LED whole industry chain backbone enterprises, military industry has a long history, active layout of high temperature superconducting and laser cutting-edge industries. Lianchuang Optoelectronics was founded in 1999, its predecessor is Jiangxi 746 factory and 834 factory, has a historical relationship with the military, has undertaken a large number of national key aerospace projects. The company has four major industrial bases and a relatively complete LED industrial chain in the country. In addition, since 2019, the company has actively laid out the high temperature superconducting and laser industry and established Zhongjiu Laser and Jiangxi Lianchuang Optoelectronic Superconducting Application Co., Ltd., accelerating the application of technology in industrial upgrading.
The company, formerly known as a traditional military factory, has strong qualifications to participate in many major projects and is expected to benefit from national defense modernization. As a listed company with profound history in the military industry, and with the support of the government at the initial stage of development, the company has integrated a number of backbone military enterprises, product distribution aviation, communications and other industries and a series of national key projects, as well as military-grade production quality, which has brought the foundation and competitive advantage for the company. Local conflicts in the Middle East and the Caucasus have occurred frequently this year, and in a world situation that has not yet fully achieved stability, China's national defense construction still needs to be strengthened in order to continue to provide a stable environment for China's economic development. With the advance of national defense modernization and informationization in the future, the military electronics industry is facing a broad space for development.
The mode of "industrial project + research institute" occupies the commanding height of laser track technology. In 2019, the company jointly established Zhongjiu Optoelectronics with ten institutes of the Nine Academies, and added the R & D, production and sales business of semiconductor laser products. The mode of "industrial project + research institute" enables the industrialization of the cutting-edge technological achievements of ten institutes in Nine Academies, which will also become an important technical advantage of jointly creating optoelectronic laser business. The release of industrial projects to the laser industry can effectively support the scale expansion of the company's related business, promote kinetic energy conversion, collaborative innovation and increase income and efficiency, and further open up the company's growth space.
Strong technical background, leading the high temperature superconducting industry. High temperature superconducting technology is regarded as the most potential high and new technology in the 21 century, and it will become a new commanding point in the world science and technology field in the 21st century. From the aspect of saving energy and reducing consumption, the heating technology of high temperature superconducting influenza is of great significance. Jiangxi Superconductor, a shareholding company, has successfully developed the world's first megawatt high temperature superconducting induction heating equipment, which can be widely used in power, energy, transportation, military industry and other fields. at present, the company has been in deep contact with large state-owned enterprises in aluminum alloy and titanium alloy processing, such as Chinalco, China Zhongwang, Western Superconductor, and so on, and the market is expected to open gradually in the future.
Profit forecast and investment advice: we predict that the company's operating income from 2020 to 2022 will be 48.06 / 58.64 / 7.413 billion yuan, an increase of 10.37% / 22.00% / 26.41% over the same period last year. Achieve a net profit of 3.50 / 5.51 / 811 million yuan, an increase of 79.62% / 57.26% / 47.28% over the same period last year. The corresponding EPS from 2020 to 2022 is 0.77 / 1.21 / 1.79 yuan, and the corresponding PE is 23 / 17 times. The company has the layout of the whole industry chain of LED, and the current valuation is on the low side relative to the average value of the LED industry, especially the enterprises in the upper reaches of the chip link; and it is significantly lower than the valuation level of the laser industry, considering that the company's laser industry project has already started construction, and taking into account the industry status of nine hospitals and ten institutes, we believe that the future project is expected to be carried out steadily and be effectively promoted and applied in high-end fields such as the military industry. Cover for the first time, giving a "buy" rating.
Risk tips: macro environmental risk; transformation and management risk; raw material price fluctuation risk; superconducting business expansion is less than expected risk; laser project is less than expected risk.
