Main points of investment
On Wednesday, February 1, an inquiry was made by China Resources Optics, a listed company of Science and Technology Innovation Board.
China Resources Optics (688307): the company is a precision optical lens product and technology development service provider with vision as the core. The company achieved operating income of 284 million yuan / 334 million yuan / 396 million yuan in 2019-2021, YOY of 17.64% in 2020 and 2021 respectively, with a compound annual growth rate of 18.11%. The net profit of homing was 23 million yuan / 27 million yuan / 36 million yuan, and the YOY in 2020 and 2021 was 17.93% and 34.91% respectively, and the compound annual growth rate of net profit in 2020 and 2021 was 26.14%. In the latest reporting period, the company achieved operating income of 273 million yuan in the first three quarters of 2022, an increase of 6.70% over the same period last year, and a net profit of 24 million yuan, an increase of 113.26% over the same period last year. The company reasonably expects the net profit attributed to the owner of the parent company to be 38 million yuan to 42.5 million yuan in 2022, an increase of 5.70% to 18.22% over the same period last year.
Investment highlights: 1. The company leads the world in the field of large magnification and super magnification zoom lens products in digital security. Globally, in the field of digital security, fixed-focus lenses account for about 80% of the total shipments of security lenses, but compared with fixed-focus lenses, zoom lenses have significant performance advantages in many aspects, such as field of view switching, observation range coverage and so on. there is a broad space to improve the penetration of zoom lenses in this field in the future. The company currently has a strong advantage in this field. In 2021, the company ranks second in the global market share of zoom lenses with more than 10 times of digital security, ranking second; in digital security of 30 times and more, the global market share of super-magnification zoom lenses reached 47.88%. Occupy a leading position; and the company is one of the two major manufacturers in the domestic security field. 2. With the acquisition of Kinoshita Optics, a veteran optical design company in Japan, the company has further strengthened its technological development in the field of optical lenses. In 2019, the company acquired Kinoshita Optics, a veteran optical design company in Japan with a history of more than 40 years, and designed more than 1700 optical systems of different shapes, with good technical accumulation in the optical field; after controlling Kinoshita Optics, Kinoshita Optics was brought into the management system of the subsidiary, and the original business team and core technical personnel were well inherited. Judging from the company's existing technical team, the core technical staff, Yoichi Kono, has nearly 30 years of experience in Ricoh Optics, Koji Hashimoto has more than 20 years experience in Ricoh Optics, and Keio Omori has 15 years experience in Nikon. The experienced technical team may effectively promote the further development of the company's optical lens technology. 3. The company is one of the few domestic manufacturers that deeply layout the zoom lens of industrial UAV. Due to the need of UAV flight range, the balance between volume, weight compression and high performance makes the development of industrial UAV zoom lens extremely difficult, and the technological development in this field has been restricted by foreign manufacturers for a long time. The company is one of the few domestic manufacturers to go deep into the layout of optical lenses for industrial drones, and has achieved stable cooperation with DJI; according to the TSR report, the company's global market share in the field of industrial drones reached 5.6% in 2021. With the continuous introduction of favorable policies and the continuous improvement of UAV supervision and industry standards, China's industrial UAV market is expected to develop steadily and healthily, and the company is expected to benefit.
Comparison with listed companies in the same industry: the company focuses on the research and development, design and sales of precision optical lenses; according to the similarity of the main products, we select United Optoelectronics, cosmic pupil Optics, Fuguang shares and Liding Optoelectronics as comparable listed companies. According to the above-mentioned comparable companies, the average income of the industry in 2021 is 1.218 billion yuan, the arithmetic average (PE-TTM) is 64.64X, and the sales gross profit margin is 29.53%. Comparatively speaking, the company's revenue scale is lower than the industry average, but the gross profit margin is in the upper reaches of the industry.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data selection may have interpretation deviation, specific listed company risk is displayed in the text content, and so on.
