光学检测业务进展顺利，多个储备项目或接力放量。1）摄像头模组检测业务：当前公司已全面覆盖所有摄像头模组的检测项目，并积极承接模组检测自动化环节设备需求，有望在未来两年为公司带来持续业绩增长；2）VCSEL 芯片模组检测业务：已针对客户更新需求研发新型检测设备，当前样机已通过客户验证。公司将积极争取同时在国内外代工厂提供设备，加快设备出海进程；3）MR 光学检测业务：持续配合客户推进AR 设备相关检测环节的研发，目前在研项目数量较多。Incident: The company released its 2024 performance report. It is expected to achieve operating income of 1.457 billion yuan in 2024, an increase of 18.87% year on year; net profit to mother of 0.138 billion yuan, an increase of 28.85% year on year. The company's performance was in line with expectations.
Reviews:
The company's revenue and profit continued to grow rapidly. 1) The company's revenue has achieved rapid growth, mainly due to: the company has long focused on the needs of the consumer electronics laser precision processing and optoelectronic module inspection industry to provide comprehensive laser/optical solutions for leading customers in the consumer electronics industry, and related product revenue has grown rapidly; in addition, in the field of new energy laser processing, it has developed new types of lasers and laser processing monitoring modules to further improve customer processing efficiency while also driving the company's related product revenue growth. 2) The company's profit growth rate is higher than revenue, mainly due to the company's continuous cost reduction and efficiency. While further reducing procurement costs, it also reduces overall production and operation costs through management system reform and digital system reform, and continuously enhances the company's competitiveness.
The optical inspection business is progressing smoothly, and there are multiple reserve projects or relay releases. 1) Camera module inspection business: Currently, the company has fully covered all camera module testing projects and is actively undertaking module inspection automation equipment requirements, which is expected to bring continuous performance growth to the company in the next two years; 2) VCSEL chip module inspection business: It has developed new testing equipment in response to customer update needs, and the current prototype has passed customer verification. The company will actively seek to simultaneously provide equipment at domestic and foreign foundries to speed up the process of equipment going overseas; 3) MR optical inspection business: continue to cooperate with customers to promote R&D related to AR equipment. Currently, there are a large number of research projects.
The layout of various industries such as new energy and passive components broadens the space for future growth. 1) Photovoltaics: According to the company's investor relations activity records, the perovskite business has now received order requests from many customers, and delivery and acceptance work continues to advance, while actively cooperating with customers to land GW grade production lines; 2) Lithium batteries: keep up with technical updates for power batteries, such as laser burnishing of battery cases, development of lasers required for solid state and cylindrical battery processes; 3) Passive components: continue to receive customer orders in terms of resistors and integrated inductors, and the testing and verification of capacitive test sorters is progressing rapidly.
Profit forecast and valuation: Considering the positive development of the company's 3C business, the 24-year profit forecast was slightly raised and the 25-26 profit forecast was maintained. The net profit to mother for 24-26 is 0.138, 0.188, and 0.25 billion yuan respectively (the forecast data for the previous 24 years is 0.133 billion yuan), and the corresponding PE is 37, 27, and 20X, respectively. It is expected that the company's main business will maintain a steady scale, the high gross margin testing business will soon expand, and the company's profit may maintain rapid growth and maintain the purchase rating.
Risk warning: Risk of profit fluctuations due to declining laser business prosperity, slow progress in testing projects, and increased competition
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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