According to the company's announcement on October 12, 2022, the company recently received a certain type of airborne optoelectronic system product "bid winning notice". The winning bid of a certain type of airborne optoelectronic system product is the winning bid of the company's traditional advantage optoelectronic system product in the new model project. according to the batch production characteristics of the model product, this type of product will have a positive impact on the company's performance growth in the coming year.
Relying on the technological leadership in the infrared industry for many years and the domestic mass production of multi-category infrared core devices, the company has invested heavily in pre-research on various types of high-tech products, actively participated in the bidding projects of various J arms model products, and achieved excellent results. The total amount of the company's important contracts in 2020 is 1.793 billion yuan, which accounts for 109.49% of the company's total revenue in 2019. The total amount of the company's important contracts in 2021 is 2.721 billion yuan, reaching 81.62% of the company's total revenue in 2020. According to the company's announcement on January 8, 2022, the company received bid winning notices for two types of optoelectronic system products, and the company won the first and second place in bidding for this kind of airborne optoelectronic pod project for the first time; according to the company's announcement on March 30, 2022, the company signed an order contract for a certain type of infrared thermal imager with a contract amount of 269 million yuan, accounting for 7.69% of the company's audited business income in 2021.
Share buyback demonstrates the company's confidence in its long-term development. On September 5, 2022, the company announced that it intends to use its own funds or self-raised funds to buy back all of the company's shares for equity incentives or employee stock ownership plans. As of September 30, 2022, the implementation has been completed, and the company has repurchased 25.4691 million shares of the company at an average price of 11.82 yuan per share, accounting for 0.78% of the company's total share capital, with a total repurchase amount of 301 million yuan.
We maintain our profit forecast and expect the company's net profit from 2022 to 2024 to be 12.06max 15.51 / 1.905 billion yuan and EPS 0.37max 0.47max 0.58 yuan per share, corresponding to the closing price of PE on October 14, which is 20.6 times the closing price of 32.5ppm 25.2pm, maintaining the "prudent overweight" rating.
Risk hint: product delivery progress is not as expected, new product research and development is not as expected, industry competition intensifies.