Event: October 12, 2022, the company issued an announcement: the company recently received a certain type of airborne optoelectronic system product "bid winning notice".
Win the bid for a certain type of airborne optoelectronic system products to increase investment in research and development to maintain competitive advantage. In the infrared field, the company has the advantage of the layout of the whole industry chain, leading technical strength, multi-category infrared core devices to achieve domestic mass production. In recent years, the company continues to carry out R & D innovation (2022H1 R & D expenditure rate of 17.66%, year-on-year + 9.49pct), while actively participating in various J arms model product bidding projects, showing a significant competitive advantage in the project bidding, and excellent bidding results. The winning bid of a certain type of airborne optoelectronic system product is the winning bid of the company's traditional advantage optoelectronic system product in the new model project, which reflects the company's unique innovative competitive advantage in the field of optoelectronic system. And will have a positive impact on the company's performance growth in the coming year.
Some orders of 22H1 affected by the epidemic have been postponed, and the company will make every effort to ensure the delivery progress of model products in the second half of the year.
22H1, due to the postponement of the customer procurement plan, the progress of the finalized batch production was affected. In the first half of the year, the product revenue of the model project decreased significantly compared with 21H1. At the same time, affected by the international situation, epidemic control and other factors, the overall revenue decreased by 33.34% compared with the same period last year. Many of the company's model products have obvious advantages in the field of precision guidance, and we will make every effort to ensure the delivery of model projects and the progress of final production in the second half of the year. In the overall field of complete equipment system, the company will actively promote the signing of follow-up mass orders for the first complete equipment system overall project, and will complete the pre-research work of the second domestic complete equipment system overall project.
Actively open up new applications of civilian products in areas such as auxiliary driving, and construct new profit growth points. The company continues to launch new products in outdoor, industrial monitoring, power and other fields, and forms strategic cooperation with leading enterprises in civil fields such as automobiles, drones, mobile phones and so on. On September 3, the company announced that it had received the notice for the development and trial production of GAC Ean parts. This cooperation is following the successful application of the company's infrared driving assistance system in Dongfeng "Mengshi Technology".
After the luxury electric off-road vehicle pre-loading project, it has once again completed the fixed point on the domestic passenger vehicle infrared pre-loading project, and will be mass-produced with the model according to the requirements of the car factory node. At present, several major domestic passenger car manufacturers have planned infrared driving functions on their flagship models, and we think that infrared sensors will have a broad application prospect in the field of self-driving in the future.
The completion of share buyback demonstrates the company's confidence in development. On October 11, the company announced the completion of the share buyback. Through centralized bidding transactions, the company has bought back a total of 25.47 million shares, accounting for 0.78% of the total share capital, with a total payment of 301 million yuan. all the repurchased shares will be used for equity incentives or employee stock ownership plans.
We believe that this buyback is conducive to improving the company's capital structure and demonstrating the company's confidence in development.
Profit forecast and investment rating: (1) PE valuation method, we estimate that the company's eps will be 0.33,0.39 yuan per share in 2022-2023. Combined with the comparable company's PE valuation and considering the company's infrared leading position, we give the company 30-35 times PE valuation in 2023, and the corresponding reasonable value range is 11.81-13.78 yuan. (2) PB valuation method, we estimate that the company's net assets per share from 2022 to 2023 are 2.82,3.12 yuan respectively. Combined with the comparable company valuation, we give the company a valuation of 3.7-4.2 times PB in 2023, and the corresponding reasonable value range is 11.54-13.10 yuan. Combining the above valuation methods, we give the company a reasonable value range of 11.54-13.78 yuan and maintain a "better than the market" rating.
Risk hint. The volatility of military orders and the expansion of civilian products are not as expected.