Today's Science and Technology Innovation Board sub-subscription, the detailed analysis is as follows:
(1) Lingyunguang (Sponsor: CICC) 688400
Since the establishment of the company, it has been based on optical technology innovation and has long been engaged in machine vision and The optical communication business serves multiple industries, and the current strategy focuses on the machine vision business. The company is a professional supplier of configurable vision systems, intelligent vision equipment and core vision devices. It is one of the earliest companies in my country to enter the field of machine vision . In addition, the company is engaged in the agency business of optical fiber components, instruments and visual components of well-known overseas brands.
Logical analysis :
① Look at the valuation: Ling Yunguang’s public offering of shares is 90,000,000 shares, with a total post-issuance share capital of 450 million shares. The issuance price is 21.93 yuan/share, corresponding to the total market value of the subject company’s listing of 9.869 billion, corresponding to the issuance The diluted price-to-earnings ratio of the net profit attributable to shareholders of the parent company after non-deduction in 2021 is 66.37 times. The specific situation of the price-to-earnings ratio of listed companies with similar business and operating models to the issuer is as follows:
is higher than published by China Securities Index Co., Ltd. The average static price-earnings ratio of the issuer's industry in the past month is lower than the lower average static price-earnings ratio of comparable companies in the same industry before and after deducting non-recurring gains and losses . The company expects to achieve operating income of 1.174 billion from January to June 2022. yuan to 1.435 billion yuan, an increase of 3.32% to 26.27% over the same period last year; the expected net profit attributable to ordinary shareholders of the parent company after deducting non-recurring gains and losses from January to June 2022 is 56 million yuan to 72 million yuan. Compared with the same period last year, the growth rate ranged from 3.16% to 33.50%. Valuation levels have increased slightly.
② Fundamentals:
In the machine vision industry chain, the company insists on independent research and development of systems and equipment on the one hand, and on the other hand insists on independent research and development of software, algorithms and devices, establishes a technology platform, actively promotes independent research and development of core technologies, and cooperates with Tsinghua University , Changchun Institute of Optics and Mechanics and other units conduct cooperative research and development to realize the implementation of original scientific research application technologies.
company has accumulated rich customer resources. In the field of consumer electronics, the company has long served the industry chain of Apple company , Huawei , Xiaomi , and cooperated with Hon Hai Precision, AAC Technology , Goertek We have established long-term and stable cooperative relationships with leading electronics manufacturers in the industry; in the field of new displays, the company's products are widely used in BOE , CSOT , Tianma, Visionox , Wuxi Sharp, Innolux Panel production lines for leading customers in optoelectronic and other industries; in the field of printing and packaging, the company is a mainstream supplier in domestic labels, flexible packaging, carton packaging and other markets, and its products have been sold to more than 15 overseas countries and regions; in the field of new energy, The company's products are widely used by industry leaders such as Flat Group, Ningde Times , Xinyi Group , etc. In the field of smart transportation, the company's products are widely used in online operation and maintenance monitoring services in subways, trains, locomotives, and catenaries; The stereoscopic vision series products and "digital human" products developed by the company have begun to be widely used in the field of culture and entertainment.
In addition, the company is an agent for the sales of optical fiber components, instruments, and visual device products of well-known overseas brands. In terms of optical communications , the company acts as an agent to introduce advanced foreign optical fiber devices and instrument products, serves optical communications industry, academia and research customers, and has established long-term cooperative relationships with well-known enterprises in the industry such as FiberHome Communications and Raycus Laser. In terms of machine vision, the company has strategic cooperation with internationally renowned machine vision device companies to provide domestic customers with internationally renowned visual device products and technical support services.
In the field of optical communications, the company independently develops radio and television broadband access products, mainly serving domestic and foreign radio and television network companies such as Romania RCS & RDS, Jiangsu Cable , and China Radio and Television.
③Look at the raised investment: The issuer of
expects to use the raised funds for this fundraising project to be 1.5 billion yuan.Based on the issuance price of RMB 21.93 per share, before the exercise of ’s over-allotment option , the issuer is expected to raise a total of RMB 1,973.70 million. After deducting the issuance expenses of approximately RMB 168,416,700 (excluding value-added tax and stamp duty), the issuer is expected to raise The net amount of funds raised was approximately RMB 1,805,283,300. The net amount of funds raised from the issuance after deducting the issuance expenses is planned to be invested in the following projects:
The use of funds raised this time will all focus on the company's main business.
1, industrial artificial intelligence Taihu Industrial Base
With the development trend of continuous expansion of machine vision applications, the company's current production conditions can no longer meet the rapidly increasing business needs. Therefore, this project plans to build a new research, production and marketing integrated park in Jiangsu Province. Wuzhong District, Suzhou City has newly built a complete production line of intelligent visual equipment for new displays, printing and packaging, and configurable visual systems and intelligent visual equipment for consumer electronics to increase the production capacity of corresponding products, thereby improving the company's standardization and large-scale supply capabilities to meet The company's incremental demand in the production process seizes strategic opportunities for industry development.
2, the industrial artificial intelligence algorithm and software platform research and development project
is based on the importance of algorithms to machine vision technology , and with the deepening of applications, downstream customers have increased requirements for industry technical levels. The company plans to continue to strengthen the company's technology through this project Advantages include improving the industrial knowledge graph, improving the level of artificial intelligence algorithms, optimizing the visual processing capabilities of low-cost hardware platforms, enhancing the intelligent analysis functions of industrial software, and improving product data mining, decision-making optimization, industrial knowledge graph and other technologies. Application capabilities, overall improve the company's machine vision technology level, expand applicable industrial scenarios, thereby strengthening the company's core competitiveness and laying the foundation for the company's long-term sustainable development.
3, Advanced Optics and Computational Imaging R&D Project
The optical system is an important part of the machine vision system . It is mainly composed of a camera, a lens, a light source, and an image capture card . Its performance directly affects the quality of the imaging, and thus the quality of the imaging. The implementation and effects of machine vision algorithms, therefore optical systems are crucial to the development of machine vision systems and technology. On the one hand, this research and development project will improve the accuracy, signal-to-noise ratio, dynamics and stability of the optical system, and on the other hand, it will improve the recognition and imaging capabilities of three-dimensional information. It can effectively improve the application effect of the company's machine vision in current industrial scenarios, and develop the ability to select complex objects in different directions and stacks, which helps enhance the company's core competitiveness of technology and expand application fields.
4, Technology and Development Reserve Funds
The company will focus on strategic planning and development goals, combined with the actual situation of business operations, use development and technology reserve funds in a reasonable, orderly and efficient manner, and continue to enhance the company's core competitiveness and sustainable operating capabilities.
To sum up, the company’s industry is in a fair position, its valuation is slightly advantageous, its growth potential is good, and its probability of a breakout is low.
Conclusion: Today’s target valuation is high but its growth potential is acceptable. Steady investors will be cautious in participating in . novice participated in the subscription of today. We are with you all the way on the investment journey, so please continue to pay attention.
