\u3000\u30 Beijing Zznode Technologies Co.Ltd(003007) 90 Dongguan Yutong Optical Technology Co.Ltd(300790) )
The market scale of security lens has increased steadily, and the company deeply binds high-quality downstream customers. The security lens market has benefited from the steady growth of demand and the trend of high-definition lens. The overall market scale has increased steadily and the market competition pattern is good, which is conducive to the stable operation of lens enterprises. The company is deeply bound with China’s leading security customers such as Haikang and Dahua. After Haikang and Dahua have gone through short-term destocking, the demand for security lenses is expected to rise further in the future; At the same time, the company actively maintains benign communication with downstream customers, makes continuous breakthroughs in products, and is expected to further increase its share in downstream core customers in the future, helping the company’s long-term growth.
Benefiting from the new opportunities in the aiot era, the smart home security market has a broad space. At present, China’s 5g infrastructure has been relatively mature, relevant new technologies and new scenes continue to emerge, and the era of the Internet of things is expected to accelerate. As one of the main application scenarios in the era of the Internet of things, smart home has the characteristics of large market space, high product value and broad development space. Based on the original product matrix, the company actively arranges the Internet of things track, focusing on a series of home optical lens products such as smart door locks, home cameras and smart camera heads. With the continuous development of the Internet of things industry in the future, The company’s consumer lens business is expected to usher in a period of rapid growth, which will strongly boost the company’s performance.
Actively arrange vehicle lens related products, and build the second curve of the company’s development. Under the general trend of automobile intellectualization, the market space of advanced automatic assisted driving ADAS will maintain rapid growth, and the vehicle lens market will fully benefit. In the future, with the further development of intelligent vehicles, the sales of intelligent vehicles and the number of optical lenses carried by a single vehicle are expected to increase simultaneously. The company has actively arranged the field of vehicle lens, carried out research and development and testing of relevant products, and made positive breakthroughs in a number of technologies. In addition, the company has actively cooperated with vehicle enterprises and Tier1 suppliers, which is expected to fully benefit from the long-term development of vehicle lens Market in the future.
Profit forecast and investment rating: the company is deeply engaged in the security lens market, deeply bound with downstream head customers, and the basic market is relatively stable. At the same time, the company closely follows the general trend of the Internet of things and automotive intelligence, actively arranges consumer lens and vehicle lens, and creates the second growth curve of the company. It is estimated that the net profit of the company from 2021 to 2023 will be 242 million yuan, 305 million yuan and 395 million yuan respectively, corresponding to 27.03 times, 21.45 times and 16.56 times of PE. It will be covered for the first time and given a “buy” rating.
Risk factors: covid-19 epidemic spread, downstream customers’ destocking progress is less than expected, and “5g + AI” development is less than expected
