Event
The company announced on August 1 that it recently signed an order contract with customers for the overall products of a certain type of complete equipment system and a certain type of infrared thermal imager, with a contract amount of 275 million.
Comment
1. This contract is a large domestic purchase order signed by the company after the company has obtained a small batch order for the overall products of this type of equipment system, and the industrial chain has been expanded downstream. Benefiting from the advantages of efficient, innovative and integrated scientific research and production system, the company took the lead in successfully developing a certain type of complete equipment system in China and obtained the overall scientific research and production qualification of this kind of system. It has become a private enterprise that provides key model system overall products to the country. At the beginning of this year, the company made new progress in the overall project of complete equipment system, and two domestic upgrading overall projects are about to start scientific research and trial production, and the company will undertake the mass production tasks of these two domestic key overall model projects. We believe that the signing of this mass procurement contract has further strengthened the company's industry position as the overall unit of the complete equipment system, with the continuous mass production of the corresponding models of this contract and the stereotyped mass production of new models in the future. the company's complete equipment system business will help the company to a new level.
2. Actively carry out overseas business cooperation, and there are broad prospects for the export of complete equipment systems. In the field of export, the company has completed the export project examination and approval of various model system products, and the relevant model projects and complete equipment system products have been exhibited on overseas booths one after another, and the docking of overseas market demand is smooth.
3. In the field of civilian products, there is a broad market space for infrared front installation of passenger cars, and the company has completed the fixed point of infrared front installation in GAC Ean. The infrared-assisted driving function can perfectly solve the defect that the existing intelligent driving perception system is easy to fail in some scenes, and will become a necessary choice of the self-driving perception scheme. The company has successively won the fixed-point projects of Dongfeng Mengshi and GAC Ean in front of the main engine factory to help car companies to create all-weather intelligent driving perception solutions. With the continuous decline in the cost of infrared detectors, the permeability of infrared technology in passenger vehicles is expected to increase rapidly, and the market space is broad.
4. Employee stock ownership shows confidence in long-term development. In 2022, the company implemented the employee stock ownership plan, which began to be unlocked in four phases 12 months after the last transfer of the underlying stock to the date of the employee stock ownership plan, with a maximum lock period of 48 months, with unlocking rates of 20%, 20%, 40% and 20%, respectively. We believe that the employee stock ownership plan can effectively stimulate the enthusiasm of the company's employees, improve operational efficiency, and demonstrate the company's long-term development confidence.
5, profit forecast and investment rating: we expect the company's homing net profit from 2023 to 2025 to be 8.57,10.65 and 1.308 billion yuan respectively, and the corresponding share price PE is 41,33 and 27 times respectively, covering the first time and giving a "buy" rating.
Risk hint
The purchase of military weapons and equipment is not as expected; the company lost in the bidding for important equipment; the expansion of civilian applications is not as expected.