1. High prosperity in the industry and rapid growth in performance.
With the continuous improvement of the demand for the quality of mobile phone lenses, the popularity of digital cameras and SLR digital cameras, and the rise of micro-projection and 3D photography. The demand for optical components increases. As a big company in this small industry, the rise of the prosperity of the industry brings good opportunities for the development of the company. The company has recently entered Samsung's supply chain, and future performance growth should be guaranteed. At present, the company's orders are still full, and revenue is expected to maintain rapid growth.
2. Large but not strong, low profitability.
As a processor, the profit level of the company is suppressed downstream, so it is difficult to improve the gross profit margin. At the same time, as a labor-intensive enterprise, the rise of labor costs has a great impact on the profits of the company.
3. Actively extend to find a breakthrough.
The new management of the company is also actively looking for breakthroughs in the company's business on the basis of traditional business, and the company is currently involved in the fields of precision metal processing, CCTV lenses and 3D photography.
4. Restructuring needs to be promoted by the government.
Although the company is actively expanding in the industrial extension, due to the strong technical and financial support needed for the development of new products, this is the lack of Phoenix Optics, and it is the primary problem for the company to solve in order to achieve transformation. If Phoenix Optical Group can carry out restructuring and introduce partners with capital and technical strength, it will play a role in promoting the development of the whole group, and the listed companies as the main body of the group will also fully benefit from it. and this needs the active promotion of the government.
5. Investment suggestions.
Based on the previous analysis, we initially estimate that the company's performance per share from 2010 to 2012 is 0.28,0.38,0.49 yuan respectively. Based on a comprehensive comparison of the valuation of relevant listed companies in the industry, we think that the corresponding range of about 40 times PE in 11 years is more reasonable. The reasonable target price is 15.2 yuan. We give a "recommended" rating.
