China Optics (002189) Third Quarterly Report Review: Optoelectronic Defense Leads Domestic Military and Civil Business
Event: The company released the third quarter report of 2019, and the company achieved operating income from January to June 201916.
69 ppm, an increase of 3 over the same period last year.
56%; net profit attributable to shareholders of the listed company is 0.
79 ppm, an increase of 6 over the same period last year.
Benefiting from the construction of national defense informatization, military products have maintained steady growth.
The company has always focused on the scientific research and production of optoelectronic defense products. The various types of light weapon sights, stability control optoelectronic systems, and detection and interference systems that have been manufactured are at the leading level internally. Many military models are the first in China, and some products are exclusively 苏州桑拿网 supplied to the military.
In the field of surveillance, the company is the only domestic military unit designated by the National Frontier Defense Commission that has been shortlisted for both land defense and coastal defense surveillance.Long-term partnership.
According to the goals of the “Thirteenth Five-Year Plan” for military construction, “informatization construction must achieve significant progress, establish a modern military force system with Chinese characteristics that can win informatized wars, and effectively carry out tasks,” we believe that the company will benefit from national defense informationWith the acceleration of chemical construction, it is expected that the photoelectric defense products will continue to grow steadily.
Entering the consumer electronics market, the prospect of the civilian products 都市夜网 business is broad.
After the company completed major asset reorganization last year, its main business covers mid-upstream and upstream products in the optoelectronic industry such as precision optical components, optical accessories, and photoresistors, as well as downstream products in the optoelectronic industry such as optical devices, optoelectronics, and photovoltaic system integration.Industrial pattern of parallel development.
In the field of projection display, the company is one of the few domestic companies that can design, develop, and produce projection machines, and can cover both DLP and 3LCD technologies. It has already cooperated with Storm, Nuts, ViewSonic, Oriental Central Plains, BenQ and other domestic and foreign companies.The well-known projection brand establishes a cooperative relationship. The products cover multiple projection methods, multiple focal lengths and various types of light sources, covering application areas such as home entertainment, digital cinema, engineering, business education, etc.
In addition, the company’s optical products such as periscope microprisms have been successfully used with Huawei P30 series mobile phones, and the prospect of entering the consumer electronics market is very bright.
Profit forecast and investment grade: The company’s net profit for 2019-2021 is expected to be 2.
01 billion, 2.
4.1 billion, 3.
13 trillion, EPS is 0.
77 yuan, 0.
92 yuan, 1.
19 yuan, corresponding to PE is 27 times, 23 times, 17 times, given a “buy” rating.
Risk Warning: The delivery of military products is less than expected; competition in the consumer electronics market is intensifying.