2022-01-05 Hu Yang and Zheng Chaojun of Huaan Securities Co., Ltd. conducted research on Lante Optics and issued a research report entitled "Multi-layout is effective to meet the new demand for optical upgrading". The current share price is 23.17 yuan.
Blue Optics (688127)
Focus on the optical field for more than 20 years, diversified product layout.
Lante Optics, formerly known as Jiaxing Lante Optical coating Factory founded in 1995, has focused on the optical element industry for more than 20 years, and has outstanding competitive advantages and independent innovation ability in the processing of precision glass optical elements. it has formed a number of product series, such as optical prism, glass aspheric lens, glass wafer and so on. We have cooperated with AMS Group, Corning Group, Magna Group, Shunyu Group and other well-known domestic and foreign lens and module manufacturers for many years. In 2018, 2019 and 2021, the company experienced major customer demand fluctuations and product design changes, the company's performance was affected, the current company basically stable, ready to embrace the optical upgrade trend.
The main focus of the company is to embrace the general trend of optical upgrading.
The company's products are widely used in consumer electronics, optical instruments, AR/VR, automotive intelligent driving, 5G optical communications and other fields, the future smartphone, automotive intelligent driving, AR glasses and other downstream optical upgrade demand is the company's main driving point, the driving factors of scale growth will also be more diversified. Point 1: the periscope lens becomes a trend, and the microprism is the core component. The periscope lens is an important solution for smartphones to achieve high-power optical zoom. At present, the Android camp is fully embracing the trend, and Apple Inc is also expected to carry the new model in 2024. It is estimated that 360 million periscope lenses will be shipped in 2025, and the demand for microprisms, the core component of cagr39.7%, periscope lenses, will increase. Point 2: glass aspheric lenses benefit from the speed-up of vehicle lenses. Under the trend of intelligence, the number of bikes carried by car lenses can reach more than 10. Under the background of the improvement of ADAS level and penetration, the demand for car lenses is growing rapidly. It is expected that the global market for car cameras will reach 27.3 billion US dollars in 2025. The company's glass aspheric lens has been technologically leading since its layout in 2014, and it has been supplied to mainstream customers in bulk, which will fully benefit from the acceleration of the development of car lenses. 3 point 3: ar optical waveguides become the mainstream, and glass wafers are the main substrate. AR glasses are considered to be the third screen to be worn after mobile phones and watches, and it is the blue ocean of the next generation of consumer terminals. At present, optical waveguides are recognized as the necessary optical scheme for consumer wearable AR glasses, and glass wafers are the main substrate of optical waveguide lenses. With the increase in AR equipment shipments, the company's glass wafer business contribution is also expected to increase, and is now an indirect supplier of Hololens.
Investment suggestion
As a precision optical components high-tech enterprise, the company has achieved initial results in diversified layout for many years, and will be the core components supplier of multi-field optical upgrading in the future. It is estimated that the EPS from 2021 to 2023 will be 0.34,0.39 and 0.52 yuan respectively, and the latest closing price corresponding to PE is 66.8x, 59.1x and 44.0x, covering for the first time and giving "overweight" rating.
Risk hint
The penetration of periscope cameras is not as expected; the demand for car lenses is not as expected; the demand for AR equipment is not as expected; technology research and development lags behind the product iteration; and the construction of fund-raising projects is not as expected.
The stock has been rated by three agencies in the last 90 days, including two buy ratings and one neutral rating; the average institutional target price in the past 90 days is 20.15; according to the Securities Star valuation analysis tool, the rating of the good company is 3 stars, the good price rating is 688127 stars, and the comprehensive valuation rating is 2 stars. (rating range: 1-5 stars, up to 5 stars)