World-renowned suppliers of intelligent equipment systems and advanced manufacturing systems. As the leader of electronic assembly equipment industry, the company has a solid equipment manufacturing foundation and first-class customers, and downstream customers are involved in Foxconn, VIVO and other first-class manufacturers in the industry; the introduction of optical module equipment business to achieve electronic machine assembly and optoelectronic module two-wheel drive industrial layout; product diversity, a comprehensive layout of 3D lamination equipment, OLED equipment, optoelectronic module testing equipment and other products, the future development is very promising. As a national high-tech enterprise, it pays attention to research and development, and the product technology has obvious advantages. The self-developed 3D surface fitting equipment breaks the foreign technology monopoly.
Optoelectronic module equipment breakthrough growth, future performance growth is expected. In 2018, the sales income of photoelectricity module production equipment reached 90.9691 million yuan, accounting for 15.40% of the company's overall sales revenue, an increase of 689.62% over 2017. In 2018, the company broke through the bottleneck of the development of 3D laminating equipment related to OLED flexible screen, completed the prototype production of 3D-Lami laminating equipment, verified it on the client, and successfully cut into the BOE industrial chain. Timely grasp the market opportunities brought by off-screen fingerprints and three photos, and successfully develop a series of corresponding equipment, relying on large domestic module manufacturers to improve the performance of the company.
Electronic assembly couplet business is growing steadily and occupies a leading position in the industry. The electronic assembly business, which includes electronic welding equipment and intelligent machine vision inspection equipment, has strongly supported the company's performance growth for a long time with high gross profit margin and revenue share. At the same time, we continue to optimize and upgrade the performance of traditional electronic welding equipment, and introduce big data and artificial intelligence into AOI equipment to realize the customization of intelligent machine vision inspection equipment. The company stands out in the replacement of new and old production capacity of equipment and firmly occupies a leading position in the industry.
Investment advice: electronic assembly couplet main business, the market demand increases steadily, the company expands the market share; optoelectronic module business, the company with 3D lami and other leading products are expected to continue to make progress in downstream customers. We expect the company to achieve a parent net profit of RMB 1.521 million in 2019 and 2020, which is currently given a "buy" rating for the first time corresponding to PE 27x/19x.
Risk hint: downstream customers are less willing to spend capital than expected, and competition aggravates the risk.