Meiya Optoelectronics (002690): Annual Report Results Meet Expectations High Growth in Oral CT Business

Meiya Optoelectronics (002690): Annual Report Results Meet Expectations High Growth in Oral CT Business
Event: The company recently released its 2018 annual report, and the company realized revenue in 201812.40 ppm, an increase of 13 in ten years.33%; net profit attributable to mother 448 ppm, an increase of 22 in ten years.82%.The company plans to distribute a cash dividend of 7 per 10 shares to all shareholders.00 yuan. The annual report performance is in line with expectations, and this year’s performance is expected to increase by 20.45%.The company’s performance was in line with expectations, mainly due to the color sorter and the steady growth of the oral CT business.In terms of sections, the company’s main business is color sorting machines, oral CT 杭州桑拿 machines, and industrial testing machines, which have achieved revenues of 8 respectively.1, 3.71, 0.46 ppm, a five-year increase of 5.94%, 42.65%, -17.93%, the rapid increase in the proportion of oral CT business showed that the company’s business structure continued to optimize.According to the announcement, the company’s 2019 business plan realized revenue15.50,000 yuan, an annual increase of 25.03%; net profit achieved 5.390,000 yuan, an increase of 20 in ten years.45%.The company currently invests 5.The US $ 8.5 billion smart factory “new capacity project” and “painting, sheet metal production base project” are steadily progressing at the same time. It is expected that after completion, it will effectively improve the product manufacturing process and production efficiency, and further strengthen the company’s integration in the field of identification technologyCompetitive Advantage. Gross margin increased steadily, and profitability continued to optimize.The company’s gross profit margin in 2018 was 54.94%, increase by 1 every year.73pct; the gross margin of color sorting machine and oral CT machine are 51.54%, 59.65%, 0% increase each year.07, 1.69.The company’s sales, management (including R & D expenses) and financial expense ratios in 2018 were 13 respectively.72%, 9.46%, -0.70%, a year increase or decrease of 0.56, 0.6, -0.5pct, the significant decrease in financial expenses was mainly due to the increase in the company’s exchange income. The dental diagnosis and treatment market has great development potential, and the company is expected to benefit deeply.According to the company’s official website information, Meiya’s high-end oral CBCT has sold close to 4,000 units by the end of 2018, resulting in nearly 1,000 units sold.The company’s product radiation covers 34 provinces across the country, and its market share is far ahead.According to the results of the “3rd National Oral Health Epidemiological Survey” released by the Ministry of Health, the prevalence of oral diseases among local residents is as high as 90% or more, and the consultation rate is only 10%. The incidence is high but the consultation rate is low.With the improvement of living standards, population aging, policy support and other factors, it is expected that the domestic dental diagnosis and treatment industry will usher in a period of rapid development in the next few years.The company’s dental X-ray CT diagnostic machine series products have high cost performance and high quality after-sales service, and gradually the market sales volume gradually rises. In the future, it will benefit from the high prosperity of the dental diagnosis and treatment industry. Investment rating: The company is expected to have a net profit in 2019-2021.5.1 billion, 6.7.3 billion and 8.100,000 yuan, the corresponding EPS is 0.82 yuan, 1.00 yuan and 1.20 yuan.Maintaining Buy-A rating, the company is a leading domestic supplier of optoelectronic identification products and services, and will continue to expand the application of optoelectronic identification technology in the future.At the same time, the company, as the leader of oral CT diagnostic machines, will benefit from the high prosperity of the oral diagnosis and treatment industry.The 6-month target price is 31.16 yuan, equivalent to 38 times the price-earnings ratio in 2019. Risk warning: industry competition intensifies, new product expansion is less than expected