深耕AOI 检测设备，3D AOI 技术领先。在制造业“机器换人”的趋势下，机器视觉检测行业处于蓬勃发展阶段。公司成立以来深耕机器视觉检测领域，在基于可见光成像技术的AOI 产品方面，公司产品包括了2DAOI、3D AOI、3D SPI、Mini LED AOI、半导体AOI 等。公司在3D AOI检测方面具备先发优势，获得诸如和硕集团、比亚迪、京东方等行业标杆客户的高度认可，有望受益于3D 检测需求的提升。Events:
The company released the 2023 China report. 2023H1 achieved revenue of 279 million yuan, down 3.11% from last year; net profit from home was 37.91 million yuan, up 5.3% from last year; and net profit from non-return was 35.29 million yuan, up 12.48% from last year. The comments are as follows:
The first half of the year results are slightly under pressure, excluding the impact of share payments, profits fell significantly. On a quarter-to-quarter basis, 23Q2 revenue fell 1.77% year-on-year, narrowing compared with 23Q1. Profits are obviously under pressure. Although 23H1's net profit increased year-on-year, excluding the impact of share payments, 23H1 achieved a net profit of 44.37 million yuan, down 20.0% from last year (55.47 million yuan), and deducted 41.75 million yuan from non-home net profit, down 17.9 percent from last year (50.85 million yuan). 23H1 gross profit margin increased 1.26pct compared with 22H1 gross margin, and the decline in net profit was mainly due to the increase in expenses during the period. Excluding share-based fees, 23H1 management fees increased by about 4 million yuan over the same period last year, and R & D expenses increased by about 8 million yuan over the same period last year.
Deep ploughing AOI testing equipment, leading 3D AOI technology. Under the trend of "machine replacement" in the manufacturing industry, the machine vision inspection industry is in the stage of vigorous development. Since its establishment, the company has been deeply engaged in the field of machine vision inspection. In terms of AOI products based on visible light imaging technology, the company's products include 2DAOI, 3D AOI, 3D SPI, Mini LED AOI, semiconductor AOI and so on. The company has a first-mover advantage in 3D AOI testing, and is highly recognized by benchmark customers in industries such as Pegatron, BYD and BOE, and is expected to benefit from the increased demand for 3D testing.
Expand X-ray testing to create a new growth pole. In April this year, the company unveiled a 3D online X-ray inspection device based on X-ray imaging technology at the Shanghai Electronics Show in Munich, which is a high-end on-line 3D-CT testing device independently developed by the company, which is suitable for SMT/DIP/ electronic components testing and can cover various packaging types of X-ray inspection applications such as IC/BGA/CSP/ flip chips. X-ray inspection can check internal defects, which is complementary to the appearance inspection of AOI, and is expected to open up a new growth space for the company.
Profit forecast: the company's net profit from 2023 to 2025 is expected to be 1.43,1.98 and 258 million yuan respectively, corresponding to PE of 35, 25 and 20 times. Coverage for the first time, giving a "overweight" rating.
Risk hints: new market development is not as expected; profit forecast and valuation models fail
