will be 270 million yuan and 342 million yuan respectively. At present, the corresponding PE share price is 47.61 times and 37.60 times, maintaining the "overweight" rating.
Risk factors
1. The risk that the technology can not keep leading and the loss of core personnel and core technology 2. The risk of market expansion 3. The risk of changes in trade policies of major selling countries.
