投资要点
事件：公司发布2022 年三季报，前三季度实现营业收入79.03 亿元，同比增长10.99%；归母净利润2.04 亿元，同比增长8.41%。扣非净利润1.34 亿元，同比增长3.2%。其中，三季度实现营业收入30.3 亿元，同比增长31.17%，归母净利润1.01 亿元，同比增长10.86%，扣非净利润0.65 亿元，同比增长3.71%。
车载光学领域，车载镜头带动成长。受益于ADAS 加速渗透和汽车智能化发展趋势，车载摄像头呈现量价齐升趋势。前三季度车载光学收入增长718.02%。第三季度单季度车载收入增长率达到587.62%，且盈利能力有所增强。
布局高清光学领域，与头部客户深度绑定。公司在高清光学领域积极扩展应用，其超清广角摄像头已在运动相机、全景相机、VR/AR 等领域广泛应用，通过深度合作锁定高清光学领域市场份额，在AR/VR 领域存在深厚积累。公司第三季度单季度高清广角镜头及模组收入增长72.65%，发展势头良好。
盈利预测与投资建议：我们维持公司盈利预测，调整2022-2024 归母净利润分别为3.02 亿元、4.53 亿元、6.01 亿元，对应PE46.4/30.9/23.3 倍（根据2022.10.28 收盘价）。车载镜头增长空间巨大，联创电子车载业务占比高，已经进入多家大客户深度合作。维持“审慎增持”评级。
风险提示：募投项目不及预期风险、客户集中度高、产品应用领域扩展速度不及预期、下游拓展不及预期
投资要点
事件：公司发布2022 年三季报，前三季度实现营业收入79.03 亿元，同比增长10.99%；归母净利润2.04 亿元，同比增长8.41%。扣非净利润1.34 亿元，同比增长3.2%。其中，三季度实现营业收入30.3 亿元，同比增长31.17%，归母净利润1.01 亿元，同比增长10.86%，扣非净利润0.65 亿元，同比增长3.71%。
车载光学领域，车载镜头带动成长。受益于ADAS 加速渗透和汽车智能化发展趋势，车载摄像头呈现量价齐升趋势。前三季度车载光学收入增长718.02%。第三季度单季度车载收入增长率达到587.62%，且盈利能力有所增强。
布局高清光学领域，与头部客户深度绑定。公司在高清光学领域积极扩展应用，其超清广角摄像头已在运动相机、全景相机、VR/AR 等领域广泛应用，通过深度合作锁定高清光学领域市场份额，在AR/VR 领域存在深厚积累。公司第三季度单季度高清广角镜头及模组收入增长72.65%，发展势头良好。
盈利预测与投资建议：我们维持公司盈利预测，调整2022-2024 归母净利润分别为3.02 亿元、4.53 亿元、6.01 亿元，对应PE46.4/30.9/23.3 倍（根据2022.10.28 收盘价）。车载镜头增长空间巨大，联创电子车载业务占比高，已经进入多家大客户深度合作。维持“审慎增持”评级。
风险提示：募投项目不及预期风险、客户集中度高、产品应用领域扩展速度不及预期、下游拓展不及预期
Main points of investment
Event: the company released its three-quarter report in 2022, with operating income of 7.903 billion yuan in the first three quarters, an increase of 10.99% over the same period last year, and net profit of 204 million yuan, an increase of 8.41% over the same period last year. Deducting 134 million yuan in non-net profit, an increase of 3.2% over the same period last year. Of this total, the operating income in the third quarter was 3.03 billion yuan, an increase of 31.17% over the same period last year, and the net profit was 101 million yuan, an increase of 10.86% over the same period last year, deducting 65 million yuan from non-net profit, an increase of 3.71% over the same period last year.
In the field of on-board optics, on-board lenses drive growth. Benefiting from the accelerated penetration of ADAS and the development trend of automobile intelligence, the on-board camera shows an upward trend in quantity and price. Vehicle optical revenue increased by 718.02% in the first three quarters. The growth rate of vehicle revenue in the third quarter reached 587.62%, and the profitability has been enhanced.
Layout in the field of high-definition optics, deeply bound with head customers. The company is actively expanding its application in the field of high-definition optics, and its ultra-clear wide-angle camera has been widely used in motion cameras, panoramic cameras, VR/AR and other fields. Through deep cooperation to lock the market share of high-definition optics, there is a deep accumulation in the field of AR/VR. The company's revenue from high-definition wide-angle lenses and modules increased by 72.65% in the third quarter, with a good momentum of development.
Profit forecast and investment advice: we maintain the company's profit forecast and adjust the 2022-2024 net profit to 302 million yuan, 453 million yuan and 601 million yuan respectively, corresponding to PE46.4/30.9/23.3 times (according to the closing price of 2022.10.28). Car lens growth space is huge, Lianchuang electronic vehicle business accounts for a high proportion, has entered a number of major customers in-depth cooperation. Maintain the "prudent overweight" rating.
Risk hint: the fund-raising project is not as risky as expected, the customer concentration is high, the expansion speed of product application field is not as fast as expected, and the downstream expansion is not as expected.
