Meiya Optoelectronics (002690) Research Report: Rapid growth of dental medical imaging equipment by the digitization of oral cavity

Meiya Optoelectronics (002690) Research Report: Rapid growth of dental medical imaging equipment by the digitization of oral cavity
This report reads: The company’s color sorter business has grown steadily. Under the background of digital medical, oral CT + oral scan + CADCAM are expected to contribute long-term increase. Investment points: Conclusion: The company ‘s overseas revenue growth rate for color sorters bottomed out, and domestic color sorter sales expanded from rice, miscellaneous grains, and tea to various categories, bringing an overall upward breakthrough.Based on the company’s reputation in oral CT business, service, technology, cost and other competitive advantages continue to accumulate, the city’s share is expected to continue to increase in the future.The company’s 19-21 EPS is maintained at 0.81/0.97/1.16 yuan, given the company’s 19-year estimate of 42 times for the target medical device, raise the target price to 34 yuan, and maintain an overweight rating. The color sorting machine category continued to expand, and overseas exports resumed growth: ①In terms of the domestic market, the company’s rice and non-rice color selection revenues are each about half, of which rice is growing by about 5% each year; except rice, including miscellaneous grains, plastic recycling, etc.The growth of new internal categories drives the overall performance improvement; it is judged that the company’s domestic color sorting 南宁桑拿 machine revenue for 19 years will maintain an increase of about 10%; ② The overseas market has resumed growth since 19Q1, bringing an increase.We believe that in the medium term, there is greater room for development in the internal Southeast Asian market, including India; in the long term, the company’s overseas color sorter revenue is expected to maintain a growth of about 15%; oral CT is growing rapidly, and it is expected that the volume of mouth scans will be listed: ① Based on the same period in 18The base number is small, the company’s product competitiveness has improved, and the company’s 19Q1 oral CT sales have grown rapidly; ② According to our understanding, the company has received more than 360 orders at the group purchase meeting in March 19, and it has increased substantially at the same time in about 18 years.Will be converted into revenue one by one, judging that the company’s oral oral CT sales are expected to exceed the 2,000 mark; ③ At present, the oral CT penetration rate in China is about 10%, and the long-term judgment is expected to reach 35%; and oral scanning is a multi-use product with long-term penetration rate.Expect higher.The company’s mouth scan is in the clinical stage, and strives to enter the market early, which is expected to contribute to long-term growth. Catalyst: Equipment such as mouth scanners get registration certificates and go on the market Risk factors: Changes in the economic environment of exporting countries for color sorters

UBS: Expansive A-share expansion expected in 2020 to reach $ 300 billion

UBS: Expansive A-share expansion 武汉夜网论坛 expected in 2020 to reach $ 300 billion

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Sina Finance News on January 13th, today, UBS predicts that assuming that the MSCI division factor is not increased in 2020, the foreign exchange income flowing into A shares may reach 300 billion yuan.

Landlord Ming, director of UBS China’s Global Financial Markets Department, said that in 2019, China’s financial liberalization has made significant progress. At present, the cumulative amount of foreign exchange entering the Chinese A-share market through northbound funds exceeds US $ 200 billion, and the size of funds held through QFII has reached 100 billionUS $, with a total investment of US $ 300 billion.

  Gao Ting, head of Nomura Oriental International Research Department, believes that in 2020, the market will be institutionalized and incremental long-term funds will have a transfer allocation requirement for A shares. It is estimated that in 2020, total incremental institutional capital inflows will be about 460 billion yuan (66 billion US dollars).
  In addition, Nomura also pays attention to investment opportunities brought by three structural trends: 1) Industrial upgrading and increasing concentration: changes in the industrial structure and the rise of industry leaders change the profit structure of A shares.

For investors with shortened investment periods, this means that the investment style of overweight leaders will still be applicable in 2020; 2) The rise of new consumption: cross-border mergers and acquisitions will increase the leader’s potential, and product substitution will boost consumption.

In addition to the growth of high-quality leaders, there are also technological advances that stimulate consumption. Among them, we are optimistic about 5G mobile phones and wearable devices (TWS); 3) Regional development: Regional development differences will increase, local governments are expected to improve, and local state-owned enterprise reforms are achievedSpeed up.

In general, the development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta is the most concerned.

  According to the Nomura China macro team’s view, under the pressure of tight fiscal revenues, falling real estate, weak exports, and limited space for monetary and fiscal policies, the economic growth rate will be 5 in 2020.


Basically, they predict that the growth rate of Shanghai and Shenzhen 300 operating income and net profit will be 6 in 2020.

3% and 7.


  They set the CSI 300 target at the end of the year to 4400, corresponding to a static assessment of 12.

6 times, there is about 8% upside compared to the current point.

The main upside risks are the continued improvement of Sino-US relations and the stimulus exceeding expectations, while the downside risks come from a gradual rise beyond expectations and the downturn in the real estate industry.

  With the warming of the policy, Nomura is optimistic about the performance of the first quarter, and pays attention to two main investment lines in the short term: 1) industries with a marginal improvement in prosperity, of which the focus is on technology infrastructure (5G base station equipment) in the infrastructure sector,Municipal infrastructure (listed companies in the machinery and computer industries), and real estate post-cycle consumer goods that are expected to be driven by the recovery in real estate completion; 2) The automotive industry with high cost performance.

According to the Nomura automotive team, it is expected that the growth rate of ride-hailing sales in 2020 will return to 5 in 2020.

1%, focusing on the improvement in the evaluation of car companies driven by the recovery in passenger car sales growth.

  On January 10, Nomura Oriental International Securities released the first research report in Shanghai since its opening.

The strategy report recalled that the rise in the market at the beginning of the year reflected the policy relaxation in the second half of 2018 and the short-term economic rebound in the first quarter of 2019, after which the main index substitution continued to fluctuate.

Looking at 2018-19, China’s economic growth rate, the overall performance of the stock market is weak, and the large consumer sector clearly outperformed the market.

  Regarding the consumer sector, Liu Peng, chief analyst of the food and beverage industry of Tianfeng Securities, said in the first reporter training camp of Shanghai Guijiu Media Academy: “In the past few years, tremendous changes have taken place in the liquor industry, driven by consumer upgrades.
These changes are mainly reflected in three aspects: first, the continuous improvement of the management level of liquor enterprises; second, the attributes of consumer goods of liquor are getting stronger; third, the marketing tools of the liquor industry are constantly changing.

“Liu Peng believes.

  ”In general, the overall demand for liquor has been expanding vigorously, but because consumers have a certain pursuit of brands and there are too many high-end liquor brands, the competitive advantage of companies in the industry sector is obvious, while mid-end brands have lower prices and barriers to entry.Influence has formed a fierce competition status quo.

“Peng Liu said,” In the future, the concentration of the liquor industry will further increase. Liquor companies located in the middle of the industry want to make breakthroughs, and they must focus on opportunities brought by differentiated needs.

In addition to increased concentration, consumption upgrades, infrastructure investment and investment collections will all become growth drivers for the liquor industry.

In addition, Liu Mingying, head of China strategy at UBS Investment Research, said that there are four investment themes in 2020.

First, the industry leaders and the overall economy in the entire listed company sector and the overall economy tend to have better income and profitability trends; second, there will be more investment income related to the reform of state-owned enterprises, and the distribution and incentives around local state-owned enterprises will be partially distributed; third,Independent innovation of the company’s budget; Fourth, the efficiency of interest rate growth in the bank loan market is expected to increase, and the issuance of long-term government bonds will also lead to lower borrowing costs.

(Sina Finance Xu Zou Zou Zheng)