Incidents:
2023 Annual Report: The company achieved revenue of 7816.356 million yuan in 2023, an increase of 1.73% over the same period last year. Net profit attributable to shareholders of listed companies was 209.07742 million yuan, down 7.65% from the same period last year, and the weighted average return on net assets was 14.80%, down 2.60 percentage points from the same period last year.
Comment:
The company strengthens the layout and development of new products. In 2023, the company launched new products such as a 10.6 μm acousto-optic modulator, a two-dimensional high-speed acousto-optic deflector, a large diameter water-cooled electro-optic Puckle box, a large aperture transmission diffraction grating, and an ultra-high reflectivity mirror. In response to the rapidly developing ultrafast laser market, the “crystal+optics+device+solution” one-stop solution was introduced to customers, which not only broke the foreign monopoly of key core technologies, but also provided sufficient technical flexibility and rapid response capability for the R&D and manufacture of ultrafast lasers to the greatest extent possible, further enhancing the company's core competitiveness in the laser industry, especially in the ultra-fast laser supply chain. At the same time, in the field of precision optical inspection, on the one hand, the company is vigorously developing the large aperture ultra-precision optical component business to support the development and development of domestic ultra-precision optical measuring instruments and equipment;
The company leads the world in nonlinear optical crystal technology, with a market share of 80%. The company mainly has three types of nonlinear crystals: LBO, BBO and KTP. After applying nonlinear optical crystals, lasers can generate lasers of various wavelengths due to the multiplier and mixing effects of nonlinear optical crystals on base-frequency lasers, broadening the application fields of lasers. The company's nonlinear optical crystals are widely used, and the market share of the company's nonlinear optical crystals has reached 80%.
The company attaches importance to scientific and technological innovation and brand building. In 2023, it invested 87.1738 million yuan in R&D expenses, an increase of 12.73% over the previous year, mainly for the development of new products and processes to further enhance R&D capabilities. In 2023, the company headquarters applied for 40 patents and obtained 10 patent authorizations. By continuing to promote brand building and promotion through multiple channels such as participation in industry conferences, exhibitions, and product evaluations, products and services have been widely recognized by the industry and customers.
Investment advice and ratings: The company is the world's leading laser crystal company. It has the dual advantages of technology and equipment. The company's global market share of nonlinear optical crystals is 80%. The company strengthens the layout and development of new products, emphasizes scientific and technological innovation and brand building, and R&D expenses are growing rapidly. We estimate that the company's revenue for 2024-2026 will be RMB 8.61/12.04/RMB 1,324 million, respectively, and net profit attributable to mother will be RMB 2.3/3.22/354 million yuan, respectively, giving the company an “increase in wealth” rating.
Risk warning: Sales of the company's products fell short of expectations, leading to a decline in profits.