The company is a leading manufacturer of optical components in China, with precision optical R & D and manufacturing technology, a wide range of distribution of communications, AR, lidar, HUD, biomedical and other fields. The company's optical coating and molded aspheric lens technology has high technical barriers, and the advantages of optical platform are obvious. In the future, with the expansion of high-end optical technology in the downstream application field, we will quickly cut into lidar, AR and other emerging markets to open up the future growth space.
The company has been working in the upper reaches of the optical communication field for many years, providing a variety of core optical components. Facing the optical communication market, the company has been ploughing deeply in the field of subdivided products such as WSS for many years, and is currently in the position of a leading supplier. Telecom side inventory clearance, strong demand for access network, overseas 5G construction on the right track to open the market space; Datong side demand exceeded expectations, overseas cloud manufacturers entered the Capex uplink cycle. The company's core products have high technical barriers and are deeply bound with many major optical device customers around the world, including II-VI, Lumentum and Zhongji Xuchuang, etc., continue to tap other new market segments in the field of optical communications, and further consolidate the foundation of the company's main optical communications market.
The company's high-power optical fiber devices are widely used in a variety of industrial manufacturing scenarios. With the advantages of high processing efficiency and quality, high-power fiber laser broadens the application of fiber laser in automobile manufacturing, aircraft manufacturing, energy, mechanical manufacturing and other fields. The company's products have a high laser damage threshold, high-power fiber devices are widely used in various manufacturing scenarios, and have established a cooperative relationship with nLIGHT and other major fiber laser manufacturers around the world. With the continuous expansion of the fiber laser market, it is expected to drive the market demand for optoelectronic components.
The company focuses on creating high-end optical components platform, in-depth layout of AR, lidar and other emerging areas, is expected to quickly cut into emerging markets. Relying on a number of core technologies such as optical coating, molded aspheric surface and precision machining, the company aims to create a high-end optical components platform. With the acceleration of meta-universe and the rapid development of intelligent driving, these downstream fields are expected to quickly achieve large-scale commercial use. In the field of lidar applications, product verification and customer inspection are in progress; in the field of AR applications, in addition to providing customers with precision optical components in the optical and mechanical part, two-dimensional waveguide plates have made positive progress; diffracted optical waveguide technology is also in progress. In the field of medical testing, the company cooperates deeply with overseas manufacturers in dental and ophthalmic medical equipment, and has been used in biomedical devices and equipment such as endoscope system, flow cytometry, sequencer, Raman spectrometer and so on.
The company's deep layout of emerging areas is expected to quickly cut into emerging markets and occupy a leading position in the upstream.
The company is in a leading position in the field of optical communications and fiber laser upstream subdivision, while in-depth layout of AR, lidar, biomedical and other emerging fields, it is expected to make rapid breakthroughs and break the performance ceiling in other emerging markets while tamping the revenue base. It is estimated that the net profit of homing from 2022 to 2024 is 0.66 million yuan 0.95 million yuan respectively, and the corresponding PE is 55.3X line 38.7X 275x respectively. Considering the high growth of the downstream field where the company is located, it is given a "highly recommended" rating.
Risk hint: the growth rate of communication-side business is not as expected, the development of downstream emerging areas is not as expected, and the company's competitiveness in the new market is not as expected.