Event

Fujing Science and Technology issued an announcement on September 28: the subsidiary photon plans to introduce Yuanzhi Spark as a new shareholder by means of capital increase and share expansion, and Yuanzhi Spark plans to increase its capital by 100 million yuan in cash.

Main points of investment

The combination of strong and strong forces to promote the development of ultra-precision optical business

Fujing Science and Technology issued an announcement on September 28 that the subsidiary photon plans to introduce Yuanzhi Spark as a new shareholder by means of capital increase and share expansion. Yuanzhi Spark plans to increase the capital of expiration photons by 100 million yuan in cash, of which 65 million yuan is included in the photon registered capital and 35 million yuan is included in the photon capital reserve. The registered capital of maturity photons has increased from 110 million yuan to 175 million yuan, and the proportion of shares held by the company will be changed from 72.73% to 45.79%. The company is still the largest shareholder of maturity photons and accounts for more than half of the seats on the board of directors of maturity photons. After the completion of this capital increase, Yuanzhi Spark holds 37.04% of Photon's equity. According to calculation, the company's capital premium is 23.9619 million yuan.

Shenzhen Yuanzhi Spark Private Equity Fund Partnership (limited partnership) invests in a number of enterprises, including Zhi Micro Semiconductor (Shanghai) Co., Ltd., Shanghai Xinxinlian Semiconductor Technology Co., Ltd. Fujing Technology introduces Yuanzhi Spark to increase the capital of the holding subsidiary, which is in line with the company's strategic plan, and will further enhance the capital strength and comprehensive competitiveness of Expiration Photon. it is helpful to accelerate the pace of expending photon's business such as ultra-precision optical components.

Domestic precision optical products leader, continue to strengthen research and development

Fujing Science and Technology has set up an R & D center, focusing on R & D investment, technology development, personnel training and collaborative innovation. The company is the first batch of innovative pilot enterprises in Fujian Province, the National Optoelectronic Crystal material Engineering Technology Research Center, the provincial enterprise technology center and the provincial enterprise engineering technology research center, the national high-tech enterprises, Fujian intellectual property advantage enterprises, the national enterprise technology center. The company has become a member of the material Professional Committee of the Chinese Optical Society and a member of the National Optical radiation Safety and Laser equipment Standardization Technical Committee. While carrying out independent research and development, the company has established strategic technological exchanges and cooperation with scientific research institutes such as physical structure institutes to enhance the company's R & D strength and effectively promote new product development, process improvement and technology iteration.

The business scale of the company's precision optical products has increased steadily, consolidating and upgrading laser optics and communication optical products while laying out the emerging market for high-end optical components, realizing the mass production of a new type of prism reflective gold-plated grating used in 5G communication, the comprehensive performance of the products has reached the international advanced level, and has become an important supplier for international head enterprises.

Profit forecast

The forecast company's income from 2023 to 2025 is 9.23,10.87,1.254 billion yuan respectively, and the EPS is 0.56,0.65,0.82 yuan respectively. The current stock price corresponding to PE is 50,43,34 times respectively, and is given "buy" investment rating.

Risk hint

The downward risk of the prosperity of the industry, the risk that the progress of product research and development is not as expected, the risk of intensified competition in the industry, and so on.