Main points of investment

Next Tuesday (February 21), there will be an inquiry by Maolai Optics, a listed company of Science and Technology Innovation Board.

688502.SH Optics: as a precision optics integrated solution provider, Mulai Optics specializes in the research, design, manufacture and sales of precision optics, optical lenses and optical systems. From 2020 to 2022, the company achieved operating income of 246 million yuan / 331 million yuan / 439 million yuan, YOY of 10.97%, 34.61%, 32.36%, 25.51%, 25.51%, respectively, and realized net profit of 42 million yuan / 47 million yuan / 59 million yuan, YOY of-4.69%, 13.35%, 24.60%, and 10.42%, respectively. The company expects the net profit attributable to the owner of the parent company to be 13 million yuan to 20 million yuan in the first quarter of 2023, a year-on-year change of-3.87% to 47.89%.

Investment highlights: 1. The company focuses on precision optical products used in national strategic emerging industries and high-tech fields, and is a leading industrial precision optical manufacturer in China. The processing level of the company's polishing technology, coating technology and multi-prism bonding technology is relatively high, and some of the processes can achieve nanometer precision; among them, in the coating link, the company has a super-large coating machine with a diameter of 1.9m, which can realize the coating of Φ 1.6m substrate, and has provided services for aerospace and astronomical observation fields for many times. The company's products are used in semiconductor lithography machines, gene sequencing in the field of life sciences, satellites in the field of aerospace and aviation, moon landings, civil aircraft, space stations and many other cutting-edge science and technology fields, and is a leading provider of industrial-grade precision optics integrated solutions in China. According to Frost Sullivan data and the company's business income in 2021, the company's market share in the global precision optics industrial application field reached 2.4%. 2. The company has certain advantages in precision optical products in the field of life science and semiconductors. In the field of life science, the company specializes in precision optical products for dental scanning and gene sequencing. at present, the main customers include ALIGN, one of the leading manufacturers of 3D dental scanners and their designated assemblers s.r.o., Meopta, the only domestic company with mass production capacity of high-throughput gene sequencer, etc., the company currently has a global market share of 3.8% in the field of life sciences. In the field of semiconductors, the company's products are mainly used in semiconductor testing and lithography machines, and have established cooperation with Camtek, KLA and other world-famous semiconductor testing equipment manufacturers, and have been used in lithography machines of domestic manufacturers such as Shanghai Microelectronics, which is expected to provide better support for the localization of lithography machines. 3. The company has a good layout in AR/VR, self-driving and other fields, and is expected to benefit from the rapid development of the corresponding fields. The company is an early and deeply involved supplier in the R & D and manufacture of optical test modules in AR/VR products, and has achieved a certain first-mover advantage in obtaining orders. at present, the corresponding products have been used in the optical performance testing of wearable equipment of Facebook Inc, Microsoft Corp and other customers. The lidar lens developed by the company can meet the requirements of L4 self-driving vehicles. It has reached a cooperation with Waymo, the self-driving platform of Alphabet, the parent company of Alphabet Inc-CL C, and its designated assembly manufacturer Flex, and the 22H1 customer products are in the integration stage. And the company has done a lot of work in the research and development of lenses and optical devices, the trial of automotive standards and automated production, creating a self-driving optical center that can independently develop optical lenses and optical lenses, independently complete reliability testing, and independently complete automatic production. With the rapid development of the above areas in the future, the company is expected to benefit better.

Comparison with listed companies in the same industry: the company's main products are precision optical devices, lenses and systems; considering the similarity of the main products, Fuguang shares, Yongxin Optics, Lante Optics and Tengjing Technology are selected as comparable listed companies. According to the above-mentioned comparable companies, the average income of the industry in 2021 was 547 million yuan, the arithmetic average (PE-TTM) was 76.86X, and the gross profit margin on sales was 38.01%. Comparatively speaking, the company's revenue scale was lower than the industry average, but the gross profit margin was higher than that of the above-mentioned comparable companies.

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.