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Ruichuang Micro / Nano (688002): The rapid growth of domestic infrared thermal imaging companies is at the right time

Ruichuang Micro / Nano (688002): The rapid growth of domestic infrared thermal imaging companies is at the right time
Key points of investment: The company locates domestic leading company in the field of infrared thermal imaging. Ruichuang Micro-Nano was established in 2009 and has been focusing on the development of core infrared thermal imaging technologies and products. The main products include uncooled infrared thermal imaging MEMS chips and infrared thermal imaging detection.Camera, infrared thermal imaging movement, infrared camera and photoelectric system.From 2016 to 2018, the company’s revenue and net profit grew rapidly. The sales ratio of military and civilian products remained roughly at 3: 7. Haikang was its largest customer. In the infrared thermal imaging market, the military sector has broken through the blockade, and the demand for civilian military applications has been changing from the 1970s to the 1980s into a land battlefield. According to Maxtech International’s forecast, the global military infrared market size will reach 107 in 2023.$ 9.5 billion.At present, the international military market is mainly integrated by European and American companies, but after 2012, Chinese companies represented by Ruichuang Micro-Nano, Gaode Infrared, etc. have made breakthroughs in non-refrigerated infrared detector technology, breaking through the technical blockade in Europe and America, and domestic military infraredThe market is catching up right now.In the civil field, through the development of technology and the cost of infrared products, the price has continued to decline, and infrared thermal imagers have been widely used, and their growth rate is far greater than that in the military field.According to Maxtech International’s forecast, the global civilian 杭州夜网 infrared market size will reach 74 in 2023.$ 6.5 billion.The demand for infrared thermal imagers in China’s civilian market is also growing. Among them, security monitoring and automobile assisted driving are important growth poles. The company’s key product indicators are excellent, investment and technological transformation and capacity expansion, and additional growth to help the entry-level integration of the infrared imaging industry. At present, the domestic military non-refrigerated infrared focal plane technology research and development and production capabilities have high-tech infrared, Dali technologyNorth Guangwei and the company itself.After comparison, the company’s key product indicators are excellent and its profitability is relatively high. In addition, the company’s fund-raising mainly focuses on technological transformation and capacity expansion. It is expected to add new growth assistance in the future. Earnings forecast and forecast It is expected that the company will realize net profit attributable to mothers in 2019-2021.82, 2.53,3.USD 5.8 billion, corresponding to current sustainability, PE is 107, 77, 55 times, respectively, will not be rated for the time being. Risk reminders: technology is damaged, market competition is intensified, and the proportion of actual controllers’ shareholdings.