We use extension, expansion and integration to summarize the positive and important changes that are taking place in the fundamentals of the company: first, the extension of the industrial chain from lenses to lenses; second, the expansion of the application industry from consumer electronic products such as digital cameras to the security industry; third, the integration of superior resources in the 3D imaging industry.
The industrial chain extends from the lens to the lens. Compared with lenses, because of the complexity of the structure and the improvement of process requirements, the lens not only directly increases the sales amount, but also increases the gross profit margin. In the long run, compared with the dependence of the lens on the downstream supporting products, the lens is easier to form its own brand and obtain the market premium through independent design. At present, the lens is still in the production capacity climbing period, there are a large number of trial orders, sales have achieved a substantial increase, but the gross profit margin needs to be improved.
The application industry expands from consumer electronic products such as digital cameras to the security industry. The security industry is currently in a period of evolution from analog front-end to digital HD front-end. Digital HD cameras require far more lenses than analog cameras, which is beneficial for the company to give full play to its technological and technological advantages. At the same time, as far as we know, compared with Japanese brands, the company's products have obvious price advantages under the same quality.
The company integrates superior resources in the 3D imaging industry. The company has established a joint venture with Shenzhen Palm, a leading domestic 3D imaging company, to integrate its 3D algorithm, software development and market resources, as well as its own lenses, lenses, machine design and production advantages.
At present, the ownership structure of the company is relatively simple, if we can realize the diversification of ownership structure, such as the introduction of international strategic investors, it will help to stimulate its great potential, and will give full play to the existing process level, technical team, customer quality advantages, and greatly improve in the development of new products.
Jiangxi Phoenix Fuji Film Optics Co., Ltd., a subsidiary of the company, has recently been recognized as a high-tech enterprise, paying income tax at a rate of 15% from 2011. According to our estimates, there will be an increase of about 4% compared to the 2011 performance calculated under the original tax rate.
The company has good fundamentals and is currently in a period of rapid growth. We predict that the company's 10 -, 11 -, 12-year income is 1.5 billion, 2.07 billion, 2.77 billion yuan, EPS is 0.28,0.42,0.65 yuan, corresponding to the 10,11,12-year PE is 48.9,32.2, 20.7 times.
Risk hint. Security lens is in the market development period, 3D camera is a new product, there is a certain market risk; labor costs rise; exchange rate change risk.
