Domestic leading enterprise of optical lens
The company's products include laser, ultraviolet, visible and infrared full-spectrum lenses and optoelectronic systems. The company's military products pay attention to customized business model, civil products pay attention to meet the market demand to achieve mass production. Products are mainly divided into "customized products" and "non-customized products" two series. The "customized products" series mainly includes military special optical lenses and optoelectronic systems, accounting for 13%; "non-customized civil products" are civil security lenses, vehicle lenses, infrared lenses, Internet of things lenses, etc., accounting for 87%.
Customized products are matched with China's major aerospace projects and high-end weapons and equipment, which are widely used in major national defense missions such as "Shenzhou series", "Chang'e lunar exploration", "Mars exploration", "Liaoning", etc., as well as cutting-edge weapons and equipment such as drones, helicopter gunships, etc. Non-customized products are mainly equipped with the first echelon of international security monitoring enterprises, and the downstream of the company's products are mainly for security video surveillance equipment manufacturers and vehicle camera module manufacturers.
Deep accumulation of technology in the field of optics, breaking foreign monopoly
Relying on the deep technical precipitation in the field of optics, the company promotes the technological innovation of optical lenses and takes the lead in breaking the foreign monopoly in the field of security lenses. The company's four core technologies: "Design and manufacture technology of large aperture transmission astronomical observation lens" won 15 invention patents, "complex zoom optical system design technology" won 1 national defense invention patent and 22 invention patents, "Multi-spectral common aperture lens development and production technology"
It has obtained 18 invention patents and 17 invention patents for the design and automatic production technology of miniaturized zoom aspheric lens.
Profit forecast
From 2019 to 2021, the company's operating income is expected to be 638 million yuan, 737 million yuan and 845 million yuan respectively, with year-on-year growth rates of 15.54%, 15.541 and 14.74%, respectively. The net profit of homing was 107 million yuan, 130 million yuan and 156 million yuan respectively, with year-on-year growth rates of 17.36%, 21.31% and 19.86% respectively, the corresponding EPS were 0.92,1.12 yuan and 1.34 yuan respectively, and the corresponding share price PE was 79 times, 65 times and 55 times respectively.
Risk Tips:
1. The progress of product development is not as expected.
2. The growth of demand in the downstream area is not as expected.
3. The competition in the industry is intensified.