\u3000\u3 Guocheng Mining Co.Ltd(000688) 686 Opt Machine Vision Tech Co.Ltd(688686) )
Opt Machine Vision Tech Co.Ltd(688686) 2021 achieved an operating revenue of 875 million yuan, with a year-on-year increase of 36.21%; The net profit attributable to the owners of the parent company was 303 million yuan, an increase of 24.04% over the same period last year. The operating revenue of various products increased year-on-year, of which the revenue of 3C industry was 5175166 million yuan, a year-on-year increase of 4.39%; The revenue of the new energy industry was 258042 million yuan, a year-on-year increase of 241.69%; The income of other industries was 995322 million yuan, a year-on-year increase of 39.82%.
Deepen the field of machine vision and improve the layout of product line. The company has been deeply engaged in the field of machine vision for many years and has long-term cooperation experience with well-known terminal customers and equipment manufacturers at home and abroad. The independent product line has covered the core software and hardware products of machine vision such as light source, light source controller, lens, industrial camera and visual control system; The layout of industrial code readers, 3D laser sensors and deep learning products has been completed. At present, it has passed the test and batch sales of relevant customers of many terminals.
The new energy business has made great efforts to promote the significant increase of operating revenue. In 2021, the company’s lithium battery and new energy vehicle business achieved leapfrog growth. With the application and promotion of a large number of mature schemes, the company’s products and technologies have been recognized by industry leaders Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , honeycomb and other enterprises. Machine vision products are widely used in defect detection, size measurement and positioning in the production process of new energy batteries. Benefiting from the rapid development of new energy vehicles, the explosion of demand for power batteries and energy storage batteries, and the promotion of new battery technologies such as 4680, China’s lithium battery terminal capacity continues to increase, which will continue to enlarge the market space of machine vision.
Continue to increase R & D investment and build the company’s moat. In the past three years, the R & D investment of the company was 581838 million yuan, 764415 million yuan and 1371057 million yuan respectively, accounting for 11.09%, 11.90% and 15.67% of the operating revenue respectively. Continuous R & D investment has accumulated a number of innovative and practical core technologies with independent intellectual property rights for the company in the field of machine vision. Machine vision industry is a technology intensive industry, which needs a large amount of continuous R & D investment. The high technical threshold constitutes a barrier to potential market entrants.
Investment advice
It is estimated that the company’s revenue from 2022 to 2024 will be RMB 1.165/1.531/1.967 billion respectively, with a year-on-year increase of 33.1% / 31.5% / 28.5%, and the net profit will be RMB 400 / 5.27/684 million respectively, with a year-on-year increase of 32.1% / 31.6% / 29.8%. The current price corresponds to 38 times of PE in 2022. Considering the strong market demand of the company and the rapid growth of automotive electronics business, the “buy” rating is given for the first time.
Risk tips
Technology research and development is less than expected, and industry competition intensifies.
