\u3000\u3 Guocheng Mining Co.Ltd(000688) 686 Opt Machine Vision Tech Co.Ltd(688686) )
Event: Opt Machine Vision Tech Co.Ltd(688686) released the first quarterly report of 2022, and the company realized an operating revenue of 218 million yuan in the first quarter of 2022, with a year-on-year increase of 22.53%; The net profit attributable to shareholders of listed companies was 63 million yuan, a year-on-year increase of 1.23%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 57 million yuan, with a year-on-year increase of 7.60%.
Comments:
In 2022q1, the revenue increased steadily, and the profit growth slowed down due to share based payment fees. The company achieved a revenue of 218 million yuan in 2022q1, with a year-on-year increase of 22.53% and a month on month decrease of 5.66%; The net profit attributable to the parent company was 63 million yuan, with a year-on-year increase of 1.23% and a month on month decrease of 25.42. The slowdown in performance growth was mainly caused by 2022q1 share based payment expenses. The gross profit margin in 2022q1 was 65.34%, down 2.2pct year-on-year and 1.42pct month on month; The net interest rate was 28.94%, down 6.09pct year-on-year and 7.73pct month on month; The expense rate during the period was 35.77%, with a year-on-year increase of 6pct, mainly due to the year-on-year increase of 3.14pct and 0.86pct in sales expense rate and research expense rate respectively.
Guided by customer demand, continue to increase R & D and implement reasonable staffing. In 2022, the company will continue to be guided by the needs of downstream customers, continue to increase R & D investment, strengthen cooperation with customers in process R & D, and enhance its core competitiveness. Focus on the development of advanced visual technologies such as deep learning technology, 3D processing and analysis technology, image perception and fusion technology, hardware acceleration of image processing and analysis, and continue to strengthen the light source and its control technology, lens technology, smart camera technology and visual processing and analysis software, so as to consolidate the company’s advantages in light source, optical imaging and industrial application software. The company will continue to invest in R & D, supplement software algorithm and product design and development engineers and production personnel, and reserve talents for application engineers of corresponding projects. In the future, personnel will be allocated reasonably according to the needs of the project.
Machine vision has a good prospect, and the underlying algorithm enhances the core competitiveness. Thanks to the macroeconomic recovery, increased investment in new infrastructure, accelerated construction of data centers, promotion of manufacturing automation and other factors, the scale of China’s machine vision industry will further grow. The company has strong core competitiveness: (1) the company has complete product lines of machine vision core software and hardware, and master the underlying core algorithms of each product line; (2) The company has accumulated rich practical experience in 3C and new energy industries and actively expanded downstream fields such as semiconductors. Its products and technologies have been recognized by well-known enterprises such as Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) and are expected to grow further.
Investment advice: maintain a prudent recommendation rating. We believe that the company not only has a complete machine vision hardware product line, but also has a particularly key software underlying core algorithm, which provides a strong core competitiveness for the company. Recognized companies are expected to accelerate the growth of well-known companies. Considering the impact of epidemic and other factors, the profit forecast is adjusted accordingly. It is estimated that the EPS of the company from 2022 to 2024 will be 4.71 yuan, 6.26 yuan and 8.40 yuan respectively, and the corresponding PE will be 29 times, 22 times and 17 times respectively.
Risk tips: (1) if the manufacturing investment is less than expected, the company’s product demand will weaken; (2) If the process of replacing people with machines is not as expected, the industry’s demand for automation equipment will be reduced, which will affect the company’s product sales; (3) If the price of raw materials rises sharply, the company’s performance will face great pressure.
