\u3000\u3 China Vanke Co.Ltd(000002) 036 Lianchuang Electronic Technology Co.Ltd(002036) )
The car lens has a wide space and creates a new growth point for the company. Under the inevitable trend of the development of intelligent vehicles, the high demand for on-board cameras and lidar as vehicle sensors will drive the continuous expansion of the market scale of on-board lenses. The company actively deployed the vehicle lens business, continued to strengthen technology research and development, carried out in-depth cooperation with China’s well-known car enterprises and ADAS solution companies, continued to expand market share, constantly occupied the vehicle lens market and created a new growth point of performance.
The optical industry is in the ascendant, focusing on the layout of optical products. At present, with the rise of smart phone, smart security, smart driving and other smart industries, the optical lens market has experienced a period of rapid development opportunities. China has been the second mock exam supplier of global motion cameras and the world’s second largest glass supplier. It has entered many well-known optical company production lines outside China, and has advantages from technical strength, manufacturing capability to brand reputation. In the future, the company is expected to focus its development on the optical industry and drive its performance to achieve steady growth.
Strong technical strength and sufficient expansion capital. The company has been deeply engaged in the optical industry for many years, involving touch display, optics and integrated circuit chips. On the one hand, the company independently develops new technologies and has more than 100 patents. On the other hand, through in-depth strategic cooperation with international well-known companies, the company has continuously improved its technical strength and accumulated rich technical experience and human resources in the optical optoelectronic industry. At present, the company has sufficient funds, which is conducive to the company’s expansion of production capacity and market share.
The second mock exam is the forecast of auto investment and the investment rating. The trend of automotive intelligence is increasing demand for vehicle sensors and laser radar. The company actively layout vehicle lens business, and continuously enhance technology research and development. At the same time, as the global supplier of motion camera and the world’s second model glass supplier, the company has entered many well-known optical company production lines from China, from the strength of technology. It has advantages in manufacturing capacity and brand reputation.. It is estimated that the net profit of the company from 2021 to 2023 will be 218 million yuan, 451 million yuan and 741 million yuan respectively, corresponding to 80.58 times, 39.00 times and 23.73 times of PE. It will be covered for the first time and given a “buy” rating.
Risk factors: 1. Covid-19 epidemic spread risk; 2. Upstream procurement risk; 3. The development of vehicle lens is less than expected
