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Yongxin Optical (603297): Q3 profitability steadily grows optimistic about the company’s AI layout

Yongxin Optical (603297): Q3 profitability steadily grows optimistic about the company’s AI layout

Event: The company released the first three quarters of 2019 report on October 25, and achieved operating income in the first three quarters of 20194.

$ 0.7 billion, which replaced 3 by the same period last year.

39%; net profit attributable to mother is 1.

01 billion yuan, an increase of 8% over the same period last year.

14%; net profit after deduction is 0.

USD 8.5 billion, an increase of 9% over the same period last year.

67%.

The company’s sales expenses, management expenses continued to be optimized, and R & D expenses increased in Q3, mainly due to the company’s increased R & D spending on AI-related businesses and other factors.

The bar code business and microscope business are waiting to be reversed.

Affected by the product structure of major customers this year, the sales volume of the original old products has decreased, and new products are still in the development stage, resulting in a slight shift in the company’s main business income and transfer volume.Both sales volume and customer unit price are expected to increase.

The company actively 北京桑拿 deploys its AI business layout and is optimistic about the future development of embedded micro-systems and professional imaging optical components.

The company vigorously explores new application markets for embedded micro-systems, and pathology has become a new trend in medical diagnosis. Among them, “dual cancer” (cancer, cervical cancer) detection has become one of the many mature application scenarios for AI reading.

In 2018, the AI + medical industry is expected to reach a market size of US $ 20 billion. As the upstream of the pathological AI industry chain, the company actively layouts this market and cultivates new profit growth points; the number of digital cameras / SLR cameras / video cameras in China increased by 61%,Prosperity continues to rise; vehicle lens and lidar lens business are steadily advancing; machine vision 北京夜网 benefits from the wave of industrial automation, and AI + machine vision has become a major trend in the era of industrial automation.

Maintain “Buy” rating.

We are optimistic about the introduction of new products from key customers in the code scanning business and microscope business, as well as the company’s performance growth brought by AI-related business.

Expected company 2019?
The EPS in 2021 will be 1.

25/1.

43/1.

69 yuan, corresponding to PE is 27.

03/23.

69/19.

98 times, maintain “Buy” rating.

Risk Warning: The sales volume of new products of downstream customers is lower than expected, the product promotion of the company is lower than expected, and exchange rate fluctuation risks.