\u3000\u3 Shengda Resources Co.Ltd(000603) 297 Ningbo Yong Xin Optics Co.Ltd(603297) )
Specific events Ningbo Yong Xin Optics Co.Ltd(603297) released the annual report of 2021 and the first quarterly report of 2022. In 2021, the company achieved an operating revenue of 795 million yuan, a year-on-year increase of 37.94%; The net profit attributable to the parent company was 261 million yuan, a year-on-year increase of 61.72%; Among them, the company confirmed the asset disposal income and other income of the compensation for the collection and storage of the plant land located in Mingzhu Road, Ningbo high tech Zone, which increased the company's net profit after tax by about 79.994 million yuan in 2021. After deducting non recurring profits and losses, the company's net profit increased by 65.63% year-on-year. In the first quarter of 2022, the company realized an operating revenue of 209 million yuan, a year-on-year increase of 21.23%, and the net profit attributable to the parent company was 54 million yuan, a year-on-year decrease of 55.00%, deducting non net profit of 41 million yuan, a year-on-year increase of 11.08%. As the first year of the five-year plan, the company's revenue and profit will increase significantly in 2021. The company actively grasps the market opportunities in the fields of autopilot and lidar and smoothly promotes the introduction of new products. With the acceleration of industrial automation process, the company's new products of bar code scanning lens and machine vision customers have achieved mass production, and the optical microscope business has achieved great growth. Among them, the proportion of high-end optical microscope has continued to increase, and the revenue of nexcope series products has exceeded 60 million yuan, with a year-on-year increase of more than 50%.
China's high-end microscope market has broad room for growth, and Yongxin's product structure continues to be optimized. In 2021, the revenue of microscope products was 2960469 million yuan, a year-on-year increase of 18.82%, accounting for 37.23% of the company's operating revenue. The global microscope market is growing steadily. Applications in the fields of teaching, life sciences, nanotechnology and semiconductor technology support the microscope market demand. The world's high-end microscope industry is mainly located in Germany and Japan. Germany is represented by Leica microsystems and Zeiss, while Japan is represented by Nikon and Olympus. These enterprises account for more than 50% of the world microscope market, and there is a huge space for domestic substitution in China. The state will further support the domestic high-end scientific instrument industry, and the market demand for precision instruments will continue to increase. The confocal microscope independently developed by the company has achieved small batch sales. In 2021, there were more than 20 Trial customers of confocal microscope, and the product performance was highly recognized by scientific research institutions, universities, hospitals and other customers, breaking the monopoly of foreign manufacturers Ningbo Yong Xin Optics Co.Ltd(603297) as the leader of microscope manufacturing enterprises in China, it has been engaged in microscope manufacturing for 20 years, with sufficient technology precipitation, and is expected to benefit from great market opportunities.
Benefiting from the acceleration of industrial automation process, bar code scanning lens and machine vision lens are rapidly expanded.
In 2021, the revenue of optical components business was 4828518 million yuan, with a year-on-year increase of 55.33%, accounting for 60.73% of the company's operating revenue. Benefiting from the acceleration of industrial automation process, bar code scanning lens and machine vision lens are rapidly expanded. Since 1998, the company has cut into the supply chain system of Xunbao technology. Since 2016, the company has become a supplier of delijie. The brand concentration of bar code scanner market is high. Xunbao technology, Honeywell, delijie and NCR are the four giants in the industry. Yongxin has become the core optical component supplier of the above four well-known enterprises. The ultra dural window technology independently developed by the company ranks first in the world, gradually replaces sapphire window, and has been applied to tens of thousands of desktop scanners.
The vertical integration capability is accelerated, and the vehicle lens business is growing at a high speed. Environmental awareness is the most critical link to realize automatic driving, and its core is sensors (cameras, radar). With the enrichment of automatic driving functions, the number of sensors will increase. In terms of lidar, the company has established cooperation with well-known enterprises at home and abroad in the field of lidar such as quanergy, Hesai, innoviz, Magna, innovusion and Beixing photonics, and won more than 10 fixed-point cooperation projects in 2021. In 2021, the business income of lidar exceeded 10 million yuan and is expected to maintain rapid growth this year. With the actual progress of downstream customer business, we will gradually expand the lidar customer group to the field of rail transit and industry, and expand the products from parts to the OEM of lidar. The car front lens project has a stable mass production capacity. In 2021, the sales volume of car front lens increased by more than 90% year-on-year, which is expected to fully grasp the golden opportunity of demand growth.
Profit forecast and investment suggestions: we expect the company to achieve a revenue of RMB 1.081/14.60/1.985 billion in 2022e / 2023e / 2024e, with a year-on-year increase of 36.0% / 35.0% / 36.0%, and a net profit attributable to the parent company of RMB 274 / 364 / 477 million. At present, the corresponding PE of the stock price is 29.4/22.1/16.9x, maintaining the "buy" rating.
Risk tip: the penetration of intelligent driving is less than expected, and the industry competition intensifies the risk.
