Photoelectric reconnaissance equipment products have been able to meet multiple scenarios of application, the company's products won the first bid for many times. The global military optoelectronic equipment market is expected to reach $13 billion by 2025, according to Marketsand Markets, based on increasing demand for battlefield awareness in the defense and security sector and increased efficiency due to technological advances. The company has broken through key technologies such as multi-sensor fusion detection technology, micro and high-precision photoelectric pinion technology, ultra-broadband radar detection technology, and developed various kinds of photoelectric reconnaissance equipment for individual soldier headwear, handheld and gun sighting as well as a number of UAV-borne photoelectric pod products. The technical parameters or indicators of these products are excellent. Among the six military photoelectric reconnaissance and detection equipment models that the company has won the bidding, Four won the first place in the comprehensive bidding competition. In the future, the company is expected to fully enjoy the high business climate of the downstream industry by virtue of its leading technology and product richness.
In the military robotics business, the company is expected to grow with the industry by virtue of its first-mover advantage. Ground robots and unmanned vehicles that can carry a variety of mission loads can perform various combat tasks in different scenarios, which will greatly improve the combat capability of the army. Military unmanned systems have a broad market prospect. The company actively layout unmanned, intelligent combat equipment, breakthrough and mastery of efficient power drive, highly adaptable chassis, multi-degree of freedom adaptive robotic arm, efficient man-machine coordination and control of core key technologies, independent development of a series of ground robots and unmanned vehicles. At present, the company has won the bid of four military robot models, all of which won the first place in the comprehensive evaluation. The two models have been mass-produced, and a number of robots and unmanned vehicles are participating in the bidding or evaluation. In addition, the company actively layout the civil robot market, widely used in emergency rescue, security patrol, industrial inspection, medical rehabilitation, education escort, etc., is expected to preoccupy the market share in the future.
Technology for the core, the company's R & D system and market share is expected to advance. The R&D investment of the company is higher than the average level of the industry, and the technical reserve force is strong. As a typical technology-oriented enterprise, the company has obtained 101 national authorized patents by November 2022, and has broken through and built seven core technology groups in the field of photoelectric reconnaissance equipment and military robots. The company's IPO raised 630 million yuan, which is mainly used for the construction project of special robot Nantong Industrial base (Phase I). After the completion of the project, it is expected to further enhance the market share and profitability of the company's military robot, promote the development of innovative research and development system, and enhance the company's position in the industry of military unmanned equipment.
Hua 'an Securities said that, based on the high prosperity of the downstream industry and the company's position in the unmanned equipment field, with the gradual release of production capacity, the company will fully enjoy the boom dividend. It is expected that the net profit of the company will be 70 million yuan, 100 million yuan and 147 million yuan respectively in 2022-2024, which is the first time to give a "buy" rating.
Soochow Securities said that the company is one of the few private companies with the capability of developing photoelectric reconnaissance equipment and military robot equipment models in China. The military robots and photoelectric reconnaissance equipment in the main products have been connected with the military, and the product technology is well received. In the future, the company will fully benefit from the unmanned and information reform of military equipment during the 14th Five-Year Plan period. The funds raised are used for product technology research and development of special robots, which can further improve the effectiveness of products and promote the growth of the company's performance. It is expected that the net profit of the company in 2022-2024 will be 72 million yuan, 106 million yuan and 154 million yuan respectively, and the corresponding EPS will be 0.95 yuan, 1.40 yuan and 2.03 yuan respectively, which is covered for the first time and given a "buy" rating.
