Core ideas:
The company is a domestic leader in the military-civilian optical lens industry.
The company is a high-tech enterprise specializing in the research and production of military special optical lenses and optoelectronic systems, civil optical lenses, optical components and other products, including laser, ultraviolet, visible and infrared series full-spectrum lenses and optoelectronic systems, which are widely used in military requirements, security monitoring, AIoT, vehicle and infrared and other fields. According to TSR data cited in the company's prospectus, the company's global security video surveillance camera sales market share reached 11.8% in 2017, ranking third in the world.
The industry space continues to open, and the future development of the company is bright.
In the security lens market, camera continuous penetration and HD iteration promote the steady growth of the industry scale; in the AIoT lens market, machine vision and vehicle market are expected to expand rapidly in the future. The company's three fund-raising projects, including full-spectrum precision lens intelligent manufacturing base project (phase I), AI optical sensor research and development and industrialization construction project and precision and ultra-precision optical processing experimental center construction project, with a total investment of about 651 million yuan. The fund-raising project will upgrade and expand the main products and processing technology, expand the application fields of the company's products, and promote the business layout of the company in many fields, such as security, vehicle imaging, national defense and military industry, and is expected to enhance the company's market share and competitiveness. the development prospect is relatively clear.
It is estimated that in 19-21, EPS 0.69 Universe 0.88 Universe 1.07 yuan, reasonable value 24.84 million 28.98 yuan per share
We estimate that the revenue of the company in 1921 will be $7.7 billion, respectively, and the estimated net profit will be $1.1 million, respectively, and the total equity EPS after IPO will be 1.07 yuan per share.
With reference to the comparable company's valuation level, considering that the company is a global leader in security surveillance lens field, the background of civil-military integration brings industry-leading technical capabilities, and the in-depth layout of vehicle, infrared, machine vision and other emerging markets have the momentum of sustainable growth in the future, we believe that it is reasonable to give the company a valuation of 36 times 42 times PE based on its 2019 results, corresponding to a reasonable value range of 24.84 yuan per share and 28.98 yuan per share.
Risk hint
The risk of change in technological competitiveness; the risk aggravated by market competition; the risk of relying on core technical personnel; the risk of declining business performance; the risk of aggravating trade frictions between China and the United States; the risk of declining income for major customers.