Event: Fujing Technology issued a mid-2022 report that the company achieved an operating income of 393 million yuan, an increase of 11.48% over the same period last year, and a net profit of 119 million yuan belonging to shareholders of listed companies, an increase of 17.33% over the same period last year.
Comments:
Rise abruptly based on accumulated strength, and have rich experience in related fields. The company is mainly engaged in the research, development, production and sales of crystal components, precision optical components and laser devices. After more than 30 years of development, the company has accumulated rich experience in brand, marketing, technology, research and development, management, etc., and will be committed to providing laser manufacturers with one-stop supply and technical support for key components such as crystal components, precision optical components and laser products. Constantly improve and enrich the product structure and categories, and build a more complete product system.
The "troika" makes concerted efforts, and the company's products are widely recognized. The company has been deeply engaged in the main business for a long time and has established a good brand image, and its products have been widely used by many well-known laser companies at home and abroad.
The company's core crystal products are in a leading position in the industry, among which LBO and BBO have the first global market share; the business scale of precision optical products has increased steadily; self-developed device products have been supplied in batches, and some device products have broken the monopoly situation of foreign manufacturers and realized domestic substitution.
With the continuous improvement of the ability of scientific and technological innovation, the company's R & D expenses have increased year after year. The company has an independent R & D center, established a relatively perfect R & D system, carried out independent R & D, and some projects carried out joint R & D with the controlling shareholder Institute or other scientific research institutions to enhance the company's R & D strength. The company independently developed a crystal growth furnace and has international advanced processing, coating and testing equipment, which can effectively ensure stable product quality and accumulate mature technology and technology in crystal production.
Profit forecast: the company's operating income from 2022 to 2024 is estimated to be 777, 858, 943 million yuan respectively, and the net profit returned to its mother is 2.34 million yuan, 265,297 million yuan respectively, comparable to the company's Dier laser, Dagong laser, Huagong science and technology 2022 PE of 82.8,16.3, 24.7 respectively, taking the approximate average to give the company 40 times PE, that is, the company's reasonable valuation in 2022 is 9.36 billion yuan. It has 18.74% more space than the current market capitalization of 7.883 billion yuan, giving the company a "buy" rating for the first time.
Risk tips: the downtrend of the laser industry leads to the risk that the company's product demand falls short of expectations; the emergence of competitors leads to a decline in the market share of the company's core products; and the risk that performance forecasts and valuation judgments fall short of expectations.
