Shinko Optoelectronics (688011): High-tech manufacturer dedicated to serving precision guided weapons
Committed to serving the research and development of advanced weapon systems represented by missiles, companies focus on providing high-precision components, devices, systems and solutions in the fields of optical target and scene simulation, optical guidance, photoelectric testing and laser countermeasures.Variety, serialization of high-end military products research and development and batch production capabilities.
The optical target and scene simulation system produced by the company is leading in the country, the optical guidance system is advanced in the country, the photoelectric testing equipment is efficient and stable, and the missile research and development, production, testing and inspection during service will directly benefit from advanced missiles.Stereotyped weapons and equipment construction.
The company’s scientific research team and R & D strength are outstanding. The actual controller, Kang Weimin, was the director of the Target Simulation and Testing Technology Research Institute and holds 67 listed companies.
48% equity; the company has 108 R & D personnel, and hired 9 Harbin Institute of Technology and other unit experts to provide technical support for the company’s scientific research and innovation, and gradually undertaken more than 110 scientific research and engineering projects.
Based on aerospace, the company is the core supplier of optical target and scene simulation and optical guidance. Optical target and scene simulation system provides optical dynamic targets or scenes for the development, testing and verification of optically guided weapons. Its application can 无锡桑拿网 effectively save the cost of live-target shootingWe will shorten the development cycle and significantly reduce the cost of research and development.
Since its establishment, the company has delivered more than 50 sets of optical target and scene simulation systems, and has rich engineering experience.
At present, the product has successfully completed the development of a number of national key missiles, and has been upgraded according to changes in demand, which has good scalability.
The guidance control system is the core component of the missile, which can account for more than 40% of the cost of the missile. The optical guidance system is an important part of the precise guidance system.
The company solved the problem that the traditional infrared imaging guidance system could not work properly under high speed and extreme conditions, and successfully converted the direct image stabilization technology into optical guidance, and developed a principle prototype to replace the key model equipment.
At present, the company has undertaken the development of 4 optical guidance systems, of which 1 has been accepted, 3 are in the process of developing, has developed the capabilities of optical guidance systems, and is also undertaking a number of product development projects of optical guidance system components.
The company is based on aerospace science and industry, aerospace science and technology group, and actively expands new customers. It is expected that the gradual research and development project batch production will become an important performance growth point of the company.
Raising supporting funds will further enhance the company’s industrialization capabilities.
09 yuan / share issue 25 million shares raised a total of 9 funds.
5.2 billion US dollars, investment projects are carried out around the existing main business, including the upgrade of optical-mechanical and electrical integration product production lines and precision optical machine parts manufacturing projects, Ruiguang aerospace optoelectronic equipment R & D and production projects.
Through the optical-mechanical-electrical integration project, the company is continuing to develop and introduce leading technological advancements, adjust product structure, and expand the proportion of batch production products to meet the pre-incubation and is advancing the implementation of multiple model projects with penetrating mass production background to the company’s mass production foundation.Conditions and supporting test conditions.
Improve the development and development capabilities of laser countermeasure products through the Ruiguang Aerospace Optoelectronic Equipment Project.
It is expected that after the completion of each project, it will reach an annual output of 380 sets of optical target and scene simulation systems, 12,000 sets of optoelectronic systems and components, and 4,200 sets of other types of optoelectronic products; and 50 sets of laser foreign object removal equipment and 200 sets of intelligent manufacturing non-standard optoelectronic detection equipment.And the production scale of 1,000 sets of drone photodiode equipment.
Investment Recommendations Shin Kong Optoelectronics is a high-tech manufacturer dedicated to serving precision guided weapons, focusing on providing high-precision components, devices, systems and solutions for optical target and scene simulation, optical guidance, photoelectric testing and other sophisticated components, or will benefit directly.Continuously finalizing batch production of missile models.
It is estimated that the company’s net profit growth rates for 2019-2021 will be 16%, 19%, and 23%, respectively. Using relative estimation methods, comparable companies mainly include Gaode Infrared, Dali Technology, Jiuyang, accurate information, etc., corresponding to 19 years of dynamic PE.Respectively 45.
76, 75.
64, 77.
67.
The total share capital of the company after this issuance will not exceed 1.
5.4 billion shares, considering a reasonable price range after listing is 35-45 times, and a reasonable market value range is 29.
6-38.
10,000 yuan, corresponding to a reasonable budget interval of 29.
6-38.
1 yuan / share.
Risk warning: R & D progress is lower than expected; batch production of key models fails to meet expectations