Main points of investment:
Based on research and development
Xiamen Optoelectronics Co., Ltd., founded in 1994, is a technology-leading national high-tech enterprise, covering the R & D, production and sales of semiconductor optical application products and new flexible circuit materials and medical beauty services. Based on research and development, the company continues to expand the application scenes of infrared, visible and ultraviolet light around semiconductor optoelectronic technology, the main products are semiconductor photoelectric sensors, semiconductor professional lighting and intelligent lighting, UV semiconductor sterilization and beauty care products, FPC+, etc., in educational lighting, UV elimination, beauty care and other semiconductor light application health fields and beauty services to actively build their own brands.
Core business-semiconductor optical application service
Since the establishment of the company, it has been deeply rooted in the semiconductor industry. Based on LED packaging technology, the company develops, produces and sells LED panel lights and other lighting products; in 2013, the company carried out the research and development of intelligent lighting and intelligent control technology and began to lay out non-visual LED technology; in 2015, the company laid out touch sensor and control module technology. In 2017, the company integrated resources, vigorously developed intelligent lighting and smart home, and actively expanded the application of intelligent IoT hardware in big health, big consumption and other related industries; in 2019, the company planned the product layout on ultraviolet sterilization products and developed ultraviolet sterilization modules used in household appliances, air purification, water purification and other fields. In 2020, combined with UV sterilization module technology and control system, UV sterilization box, sterilization kit, vehicle air sterilizer, air disinfector, disinfection knife holder and other UV disinfection and sterilization series products were successively developed and mass produced to promote the company's independent brand business to enter a rapid development. With the continuous enrichment of the variety of products, the company has adjusted the strategic positioning of its core business from "semiconductor lighting" to "semiconductor light applications". While continuing to dig deep into the field of semiconductor lighting, the company will expand its core business to the whole field of semiconductor light applications.
Subsidiary Epson: FPC professional manufacturer
Xiamen Episheng, a subsidiary of the company, is an early FPC professional manufacturing enterprise in China, which has been committed to independent research and development, manufacturing and sales of flexible printed circuit boards. The products are mainly bare plates (single-layer plate, double-panel, multi-layer board, soft and hard composite board), and extend and expand to upstream materials and downstream materials. The company has formed a strong competitiveness and good reputation in the industry, customers including Foxconn, BYD, BOE and other strategic partners.
Layout the field of beauty services
Since the listing of the company, on the basis of consolidating the original main business and cultivating new profit growth points, the company has formulated the long-term development field of "big health + big consumption". In May 2018, the company invested and established a wholly-owned subsidiary Xiamen Hayaode Enterprise Management Co., Ltd. In June 2018, Harold acquired a 51% stake in Chongqing Junmei Medical Beauty Hospital Co., Ltd., taking the first step in the layout of the company's medical and beauty industry.
Investment advice and profit Forecast
The company actively responds to the changes in the market environment, continues to carry out research and development and technological innovation in various business areas, optimizes product structure, accelerates brand building, and improves business layout. We estimate that the EPS of the company from 2021 to 2023 will be 0.45,0.57 and 0.62 yuan respectively, and the corresponding PE will be 30.98,24.54 and 22.50 times respectively, giving the "overweight" rating for the first time.
Risk hint
The risk of macroeconomic fluctuations; the risk of a serious decline in terminal demand; the risk of large fluctuations in upstream raw material prices; the risk of large accounts receivable balance, etc.
