occurrences
The company released a performance forecast for the first quarter. The net profit returned to the mother in 2019Q1 is expected to be 842.9 to 11.2387 million yuan, an increase of -10% to 20% over the previous year.
The company released its 2018 performance report. The company is expected to achieve revenue of 382 million yuan in 2018, an increase of 3.67% over the previous year, and Guimu's net profit was 407.499 million yuan, an increase of 5.93% over the previous year.
Brief review
Mainly engaged in optoelectronic measurement and control business, one of the targets of military informatization
The company's business mainly consists of photoelectric measurement and control instruments, new medical testing equipment, optical materials and grating sensors. The main products include novel medical testing equipment, optoelectronic latitude and longitude meter optical machine subsystems, aviation/space camera optical machine subsystems, and grating sensors.
Optoelectronic measuring and control instruments and equipment: The company's optoelectronic latitude and longitude instruments are mainly for military use. They are used to measure the flight trajectory and coordinate information of flying objects such as missiles, satellites, aircraft and shells. They account for 80% of the market in the field of optical extension systems of the Chinese Academy of Sciences; aeronautical/space cameras are special equipment for remote sensing surveying and mapping using aerospace vehicles as a platform, accounting for 60% of the market within the Chinese Academy of Sciences system.
New medical testing equipment: Mainly used for pilot inspection, including pilot vestibular function testing equipment, dark adaptation testers, portable digital inclinometers, and special visual inspectors.
Grating sensors: The subsidiary Yuheng Optical's main business is civilian grating sensors, and its leading product, grating encoders, has an annual production capacity of 1.2 million units. At the same time, technical strength is leading, and the three projects involving grating displacement sensors in the national science and technology project have all been settled in the subsidiary Yuheng Optics.
Optical materials: The main product of the company's optical materials business is K9 glass, which is mainly used to manufacture optical instrument lenses and components.
Many technologies still need to be transformed, and development prospects are promising
The company jointly developed China's first airport foreign matter monitoring system (FOD) with a department of the Air Force in 2012, and its minimum foreign matter detection capability reached the international advanced level. At present, domestic airport monitoring systems have begun to gradually apply FOD, and the prospects for the civilian market are broad. The technical level of some products of Changguang Chenxin, a joint venture of the company, in the field of CMOS sensors has reached the world's advanced level, and the company is expected to benefit.
It is the only listed company under the Changchun Optoelectronics Institute. Capital operations can be expected in the context of institutional restructuring
The company is the only listed company under the Changchun Institute of Optical Engineering of the Chinese Academy of Sciences. The Changguang Institute of the Chinese Academy of Sciences is the earliest, largest and most comprehensive research institute in the field of optical research and optical engineering and optoelectronic engineering in China, with strong technical strength. Currently, Changchun Guanghua Microelectronics, which the company plans to purchase, is an asset owned by Changguang. We believe that in the context of the continuous restructuring of institutes and the continuous relaxation of the transfer of scientific and technological achievements of research institutes, Changguang Institute's high-quality military assets are expected to be gradually injected into listed companies.
The company's revenue for 18-20 is estimated to be 382/401/421 million, respectively, net profit of 0.41/0.43/046 million respectively, the corresponding EPS is 0.28/0.30/0.32 yuan respectively, and the corresponding PE is 91/85/80 times respectively. In view of the company's scarcity in the field of military optoelectronic information technology and the continuous relaxation of the transfer of scientific research results from institutions, the first rating was given.
Risk warning: 1) Orders for military goods fall short of expectations 2) The advancement of military to civilian technology falls short of expectations.