Meiya Optoelectronics (002690): Oral CT maintains rapid growth, development momentum remains redundant in second half

Meiya Optoelectronics (002690): Oral CT maintains rapid growth, development momentum remains redundant in second half
The event company announced the 2019 semi-annual report, the report can achieve revenue5.880,000 yuan, an increase of 19 in ten years.57%; net profit attributable to mother 2.07 million yuan, an increase of 21 in ten years.84%. Brief commentary on the first half of the growth generally in line with expectations, return to a reasonable growth interval ① The company’s 19H1 revenue / net profit attributable to mothers are 5 respectively.88/2.07 billion, an increase of 19 in ten years.57%, 21.84%.Among them, Q2 single quarter revenue / attribution net profit is 3 respectively.77/1.4.6 billion, an increase of 11 in ten years.97% / 15.38%, about an improvement in the first quarter fell back.The company’s Q1 base is expected to grow and the operation is good, resulting in rapid growth in Q1 performance.In the first half of the year, the overall income and profit returned to a reasonable growth rate range, which was in line with the expected increase. ② From the perspective of profitability, the company’s Q2 gross profit margin reached 55 in a single quarter.59%, net interest rate reached 38.67%, reaching the best level of the same period of 5, and profitability remained high; ③ The company’s operating net cash flow in 19H1 was 91.09 million, which gradually declined by 34.1%.Among them, purchase of goods, cash payments for labor services3.2.8 billion, an increase of 1 over the same period.08 billion, the judgment is mainly the purchase preparation for subsequent orders, which is consistent with the large number of oral CT installations in July and August. Oral CT maintained a rapid growth of more than 50% and increased value after development ①The company’s medical imaging equipment revenue in the first half of the year1.93 ppm, a 55-year 返回码: 500 网站打不开?重查 increase.20%, accounting for 32% of revenue.92%, an increase of 7.5pct, oral CT as a percentage of total revenue further expanded.Based on the average price calculation, it was judged that the sales volume of dental CT in the first half of the year was nearly 800, achieving rapid growth; ② From the perspective of profitability, the company’s medical imaging business gross margin increased to 60 in the first half of the year.82%, increase by 1 every year.10pct, the profitability is further improved; ③ Looking forward to the second half of the year, according to our grassroots research, the downstream demand in the industry is still unabated, but some operations have changed, which is more favorable for head companies such as the company; instead, according to MayerThe public account disclosed that the company installed more 北京桑拿洗浴保健 than 400 units during this period of July and August, maintaining rapid growth.Taking into account the Shanghai CDS and International Dental Equipment Exhibition in the second half of the year, we believe that the company’s oral dental CT sales exceeded the 2,000 mark. ④In addition to oral CT, the company’s oral scan is in the clinical stage and strives to enter the market early, and is expected to contributeLong-term growth. The color sorting machine maintains a growth of 5-10%, and it is expected that the growth rate of overseas markets will increase in the second half of the year ① The company’s color sorting machine revenue in the first half of the year3.63 ppm, a six-year increase of 6.38%, accounting for 61% of revenue.83%, accounting for a further decrease; ②The company’s current color sorter revenue includes two parts of overseas territories.2019H1, the company’s overseas revenue is about 1.0.6 billion, most of which are color sorters.From this calculation, the company’s domestic color sorter revenue accounted for more than 70% in the first half of the year, and the revenue scale increased by about 8%; while the overseas color sorter revenue accounted for more than 30%, and the revenue scale increased by only about 2.5%; ③Reviewing 18 years, the company’s overseas color sorting machine grew well in the first half of the year, but in the second half of the year due to the economic changes in exporting countries, the company’s overseas color sorting machine revenue increased by two figures instead.Taking into account the change in the base number, it is judged that the growth rate of the company’s color sorter export will improve in the second half of the year, driving the overall color sorter business growth. Investment suggestion: Expansion, the company’s overseas growth rate of color sorter bottomed out, and domestic color sorter sales expanded from rice, miscellaneous grains, tea, etc. to various categories, bringing an overall upward breakthrough.At the same time, the domestic oral CT market is still growing rapidly, and the company’s product reputation, service, technology, and cost continue to accumulate competitive advantages, and the city’s market share is expected to continue to increase in the future.Judging the company’s revenue for 2019-2021 is 14 respectively.81, 18.02, 21.7.2 billion yuan, net profit attributable to mothers was 5.5, 6.6, 7.90,000 yuan, corresponding to August 22, 2019, and 2019-2021 are estimated to be 40.4x / 33.6x / 28.1x. Give the company 35.Target price of 08 yuan, give “overweight” rating. Risk reminder: Changes in the economic environment of exporting countries