The performance shows a steady improvement, and the high-end development continues to advance.
Akita Micro specializes in LCD and touch products, including monochromatic LCD, monochromatic LCD module, color LCD module and capacitive touch screen, and has established long-term and stable cooperative relations with Haixing Electric Power, Desai Xiwei, Hewlett-Packard, Siemens, BYD, Schneider and many other well-known enterprises at home and abroad. Taking into account the overall weak downstream demand and uncertainty in the performance of e-paper and liquid crystal light valves, we expect the company's 2022-2024 net profit to be 1.27pm 1.44pm 1.64 million yuan, corresponding to EPS 1.06pm 1.20max 1.36, and the current share price corresponding to PE 29.3pm 25.8 times. Cover for the first time, giving a "buy" rating.
2022H1 color liquid crystal display module and capacitive touch screen still achieve steady growth 2022H1 color liquid crystal display module revenue growth rate of 15.98%, capacitive touch screen revenue growth rate of 33.80%, reflecting strong performance resilience. For color liquid crystal display modules, the company's Mini LED backlight display has the advantages of high contrast, thickness close to OLED and low power consumption, which can effectively solve the problem of short life cycle of OLED in vehicle and smart home market. For capacitive touch screen, the company's Touch Plus gesture touch display module can effectively avoid direct contact between human body and touch screen surface during interaction, and can be widely used in self-service equipment and query equipment in public places such as hospitals, banks, restaurants and so on.
The electronic paper product is about to hit the ground, the liquid crystal light valve is profoundly benefiting from the automobile intelligent era in the electronic paper era, the company's electronic paper module takes the research and development of small and medium-sized products as the main direction, and can be used in price tags, famous brands, e-books and other application fields. It is planned to complete reliability testing and small batch trial production in 2022.
According to Loto science and technology data, the global e-paper market will be 11.3 billion yuan in 2021 and is expected to reach 70 billion yuan in 2025. In the aspect of liquid crystal light valve, the company has accumulated some technology in the application of vehicle anti-glare liquid crystal light valve, automobile automatic dimming sunshade liquid crystal light valve, lidar liquid crystal light valve and so on. With the gradual mass production of auxiliary driving function, lidar as an important part of auxiliary driving system, its market scale is expected to usher in a period of rapid growth, which will also lead to the growth of lidar liquid crystal light valve demand.
Risk hints: there is uncertainty in the progress of new product research and development; there are periodic fluctuations in the downstream prosperity; and there is uncertainty in the downstream customer expansion speed.
