报告名称：Meiya Optoelectronic Technology (002690)“Food testing + industrial monitoring +h
报告类型：点评报告
报告日期：2015-12-30
研究机构：中信证券
股票名称：美亚光电
股票代码：002690
页数：4
简介：Colour sorter business will likely continue growing steadily as thesub-sector is upgrading from black and white sorters to full colorsorters. Sorters have been upgrading from black and white to full coloras the latter is more efficient. Since launched by the Company in June2015, full color sorter has seen booming demand. Over next 3 years,traditional sorters need to be replaced while launch of full color sortersfits in well with the trend of this sub-sector. The Companyˇs corebusiness, sorter business, will likely continue growing steadily.
Security inspection equipment will likely to embrace rapid growth.Currently, over a half of security inspection equipment in service isimported. Entering 2016, they will start being replaced. Securityinspection equipment that the Company developed will likely substitutefor imported equipment and become a fresh growth driver in industrialmonitoring equipment sub-sector.
Dental CT scanner remains in the stage of exponential growth.Based on grassroots study, we anticipate CBCT sub-sector to maintain agrowth of 100% over next two years and a growth of over 50% over hesubsequent 3 years. The exponential growth of this sub-sector started in2014. We forecast the Companyˇs dental CBCT scanner sales to grow by100% in 2015/16 respectively as localized dental CT scanners are highlycost-efficient and able to slash costs for dental clinics, private health careinstitutions and stomatological hospitals. Due to its strong demo effect,we believe they will substitute imported scanners over time.
Gradual extension along oral care industry chain. The Company hastaken controlling stake in Shandong Meyer Botai, an operator ofstomatological hospitals or clinics. This is a big headway for its extensionalong oral care industry chain and the Company will step up its efforts inthis field to make breakthroughs in technology and product R&D in termsof tooth implantation, oral care consumables, new dental diagnosticequipment, big data based remote dental diagnostic/treatment platformetc. It hopes to achieve localization of products along oral care industrychain.
Presence in high-end health care products along the value chain.By entering into strategic cooperation agreements with medical institutesand science research agencies, the Company forayed into high-endmedical equipment field, including medical imaging equipment (such asorthopaedic or cranial CT scanners), high-end precision radiationtherapy (proton therapy), remote treatment of bone or soft issue tumoursetc. As such, it will likely to register meaningful sales from orthopaedicCT scanners over next 2-3 years.
Gear up for inorganic growth with ample cash in hand. As of the end 3Q2015, the Companyˇs cash and cash equivalent and other liquid assets tallied ~Rmb1.4bn. While extending alongthe health care industry chain, the Company has sufficient cash to seek inorganic growth.
Risks: disappointing exploring along the health care value chain; slow progress in making presence along the oralcare value chain; slack demand for colour sorters.
Earnings forecast, valuation and investment rating. We reiterate the Companyˇs 2015-2017E EPS forecasts ofRmb0.49/0.65/0.78. We believe that the Companyˇs three-pronged business structure (¨Food testing + industrialmonitoring + healthcare〃) is in line with its long term development plan. Gong ahead, it will continue expandingpresence along oral care value chain and high-end health care and likely to become leading player along the valuechain of localized oral care products and leading maker of high-end medical imaging equipment in China. Otherspecialized equipment sub-sector in machinery sector is valued at 64x 2016E PE. Given expectation of theCompanyˇs inorganic growth, we apply 70x 2016E PE to it, set its TP at Rmb45.50 and reiterate BUY rating.

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