Announcement content
Revenue for the first half of the year was 154.8575 million yuan (+1.45%), net profit of 26.8893 million yuan (-17.42%), and net profit attributable to the mother was 22.4415 million yuan (+61.35%). The decline in net profit of the mother was mainly due to the impact of 15.51 million value-added tax levied and then withdrawn in the same period last year.
It has blossomed more often, and the main optoelectronics industry is developing steadily
In the first half of the year, the company's main products, optoelectronic measuring and control instruments, optoelectronic devices and grating sensors, generated revenue of 68.5052 million yuan (-5.34%), 309.1226 million yuan (+20.01%), and 476.376 million yuan (+10.91%) respectively.
Profit margins on military products were stable, at 55.91%, 56.17%, and 40.98%, respectively. The company has a high market share for television angle finders, new radar antennas, optoelectronic latitude and longitude meters, and aerospace cameras. According to a comprehensive estimate, the market share of optoelectronic measuring and control instruments exceeds 30%. The subsidiary Yuheng Optics independently developed the first absolute encoder product in China, which has an absolute advantage in optoelectronic encoders and optical instruments. Driven by “informatization” construction, the company's main business will maintain a growth trend.
Changchun Optoelectronics promises continuous effectiveness and consolidates rear technical support
In 2009, Changchun Optoelectronics added a promise that the mass production of scientific research and military products will be invested in the company. As one of the largest research institutes under the Chinese Academy of Sciences, Changchun Optoelectronics has a deep technical heritage in research and equipment in the field of space optics, and the company continues to have technical advantages.
Changguang Chenxin is preparing equity incentives, and the CMOS space is broad
Following the successful development of high-end CMOS image chips, the subsidiary Changguang Chenxin concentrated on developing CMOS image chips suitable for intelligent traffic monitoring, large surface arrays, high-resolution CMOS image sensors, and CMOS image sensors with 100 million- and million-level resolution CMOS image sensors in the first half of the year. It pioneered deployment in fields such as military remote sensing and intelligent transportation. Given the broad prospects of CMOS image sensors in military, security, and the Internet of Things, we expect this to become a flashpoint in the company's performance in the future.
Investment advice
The company has core technology and a high market share in the military optoelectronics field, and the CMOS business is progressing steadily at both the military and civilian ends. The company's EPS for 16-18 is expected to be 0.45,0.47,0.55. Give the purchase a rating.
Risk warning
Demand in the military goods market fell short of expectations; CMOS business development fell short of expectations.