内容导读：Thedeductiongrewrapidlyinthefirstquarter,andthedemandrepairwenthandinhandwiththevolumeofnewbusiness...……
The deduction grew rapidly in the first quarter, and the demand repair went hand in hand with the volume of new business. The company has achieved revenue in 23 years.Fishinghooks.500 million yuan, a slight increase of 3% over the same period last yearFishinghooksHit a new high in the company's history, under the influence of overseas going to the warehouse, the relay growth of vehicle lidar, medical optics, microscope and other businesses drove steady revenue growth. The 23-year net profit was 240 million yuan, down 16% from the same period last year. Gross margin fell 3.7pct to 38.4% year-on-year, mainly due to high gross marginFishinghooksThe barcode business is under short-term pressure. 24Q1 achieved revenue of 220 million yuan, an increase of 15% over the same period last year, a year-on-year increase of 46 million yuan, a slight decrease of 4%, and a non-return net profit of 40 million yuan, an increase of 27% over the same period last year. The company's bar code business has continued to repair since the third quarter of last year, driving revenue and profitability repair, and began to expand high-performance, high-complexity module products, which is expected to contribute to the increment of 24H2. At the same time, the company is a domestic leader in the field of scientific instruments, lidar, medical optics and so on, which brings long-term growth engine. When the domestic replacement of high-end microscope is carried out, it has its own brand to increase the volume quickly. In the field of scientific instruments, the company is a national manufacturing champion demonstration enterprise. The company's high-end microscope has developed rapidly, with revenue of 410 million yuan in 23 years, an increase of 16% over the same period last year. The revenue of its own-brand high-end microscope NEXCOPE series has increased from 4 million yuan in 2018 to nearly 140 million yuan, and has achieved more than 4% domestic substitution, breaking the situation that China's high-end optical microscope market has long been monopolized by foreign enterprises. With the continuous increase in the proportion of high-end microscopes, the overall gross profit margin of microscopes is expected to continue to increase in the future. According to Grand View Research data, the global optical microscope market space will reach 6.1 billion US dollars in 26 years, and the company's optical microscope business will continue to benefit from the huge space of domestic alternatives in the high-end market. Differentiation attacks sophisticated medical optics, benefiting from the rise of the lidar industry. In 23 years, the company's medical optical revenue was 63 million yuan, completed the equity incentive assessment target and achieved more than 50% growth for two consecutive years. The company's endoscope lens and optical components have established in-depth cooperation and batch shipments with several leading companies in the field of medical subdivision in China and well-known enterprises in Europe and Japan. At the same time, the company has accelerated its entry into the market of surgical microscopes, and the products of the core optical components used in surgical microscopes are growing rapidly. In the field of lidar, the company's vehicle and lidar business achieved sales revenue of more than 90 million, an increase of more than 50% over the same period last year. Lidar has officially entered large-scale production from small batch shipments. 24Q1 has newly obtained the fixed point of Wesai standard lidar and Tudatong 905nm lidar components, and the vehicle business is expected to maintain a high growth trend in the past 24 years.FishinghooksWe forecast the company's earnings per share for 24-26 years to be 2.82 yuan per share, 3.61 yuan per share, respectively (the original 24-year forecast for 24 years is 3.43 yuan per share, respectively, and mainly downgrade revenue and gross margin forecasts). According to the comparable company's 24-year 33 times PE valuation level, the corresponding target price is 93.06 yuan, maintaining the buy rating. The risk indicates that the progress of production expansion and product sales are not as expected; the unit price and gross profit margin of the product are lower than expected [disclaimer] this article only represents the views of the third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
