\u3000\u3000 Ningbo Yong Xin Optics Co.Ltd(603297) (603297)
Benefiting from the domestic substitution of high-end microscopes, the performance is highly deterministic. At present, China's high-end microscopes mainly rely on imports, but the domestic substitution trend is becoming more and more obvious. In the post epidemic era, the demand for high-end microscopes is expected to further increase, and China's domestic high-end microscopes have a broad market. The company has been deeply engaged in the microscope industry for 20 years and has a good reputation in the industry and leading technical advantages. It is one of the few enterprises with independent R & D / production of high-end microscope in China. In the future, it is expected to fully enjoy the industry dividend of domestic replacement of high-end microscope and provide a strong guarantee for the company's performance growth.
Actively layout automotive electronics and create new growth points for vehicle lens. Under the inevitable development trend of automobile intelligence, the demand for sensing hardware such as HD camera / lidar is increasing, which drives the demand for vehicle lens to grow exponentially. The market scale of vehicle lens is considerable in the future. The company actively distributes automotive electronic products related to optical components, deeply binds with a number of vehicle related enterprises, and has independently developed excellent products and capacity guarantee. With the further maturity of vehicle intelligence and driverless technology, the company's vehicle products are expected to grow in large quantities and create a new performance growth point.
Strong technical strength and strong cross industry expansion ability. The company started with microscope business and has been deeply engaged in the optical field for many years. On the one hand, it adheres to investment in R & D and has profound technical precipitation. On the other hand, it continues to learn and learn advanced experience in the process of OEM for international giants and continuously improve its own technical advantages. The company now has a series of core technologies and patents, which can have certain technology reusability when expanding to other industries such as intelligent automobile / machine vision, reduce the marginal cost of developing new finished products, thicken the company's profitability, and help the company develop well in the long term.
Profit forecast and investment rating: benefiting from the domestic substitution of high-end microscopes and the trend of automotive intelligence, the prosperity of the company's downstream industry continues to improve, and the demand for high-end microscopes / optical lenses increases. The company has been deeply engaged in the optical field for many years, with high technical moat and low marginal development cost of new products. Its performance fully benefits from the growth of downstream demand. It is estimated that the net profit of the company from 2021 to 2023 will be 252 million yuan, 268 million yuan and 343 million yuan respectively, corresponding to 48.70 times, 45.76 times and 35.80 times of PE. It will be covered for the first time and rated as "overweight".
Risk factors: 1. The risk that the technology can not continue to lead and the loss of core personnel and core technology; 2. The risk of market expansion; 3. The risk of changes in trade policies of major selling countries
