Crystal Optoelectronics (002273) Quarterly Review: R & D Expansion Continues to Grow Upstream and Downstream Joint R & D

Crystal Optoelectronics (002273) Quarterly Review: R & D Expansion Continues to Grow Upstream and Downstream Joint R & D

Crystal Optoelectronics (002273) Quarterly Review: R & D Expansion Continues to Grow Upstream and Downstream Joint R & D

Event: On April 18, 2019, the company released the 2019 first quarter report and achieved operating income4.

890,000 yuan, an increase of 32 in ten years.

24%, achieving net profit attributable to the parent company of 0.

580,000 yuan, a decrease of 0 every year.

76%.

Opinion: Firmly recommend the company. As the leading optical track of domestic optical devices, the company relies on the existing film, technology deposition and competitive advantages in the cold processing field, accelerates technology and product innovation, and extends the product structure to sensing optical elements, semiconductor opticsComponents and other fields.

Actively cooperate closely with the upstream and downstream of the industrial chain, and promote the depth of cooperation through joint ventures, joint development, business cooperation and other modes to achieve mutual benefits and win-win results.

R & D investment continued to increase, and gross profit margins decreased.
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In the first quarter of 2019, the company’s R & D promotion was 0.

3.2 billion, an increase of 40 every year.

42%, the company cooperates with customers in depth through various modes such as joint development and business cooperation to achieve mutual benefits and win-win results. At the same time, the company expands its R & D layout in the field of automotive electronics.

Automotive electronics contains a lot of human-computer interaction technologies. At present, the market opportunities for optical components and components are shifting. At present, cooperation opportunities are brought in multiple channels.

In terms of gross profit margin, the company achieved a gross profit margin of 18 in the first quarter.

86%, a decline of 7 per year.

28 points, down 6 from the previous month.

43 points.

The company’s business has a certain profit, the first quarter is the off-season, and the operating rate has decreased.

In addition, the LED industry is in a downward cycle, product prices have fallen sharply, and inadequate startup rates have led to a decline in the company’s gross profit margin.

Consumer electronics camera innovation enhances the value of the company’s single optical device.

The company develops and provides optical series products related to ambient light sensors, flood light sensors, distance light sensors, dot-matrix projectors, front and rear camera components and appearance parts according to market needs, providing customers with a cost-effective one-stop shop.Solutions and services for the optical business.

The company has entered the supply system of 3D imaging, under-screen fingerprints, periscope lenses, resins, exterior windows, etc., to enhance the value of the single machine, and simultaneously achieve the landing of multiple related optical products and application solutions.

The high-end intelligent machine 3Dsensing has entered a speed-up period, and the value of the single machine has increased. The company is an A-share company entering the 3Dsensing supply chain switch for large customers.

5G awakens VR / AR, the connected car ecosystem, and accelerates optical innovation.

The biggest increase of 5G is the increase in content capacity after the network speed is increased, which meets the requirements of VR / AR for network bandwidth and low latency. VR / AR application scenarios are expected to accompany the rapid landing of 5G. The company invested in the AR optical engine module company in 2016Lumus, which holds the company’s common stock and Class C preferred stock, lays out the top companies in the high-quality track.

In addition, the new form of on-board navigation brought by 5G will awaken the entire connected car ecosystem, and is expected to enable cars to achieve barrier-free networking. Optical products such as on-board cameras will become the information portal for connected cars, and it is expected to achieve stepwise growth.

Investment suggestion: The development of global consumer electronics products, especially the mobile phone industry, has gradually entered a stable period, and the increase has gradually increased. At the same time, the price of the company’s LED business has been severely reduced. Therefore, the company’s 19-20 year profit forecast is lowered by 7.

50/9.

1.2 billion down to 6.

56/8.

850,000 yuan, maintain “Buy” rating.

Risk warning: the boom of the mobile phone industry is expanding, the R & D progress is less than expected, and VR / AR is less than expected