Meiya Optoelectronics (002690): 2H18CBCT achieves rapid growth New products worth looking forward to in 2019

Meiya Optoelectronics (002690): 2H18CBCT achieves rapid growth New products worth looking forward to in 2019
Performance review 2018 results are in line with expectations. Meiya Optoelectronics achieved revenue in 201812.40,000 yuan, an increase of 13 in ten years.3%, the net profit attributable to the parent company is 4.48 ppm, an increase of 22 in ten years.8%.Performance is in line with expectations.  In the fourth quarter of 2018, revenue accelerated, and CBCT focused on volume in the second half.The company’s initial revenue growth rate was 13.3%, 18Q4 revenue growth was 19.2%.In terms of different sectors, the sales growth rate of color sorters and CBCT for the ten years was 5.9% and 42.6%, while X-ray foreign body inspection machine alternative.9%, mainly due to the decrease in sales of security inspection machines.The 2H18 company’s color sorter revenue exceeded the earlier growth rate of 1H18, but the CBCT revenue growth rate increased from 1H18 to 16.6% increased to 60 in 2H18.9%, we expect CBCT sales to exceed the initial estimate of 1,500 units.By region, the growth rate of the domestic market in the second half 佛山桑拿网 of the year was 9 from 1H18.9% fast to 24 in 2H18.1%, but overseas income 2H18 appeared 12.3% axial.  The gross profit margin increased the most, and the expense ratio remained stable.Initial company gross profit margins have increased year by year1.7ppt, in which the color sorter / CBCT rises by 0.07/1.69ppt, we think the improvement of CBCT gross margin is related to the optimization of product structure.In 2018, the sales / administrative expense ratio increased by 0.6/0.6ppt, while the financial expense rate drops by 0 every year.5ppt, during which the expense rate was relatively stable.Investment income grows by 43 each year.7%, mainly due to the increase in bank wealth management income.The final company’s net profit margin increased in 20182.8ppt to 36.1%.In 2018, the company realized a net cash inflow from operating 天津夜网 activities of 4.23 trillion, larger and more robust.  The development trend is expected to further increase the CBCT market share.Finally, at the end of last year, the company has sold close to 4,000 CBCT units, and the leader is stable.Looking forward, expand the company’s products and introduce new ones to meet the needs of all levels of the market; reorganize and actively market, replace more shares through oral exhibitions, group purchases and online and offline integration.Based on cost-effective advantages, complete sales network and after-sales service, we believe that the company’s market share has gradually increased.In addition, we look forward to further breakthroughs in the company’s oral scanners in 2019.  Earnings forecasts remain 2019 / 20e EPS is 0.76/0.90 yuan unchanged.  It is estimated and recommended that the company’s sustainable overall corresponding 2019 / 20e P / E is 36.6x / 30.9x, taking into account the upward trend of the industry assessment hub, while mouth scan equipment may be listed in 2019, the company’s target price is increased by 14.1% to 30.7 yuan, corresponding to the target price-earnings ratio of 40x in 2019, with a potential increase of 10.3%, maintaining the recommended level.  Risks CBCT market competition intensifies, affecting gross profit margin.