\u3000\u3 Shengda Resources Co.Ltd(000603) 297 Ningbo Yong Xin Optics Co.Ltd(603297) )
China's precision instrument manufacturer gave a "buy" rating for the first time
Ningbo Yong Xin Optics Co.Ltd(603297) predecessor was founded in 1997 and can be traced back to Ningbo optical instrument factory. It is mainly engaged in the R & D, production and sales of optical microscope and optical element components. Its main products include biological microscope and industrial microscope, bar code scanner lens, plane optical elements and components of professional imaging optics department. The company continues to make efforts in the field of domestic high-end microscope, the proportion of high-end products is expected to continue to increase, and the profitability is expected to continue to optimize. At the same time, the company cuts into the field of vehicle lens and lidar, and is expected to promote the growth of the company's revenue on a large scale in the next three years. We expect the company to achieve a net profit of RMB 267 / 3600 / 467 million in 2022 / 2023 / 2024, EPS of 2.42 / 3.26 / 4.23, and the current share price corresponding to PE of 35.4 / 26.3 / 20.3. The company will be given a "buy" rating for the first time.
Deeply cultivate the microscope manufacturing industry and accumulate rich technical experience
The company is deeply engaged in the field of microscope production and R & D. It is the vice chairman unit of China Instrument Industry Association. The production technology level is leading in China. It has successively undertaken the manufacturing of optical lenses of "Chang'e 2" and "Chang'e 3". The company is an international first-line manufacturer and supplier, and its main customers include xinmeiya, Nikon, Leica camera, Leica microsystem, Zeiss and other enterprises in Germany. In cooperation with world-famous companies, Ningbo Yong Xin Optics Co.Ltd(603297) has accumulated rich manufacturing experience and high-end manufacturing technology, such as optical coating technology. The company actively arranged high-end microscope products, and the high-end microscope expansion project was officially put into use in 2021, contributing about 60 million yuan of high-end series revenue and an average sales price of 20000 yuan / set. The company will accelerate the optimization of product structure, increase the proportion of high-end optical microscope revenue and enhance profitability.
With the advent of the era of automotive intelligence, the company has ushered in new opportunities for development
With the intelligent upgrading of vehicles, users' requirements for the accuracy, safety and convenience of intelligent driving have increased, driving the improvement of ADAS penetration. According to Roland Berger's prediction, the global L1 ADAS permeability will reach more than 40% and L2 ADAS permeability will reach more than 20% in 2025. The upgrading of ADAS drives both the volume and price of cameras. The company's car lens front film is mainly supplied to Sony, and the sales volume increased by more than 90% year-on-year in 2021, laying a foundation for cutting into the car lens assembly business. In terms of lidar, the company has successively established cooperation with well-known enterprises at home and abroad in the field of lidar, such as Hesai, innoviz, Magna, innovusion, Beixing photon and so on. With the development of new customers and the steady progress of business progress, the company's on-board business is expected to maintain rapid growth.
Risk tip: the sales volume of new energy vehicles is lower than expected; The progress of lidar boarding was less than expected
