Performance summary: in 2018, the company achieved operating income of 590 million yuan, an increase of 23.7% over the same period last year; the net profit attributed to shareholders of listed companies was 90.978 million yuan, an increase of 13.3% over the same period last year. Among them, 16.414 million yuan of equity incentive fees were extracted during the reporting period, and the growth rate of net profit excluding equity incentive fees was 33.7%.
Electronic machine assembly business is growing steadily and stands firmly in the leading position in the industry. The company's electronic assembly business includes electronic welding equipment and intelligent machine vision inspection equipment, which is mainly used to set up PCBA lines in the electronic industry. In 2018, sales revenue reached 480 million yuan, an increase of 7.3% over the same period last year, contributing 81.8% of the company's overall revenue. Of this total, the sales revenue of electronic welding equipment was 420 million yuan, accounting for 71% of revenue, an increase of 6.8% over the same period last year. Intelligent machine vision inspection equipment achieved sales revenue of 63.998 million yuan, accounting for 10.8% of revenue, an increase of 11.3% over the same period last year. After years of development, the company has become a leading enterprise in the electronic assembly and welding equipment industry, and the market share of electronic welding equipment is about 30%.
Optoelectronic module business has made a breakthrough and become the company's performance growth point. The company's optoelectronic module business mainly develops and produces special optoelectronic module equipment for different stages of mobile phone screen manufacturing and 3D glass manufacturing. In 2018, the company's sales revenue of optoelectronic module equipment reached 90.969 million yuan, a year-on-year increase of 689.62%, of which biometric fingerprint module and camera module production equipment contributed significantly, achieving income of 12.696 million yuan and 73.43 million yuan respectively, becoming a new performance growth point of the company. As the main line of smartphone innovation gradually turns to comprehensive screen and multi-camera technology, the company actively arranges R & D related professional equipment, relies on downstream mainstream electronics manufacturers, caters to the technology development trend, and constantly helps the company improve its performance.
Panel equipment has made major market breakthroughs and continues to open up room for growth. With the development of the smartphone market and the advent of 5G pairs, the era of comprehensive screen and curved screen of mobile phones begins, and the development and production capacity of domestic flexible AMOLED technology are gradually released. It is expected that the upstream prosperity of the industry will continue to 2021, bringing huge space for upstream domestic materials and equipment manufacturers. The company announced on April 12 that D-Lami laminating equipment won the bid for the 6th generation flexible AMOLED production line project of Beijing Oriental Mianyang, with the winning bid amount of 81.2 million yuan. D-Lami laminating equipment is the core module equipment of OLED production line. As the import substitute leader of this kind of equipment, with the follow-up construction of OLED production line, the growth space is huge.
Profit forecast and rating. It is estimated that the company's EPS in 2019-2021 will be 0.66,0.87,1.08 yuan, and the corresponding dynamic PE will be 32,24,20 times respectively. Considering the company's huge space in optoelectronic module equipment and its leading position in the electronic assembly industry, it will be covered for the first time and given an "overweight" rating.
Risk hint: the risk that the development of new optoelectronic business is not as expected; the risk of downstream technology and process change