[matters]
According to the company's recent investor relations activity record table, the company's wholly-owned subsidiary United Automobile has begun to lay out the field of intelligent driving in the early days, and the current products mainly include on-board lenses and millimeter wave radar (band 76-81GHz), the technology is relatively mature and meets the relevant national policy requirements.
There are 220-degree view angle vehicle lens (panoramic camera lens), thermal imaging lens, cabin detection lens, forward-looking lens, etc., as well as angle radar, vehicle-road coordination radar, vehicle vital signs detection radar and other products. At present, the main customers are domestic automobile manufacturers. The car lens has basically covered the national mainstream vehicle manufacturers and some first-tier international brand car manufacturers through Tier-1 manufacturers. The main customers of millimeter wave radar products are the whole vehicle factory.
[comments]
Deep ploughing in the field of optics, high-definition security zoom lens market occupies the first place in the world. After years of scientific and technological innovation and R & D investment, the company has formed a complete business system integrating optoelectronic product design and development, ultra-precision machining and intelligent manufacturing. Technological innovation and new product development have always been in the forefront of China's optical lens manufacturing industry. In the field of optical anti-shake, ultra-high magnification zoom lens and ultra-high-definition 4K laser display, it is the only independent development and mass production enterprise in China. According to TSR data, the company's global market share of 20 times or more HD zoom security lenses has ranked first in the world for many years in a row.
Consolidate the competitive advantage in the field of security, actively expand laser projection, intelligent driving, VR/AR, AI and other emerging areas of optoelectronic products. On the one hand, the company will continue to concentrate superior resources, deeply cultivate the lens business of security products, consolidate the leading position in the market, and accelerate the expansion of customers in overseas markets. On the other hand, the company is actively laying out new display, intelligent driving, artificial intelligence and other emerging areas. The revenue scale of 2022Q1's emerging business has maintained rapid growth. Revenue from new display products has increased by 272.35% compared with the same period last year, and revenue from intelligent driving has increased by 73.19% year-on-year.
Comprehensive layout of intelligent driving perception system to promote the development of automobile intelligence. In the field of intelligent driving, the company already has panoramic camera lenses, thermal imaging lenses, cabin inspection lenses, forward-looking lenses, as well as angle radar, vehicle-road coordination radar, in-car vital signs detection radar and other products. In addition, the company through Zhongshan Guangsheng Technology wholly-owned subsidiary Wuhan Tianguo Optoelectronics Technology to expand lidar research and development, production. The company's comprehensive layout of intelligent driving perception system is expected to further expand the market share of vehicle mirrors, speed up the matching of millimeter wave radar and other products in the whole vehicle factory, and promote the development of automobile intelligence.
[investment advice]
The company deeply ploughs the field of optoelectronic products, and has built an optical product engineering and technology research and development platform with perfect software and hardware, strong technical capability and international advanced level. While consolidating the leading position in the field of high-end security cameras, accelerate the layout to expand new types of display, intelligent driving and other emerging tracks. It is estimated that the company's revenue from 2022 to 2024 will be 21.68,29.17 and 3.778 billion yuan respectively, the net profit will be 0.77 yuan, 1.12 yuan and 144 million yuan respectively, the EPS will be 0.29,0.42,0.54 yuan per share respectively, and the pre-PE will be 51,35 and 27 times respectively.
[risk Tip]
Downstream demand is lower than expected
The development of new products and new customers is not as good as expected.
Market competition intensifies