AVIC Optoelectronics (002179) Incident Review: Downstream Demand, High Prosperity, Multi-pronged Advantage Enhancement
Event: The company released an interim report: the number of reports and a total operating income of 45.
97 ppm, an increase of 28 in ten years.
23%; realized net profit attributable to mother 5.
7 ppm, an increase of 23 in ten years.
Investment points: strong demand and high revenue growth.
Benefiting from the high prosperity of the military and communications fields, the company’s revenue has grown rapidly, with a growth rate of 28.
In terms of costs, the company’s gross profit margin remained stable and maintained at a relatively high level; in terms of expenses, sales and financial expenses increased slightly, R & D expenditure increased, and R & D expenses increased to 54.
Multi-pronged approach to strengthen competitive advantage.
The company is at the leading level in the connector field, with obvious revenue scale and overall strength advantages in the military field; the company is a Huawei gold supplier in the communication field.
With leading market orientation and healthy and abundant financial strength, the company’s R & D expansion and market expansion efforts have also increased, and the R & D expenses have reached 4.
03 trillion, selling expenses reached 1.
At present, the concentration of the connector market is still decreasing. The company has made efforts in product research and development and market expansion, and gradually increased and strengthened the market advantage to achieve strength and strength, and its market share continued to increase.
Downstream demand is high-resonance resonance.
The company’s products cover a wide range of high-end manufacturing industries such as national defense military industry, communications and data transmission, new energy vehicles, rail transit, consumer electronics, and industry. Among them, national defense military industry and communications account for a large proportion.
In the field of defense and military industry, long-term weapons 北京夜网 and equipment construction continue to break through the gap. In the short term to the 14th Five-Year Plan, the demand for defense and military industry continues to grow. The communications field, the 5G construction cycle starts, and substrate construction investment continues to rise.Promotion.
Earnings forecast and investment rating: Buy rating.
Downstream demand is high and the business environment is resonant. The company’s product research and development and market development are intensified, and revenue is expected to continue to grow rapidly.
The company’s performance exceeded expectations and raised its profit forecast. It is expected that the net profit attributable to mothers will be 11 in 2019-2021.
9 billion, 14.
82 trillion and 18.
16 megabytes, corresponding to 1, respectively.
16 yuan, 1.
44 yuan and 1.
77 yuan, corresponding to the current expected PE is 35 times, 28 times and 23 times, raised to the buying level.
Risk reminders: 1) less than expected profits; 2) less than expected defense and communications needs; 3) less than expected market expansion; 4) systemic risks.