\u3000\u3000 Ningbo Yong Xin Optics Co.Ltd(603297) (603297)
Event: the company expects that the net profit attributable to the parent company in 2021 will be about 262 million yuan, an increase of about 100.32 million yuan, a year-on-year increase of about 62%. It is estimated that the non net profit deducted in 2021 will be about 157 million yuan, an increase of about 62.01 million yuan, a year-on-year increase of about 65%. It is estimated that in 2021, the company’s operating revenue will be about 803 million yuan, with a year-on-year increase of about 39% compared with the same period of last year. The high growth of the company’s net profit is mainly due to the growth of the company’s optical instrument business, the mass production of new products of barcode lens and machine vision customers in the optical component business, and the increase of process control requirements in the logistics industry.
China’s high-end microscope market has broad room for growth, and Yongxin has strong R & D strength. The global microscope market is growing steadily. The applications in the fields of teaching, life sciences, nanotechnology and semiconductor technology support the microscope market demand. According to the market statistics and prediction of Grandview research, the global microscope market capacity in 2013 is US $5.68 billion, the average annual compound growth rate is expected to be 7.7%, and the global microscope market capacity is expected to reach US $9.54 billion in 2020. The world’s high-end microscope industry is mainly distributed in Germany and Japan. Leica microsystems and Zeiss are represented in Germany, while Nikon and Olympus are represented in Japan. These enterprises occupy more than 50% of the world microscope market, and there is a huge space for domestic substitution in China. Yongxin’s high-end microscope still maintained a good growth against the background of the epidemic, and the high-end series microscope products such as ne900 / nib900 increased, and the demand restrained by the teaching market is expected to rebound. In addition, the state will further support the domestic high-end scientific instrument industry, and the market demand for precision instruments will continue to increase. The company has completed the sales of the first set of laser confocal microscope, which has been purchased by Beijing Academy of agricultural and Forestry Sciences and used for cash crop cell research. Ningbo Yong Xin Optics Co.Ltd(603297) as the leader of microscope manufacturing enterprises in China, he has been engaged in microscope manufacturing for 20 years, with sufficient technology precipitation, and is expected to benefit from great market opportunities.
A leader in the field of bar code scanner and a leader in self-developed new generation technology. At present, barcode scanners used in commercial links are mainly used in financial, commercial, tax and other scenarios. Since 1998, the company has cut into the supply chain system of Xunbao technology. Since 2016, the company has become a supplier of delijie. The brand concentration of bar code scanner market is high. Xunbao technology, Honeywell, delijie and NCR are the four giants in the industry. Yongxin has become the core optical component supplier of the above four well-known enterprises. The ultra dural window technology independently developed by the company ranks first in the world, gradually replaces sapphire window, and has been applied to tens of thousands of desktop scanners.
The penetration rate of vehicle lens continues to improve, lidar is in the ascendant, and the vertical integration ability is extended vertically. Environmental perception is the most critical link to realize automatic driving, and its core is sensors (camera, radar). On the one hand, autopilot continues to penetrate. According to strategy analytics, by 2025, the penetration rate of new car autopilot will reach 73%; On the other hand, with the rich functions of automatic driving, such as blind spot monitoring, lane change assistance, automatic emergency braking and adaptive cruise control, the number of sensors will increase. At present, the company’s on-board lidar lens and optical components are still in the stage of small batch verification. With the actual progress of downstream customer business, the company has gradually expanded the lidar customer group to the field of rail transit and industry, and expanded the products from components to the whole lidar OEM. The vehicle lens front film project has a stable mass production capacity and is expected to fully grasp the golden opportunity of demand growth.
Profit forecast and investment suggestions: we expect the company to achieve a revenue of RMB 803 / 1084 / 1463 million in 2021e / 2022e / 2023e, a year-on-year increase of 39.3% / 35.0% / 35.0%, and a net profit attributable to the parent company of RMB 263 / 273 / 362 million. At present, the corresponding PE of the stock price is 52.4/50.5/38.1x, maintaining the “buy” rating.
Risk tip: the penetration of intelligent driving is less than expected, and the industry competition intensifies the risk.
