\u3000\u3000 Ningbo Yong Xin Optics Co.Ltd(603297) (603297)
Event: on January 14, 2022, the company issued a pre increase announcement of performance in 2021. The company expects to achieve an operating revenue of 803 million yuan in 2021, a year-on-year increase of about 39%; The net profit attributable to the parent company is expected to be 262 million yuan, with a year-on-year increase of about 62%.
Comments:
The growth rate of the company’s performance in the third quarter was improved and its profitability was relatively stable
According to the company’s announcement, it is estimated that in 2021, the company will realize an operating revenue of about 803 million yuan, an increase of about 227 million yuan compared with the same period of last year, a year-on-year increase of about 39%; It is estimated that the net profit attributable to the parent company will be 262 million yuan, an increase of about 100 million yuan compared with the same period of last year, a year-on-year increase of about 62%; It is estimated that the net profit attributable to the parent company after deducting non-profit is 157 million yuan, an increase of about 62 million yuan compared with the same period of last year, a year-on-year increase of about 65%.
In 2021, the company’s revenue and net profit attributable to the parent company achieved a high growth rate. On the one hand, it benefited from actively seizing new market opportunities and arranging fields such as autopilot, lidar and machine vision. New products in relevant fields led to the growth of the company’s performance; On the other hand, under the general trend of domestic substitution of high-end optical microscope, the company is expected to fully benefit and continue to promote the growth of the company.
Benefiting from the domestic substitution of high-end microscopes, the performance is highly uncertain
At present, China’s microscope market mainly produces low-end microscopes, and high-end microscopes mainly rely on imports. With the process of China’s intelligent manufacturing, the state has continuously issued relevant policies to guide the manufacturing industry to gradually move towards high-end, and the domestic substitution trend of high-end microscopes is becoming more and more obvious. 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.
In depth layout of intelligent automobile industry chain and open up new space for growth
The company has been deeply engaged in the field of optics for many years and has profound technical precipitation. While consolidating its core business, the company is also actively arranging new fields such as automatic driving, lidar and machine vision. 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.
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, low marginal development cost of new products and strong certainty of long-term growth. It is estimated that the net profit of the company from 2021 to 2023 will be RMB 262 million, RMB 279 million and RMB 369 million respectively, corresponding to 52.86 times, 49.58 times and 37.60 times of PE, maintaining the “overweight” rating.
Risk factors
The risk of technology not leading continuously and the loss of core personnel and core technology, the risk of market expansion, and the risk of changes in trade policies of major selling countries
