Market performance and highlights this week: the national energy administration and others released the scientific and technological innovation plan in the energy field during the 14th five year plan
Market performance: this week (from April 4 to April 8, the same below), the Shanghai Composite Index closed at 3252 points, down 0.94%; The Shenzhen composite index closed at 11959, down 2.20%; The gem index closed at 2570 points, down 3.64%. In terms of the style of large and small cap, this week, the large cap index fell 1.14% and the small cap index fell 2.38%. Since 2022, the market index has fallen by 14.37% and the small index has fallen by 16.71%, and the small / large ratio is 1.24. Highlights of this week: Tianjin Zhonghuan Semiconductor Co.Ltd(002129) plans to invest 20.6 billion yuan to build 120000 tons of high-purity polysilicon and other projects; The national energy administration and the Ministry of science and Technology issued a notice on printing and distributing the plan for scientific and technological innovation in the energy field during the 14th five year plan.
Major events of this week: on April 6, Jiangxi Hungpai New Material Co.Ltd(605366) issued the restricted stock incentive plan, and the performance evaluation objectives are: the net profit in 2022, 2023 and 2024 is not less than 250, 300 and 400 million yuan respectively, or the operating income is not less than 1.6, 2 and 2.5 billion yuan. On April 8, Circuit Fabology Microelectronics Equipment Co.Ltd(688630) released the equity incentive plan, and the performance evaluation objective is: Based on the net profit of 2021, the growth rate of net profit from 2022 to 2024 shall not be less than 35%, 80% and 135% respectively.
This week’s topic: the growth path of Kearns, the global leader in machine vision
Kearns’ growth path can be divided into four development stages, and has grown into a global leader in machine vision. After combing the research, we divided the development history of Kearns into four stages. The first stage was from 1972 to 1986, during which we confirmed that the sensor business was the main business and stripped off the low profit cutting machine business; 19871991 was the second stage, during which it became a leader in the industry and was listed in Tokyo; 19922015 is the third stage, during which the downstream is continuously expanded and new products are developed; From 2016 to now, it is the fourth stage, during which a global product network has been formed. 230 offices have been established in 46 countries and regions around the world, forming a global “direct sales” network.
Compared with Kearns, Opt Machine Vision Tech Co.Ltd(688686) is roughly in the second development stage of Kearns Opt Machine Vision Tech Co.Ltd(688686) machine vision business is still in the initial stage of formation. From the comparison of three aspects, it is roughly equivalent to the stage of Kearns from 1980s to 1990s: first, both Opt Machine Vision Tech Co.Ltd(688686) and Kearns in the second stage give priority to high value-added products, Opt Machine Vision Tech Co.Ltd(688686) choose light sources and Kearns choose sensors, and both become the industry leaders of this product; Second, the product matrix has begun to take shape and gradually began to expand downstream areas; Third, from the perspective of per capita income generation index, the per capita income of Opt Machine Vision Tech Co.Ltd(688686) in 2021 was 540000 yuan, lower than 850000 yuan in 2000. From the perspective of gradual improvement of business efficiency in the early stage of enterprise growth, Opt Machine Vision Tech Co.Ltd(688686) corresponds to the 1980s-1990s of Kearns.
Referring to the development path of Kearns, Opt Machine Vision Tech Co.Ltd(688686) in the future, it is expected to continue to expand in both downstream areas and product standardization. Keenshi’s sensors are used in various industrial production links. In contrast, Opt Machine Vision Tech Co.Ltd(688686) ‘s machine vision products are currently used in 3C electronics and new energy industries. The layout in automobile, electronics and other industries will help Opt Machine Vision Tech Co.Ltd(688686) improve its performance. In addition, in the long run, with the company’s continuous deep cultivation and accumulation in multiple industries and the superposition of industrial know-how barriers with scale effects, product standardization will open up space for improvement.
Key recommended themes and stocks
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Risk tip: the economy has fallen sharply; Major changes in capital market reform policies; The prosperity of the industry is lower than expected.
