Those who are deeply involved in optical lenses cover the entire industry chain to create an integrated advantage. United Optoelectronics is a manufacturer of focused imaging, light display, and light-sensing lenses, optoelectronic products, and a provider of optical system solutions. The company has a complete system of optical lens design and development, precision manufacturing, sales and service. The products are widely used in security, intelligent driving, consumer electronics, artificial intelligence and other fields.
Security lenses: High-end customization capabilities enable growth. Demand: As a basic equipment for national defense and security, smart cities, video conferencing, and security monitoring, the future market space is broad. Global security lens shipments are expected to reach 500 million units in 2027, with a market size of 11 billion yuan, and a market size CAGR of 5.3% in 2027. Supply: There are many scenarios involved in the field of digital security, and different application scenarios require separate solutions. The fixed focus and ultra-small magnification zoom markets have a high degree of generalization and many competitors in the market. In terms of medium, large, and ultra-high magnification zoom lenses, various optical indicators, miniaturization and cost requirements are high, lens design and production are difficult, and there are few competitors.
Growth point: The company has strong capabilities in R&D, design, and inspection of optical lenses and related products, and is guided by customer needs and effectively responds to customer needs.
Intelligent driving: Multiple categories work together to continuously advance customer targets. Millimeter-wave radar: It has products such as angle radar, vehicle-road cooperative radar, and in-vehicle vital signs detection radar, and has been designated by many new energy vehicle manufacturers. As technology research and development and targeted projects continue to advance, 4D millimeter wave radar is expected to become an important growth point for the company's performance. Vehicle lenses: covering a full range of lens products such as DVR (driving recorder), RVC (reversing image), AVM (panoramic surround view), ADAS (autonomous driving assistance system), and DMS (fatigue driving monitoring system), etc., and have basically covered mainstream vehicle manufacturers across the country and some first-tier international brand car manufacturers through first-level suppliers. AR-HUD: Related products have been designated by leading domestic new energy vehicle manufacturers with their technical advantages.
New displays are pioneering and growing, and intelligent robots have broad prospects. Laser projection lens: The company continues to make breakthroughs in display resolution, display effect, display size, display energy efficiency, etc., and with leading technical advantages, it is the first to launch the world's smallest 4k resolution ultra-short throw projector. AR/VR:
It has the ability to integrate AR/VR components and complete machine assembly, and has reached cooperation with Lexiang (Big Peng), Xiaopai, Bright Vision, and Nad. Intelligent robots: The subsidiary Wuhan Lianyi focuses on the development and industrialization of unmanned systems and artificial intelligence robots. The products include intelligent killing robots, intelligent service robots, security patrol robots, etc., which have been successfully implemented.
Profit forecast and rating: The company has accelerated its expansion into a new track of performance, and its core competitiveness continues to increase. We are optimistic about the company's future development. We expect revenue of 19.52, 23.96, and 3,048 billion yuan respectively for 2024-2025, and net profit of 0.92, 1.50, and 227 million yuan respectively, corresponding to PE of 44, 27, and 18 times, respectively. Covered for the first time, a “gain” rating was given.
Risk warning: industry competition intensifies, new product development progress, profit forecasts and valuations fall short of expectations