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Meiya Optoelectronics (002690) 19Q1 Performance Evaluation: The growth rate of oral CT ultra-high-speed color sorter also slightly exceeded expectations


Meiya Optoelectronics (002690) 19Q1 Performance Evaluation: The growth rate of oral CT ultra-high-speed color sorter also slightly exceeded expectations
This report reads: 18Q1 low-base overlapping companies are doing well, which has brought the company’s 19Q1 performance to grow rapidly. Investment points: Conclusion: The company’s 19Qy1 income / net profit attributable to the parent is 2.11/0.6.1 billion yuan, an increase of 36.1% / 40.6%, exceeding expectations.And single quarter gross margin reached 54.96%, the highest level in the same period in the past 杭州桑拿网 five years.Based on the rapid development of the oral CT industry and the company’s market share continued to increase, the color sorting machine as a whole grew steadily, maintaining the company’s EPS in 19-21 to 0.81/0.97/1.16 yuan, maintaining a target price of 32.4 yuan to maintain the level of overweight. Dental CT has grown rapidly. Orders and revenue indicators for Q1 in 19 were relatively reasonable: ① According to our judgment, the company’s dental CT revenue grew faster and grew more than expected on the basis of 18 years of low base. The company’s hypertension and oral CT revenue accounted for nearly 30% in the 18 years. The rapid increase in revenue has brought about continuous optimization of the company’s business structure and a slight increase in gross profit margin. ② According to our calculations, the company’s 重庆耍耍网 current market in the oral CT industry isThe share has exceeded 30%.Ranked second- and third-tier brands, the company has obvious advantages in word of mouth, service, technology, cost, etc., and the city’s share will continue to increase in the future; ③ According to our understanding, the company received more than 360 orders at the group purchase meeting in March 19, relative toCompared with the same period of 18 years, these orders will be gradually converted into revenue in the later period.Judging that the company’s baseline oral CT sales are expected to exceed the 2,000 mark, and oral scan / CAD CAM products are expected to contribute incrementally. The overall growth rate of the color sorter also slightly exceeded expectations: ① In 2018, due to changes in the economic environment of the exporting countries and exchange rate changes, the company’s overseas color sorter revenue decreased slightly; but on the contrary, the internal color sorter was upgraded due to product upgrades and structural adjustments, maintaining 10% Growth; ② In the first quarter of 19, the economic environment of exporting countries of color sorting machines picked up, which brought the company’s overseas growth rate of color sorting machines bottoming out; except for exports, domestic sales of color sorting machines from rice, miscellaneous grains, tea, etc. to variousThe expansion of categories brought an overall upward breakthrough. Catalyst: Equipment such as mouth scans are expected to get registration certificates and go on sale in the middle of the year Risk factors: Changes in the economic environment of exporting countries for color sorters