The listed company under President Chunguang Machinery Institute of Chinese Science and Technology is a technical leader in the field of optoelectronic measurement and control of national defense.
The company's products include angle measuring and ranging subsystem, aerospace camera optical-mechanical subsystem, new medical instruments, raster encoders, K9 optical glass, etc., which are mainly military enterprises and national defense scientific research institutions downstream. It is an important part of the precision guided weapons industry chain. The company has nearly 2000 sets of advanced precision machinery, optical processing equipment and testing instruments, and has dozens of key technologies in this field, which has led the upgrading and upgrading of domestic national defense optoelectronic measurement and control instruments and equipment in terms of technical realization and product production. it is in a leading position in the same industry in the field of national defense optoelectronic measurement and control, and has a high market share. In recent years, the company has gradually transformed and upgraded from the part level to the component level and component level.
Holding Changguang Aerospace, marching into the field of aerospace carbon fiber composites
The company recently announced that it intends to purchase a 40 per cent stake in Changguang Aerospace with 313 million yuan in cash to achieve holding. Changguang Aerospace mainly develops carbon fiber reinforced resin matrix composites, including arrow / projectile structures, space structures (space cameras and satellite structures, etc.), solid rocket motor nozzles and so on. The company takes compound material simulation design and molding manufacturing process as the core, is closer to the application end of the industrial chain, and the related products are in the leading position in China. The company maintains a high market share in the field of aerospace carbon fiber composites and benefits from the release of missiles and rockets. In addition, under the existing annual production capacity of 345 sets, the company began to expand the plant scale at the end of last year, with a total production capacity of 800 sets. It is expected that the equipment and technical personnel will be in place and the production performance will be released in an orderly manner. The company promised to deduct the non-return net profit of 5000 million RMB 650 million RMB in 22-24 years.
Yuheng Optics is the leader of domestic optical encoders, with a market share of 40% in the field of servo robots.
Yuheng Optics, the holding subsidiary, is the leader of the domestic encoder, the only national encoder pilot base in the industry, and ranks first in the domestic industry in terms of R & D capability, technical level, industrial scale and market share. Yuheng Optics has an absolute advantage in the servo field, with annual sales of more than 500000 sets, equivalent to the total output of several international brand enterprises. The company has specialized products in industrial robots and cooperative robots, which has grown rapidly in recent years. Grating encoder is a digital sensor which integrates optical, mechanical and electrical technology, which can measure rotation angle or linear displacement with high accuracy. it is an important part of robot joint motor. According to the company's investor relations activities, the company has a market share of about 40% for those redistributed to robots through servo motors, and nearly 10% for collaborative robots.
The 10 billion market of CMOS sensor has taken shape, and the long light core has soared into the sky.
Changguang Chenxin (25.56%) is mainly engaged in high-performance CMOS image sensor chips with leading technology. At present, a number of standard shelf products have been developed and widely used in scientific imaging, industrial imaging, professional imaging, medical and other fields. Revenue reached 451 million yuan in 2021, with a five-year compound growth rate of 64.9%. In 21 years, it lost 13 million yuan due to the provision of 224 million equity incentive fees. In the first half of this year, Changguang core has begun to contribute more investment income to the parent company. It is expected that Changguang core will enter a period of rapid growth.
Investment suggestion
Optoelectronics has achieved rapid development in recent years through the mode of "in vitro incubation of Changguang Institute + epitaxial mergers and acquisitions of listed companies", which is expected to continue in the future. Changguang Chenxin, the participating company, is the leader of the domestic CMOS image sensor, and its performance has entered an explosive period and is expected to maintain a growth rate of 40% to 50% in the next three years. Assuming that the acquisition is completed on December 31, 2022, the asset premium arising from the holding of 11.11% Changguang Aerospace shares will be included in the 2022 investment income, and the Changguang Aerospace revenue profit from 2023 will be included in the consolidated statements. we expect to achieve operating income of 6.5310.901.13 billion yuan and homing net profit of 1.81 million yuan and 2.277 billion yuan respectively from 2022 to 2024, an increase of 239.4% 25.5% 21.6% over the same period last year. The EPS is 0.75max 0.95 pound 1.15 yuan, corresponding to the closing price of 22.09 yuan per share on August 20, 2022, and the PE is twice as much as that of 29-23-19. Cover for the first time, giving a "buy" rating.
Risk hint
The risk that the acquisition progress is not as expected; the risk that the missile release is not as expected, etc.