Core ideas:
Local video image shows the control leader, and the performance continues to improve steadily. Cartwright is a high-tech company with video processing algorithms as the core and hardware equipment as the carrier to provide customers with professional display control products in the field of video images. Since its inception, based on the LED display control system, the company has continuously accumulated R & D experience and market reputation, gradually extended to the field of video processing and playback, and achieved steady growth in business income and continuous improvement in profitability.
Show the core track of the industry, and the technology upgrade drives the scale up. The video image display control system is the core component of the display system, and it has a wide range of downstream applications. The continuous growth of the market scale of LED display will drive the demand of LED display control system. At the same time, "5G+8K" will become an important driving force for the development of video processing equipment industry. At present, the domestic industrial chain is becoming more and more perfect, and the local manufacturers represented by the company are making great efforts to layout the industry and actively participate in the market competition.
The product strength is strong, the application field continues to make breakthroughs. In response to the development trend of the industry, the company has continuously expanded its product range and launched professional master / super master and other product models in the field of video processing equipment, which has formed a strong substitution effect for the traditional video processor with single function. At the same time, relying on strong R & D strength and promoting technology upgrading, the company is constantly opening up downstream application areas to provide a variety of comprehensive solutions for many users. In "Information Video, Video Ultra High definition"
Under the trend, the company is expected to achieve rapid growth by virtue of its own product strength.
Profit forecast and investment advice. It is estimated that the EPS of the company in 22-24 years will be 1.88 + 2.79 + 3.73 yuan / share respectively (based on the total share capital of 68 million shares after the company's issuance). With reference to the valuation level of the comparable company, and considering the company's position in the domestic video image professional display control field and the broad market space, the company is given a valuation of 30-35 times PE in 2023, and the corresponding reasonable value range is 83.73-97.69 yuan per share.
Risk hint. Macroeconomic fluctuations, R & D personnel turnover risk, technology upgrading iterative risk.