Main points of investment
This Wednesday (July 19), there is a gem listed company "Min Bang Optoelectronics" inquiry.
Minbao Optoelectronics (301362): the company is mainly engaged in the research and development, design, manufacture, sales and service of LED lighting products, focusing on serving overseas regional brands and engineers, and providing customers with ODM products in the field of commercial lighting and industrial lighting. From 2020 to 2022, the company achieved operating income of 1.059 billion yuan / 1.497 billion yuan / 1.465 billion yuan respectively, and its YOY was-2.13%, 41.43%, 2.15%, respectively, and the annual compound growth rate of operating income for three years was 10.64%. The net profit of homing is 177 million yuan / 170 million yuan / 245 million yuan, and the YOY is-12.43%, 3.76%, 44.43%, respectively, and the annual compound growth rate of the net profit of three years is 6.77%. During the latest reporting period, 2023Q1 achieved operating income of 349 million yuan, an increase of 11.30% over the same period last year, and net profit of 45 million yuan, an increase of 22.26% over the same period last year. According to the preliminary forecast, from January to June 2023, the company is expected to achieve a net profit of 90 million yuan to 100 million yuan attributable to the shareholders of the parent company, changing from-22.63% to-14.03% over the same period last year.
Investment highlights: 1, the company is located in the differentiated service strategy, customers lock in regional brands and engineers. The company's main business is LED lighting ODM customized products, mainly serving overseas regional brands and engineers, differentiating competition with international lighting giants. For many years, the company is in the forefront in the export ranking of lighting, major commercial and industrial lighting individual products, among which, according to the 2019 China Lighting Industry Operation report released by China Lighting and Electrical Appliances Association, the company ranks fourth among Chinese LED lamp exporters in 2019. 2. The subsidiary card industrial lighting track is expected to achieve performance growth with the increase of LED penetration in the industrial lighting field. Compared with commercial lighting, LED penetration in industrial lighting is relatively low. According to dialight data, the global market LED penetration has reached 66% in 2021, while the current global LED penetration in industrial lighting is only less than 10%. The industrial sector has relatively great potential. According to the data of forward-looking Industrial Research Institute, the global output of LED industrial lighting products is expected to be about 3.6 billion sets in 2019, and is expected to reach 6.33 billion in 2024, with a compound growth rate of 12%. Agsterka Industrial Lighting Raceway was established by Mindang Optoelectronics in 2014, and its main products such as mining lamps, floodlights and street lamps rank among the forefront of the industry; as one of the leading companies in the export field of industrial lighting, it is expected to benefit from the larger room for LED penetration improvement in the industrial lighting sector. 3, the company's frontier layout of plant lighting, purification and sterilization lighting and other products. The company continues to lay out new areas of LED application, and set up a subsidiary Outuopu in December 2021 to focus on the R & D and sales of plant lighting products. The R & D project "R & D and Design of Intelligent Plant Environment Supplementary Light Control Department and Lighting Series products" has been completed, or is expected to gradually expand the plant lighting business. In addition, according to the company's prospectus, the company has also completed "beauty sterilization design LED food lighting series and intelligent detection system R & D design", "household air purification intelligent sterilization ceiling lamp key technology research and development" and other R & D projects, the above products may be expected to be applied one after another.
Comparison with listed companies in the same industry: according to the similarity of the main business, Lidarson and Sunshine Lighting are selected as comparable listed companies for civilian explosion optoelectronics. From the above-mentioned comparable companies, the average income of comparable companies in 2022 is 5.644 billion yuan, comparable PE-TTM (arithmetic average) is 19.85X, and sales gross profit margin is 27.22%. In comparison, the company's revenue scale is lower than the average of comparable companies, but the gross profit margin is higher than that of the same industry.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation and so on. The specific risks of listed companies are shown in the text.