Events:
The company issued a notice on the resolution of the board of directors on August 7, the holding subsidiary Yuheng Optics implemented capital increase and stock expansion, and proposed to introduce strategic investors in industrial mother machinery and other related fields; at the same time, Yuheng optical natural person shareholders intend to transfer part of their shares to the relevant transferees and Yuheng optical employee shareholding platform.
Comments:
The net profit of 23Q2 home has increased significantly, and Yuheng Optics has made efforts in the field of industrial mother machines. The company expects 2023H1 to achieve a net profit of 5291-56.56 million yuan, an increase of 45%, 55% over the same period last year, and a net profit of 5016-53.81 million yuan, an increase of 52%, 63% over the same period last year. 2023Q2 realized a net profit of 3181-35.46 million yuan, an increase of 64 percent over the same period last year, and an increase of 51 percent over the previous month.
The company is mainly engaged in optoelectronic measurement and control instruments, for aerospace and national defense fields. Changguang Aerospace, a holding company, specializes in high-performance carbon fiber products, which are used in aerospace, special equipment and other fields, while expanding into the field of commercial aviation and actively expanding product categories. The main reason for the rapid growth of 23Q2 performance is the rapid growth of Changguang Aerospace performance and the increase of the company's shareholding in Changguang Aerospace. The introduction of strategic investment will bring industrial chain resources in areas such as industrial mother machine for Yuheng Optics, and equity transfer will realize the interest binding between Yuheng Optics and the core team, helping to achieve high-quality development.
Changguang Chen core listing application acceptance, active linkage to help growth. The company and Changguang Chenxin have actively developed a national chemical industrial camera to break the foreign monopoly and achieve domestic substitution. At present, the listing application of Changguangchen core company has been accepted by the Shanghai Stock Exchange, with the follow-up financing support, new technology development is expected to continue to make breakthroughs.
The technical strength of the encoder is in the lead, and it develops and grows in many fields downstream. The main products of Yuheng Optics subsidiary are encoders and grating rulers. The technology is close to the advanced level of international counterparts and is widely used in servo, automation, robots, CNC machine tools and other fields. Yuheng Optics at the same time to the industrial machine, semiconductor equipment and other areas to expand, to achieve product structure optimization, revenue and gross profit margin is expected to usher in an increase. At present, China's high-end equipment continues to promote independent control, the field of industrial mother machine requires the national production of parts from the mother machine, the company focuses on the development of high-end displacement sensor products, product structure and gross profit margin are expected to be optimized. The company's encoder and raster ruler products can meet the requirements of the highest high-end CNC technology, are the key core components of high-end CNC, and will continue to carry out technical research and development and investment in product innovation and super-precision ruler in the future. In the field of robotics, the company has been engaged in research for more than 5 years, mainly used in industrial robots and service robots.
Profit forecast and investment rating: it is estimated that the revenue from 2023 to 2025 will be 10.64x13.73 yuan / 1.829 billion yuan respectively, and the net profit of homing mother will be 2.16 trillion yuan respectively, corresponding to the PE of 415 million yuan in 37-27-19, giving it a "buy" rating.
Risk hint: downstream demand is not as expected and product verification progress is not as expected.