Main points of investment:
Rooted in photoelectric sensor, infrared and visible light sensor leading production company ploughs photoelectric sensor, the products include pyroelectric infrared sensor series and visible light sensor series, master the production formula and technology of infrared filter and infrared sensitive ceramic, is the rare domestic enterprise with independent research and development ability, scale production capacity and complete sales network in the sensor industry. The advantages of cost control and production efficiency are obvious.
The temperature gun for epidemic prevention and control greatly increases the sales of thermopile sensors.
Non-contact infrared temperature detection instrument is a preliminary screening method for epidemic prevention and control. Compared with infrared thermal imaging equipment, hand-held forehead temperature gun equipment has the advantages of low cost and rapid detection, and the demand for domestic resumption of work and epidemic prevention has greatly increased the sales of forehead temperature gun. The company mainly produces pyroelectric infrared sensors. due to the obvious gap between supply and demand in the first half of the year, the company actively adjusts its plan to increase the production of thermopile sensors. the revenue and profit of thermopile infrared sensors and related components increased significantly in the first half of the year, which can be seen from the accumulation of sensor technology and production efficiency.
Epitaxial layout of micro-differential pressure sensors to achieve sensor product line "broken circle" domestic alternative flow, pressure and temperature sensors for subdividing the largest race track of the sensor market. At present, most of the domestic products rely on imported products. The company ploughs the visible light sensor market, and on this basis acquires Alpha, an American manufacturer of micro-differential pressure sensors, to achieve a "broken circle" of sensor product lines. At the same time, the considerable cash flow brought by the epidemic also lays a solid foundation for the company to further expand its product line in the future.
Profit forecast
It is estimated that the company's operating income from 2020 to 2022 will be 332 million yuan, 405 million yuan and 493 million yuan, up 62.52%, 21.87% and 21.63% over the same period last year, and the net profit will be 142 million, 172 million and 205 million respectively. The year-on-year growth rate of 72.91%, 20.99% and 19.45% PE is 1.18,1.43,1.71 yuan, corresponding to 34x, 28x and 23x. Give the company a 35x valuation and a recommended rating.
Risk hint
Downstream demand has fallen sharply, product prices have fallen sharply, and the progress of product research and development has fallen short of expectations. Alpha has suffered substantial losses due to the epidemic in the United States, and the company's capacity expansion has been less than expected.