Domestic machine vision inspection equipment leader, for the first time to cover, give "buy" rating moment technology is the first domestic company to enter the field of machine vision inspection, years of deep ploughing makes the company has solid research and development capabilities. The company relies on its strong independent research and development capability to launch high-end machine vision inspection equipment, the cost side has more advantages than overseas brands, SMT full-line sales ability makes the company's products cost-effective advantage highlighted.
At the same time, the company is through the versatility of its own technology to cut into FPC, semiconductors and other downstream industries to broaden the growth space.
The company is expected to rely on strong independent research and development capabilities and cost-effective advantages to achieve import substitution, grow into the leader of machine vision inspection equipment. It is estimated that the company's homing net profit from 2020 to 2022 will be RMB 0.93 million, an increase of 8.0%, 54.4% and 40.5% respectively over the same period last year, with a corresponding EPS of RMB 0.57 and 0.89, respectively. The current share price will be given a "Buy" rating for the first time, corresponding to a PE of 57.4, 37.2 and 26.5 times, respectively.
Machine vision industry: 10 billion blue ocean market, import substitution trend domestic machine vision market scale has exceeded 10 billion and continues to maintain rapid growth. The core driving forces of the rapid growth of the industry are: (1) aging deepening, enterprise labor costs continue to rise; (2) machine vision has significant advantages over human eye recognition in terms of accuracy and efficiency; (3) under the background of manufacturing power, intelligent manufacturing promotes the steady increase in machine vision demand of one of the core products; (4) technological progress expands downstream applications, and the penetration rate of automobile manufacturing and other industries continues to increase. GGII estimates that the CAGR of China's machine vision industry will reach 24% from 2019 to 2023. At the same time, overseas brands dominate the domestic market by virtue of technological leadership, but in recent years, with technological progress and the advantages of cost-effective and localization, domestic manufacturers are gradually realizing import substitution from integration to core parts.
With the continuous expansion of new products, the 3D SPI and 3D AOI launched by the company expand the growth space downstream, and enable the company to have the ability to sell SMT on the whole line. Compared with the previous single equipment sales, the whole line of equipment packaging sales often have a certain discount, and can achieve the interconnection of information in the production line, which is more convenient than using different brands of equipment in the same production line. It is expected to drive the sales of products such as 2D AOI and increase the attractiveness of customers to buy other products. In addition, benefiting from the versatility of the company's relatively complete underlying technology and software algorithms, the company already has the ability to expand the machine vision equipment business to a number of downstream industries, and has laid out semiconductors, medicine and other fields.
Risk hints: the epidemic affects the recovery of downstream prosperity, and the market expansion effect of new products is not as good as expected.
