Company profile:
The company is a research and development, design, production, sales and service in one of the professional photoelectric sensor supplier. The company's main products include pyroelectric infrared sensor series and visible light sensor series, which are mainly used in LED lighting, security, digital electronic products and other fields.
The company has no controlling shareholder; the actual control is single Forest, which altogether controls the company to issue 63.00% of the shares.
Current situation and prospect of the industry
The sensor industry is developing rapidly. Under the background of China's rapid economic growth, national policy support, the rapid development of science and technology and the rise of the Internet of things, the level of sensor technology in China has improved rapidly, and gradually shortened the gap with the world's advanced sensor technology countries. According to the "White Paper on the Development of China's Sensor Industry (2014)" issued by the Institute of Electronic Science and Technology Information of the Ministry of Industry and Information Technology in November 2014, the market size of China's sensor industry was only 30 billion yuan in 2009. after three years of rapid growth, by 2012, the market size of the sensor industry has exceeded 50 billion yuan, reaching 64.6 billion yuan in 2013, with an annual compound growth rate of 21.14%. The market size of China's sensor industry will reach 86.5 billion yuan in 2014.
The gap in the technical level of photoelectric sensor enterprises between China and foreign developed countries is gradually narrowing. After years of development, the overall technical level of China's optoelectronic sensor industry has been significantly improved. In terms of product research and development, at present, the leading enterprises in the production of photoelectric sensors in China basically have their own core R & D technology and intellectual property rights, and spend a lot of money on R & D and design every year. focus on the photoelectric sensor product sensitivity, anti-electromagnetic interference, reaction speed, spectral characteristics, as well as product consistency, stability, service life and other aspects.
Highlights of the company:
Leading enterprise of pyroelectric infrared sensor. The company has a strong strength of independent research and development, especially in the field of pyroelectric infrared sensors, is one of the few domestic enterprises that master the core technology of pyroelectric infrared sensors and own independent intellectual property rights, and has a significant competitive advantage in the industry. As of June 30, 2017, the company has 25 patents involving infrared sensitive ceramic materials, infrared filter packaging, patch intelligent pyroelectric infrared sensor, multi-channel pyroelectric infrared sensor tester, etc. The company also has two kinds of pyroelectric infrared sensor core components (infrared filter and infrared sensitive ceramic) formulation and production capacity. According to the "Overview of China Pyroelectric Infrared Sensor Industry" released by the sensitive components and sensors Branch of China Electronic components Industry Association in June 2015, the company's pyroelectric infrared sensor production accounted for about 30% of the overall market share in 2014. The company's products can be widely used in lighting, security, switches, toys, home appliances, digital products and other fields, so that the company's product sales show the characteristics of "a large number of customers, a small amount of money", thus greatly enhancing the ability to resist market risks. the crisis of a single customer or a single industry will not have a serious impact on the company's business.
Fund-raising project
1. It is proposed to raise 109 million yuan for the expansion project of intelligent pyroelectric infrared sensor.
2. It is proposed to use 25 million yuan to raise funds for the visible light sensor expansion project.
3. It is proposed to use the raised funds of 62 million yuan for the R & D center construction project.
4. It is proposed to use 40 million yuan to raise funds for the construction project of the marketing center.
Main potential risks
The risk of lack of timeliness in new product development. The company's products are mainly used in lighting, security, smart home and other industries. In recent years, with the improvement of industrialization and information level, especially the deepening of the application of the Internet of things, the performance and function requirements of optoelectronic sensors in downstream application fields continue to upgrade, and the demand for intelligent, miniaturized and multi-functional products will become more and more urgent. The requirements for the function, sensitivity and integration of the company's sensor products are getting higher and higher. If the company can not develop in time to meet the needs of customer product upgrading, it will have a negative impact on the company's market development.
The risk of increased competition in the market. In the past decade, with the rapid development of the downstream Internet of things industry, China's photoelectric sensor technology has made great progress, the gap with developed countries is narrowing, and many enterprises of different sizes have emerged. the market competition in the domestic optoelectronic sensor industry is intensifying, at the same time, the company is also facing competition from international enterprises. If the company can not maintain the existing core technology advantages, brand advantages and key markets of the existing advantages, and continue to develop new products and open up new markets, it may have a negative impact on the company's future performance growth.
Valuation
The issuer, which works in the computer, communications and other electronic equipment manufacturing industry, posted an average static price-to-earnings ratio of 47.46 times for the latest month as of August 30, 2017. It is estimated that the company's earnings per share in 2017 and 2018 are 0.70 yuan and 0.85 yuan respectively, combined with the current market conditions, the initial pressure is expected to be 46 yuan-54 yuan.