报告名称：Meiya Optoelectronic Technology (002690)“Food testing + industrial monitoring +
报告类型：点评报告
报告日期：2015-12-30
研究机构：中信国际
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 color sorters
Security inspection equipment will likely to embrace rapid growth
Dental CT scanner remains in the stage of exponential growth
Gradual extension along oral care industry chain.
Presence in high-end health care products along the value chain.
Gear up for inorganic growth with ample cash in hand.
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 the Company’s inorganic growth, we apply 70x 2016E PE to it, set its TP at Rmb45.50 and reiterate BUY rating.
下载地址：Meiya Optoelectronic Technology (002690)“Food testing + industrial monitoring +
