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Mayer Optoelectronics (002690): 2019 results show steady growth as scheduled, epidemic situation does not change rigid demand

Mayer Optoelectronics (002690): 2019 results show steady growth as scheduled, epidemic situation does not change rigid demand
It is predicted that the profit in 2019 will increase by 21 every year.63%, in line with our expectations. The company will publish the 2019 performance report. It is estimated that the net profit attributable to the parent company in 2019 will be 5.45 ppm, an increase of 21 per year.63%, in line with our expectations. Focus on key points Revenue has grown steadily and various businesses have performed well.According to the performance report, the company’s revenue in 2019 is 15.1 ppm, an increase of 21 in ten years.44%.Fourth quarter 19 revenue 4.56 ppm, an increase of 20 in ten years.2%.We expect the company’s three major business segments to perform dazzlingly: 1) We expect that the revenue of the color sorter segment will continue to grow at about 15%, of which overseas business revenue may grow at more than 25%.2) We estimate that the annual sales of CBCT are above 2,000 units, and the annual growth rate is more than 30%.3) We expect the annual growth rate of industrial inspection machines to be 20%?30%. The initial net profit margin rose slightly each year.The company’s net profit in 2019 was 36.2%, rising by 0 every year.1ppt.In the fourth quarter of 19, net profit attributable to the parent company increased by 12.1%, net profit margin drops by 2 every year.3ppt, we believe that the expense ratio may have increased due to the increase in employee incentives and dealer rewards in the fourth quarter.Taken together, the overall level of profitability remains healthy. Demand-side rigidity is expected to maintain steady growth in the future.We believe that the epidemic may affect the company’s orders and reservations in the first quarter to a certain amount of variables, but considering that the company’s demand for color sorters and CBCT are biased towards rigidity, the epidemic may cause delays in orders, but they will not disappear, so weStill bullish on long-term demand.We predict that the company’s color sorter is expected to maintain a steady growth of about 10% in 2020, and the CBCT growth rate will be maintained at more than 25%. At the same time, the company’s oral scanner and chairside repair system are actively collecting evidence at the same time, and it is expected to become a new one in the future.Growth pole. Estimates and recommendations Based on the company’s performance report, taking into account that the epidemic situation will have a certain impact on production and output in the first quarter, we slightly lower our 2019 / 20e profit forecast1.0% / 3.0% to 5.45/6.5.2 billion, while dating 2021 profit forecast is 7.700 million.The current sustainable corresponding 2020 / 2021e p / e is 40.5x / 34.3x, considering the market assessment hub moves upwards, we temporarily maintain our target price of 44.77 yuan, corresponding to 46.4x / 39.The target price-earnings ratio for the 2020 / 21e is 3 times, with a potential increase of 15%, and the rating of “Outperform Industry” is 南京桑拿网 maintained. Risks: Lower-than-expected downstream demand; less-than-expected development of overseas markets; and less-than-expected progress in new products.