Haitong International Group recently conducted research on China Optics and released a research report "First Coverage: Leading Enterprises in Optical Mechatronics, Expected to Benefit from a New Wave of Intelligent Machine Optics Innovation", this report gives an overweight rating to China Optics and believes that its target price is 2543 yuan, the current stock price is 2331 yuan, the expected range of ** is 909%。
Medium Optics (002189).
A large state-owned military-civilian enterprise, with 55 years of deep optoelectronic technology accumulation. Founded in 1968, the company belongs to China Ordnance Equipment Group, and its products mainly include optical components, lenses, projectors, security monitoring systems, optoelectronic defense products, etc., and has a complete industrial chain extending from optical components and components to complete machine and system integration services. The company takes advanced optical perception, imaging, display and lighting as the main line, focuses on military optoelectronics, automotive optoelectronics, IT optoelectronics, aiming at micro-nano optics, functional coatings, new light source digital micro-displays, Internet of Vehicles intelligent interactive automotive optoelectronics, photoelectric reconnaissance and key defense systems, and is currently accelerating the layout of the whole industrial chain of new components (advanced optical components), new lenses (optical lenses and modules), new complete machines (optical engines and projectors), and new systems.
Precision optical components: projection optics, chromatic prisms, TIR prisms industry champions. In the field of precision optical components, the company takes optical thin film technology as the core, and has lenses, prisms, optical lenses, optical accessories, photoresistors and other products. In terms of market share, the company's projection optics has the largest market share in the worldThe global market share of chromatic prism and TIR prism is the first, with a market share of up to 65%. Up to now, the company's customer base is leading in the industry, and it is the best supplier of internationally renowned enterprises such as Epson, Fuji, Canon, Sony, and Nikon.
Projector and core components: leading in China, actively expanding the automotive intelligent optics business. In terms of projection machines and core components, the company is one of the few enterprises in China with the design, R&D and production capacity of projection machines, covering two mainstream technical solutions of DLP and 3LCD, and the manufacturing scale of optical engines and complete machines is leading in China. At present, the company's projectors not only cover projectors, business education, and household mainstream models, but also increase the application of microdisplay technology in intelligent cockpits, intelligent headlights, vehicle HUD and other fields. We believe that the company is expected to continue to benefit from the wave of automotive intelligence in the future, based on its extensive and deep layout in the automotive field.
The company is expected to benefit from a new wave of optical innovation in smart machines. In 2024, under the background of the improvement of the low base of the smartphone market, the multi-group periscope solution of leading brands is expected to lead the innovation trend of the optical industry. As the champion of the prism industry, the company is expected to continue to benefit from a new wave of upgrading of the intelligent machine optical industry.
Profitability**: We expect the company's total revenue to be 22 in 23-2556/36.41/40.4.9 billion yuan, fully diluted EPS was -029/0.42/0.67 yuan. At the same time, considering the new wave of upgrading of smart machine optics and the broad market space of automotive intelligent optics, we give the company 60 times PE valuation in 2024 with reference to the valuation level of comparable companies, and the corresponding target price of 2543 yuan shares, the first coverage gave a "better than the market" rating.
Risk Warning. The shipment of smart terminals is less than expected, the mass production of new products is less than expected, the market demand is less than expected, and the competition in the industry is intensifying.
*According to the calculation of the research report data released in the past three years, the research team of Meng Xiangjie of GF** has conducted in-depth research on the stock, and the average accuracy of the past three years is 5843%, and its **2019 attributable net profit was 94.89 million, and the **PE converted according to the current price was 645。
The latest profit** breakdown is as follows:
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