Leader Optoelectronics (002189): Military-civilian fusion optoelectronics leading endogenous extension in the future
The company is an advanced company in the optoelectronic industry, and the main optical industry maintains a steady growth trend. Under the background of the continuous advancement of military informatization and strong demand, we predict that the company’s military optoelectronic defense and military land monitoring business is expected to maintain a long-term growth trend; casuallySafe City is advancing to third- and fourth-tier cities. It is expected that the monitoring of military and civilian land use will also usher in transformation and development. As a listed platform for the optoelectronics sector of the military equipment group, the company has remaining space for asset securitization in the future.
The company’s EPS for 2018-2020 is expected to be 0.
79 yuan, the first coverage, given a “strong recommendation-A” rating.
The company is an advanced enterprise in the conventional optoelectronic industry. The acquisition of China Optics cuts into “military products + complete machines”.
The company’s main business is distributed in four fields: digital optics, thin film optics, security vehicle optics and military optics. The main products are optical elements such as prisms, lenses, and optical materials.
In 2018, the acquisition of China Optics Group was completed. Other main businesses include optoelectronic defense and military and civilian land monitoring, and complete projectors. Since then, the company has entered the field of “optoelectronic military products + complete machines” from the mid-upstream optical component field.
There is a strong demand for military informatization construction, and optoelectronic defense and military surveillance are expected to maintain a long-term growth trend.
Initially, budget defense and army building continued to advance.
The Nineteenth National Congress of the Communist Party of China proposed that by 2020, mechanization will be basically realized and major progress will be made in informatization construction. We will strive to basically achieve national defense and military modernization by 2035, and build the people’s army into a world-class army by the middle of this century.
Military optoelectronic products, as combat power multipliers, are essential for information construction.
China Optics ‘current optoelectronic defense and surveillance products account for more than 40% of revenue and gross profit exceeds 60%. It is expected that the company will continue to benefit from the informatization construction.
In addition, the company plans to raise funds for China Optics’ capacity building projects, which is expected to further enhance the company’s strength.
The contradictions in the main optical industry continue to grow steadily and are facing increasing demand in emerging markets.
In the past 5 years, the company’s main optical industry has grown steadily.
The combined strength of revenue and net profit reached 13 respectively.
3% and 21.
With emerging markets such as security surveillance, vehicle cameras and mobile phone lenses, machine vision growing, the company’s main optical industry is expected to continue to grow steadily.
With the 苏州夜网论坛 continuous advancement of safe cities to third- and fourth-tier cities, the demand for civil security market continues to expand.
The company’s related products are dual-use, civilian products, and civilian products such as long-range high-definition laser cameras, also face good development potential.
The company is a listed platform for the optoelectronics sector of Bingzhuang Group, with the remaining space for asset securitization.
The armored group’s subordinates are still Chengdu Guangming Optoelectronics, Hunan Huanan Optoelectronics, Hubei Huazhong Optoelectronics, Wuhan Changjiang Optoelectronics and other photovoltaic assets. Under the background of continuous deepening of military industry central enterprise reform and asset securitization, the company’s remaining capital operation space is expected.
Equity incentives stimulate company vitality.
The company has recently formulated an equity incentive plan to 5.
65 yuan / share was granted to 196 shares of the company’s executives, core marketing, technical and management backbones and other 103 people.
330,000 shares, accounting for 0 of the total share capital.
It helps employees to deeply bind the company’s interests and stimulate internal vitality.
Risk Warning: The product development progress is less than expected; competition in the civilian product market is further intensified.