Meiya Optoelectronics (002690): Steady growth in performance and advancement of digital dental construction

Meiya Optoelectronics (002690): Steady growth in performance and advancement of digital dental construction
Event: Mayer Optoelectronics released its semi-annual report for 2019 and maintained steady growth in the first half of 2019. Report the core company’s operating income5.880,000 yuan, an increase of 19 in ten years.57%, achieving net profit attributable to shareholders of listed companies.07 million yuan, an increase of 21 in ten years.84%, realized non-net profit attributable to shareholders of listed companies.76 ppm, an increase of 24 in ten years.98%. Comment: The overall performance in the first half of 2019 will continue to maintain steady growth. The performance of the company’s core business segment has stabilized, among which the high-end medical imaging business has witnessed rapid growth.We expect that the excellent performance of the company’s high-end medical imaging business in the first half of 19th will be smoothly related to the launch of group purchase activities in the spring event, which will result in a large number of dental CBCT orders in the first half of the year and conversion. In the current company’s revenue structure, color sorters, dental X-ray CT diagnostic machines, X-ray industrial inspection machines and accessories, and others account for approximately 62%, 33%, 4%, and 1% 武汉夜网论坛 of Meiya Optoelectronics’ annual revenue in the first half of 2019.Among them, the proportion of oral X-ray CT diagnostic machines with high-end medical imaging as the core continued to increase, and it increased by 7 compared with the first half of 2018.6%, business structure continued to optimize. In the first half of 2019, the gross profit margins of the company’s various business segments steadily increased. With the optimization of the coordinated business structure, the overall gross profit margin improved and the profit margin increased slightly. The overall profit quality remained at a high level. The company’s outstanding products in high-end medical imaging business core products, has formed a rich product echelon, the product’s mid-to-high-end trend is obvious, and can effectively meet market demand.As an extension of the digital dental industry chain, in June 2019, the company officially released the “Meiya AI Orthodontic Analysis System”, which is expected to further improve the reproducibility of the dental industry.At present, the company’s high-end medical impact equipment category and marketing model form a joint force, potential future growth foundation. Investment advice and profit forecast: The development of private dental medical services in the downstream of the revenue is rapid, and the overall industry is in the new cycle of equipment and hardware configuration upgrades.We expect the company to achieve a net profit attributable to the parent company of 5 to 2021 respectively.4.1 billion.6.57 billion, 7.9.8 billion, the corresponding EPS is 0.80 yuan, 0.97 yuan, 1.18 yuan, corresponding to the current expectation given an estimated P / E 41.0 times, 33.8 times, 27.8 times, maintaining the “overweight” level. Risk reminder: the risk of falling demand in the color sorter industry; the risk of Sino-US trade frictions bringing uncertainties to the company’s overseas business; the risk of the development risk of private dental medical institutions; the risk of the proliferation of oral CBCT equipment; the review and evaluation of products under studyProgress with market introduction is expected gradually; doctor-patient social problems and risks of medical accidents.