\u3000\u3 Shengda Resources Co.Ltd(000603) 297 Ningbo Yong Xin Optics Co.Ltd(603297) )
The development of the company has entered the fast lane and the growth path is clear. The company is a leading manufacturer of micro optical instruments in China. It has a history of precision optical R & D and manufacturing for nearly 80 years. At the same time, it actively grasps the opportunities of intelligent driving and machine vision, and arranges emerging optical components such as bar code scanning and machine vision lens, vehicle optics and lidar optical components. The company plans to drive the substantial growth of sales through several product breakthroughs. The 2021 performance express shows that the revenue of optical component business is 488 million yuan, with a year-on-year increase of 57%, accounting for 60.7% of the revenue; Microscope products achieved a revenue of 300 million, a year-on-year increase of 21%, accounting for 37%. It is expected that there will be a big breakthrough in high-end instruments in 2022. From 2023 to 2025, the company will focus on expanding the business field of vehicle optics and lidar on the basis of maintaining the original business growth.
Mastering the key technology of microscope manufacturing will benefit from the domestic substitution of high-end microscope. In 2020, China’s microscope market will be about 2.4 billion yuan and the global market will be about 10.4 billion US dollars. While the export quantity of China’s microscope is much higher than the import quantity, but the export amount is much lower than the import amount, mainly because China’s high-end microscope mainly depends on import, and domestic substitution is imminent Ningbo Yong Xin Optics Co.Ltd(603297) has a certain market influence in higher education and scientific research microscopes. At present, high-end confocal microscopes have been mass produced on a large scale, breaking the monopoly of foreign manufacturers such as Leica, Zeiss, Nikon and Olympus. According to the announcement of the company’s reply letter, the sales revenue of the company’s high-end microscopes (with an average price of more than 20000 yuan / set) has reached about 60 million yuan in 2021. In recent years, driven by a series of supporting policies for the optical industry, coupled with the rapid rise in China’s downstream application demand, the contribution of high-end microscope to revenue will be further enhanced.
Actively embrace the intelligent transformation and incarnate the eye of AI Artificial Intelligence. 1) Lidar: according to the data of Gaogong intelligent vehicle, from January to November 2021, the front loading rate of L2 ADAS new cars reached 18.61%. Automatic driving is approaching the window period from L2 to L3 automatic driving, and the necessity of lidar is highlighted. At the same time, the coating of lidar needs to meet the characteristics of anti laser damage and has certain technical barriers. Relying on the advantages of coating, the company has entered the lidar track and supplied innoviz, Hesai, Magna and other industry-leading manufacturers. 2) Car lens: the quantity and price rise together, and the golden track has a broad market space. The company has supplied Sony with a batch of car lens front products, which is expected to gradually layout the car lens link. 3) Bar code scanning: from traditional application scenarios such as business supermarket, it has gradually penetrated into automation application scenarios such as industry 4.0. The pattern of barcode identification equipment suppliers is stable. The company has a long history of cooperation with Xunbao, delijie and other manufacturers and occupies a dominant position. 4) Machine vision: in the downstream of machine vision in the world, Kearns and Cognex account for 50%, and Ningbo Yong Xin Optics Co.Ltd(603297) bind Cognex to share the growth dividend. The company’s liquid zoom lens is the first batch of mass production in the world, with obvious technical advantages.
Investment suggestion: it is estimated that the company’s revenue in 21-23 years will be RMB 800 / 11.0 / 1.55 billion, the net profit attributable to the parent company will be RMB 260 / 2.8 / 380 million, and the corresponding PE will be 44 / 41 / 30 times. The PE multiple of the company in 22 years is lower than the average (51 times) of comparable companies. The company is the leader of domestic high-end microscope. Intellectualization opens up growth space, covers it for the first time, and gives a “recommended” rating.
Risk tips: core technology loss risk, market expansion risk, trade policy change risk of major selling countries, and shareholder reduction risk.
