Professional lens, optoelectronic products and system solutions provider. The company is a manufacturer of professional lens optoelectronic products with optical imaging, optical display and light perception as the core technology. it also has optical zoom and optical anti-shake technology in China. It has mastered the design and development of optical lenses and optoelectronic products, ultra-precision mold technology and intelligent manufacturing technology, and has the manufacturing technology of core optical devices such as aspheric lenses, Fresnel lenses and free-form surface lenses. Can quickly provide customers with high-end personalized design integrated service providers. At present, the products are mainly used in security monitoring (73% in 2020), consumer electronics, intelligent display, self-driving and other product lines. The founding team of Optoelectronics, mainly Gong Junqiang, is experienced in the industry. in addition, the company is currently in the first place in the world in the field of high-end surveillance lenses, while laying out millimeter wave radar, laser projection, AR/VR and other non-security areas. According to the company's 2021 Q1 revenue of 344 million yuan, an increase of 125.15% over the same period last year, the net profit returned to its mother was 15.36 million yuan, an increase of 255.23% over the same period last year, demonstrating the company's pioneering ability in new fields.
Basic market: the security market is developing steadily, and the accumulation of stacking technology for major customers has obvious advantages. Globally, the security equipment market generally maintains a stable development trend, but as new technologies such as AI, optical anti-shake, large magnification zoom and ultra-high definition break the security monitoring boundary, the 2B to 2C consumer market will release greater potential. TSR predicts that security lens sales in 2021 will be 245 million pieces, a compound growth rate of 7.2%. The company's security products can achieve 720P-8K resolution and 3-100 magnification optical zoom. Security high-definition all-in-one camera lens occupies a large market share, products into the domestic security market in the first three Haikangwei, Dahua shares, Yushi technology, high gross profit margin and ASP and the company will follow the long-term and stable growth of customers.
Car lenses, millimeter wave radar and other automotive electronics, intelligent display have become new performance engines. With the help of the technology and brand in the field of security, the company can extend to the field of vehicle and intelligent display. (1) in the field of vehicle, it is divided into vehicle lens and millimeter wave radar, among which we predict that the domestic market scale of car camera lens will be 11.9 billion yuan in 2021, and the domestic vehicle market scale of millimeter wave radar will be 18.2 billion yuan in 2021. At present, the company has passed the ISO certification in vehicle lens. And is gradually promoting to Guangzhou Automobile Honda, Great Wall Automobile and other vehicle manufacturers through downstream module manufacturers, while millimeter wave lidar is a new product of the company, according to the company's annual report and investor interaction platform reply on May 21, 2021, the company's millimeter wave radar products have entered the testing stage of some domestic car factories. (2) Intelligent display, such as laser projection and VR/AR, etc. According to the company's private stock offering plan in 2020, the company is based on the technology of Fresnel lenses and other optical components required by VR/AR, while some technical guidance and parameters are provided by downstream customers. at present, the VR/AR all-in-one machine has been successfully developed and approved by customers, and the company is expected to put into production in 2021. After reaching production, we can achieve 2 million sets of new projection lens products and 580000 sets of VR/AR all-in-one machines to bring a new boost to the performance.
Valuation and forecast: we estimate that the company's annual operating income from 2021 to 2022 to 2023 is 15.96,20.04 and 2.565 billion yuan respectively. The homing net profit was 1.00,1.52 and 203 million yuan respectively, an increase of 101%, 52% and 34% over the same period last year, and the corresponding EPS was 0.45,0.67 and 0.91 respectively, and the corresponding PE in 2021-2022-2023 was 35,23,17 respectively, taking into account the company's leading position in security zoom HD and the fact that the brand turned to vehicles and millimeter wave lidar in the second growth curve growth development stage and comparable company valuation level. Cover for the first time, giving a "buy" rating.
Risk tips: automotive electronics and other progress is not as expected; market competition risk; top five customer concentration risk; industry space measurement deviation risk; non-public offering and fund-raising project progress is not as expected; research and update is not timely risk.
