Ophelia Light (002456): Part of the touch business came out to focus on optical track

Ophelia Light (002456): Part of the touch business came out to focus on the optical track

Part of the touch business came out of the table, focusing on the optical track. Because the touch display product industry is facing technological changes, the company’s main touch-sensitive touch screen products are mainly outside the industry.The company’s business share, dragged down the company’s overall profit performance.

On November 19, 2019, the company announced that it would become a non-U.S. Major customer related touch display and touch display full lamination 苏州桑拿网 module and other touch display related businesses to be presented in the form of equity transfer and develop independently. This transactionAfter completion, this part of the business will no longer replace the scope of the company’s consolidated statements.

This will help the company optimize resource allocation and financial structure, improve liquidity, help the company focus on optical core business, and promote the company’s long-term development.

The volume of camera modules is the first, and vertical integration continues to increase the added value. The number of cameras in smartphones and cars is increasing.Can still maintain a high growth rate, Yole predicts 2018?
The global camera module market size will remain 9 in 2024.

The compound annual growth rate (CAGR) of 1% is expected to reach 45.7 billion US dollars by 2024.

In the year of 2018, Ophelia went to 4.

The volume of 7.8 billion camera modules ranks first in the country; Shunyu Optics Co.

2.3 billion pieces rank second in the country; Qiu Ti Technology ranks third in the country with an expansion of 2.

6.4 billion.

The company has been deploying lens business since 2017. In 2018, the company completed lens certification for some customers and achieved batch launch.

The company acquired Fuji Tianjin lens factory and Fuji Group lens related patents at the end of 2018, strengthening the company’s patent layout in the field of mobile phone lenses.

The continuous development of the lens business will help improve the company’s overall profitability.

Investment advice we predict 2019?
The company’s revenue will be 503 in 2021.

3.2 billion, 546.

6.1 billion, 611.

72 ppm, with annual growth rates of 16 each.

94%, 8.

6%, 11.

91%; net profit attributable to mothers is 5.

1.4 billion, 16.

7.2 billion, 25.

19 trillion, the annual growth rate was 199.

06%, 225.

20%, 50.

66%; corresponding EPS are 0.

19 yuan, 0.

62 yuan, 0.

93 yuan.

With reference to the Shenwan Electronic Index, the PE (TTM) of the past two years is about 33 times, and currently about 44 times. Considering that the company is in the optical track, the touch business has been partially shown.The punishment announcement has also been released. We give the company 33 times PE in 2020 with a target price of 20.

46 yuan, the first coverage, given a “buy” rating.

Risk warning: The volume of smartphones is not up to expectations, which will affect the company’s revenue risk; the lack of multi-shot penetration will affect the risk of company’s revenue and profit; intensified competition in the industry will cause the company’s revenue to fall short of expectations and gross marginRisk of worsening profitability due to decline; risk of less-than-expected state-owned shares or affecting cash flow of the company; in recent years, uncertainty of internal macroeconomic development has increased, and the growth trend of some smart consumer electronics products has affected company revenuerisks of.

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