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Meiya Optoelectronics (002690) 19th Quarterly Report Review: Single-Quarter Performance Speeds Up Color Sorter Overseas Exports Pick Up

Meiya Optoelectronics (002690) 19th Quarterly Report Review: Single-Quarter Performance Speeds Up Color Sorter Overseas Exports Pick Up
Event: The company announced the 2019 third quarter report, reporting a series of realized operating income10.50 ppm, an increase of 21 over the same period last year.99%; net profit attributable to mother 4.10,000 yuan, an increase of 25 over the same period last year.46%; deduct non-attributed net profit3.410,000 yuan, an increase of 23 over the same period last year.69%. The single-quarter performance accelerated, and the overseas export of color sorting machines became a major contributor. The company’s third-quarter revenue and profit growth accelerated significantly in the second quarter, and it achieved operating income in the third quarter.62 ppm, an increase of 25 in ten years.21%; net profit attributable to shareholders of listed companies1.95 ppm, an increase of 29 in ten years.56%; net profit attributable to shareholders of listed companies1.6.4 billion, an annual increase of 22.33%.Compared with the first half of the year, the company’s color sorting machine segment has picked up. Among them, overseas exports have grown rapidly, and the company’s overseas layout has shown initial results, which has largely avoided the substitution effects brought about by the trade war. The CBCT business continued to increase its volume and gradually achieved the sales target.The CBCT business volume continued to increase throughout the year. Through Guangzhou, Beijing, Shanghai and other exhibitions, the intent order reached over 1,300 units, and the total intent order exceeded 1都市夜网,700 units.According to the company’s 95% order conversion rate, the company can confirm that the revenue order has exceeded 1,600 units.With antiques still unfinished at the Shanghai DTC show this year, the company is expected to exceed its sales target of 2,000 units.The average unit price of the company’s CBCT has remained stable, with no significant price reductions and high revenue growth with high certainty. New products are expected to be put on the market next year. The development of public hospital channels is steadily advancing the company’s new oral scanners and chair-side repair systems. It is expected to be approved every year.At present, the company is steadily advancing the channel expansion work. The company has established a major customer development department and formulated a provincial agency plan, and is 青岛夜网 committed to seizing the mainstream public hospital market before new products are listed. Investment advice and profit forecast The company’s color sorting machine business in 19 years was promoted by the rebound of overseas market business to promote the recovery of growth.USD 800 million, and in the next few years, the company will continue to promote high growth in the medical device sector through the new product launches.It is estimated that from 2019 to 2021, the company’s net profit attributable to its parent will be: 5.7,6.98 and 8.64 ppm, corresponding to the basic expected benefits: 0.84, 1.03 and 1.28 yuan / share, corresponding to the current maximum PE is 39, 31 and 25 times.Based on the estimated level of the medical device industry, the company is given 45 times PE in 2019, corresponding to 37.8 yuan / share, maintaining the company’s “overweight” investment rating. Risks prompt delay in approval of new products, subdivision of crop imports, and changes in industry policies.