The camera module focuses on Android, and the share is expected to increase steadily. The sale of characteristic customer assets to Wentai Technology will focus on Android mobile phone customers, which currently has a high share in only one customer, and is expected to continue to increase among other Android mobile phone customers in the future.
The lens business is advancing steadily, and the layout of the mobile car industry as a whole. Matching camera module customer demand, the company actively develop mobile phone lens business, continue to invest every day, actively develop new customers and increase the share of existing customers, the future is expected to achieve a continuous increase in the share of domestic Android mobile phone customers.
With the horizontal expansion of microelectronic products, the emerging demand is gradually focused. Microelectronics business mainly involves fingerprint module, 3D sensing, lidar and millimeter wave radar, etc., and will actively realize the design package and module layout in the future. With the increase of new application scenarios of mobile phones and IOT products, the follow-up development of microelectronics business is expected.
The comprehensive layout of automobile business benefits from the trend of automobile intelligence. Automotive business report center control, autopilot, module, lens, millimeter wave radar module and ADAS, etc. In the future, with the rise of the 5G Internet of things and the improvement of automobile intelligence, the company's automotive business is expected to benefit from the industry dividend.
The asset-liability ratio has gradually decreased, and indicators such as inventory and accounts receivable have improved significantly. After the sale of specific major client assets and the receipt of cash, the debt ratio will be improved, the inventory will decrease year by year, and the structure of accounts receivable mainly comes from Android major customers, and the payment is guaranteed.
Investment advice: after the sale of the customer-specific camera module business in 2021, we expect the company to maintain a "recommended" rating with a revenue of 481.9 million yuan in 2020-2022, with a net profit of 8.8 trillion and a net profit of 9.8 million.
Risk tips: (1) product sales lag, inventory backlog; (2) customer payment is not timely; (3) the unrealizability of profit forecast and the inapplicability of valuation methods.