武器装备现代化和技术降本推动军民需求增长，红外市场未来可期在防务领域，受益于军队现代化，包括单兵、坦克装甲车辆、舰船和红外制导武器在内的红外装备市场将快速发展，国内特种装备类红外热像仪市场属于朝阳行业，我国特种装备类红外市场的市场总容量达300 亿元以上。在民用领域，产品成本的降低大大扩展了红外成像的应用场景。根据Yole 预测，2024 年全球非制冷民用红外市场规模将达到44.24 亿美元。The downstream demand of the core infrared business is strong, and the field of multi-dimensional perception has gradually achieved a breakthrough.
The company is a national high-tech enterprise specializing in the design and manufacturing technology of application-specific integrated circuits, special chips and MEMS sensors. At present, it has formed a new pattern of infrared business and gradual breakthrough in microwave, laser and other multi-dimensional sensing fields. In 2023, H1, the company achieved revenue of 1.784 billion yuan, an increase of 64.16% over the same period last year, and a net profit of 258 million yuan, an increase of 129.03% over the same period last year.
The performance of the global market continues to increase, and the overseas market is expected to further enhance the company's advanced thermal imaging technology and product quality, comprehensively develop the global outdoor sports, industrial testing and security vision market, and achieve overseas main business income of 1.328 billion yuan in 2022, an increase of 78.47% over the same period last year, accounting for 50.97% of the main business income in the current period. At present, the company's overseas sales are mainly outdoor equipment, and its income mainly comes from the European market. Due to the large global hunting population, excellent performance of infrared products and falling costs, the company's overseas demand is expected to continue to grow.
The modernization of weapons and equipment and technological cost reduction promote the growth of military and civilian demand, and the infrared market is expected to be in the field of defense in the future, benefiting from the modernization of the army. The infrared equipment market, including individual soldiers, tanks and armored vehicles, ships and infrared guided weapons, will develop rapidly. The domestic special equipment infrared thermal camera market belongs to the sunrise industry, and the total market capacity of China's special equipment infrared market reaches more than 30 billion yuan. In the civil field, the reduction of product cost greatly expands the application scene of infrared imaging. According to the forecast of Yole, the global uncooled civil infrared market will reach 4.424 billion US dollars in 2024.
Expand the business layout of new areas of microwave and laser, enhance the performance growth point of the company based on the infrared main business, and actively expand the business layout of new areas. The company established its subsidiary Chengdu Yingfei in 2018, acquired Wuxi Huatai in 2021, and established subsidiaries Ruisi Micro and Ruichuang Photon in 2023 to improve the company's layout in the field of multi-dimensional perception. At present, the company has established a complete industrial chain in the microwave field, and has R & D achievements in infrared, visual products, microwave, laser and other fields. In 2022, the company's microwave and radio frequency business achieved revenue of 350 million yuan, an increase of 1484.29% over the same period last year, accounting for 13.42%, and is expected to become a performance growth point in the future.
The company has mastered the core technology and production technology of the whole industry chain of uncooled infrared imaging, such as integrated circuit design, MEMS sensor design and manufacture, packaging testing, movement image algorithm development and so on. The company successfully developed the world's first large array uncooled infrared detector with a pixel spacing of 8 μ m and an area array size of 1920 × 1080, proposed the industry's first infrared true color conversion algorithm and established the first infrared open source platform. Consolidate the company's leading domestic and international advanced technical position in the uncooled infrared field.
Investment advice and profit forecast
The company is a domestic leader in uncooled infrared chips, and overseas and civil and military market demand is expected to continue to grow; under multi-field layout, the company is expected to rely on its own infrared imaging advantages to create a full-spectrum leader and further open its own growth space. It is estimated that the net profit of the company from 2023 to 2025 is 554 million yuan, 781 million yuan and 1.18 billion yuan, and the EPS is 1.19,1.67,2.53 yuan respectively, corresponding to PE 40.53,28.77,19.04 times, giving the "buy" investment rating.
Risk hint
The risk of technology and product research and development; the risk of high procurement concentration of some raw materials and commissioned processing services; and the risk that overseas business expansion is not as expected.
