\u3000\u3000 Ningbo Yong Xin Optics Co.Ltd(603297) (603297)
Key investment points
In the first year of the five-year plan, both revenue and profitability increased. The company released the performance forecast for 2021, and achieved an annual revenue of 800 million yuan, an increase of 39% at the same time; The net profit attributable to the parent company was 260 million yuan, an increase of 62% at the same time, excluding the income from asset disposal and other income including 80 million compensation for collection and storage; Deduct 160 million yuan of non parent net profit, an increase of 65% at the same time. The company is the only manufacturer focusing on micro optical instruments in China. It has a history of precision optical R & D and manufacturing for 78 years. At the same time, it actively grasps the opportunities of intelligent driving and machine vision, and arranges emerging optical components such as bar code scanning and machine vision lens, vehicle optics and lidar optical components. In 2020, the company will formulate a five-year strategic plan, clarify the future development direction, and plan to achieve five times the output scale and per capita efficiency in five years. 2021 is the first year of the five-year plan. The new plant is fully put into operation, all businesses have achieved significant growth, the sales and management expense rate has decreased significantly under the scale effect, and the net interest rate in the first three quarters has increased by 14 PCT to 37% year-on-year.
Seize the opportunity of emerging optical element components and get on the car in mass production of lidar. 1) Lidar optical components: the company can provide lidar single lens to lens and other optical components, which has been shipped in small quantities in 21 years. 22 years is the window period from L2 to L3 / L4, and many high-level intelligent vehicles equipped with lidar have been released. The company has established cooperation with many laser radar complete machine factories at home and abroad, such as Hesai and innoviz. It is the designated supplier of magna. In 22 years, many customers will enter mass production, and the performance is expected to achieve high growth. 2) On board optics: the order of on-board lens front film has exceeded 800000 pieces / month, which has been supplied to Sony in batch, laying the foundation for the subsequent cut into the on-board lens assembly business. 3) Machine vision: benefiting from the mass production of new products and keeping the volume and price rising, the high-speed focusing liquid lens applied to machine vision has been sold to large overseas customers in batches, and it is expected to cut into the module in the future to improve the value. 4) Bar code scanning: benefiting from the epidemic situation, the demand for logistics control has increased continuously and steadily, and the industry brand concentration is high. The company is the core optical component supplier of the world's top four brand customers.
Chinese microscope expert enterprises, high-end new products continue to ship. Microscope is a precision optical instrument with high technology and high value. It is widely used in teaching, scientific research, industry, medical treatment and other fields. The global high-end microscope market is highly concentrated and dominated by foreign enterprises such as Leica microscope system, Zeiss, Nikon and Olympus. China mainly depends on imports. The company is one of the few manufacturers with high-end microscope batch manufacturing capacity in China. The confocal microscope technology is close to the level of international competitive products. It has been shipped in 2021 and its sales volume is expected to further increase in 2022. It will continue to benefit from the expansion of China's demand for optical microscope and the import substitution of medium and high-end microscope.
Investment suggestion: we expect the company to achieve an operating revenue of RMB 800 / 11.3 / 1.52 billion from 2021 to 23, with a year-on-year increase of 39% / 41% / 34%; The net profit attributable to the parent company was 260 / 260 / 330 million yuan, with a year-on-year increase of 62% / 0% / 26%; The corresponding EPS is 2.37/2.38/3.00 yuan and the corresponding PE is 51 / 51 / 41 times respectively. Considering the leading position of the company in China's high-end microscope field and the long-term growth potential brought by the layout of machine vision, vehicle optics and laser radar components, the "buy" investment rating is given for the first time.
Risk warning event: the development of intelligent driving is not as expected; The sales volume of high-end products is lower than expected; The public data used in the research report may have the risk of information lag or untimely update; Market demand / scale measurement is less than expected risk, etc
