Positioning visual equipment platform enterprises with a wide range of downstream application scenarios
The company is positioned as a “visual equipment platform enterprise”. Its main products include visual measurement equipment, visual inspection equipment, visual process equipment, and intelligent driving solutions. In the field of visual strategy equipment, the company uses self-developed machine vision algorithms to measure the dimensions of industrial components with high precision. Downstream applications include consumer electronics, PCBs, semiconductors, etc. In the field of visual inspection equipment, the company combines vision sensors with machine vision algorithms and deep learning algorithms for defect detection, and applies them to scenarios such as consumer electronic components, photovoltaic silicon chips, and semiconductors. In the field of visual process equipment, the company's products include integrated dispensing and testing equipment and LDI laser direct imaging equipment. In the field of intelligent driving, we have laid out two major product lines: AI edge computing controllers and automotive-grade autonomous driving domain controllers, which are applied to various traffic scenarios.
Revenue and profit increased steadily. In 2020-2022, the biggest increase in the contribution of visual inspection equipment was. In 2020-2022, the company achieved operating income of 9.64/12.65/1,589 billion yuan, an increase of 78.19%/31.23%/25.60% over the previous year, with a compound growth rate of 28.4%. The company's gross margin declined in the short term, and net profit increased steadily. In 2020-2022, the company's gross margin was 42.5%/42.5%/40.6% respectively, achieving net profit of 1.07/1.34/152 million yuan respectively, an increase of 29.10%/24.91%/13.40% over the previous year, with a compound growth rate of 19.0%.
The company's main business includes four segments: visual inspection equipment, measurement, process, and industrial intelligence solutions. In 2022, the company achieved revenue of 5.30/7.43/2.44/0.57 billion yuan, respectively, with a year-on-year change of +68.40%/+21.22%/-15.11%/+13.94%.
Among them, visual inspection equipment increased significantly over the same period last year, due to a sharp increase in revenue from photovoltaic silicon wafer inspection and sorting equipment, batch delivery of defect detection equipment in the consumer electronics sector, and the beginning of sales of AOI/AVI equipment in the PCB field.
Research and development is the foundation for building a product matrix, and the company continues to expand its business layout. The company continued to maintain a high level of R&D investment. In 2022, R&D expenditure was 242 million yuan, an increase of 11.44% over the previous year. In terms of technology platforms, the company has further enhanced machine vision algorithm platforms and industrial software platforms such as Vispec3D, VispeCAOI, and VispecIoT. At the same time, it is also developing independent research and development of core components such as ultra-precision sports tables and ultra-precision optical systems for semiconductor front-end manufacturing, and continues to improve the technology platform system.
The company's new products have been launched on the market one after another. In 2022, the company released a new generation of high-speed photovoltaic silicon wafer inspection and sorting equipment, reaching an ultra-high speed production capacity of 12,000 PCS/H, and has already received batch orders. The company's photovoltaic copper plating graphic equipment has been sent to the customer for trial use. Suzhou Sixing Semiconductor Co., Ltd., in which the company is a shareholder, lays out semiconductor front-end microdefect detection equipment, and the TB1000 brightfield inspection equipment has already entered the prototype trial stage. At the same time, the company also delivers products to customers in consumer electronics, PCB and other fields.
Profit forecasting
It is predicted that the company's revenue for 2023-2025 will be 19.57, 24.68, and 3,023 billion yuan respectively, and EPS will be 1.14, 1.45, and 1.77 yuan respectively. The current stock price corresponding to PE is 34, 27, and 22 times, respectively. We are optimistic about the company's platform-based product layout in the field of visual equipment and give it a “buy” investment rating.
Risk warning
Downstream demand recovery falls short of expectations, new product promotion falls short of expectations, risk of increased industry competition, risk of fluctuations in raw material prices, etc.