Meiya Optoelectronics (002690): Strong growth of oral CBCT profitability steadily improved

Meiya Optoelectronics (002690): Strong growth of oral CBCT profitability steadily improved
Investment Highlights Event: The company released its 2018 annual report, reporting that the two companies achieved operating income12.40 ppm, an increase of 13 in ten years.33%, net profit attributable to mother 4.48 ppm, an increase of 22 in ten years.82%, deducting non-net profit 3.830,000 yuan, an increase of 17 in ten years.93%.The announced profit distribution plan intends to distribute a cash dividend of RMB 7 for every 10 shares to all shareholders. Color sorters have grown steadily, high-end medical imaging has grown strongly, and the product structure has continued to optimize. 1) In 2018, the company’s high-end medical imaging business (oral X-ray CT diagnostic machine) saw strong growth and achieved revenue3.71 ppm, an increase of 42 in ten years.65%, accounting for 30% of expected revenue, and an increase of 6 compared to 2017.2 units, business structure is continuously optimized. 2) The company’s sales revenue in overseas markets decreased in 20184.2%, because the company’s export products only have color sorting machines, affected by overseas markets, the revenue growth of this business segment is under pressure.In 2018, the company’s color sorter revenue was about 8.10 ppm, a five-year increase of 5.9%.Excluding overseas business, the color sorting machine segment in the domestic market achieved about 5 in 2018.810,000 yuan, an increase of 10 in ten years.5%. The profit margin has been further improved, and the operating quality has remained at a relatively high level. 1) The consolidated gross profit margin in 2018 was 54.94%, an increase of 1.73pct: The gross margin of color sorter is 51.54% (+0.07pct), gross margin of oral X-ray CT diagnostic machine 59.65% (+1.69pct), gross margin of X-ray foreign object detector 64.72% (+18.92pct). 2) Net profit from sales decreased by 36 in 2018.11%, up before 2017.9 points. 3) The operating quality is maintained at a high level, and the company’s net cash flow / net profit from operating activities during the period of 2015-2018 is above 90%. The product line has been continuously improved, and the expansion plan has continued to advance. 1) In 2018, the company continued to launch new products that meet market demand in a rhythmic manner.Intelligent color sorter optimizes performance and reduces 上海夜网论坛 shortcomings, and realizes true “one-click color sorting”. 2) The medical imaging segment has intensified product innovation and launched the “Zunying” oral CT (FOV15 * 10.5CM) to form a multi-imaging product lineup to meet market demand.At present, the company is taking the field of stomatology imaging as a breakthrough and actively extending to other specialized fields. In the future, it will launch a series of new products with completely independent intellectual property rights in orthopedics, ENT and other departments. 3) The plan to expand production capacity continued to advance, and market competitiveness will be further enhanced in the future.Total company investment 5.The $ 8.5 billion smart factory “new capacity project” and “painting, sheet metal production base project” are steadily progressing at the same time.北京夜网 After the project is completed, it can effectively improve product manufacturing processes and production efficiency, and meet the market’s high standards for innovative products.Large-scale demand further enhances the company’s innovation, competition and influence in the field of identification technology. Investment suggestion: We expect the company’s 2018-2020 net profit is expected to reach 5.39, 6.64, 7.4.8 billion, an increase of 20 each year.43%, 19.34%, 16.twenty three%.The corresponding EPS is 0.80, 0.95, 1.11 yuan, PE is 35/39/25 times, maintaining the “overweight” level. Risk warning: Overseas expansion is less than expected risk; industry demand exceeds expected risk; industry competition intensifies risk; exchange rate fluctuation risk.