The company's car infrared successively landed Dongfeng, Guangzhou Automobile, and infrared boarding progress is expected to increase speed 1) on August 27, the company joined hands with Dongfeng's fierce technology to release the luxury electric off-road vehicle with infrared-assisted driving system, Mmurrainting. on September 2, the company announced that the fixed point was completed on the GAC Ean infrared preloading project, which will be mass produced according to the requirements of the car depot node, and infrared technology on a large scale is expected to increase speed.
2) cost is the core factor affecting civil infrared expansion. with the maturity of uncooled infrared detector and wafer packaging technology, civil infrared has gradually decreased from 10,000 yuan to 1000 yuan, and vehicle infrared has reached the industrial application node.
3) Infrared imaging has remarkable advantages in night and human recognition, which effectively solves the defect that the existing intelligent driving system is easy to fail in some scenes, and the multi-mode compound perception of "laser + millimeter wave + infrared" is expected to become the mainstream in the future. under the first layout of Dongfeng and Guangzhou Automobile, other manufacturers are expected to follow quickly.
The postponement of the model order affects the reporting results, and the second half of the year is expected to usher in an inflection point. 1) in the first half of 2022, the company achieved revenue of 1.231 billion yuan, down 33% from the same period last year, and the net profit of returning home was 377 million yuan, down 46% from the same period last year. Mainly due to the delay in customer procurement plans, the progress of stereotyped batch production was affected, and the signing of orders for some projects was delayed.
2) the company will make every effort to ensure the delivery of signed model projects in the second half of the year, and continue to promote the production progress of winning model projects, which is expected to enter the centralized delivery period of model projects, and the performance is expected to be up.
The company has plenty of orders on hand, and the core supporting models are expected to be released this year. 1) as of mid-2022, the company's inventory reached 1.704 billion yuan, an increase of 5% over the same period last year, and contract liabilities reached 387 million yuan, an increase of 30% over the same period last year, indicating that the company has full production and abundant orders.
2) according to the announcement of December 15, 2021, the company signed an order contract of 1.45 billion yuan with customers for a certain type of product, which is a centralized large purchase of a core matching model of the company after winning the bid, and the volume is expected to start this year.
China's infrared leader, dual-drive for military and civilian products
As a domestic infrared leader, the company has completed the layout of the whole infrared industry chain from the chip to the detector, movement, and then to the whole machine and complete equipment system. Military field: as the only private enterprise in China that has obtained the overall qualification of equipment, the company has realized the leap from the 10 billion level supporting market to the 100 billion level overall market. Civilian areas: the company actively layout temperature measurement, security, industrial, automotive, consumer and many other industries, business is expected to achieve rapid expansion.
Gao de infrared: the performance is expected to grow at a compound rate of 24% in the next three years.
We estimate that the company's homing net profit from 2022 to 2024 will be RMB 1.966 million, an increase of 8%, 36%, 30%, and 24%, corresponding to the PE of 42-31-24, maintaining the "Buy" rating.
Risk Tips:
1) the release of military orders is not as expected; 2) the expansion of civilian products is not as expected.