Events:
The company issued an announcement on August 1, 2023, and recently signed an order contract with a customer for a certain type of complete equipment system and a certain type of infrared thermal imager. The contract amount signed is 274.76 million yuan, accounting for 10.87% of the company's revenue in 2022.
Comments:
The overall product of the complete equipment system changes from small batch to large batch, and the follow-up volume can be expected. 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, and the qualification has a strong scarcity attribute. The company obtained a small batch order for the overall product in 2021, which marks that the product has officially entered the volume stage and will continue to thicken the company's performance in the coming year.
With the layout of the whole industry chain, the core competitive advantage is highlighted. The company has been ploughing the infrared field for a long time, and its products are widely used in aerospace, industrial inspection, inspection, security monitoring, automobile-assisted driving, consumer electronics and other fields, from the bottom infrared core devices to the integrated optoelectronic system, and then to the overall scientific research and production layout of the whole industry chain of the complete equipment system at the top. The company has built a batch production line of high-performance uncooled, HgCdTe refrigerated and Ⅱ superlattice cooled infrared core devices, and self-produced infrared detectors have been applied to many domestic weapon systems. In 2022, the company won the bid for a major project of a high-performance infrared detector with the first place in the technical comparison test, and won the first and second place respectively in the bidding of a J series airborne optoelectronic pod project, reflecting the company's excellent competitive strength.
Actively expand overseas markets and blossom more in the field of civilian products. In terms of overseas business, the company has completed the examination and approval of foreign trade export of various model system products, and the overall export of complete equipment system has achieved overseas batch delivery. Aiming at the overseas night vision market, the company has developed new hand-held night vision sight goggles to enhance the market competitiveness in the field of outdoor night vision. In the field of civil products, with the reduction of the iterative cost of technology, the application of infrared products has been extended to many fields, such as consumption, industry, temperature measurement and control, automobile and so on.
The company has successively won the fixed-point projects in front of the two main engine plants of Dongfeng Mengshi and GAC Ean. Under the wave of automobile intelligence, it is expected that the process of vehicle infrared industrialization will be accelerated.
Investment suggestion: the company's revenue from 2023 to 2025 is expected to be 3.336 billion yuan 42.14 billion yuan respectively, and the net profit returned to the mother is 7.20 billion yuan 96912.48 billion yuan, maintaining the "buy" rating.
Risk tips: orders fall short of expectations, demand declines, performance and valuation judgments fall short of expectations