Event: the company released the third quarter report of 2023, in the first three quarters of 2023, the company achieved operating income of 3.549 billion yuan, + 10.87% year-on-year; net profit of 438 million yuan,-8.81% of the same period last year. In the third quarter of 2023, the company realized operating income of 1.696 billion yuan, + 28.75% compared with the same period last year, and net profit of 260 million yuan, + 10.97% compared with the same period last year.
Miniature prism module smoothly mass production, single-quarter performance reached a new high.
Although the prosperity of the consumer electronics industry has declined in recent years, with the smooth mass production of the company's microprism, the third quarter is the traditional peak season of consumer electronics, and the company's single-quarter performance hit a record high. In the first three quarters of 2023, the company realized operating income of 3.549 billion yuan, + 10.87% compared with the same period last year, and realized net profit of 438 million yuan,-8.81% compared with the same period last year. In the third quarter, the company achieved a quarterly operating income of 1.696 billion yuan, year-on-year + 28.75% / month-on-month + 73.57%, and home net profit of 260 million yuan, + 10.97% / month-on-month + 207.679%. The business of thin film optical panels is growing steadily, the gross profit margin continues to rise, and the revenue in the first three quarters has reached the income level of the whole of last year. The company successfully mass-produces miniature prism modules with high technical barriers and difficulties in mass production, and successfully introduces new models from major customers, which is expected to infiltrate more models in the year after next year. At the same time, the company continues to promote the traditional periscope prism and its use of multi-reflection prism in the Android department, and the permeability of the prism is expected to expand. The company's prism products represented by miniature prism module products have leading technological advantages, have the opportunity to obtain higher market share, and become a new profit growth point of the company.
Automotive business has achieved rapid growth, and Automotive Electronics (AR+) has developed the second growth curve.
The company grasps the tide of the "new four modernizations" of automobiles, actively arranges AR-HUD/W-HUD, lidar windows, vehicle optical components and other products in the field of automotive electronics, and has gradually joined the ranks of Tier 1 suppliers of core parts of the whole machine factory at home and abroad. The company's auto revenue grew by about 50% in the first three quarters compared with the same period last year, and through the introduction of the blockbuster product HUD, it is expected to provide more abundant optical optoelectronic products for the whole machine factory in the future. In the field of AR and Metasmology, the company cooperates closely with customers An and H to develop reflected and diffracted waveguides and other related products with a number of giants at home and abroad.
Investment advice:
We forecast that the revenue from 2023 to 2025 will be 52.93 pesque 62.49 / 7.323 billion yuan, and the net profit of homing mother will be 5.96company7.07 / 888 million yuan, corresponding to EPS 0.43 pound 0.51 sterling 0.64 yuan, and the corresponding share price PE is 30-25-20 times, maintaining the "buy" rating.
Risk Tips:
The risk that the R & D progress is less than expected, the risk of intensified competition in the industry, the risk of business performance fluctuation caused by the change of downstream market demand, the risk of international trade friction and so on.