Dali Technology (002214) Investment Value Analysis Report: Domestic Non-Refrigeration Infrared Leading Business Development Enters Golden Age
Dali Technology is a domestic uncooled infrared leader with full infrared industry chain manufacturing capabilities. The company’s uncooled infrared detectors are domestically leading in performance indicators such as pixel size and spatial scale.
The company’s current business development has entered a golden period, and military orders in the military field have resumed growth. Demand in the reconnaissance, night vision, and guidance areas has continued to improve; the civil sector epidemic has driven the demand for infrared temperature measuring equipment to increase, bringing benefits and elasticity to the company.
Taking into account the assessment level of comparable companies in the industry, the company’s competitive advantage and growth space, it is estimated that the company’s reasonable market value will be about US $ 13.4 billion, which will be covered for the first time. A “buy” rating will be given with a target price of 29 yuan.
Domestic uncooled infrared faucet has full infrared industry chain manufacturing capabilities.
The main military non-refrigerated infrared focal plane detectors, infrared thermal cameras, and inspection robots are one of the few companies with internal and manufacturing capabilities in the entire industrial chain from core devices, movement components to complete machines and systems, and customers cover most of them.Military scientific research institutes, subsidiaries of China Aerospace Science and Industry Corporation, and enterprises in the power, petrochemical, rail transportation and other fields.
Driven by the resumption of orders for downstream military products after the military reform, the new stereotyped model began to be delivered in batches and the rapid growth of demand for civilian products. The company’s revenue and net profit entered a period of rapid growth. In 2018 and the first three quarters of 2019, it achieved revenue4.
950,000 yuan, an annual increase of 40.
96%, net profit attributable to mothers was 54.88 million yuan and 91.56 million yuan, an increase of 82% and 181% respectively.
Downstream demand continues to increase, and the domestic infrared market has broad space.
In terms of military use, in the context of accelerating the construction of military equipment, strengthening practical training, and batch deployment of some missile models and helicopter models, the demand for reconnaissance, night vision, guidance, and other fields continues to improve. According to the research data of Zhiyan Consulting, the domestic military infrared market spaceAbout 30 billion.
At present, the European and American enterprises merge the military market scale, and domestic enterprises will benefit from the increase in the localization rate of equipment.
In terms of civilian use, the current demand is concentrated in security and overseas hunting scenarios. The demand for infrared thermometers continues to increase under the influence of the 杭州桑拿网 COVID-19 epidemic. In the future, there is also ample space for automotive, fire protection, and power detection.More than 10 billion scale.
The technological strength is leading domestically, and the military and civilian business will enter a golden period of growth.
The company’s uncooled infrared detector has the leading technology level in the industry. The product’s performance indicators such as pixel size, size and size continue to upgrade. In 2019, it announced the first launch of 6 million ultra-large area array 3072 × 2048 uncooled detectors.
In terms of military products, after the military reform, the batch production of the military products has been resumed in the early stage. The new military products are also expected to be delivered in batches, and military products orders continue to improve.
In 四川耍耍网 terms of civilian products, the COVID-19 epidemic drove up the demand for infrared temperature measurement equipment. From the current average daily production capacity of the company to the infrared temperature measurement equipment in 2020, the company’s revenue will increase by USD 600-800 million.
With the improvement of the national epidemic prevention system and the enhancement of health protection awareness, the demand for infrared temperature measurement equipment tends to continue, and the penetration rate will continue to increase.
The fund-raising project is about to be completed and put into production. The company raised the upper limit of the share repurchase price to show development confidence.
The company has raised and constructed an uncooled infrared focal plane detector project. The infrared camera project is expected to reach the intended use state by the end of June 2020, and the company’s production capacity will significantly increase after the project reaches production.
In December 2019, the company announced that the total amount of repurchase was not less than 50 million yuan, but not more than 1 billion share repurchase plan. The purpose of repurchasing shares was equity incentive. Due to the recent expansion, the company announced on February 21, 2020 that it would repurchaseThe purchase price is capped at 14.
8 yuan / share was raised to 26 yuan / share.
Risk factors: the supply of raw materials under the influence of the COVID-19 epidemic; the increase in the gross profit margin of the product; the demand for military products is less than expected.