Meiya Optoelectronics (002690) 2019 Third Quarterly Report Review: Q3 results are slightly better than expected and firmly optimistic about the company’s growth
Event: The company released the third quarter report of 2019.Report the core company’s operating income10.50 ppm, an increase of 21 in ten years.99%; net profit attributable to mothers4.10,000 yuan, an increase of 25 in ten years.46%; net profit after deduction to mother 3.41 ppm, an increase of 23 in ten years.69%.Among them, Q3 achieved operating income in a single quarter4.62 ppm, an increase of 25 in ten years.21%, net profit attributable to mothers1.95 ppm, an increase of 29 in ten years.56%. Opinion: Driven by the rapid growth of oral CT business and the rapid increase of Q3 single-quarter color exporter overseas export revenue, the company’s Q3 performance was slightly better than expected.In the medium and long term, the market for color sorter export and oral CT is broad. We are optimistic about the company’s growth and maintain a highly recommended investment grade. Performance increased steadily, Q3 was slightly better than expected.The company’s performance has steadily increased in the first three quarters of 2019. Q3’s growth rate has improved. Q3’s performance is slightly better than expected. There are two main reasons for this: oral oral CT maintains a rapid growth rate, so the company’s expansion of overseas markets in 2019 has achieved significant resultsThe Q3 color sorter’s overseas export revenue is rapidly increasing every year. The increase in gross profit margin and the decrease in supplementary expense ratio jointly promoted the company’s profitability.Report performance The company’s profit growth rate is higher than the revenue growth rate, and the company’s profitability has improved. The most intuitive reflection is that the net profit margin in Q1 2019 reached 38.23%, an increase of 1 over the same period last year.08 averages.①The gross profit margin, the company’s overall gross profit margin in Q1 2019 reached 55.52%, an increase of 0 compared with the same period last year.The 99 best, the first is due to the higher gross profit margin of oral CT and overseas export color sorting machine revenue increase.With the continuous upgrade of subsequent main products and the scale effect of oral CT, the company’s overall gross profit potential is still increasing.② On the expense side, the beneficiary sales expense ratio and management expense ratio decreased.97%, a slight decrease of 0 compared with the same period last year.The 06 averages have a certain promoting effect on the improvement of the overall net profit margin. The rapid export of color sorting machines overseas, the CBCT market has broad space, and is optimistic about the company’s growth potential.① It is roughly estimated that the overseas color sorter market is more than twice that of China. In 2018, the company’s export revenue of color sorter was still less than 300 million.In 2019, the company released new products in India and set up its first overseas office to accelerate the global market layout. Q3 overseas exports have increased significantly. We judge that the company’s color sorter exports have room for improvement.② We believe that CBCT will inevitably undergo three stages of development in China. In the short term, it is mainly to 厦门夜网 supplement the demand growth driven by private dental clinics, and in the medium and long term, the demand for CBCT brought by the increase in penetration and the upgrading of existing equipment, the market space is sufficient.As the leader of the domestic CBCT market, the company has always been at the forefront of import substitution, with a market share of over 30%. Based on the continuous breakthrough of product performance and the opening of sales channels such as group purchase, the company’s potential for high-speed development of CBCT business.Based on the outlook of the two businesses and the company’s layout of other medical device products, it is optimistic about the company’s growth potential. Investment suggestion: We expect the company’s net profit for 2019-2021 to be 5, respectively.42, 6.52, 7.7.7 billion,杭州夜网论坛 the previous growth rate was 20.97%, 20.31% and 19.12%; corresponding EPS are 0.80, 0.96, 1.15 yuan, the corresponding PE is 40.49, 33.65, 28.25 times, maintain “strongly recommended” investment rating. Risk Warning: The demand for color sorter is lower than expected, the growth of overseas business is lower than expected, the discrete amount of CBCT is lower than expected, and the product price is significantly reduced