\u3000\u3000 Zhejiang Crystal-Optech Co.Ltd(002273) (002273)
Actively expand the capability boundary and open up new space for the company's growth of automotive electronic products. In addition to mobile phone related products, the company actively expands its capability boundary and layout in the fields of automotive electronics, smart home and security. Among them, the company actively develops products such as lidar protective cover, pixel headlamp and ar-hud in the field of automotive electronics. The number of downstream customers is expected to increase rapidly in 2022, and the performance of the company's automotive electronics products is expected to increase in large quantities, Create a new performance growth point for the company.
Mass production of new mobile phone products, and the value of single machine is expected to increase. The penetration rate of the company's new products such as absorption and reflection composite filter, prism module and 3D camera is still in the early stage. In the future, with the mass production of new products and the further increase of yield, it is expected to increase the company's profit. On the other hand, the company is deeply bound with key customers, and the share of related products in key customers is increasing. At the same time, the value of single machine of the company is also increasing with the adjustment of product structure and the improvement of penetration. Under the logic of both volume and price, the company's performance is expected to be positively accelerated and has great development potential in the future.
Under the 5g trend, optical applications are broad, and consumer electronic products boost the demand for optical products. At present, China's 5g infrastructure has been relatively perfect, relevant technologies have gradually matured, and new downstream application scenarios continue to appear. On the one hand, smartphone multi photography has become a trend, and the demand for products such as 3dsensing and periscope cameras continues to grow in large quantities. On the other hand, the demand for optical lenses in new scenarios such as VR / smart home has gradually emerged, The rapid development of consumer electronic products' demand for new applications of optical technology brings good opportunities for the upgrading of the company's business structure and helps to improve the volume and price of the company's products.
The "5 + 3" strategic layout has consolidated the foundation of the company, and the internal management achievements have been shown. The company has built five business segments: optical components, thin film optical panels, biometrics, new display (Ar +) and reflective materials, and built three market segments: Greater China, Europe and the United States and Pan Asia Pacific, which has initially formed a new strategic pattern of "5 + 3". At the same time, the company's management has been continuously improved, basic technology R & D and capacity reserve, new product development Great progress has been made in the implementation of strategic new projects, which has laid a good foundation for the long-term development of the company.
Profit forecast and investment rating: the company adheres to the "5 + 3" strategic layout. On the one hand, the company mass produces new mobile phone products and continuously improves its penetration among key customers. On the other hand, it actively expands new fields, and the automotive electronics business is expected to create a new growth point of the company's performance. It is estimated that the net profit of the company from 2021 to 2023 will be 503 million yuan, 607 million yuan and 735 million yuan respectively, corresponding to 41.96 times, 34.77 times and 28.69 times of PE. It is covered for the first time, and the company is rated as "overweight".
Risk factors: macroeconomic downside risk, less than expected industrialization of technical achievements, exchange rate risk
