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Lianchuang Electronics (002036) Quick Review of Major Events: Release of Convertible Bonds Continues Expansion Through Optical Business

Lianchuang Electronics (002036) Quick Review of Major Events: Release of Convertible Bonds Continues Expansion Through Optical Business
Matters: Lianchuang Electronics issued an announcement: The company’s application for public issuance of convertible corporate bonds was approved.On December 27, 19, the company received a subsidy of RMB 60 million from the Finance Bureau of Chongqing Liangjiang New District, which was included in the current profit and loss, and was offset by the research and development expenditure of RMB 60 million in 19 years.  Comment: The issuance of convertible bonds has been approved, the company’s optical business meets the rapid development opportunity. Optics has become one of the most important directions for the consumer electronics terminal experience upgrade, making its ultra-high-definition, ultra-wide-angle, high-power high-end cameras significantly improve consumersCamera experience.At the same time, technologies such as TOF and structured light promote the camera to become an important input and output carrier for consumer electronics terminals. In the future, in the 5G era such as AR / VR and autonomous driving, optics will also be an important way to obtain and output information.The company is located 厦门夜网 in the optical high-quality track, benefiting from the upgrade of the optical industry. The funds raised from the issuance of convertible bonds will be mainly used for the industrialization of 60 million high-end smartphone lens annual production projects and supplementary liquidity.Will further expand the company’s mobile phone lens production capacity and improve the optical field layout.  The company has launched a large number of mobile phone lenses and mobile phone image modules for Huawei, Samsung, LG and other terminal brand customers, as well as important domestic mobile phone ODM customers such as Huaqin, Wentai, and Longqi.The optical fingerprint lens under the screen has been developed, and has been recognized by customers of well-known international mobile phone brands, and has begun to expand. At the same time, 1G + 6P glass plastic lenses have also begun mass production and replacement. Through the further expansion of the company’s mobile phone lens production capacity, the company is expected to fully profitMulti-camera, high-contrast, TOF and other upgrade trends of mobile phone cameras, and further reduce the current situation of tight phone lens capacity.  Continue to be optimistic about the growth of optical engines and continue to cultivate in consumer electronics, automotive electronics, security, VR / AR and other fields.Optics will become the main port for information interaction in the 5G era, and will be continuously upgraded with the expansion of application scenarios.The company’s continuous breakthroughs in mobile phone lens modules, under-screen fingerprint lenses, action cameras, security lenses, car lenses and other fields have been recognized by many major customers.In the field of automotive lenses, it has obtained certifications from mobileye, Valeo, Tesla and many other well-known automotive electronics and brand manufacturers. Mass production coexists and is expected to continue to increase volume.High-definition wide-angle cameras continue to be supplied to large domestic and foreign customers in sports cameras, police lenses, and IP surveillance cameras. At the same time, high-definition wide-angle modules have also become the company’s new growth point.Prospective layout of AR / VR lenses and cooperation with international customers is expected to usher in heavy volume in the future.  The Touch Display business further expanded its production capacity, improved its technical level, and won recognition from multiple brand customers, helping its steady growth in performance.  Optimistic about the company’s optical business layout, it is expected to usher in a period of rapid growth in performance. Maintaining a “buy” rating as one of the domestic optical industry leaders, clearly benefit from the upgrading trend of the domestic electronics manufacturing industry.The company ‘s mobile phone lens and module production capacity continues to be released, and the gross revenue of major customers supporting the touch display business is stable. The gross volume of car lenses, optical lenses, under-screen fingerprint lenses, and glass plastic lenses is expected to be strong.Estimated 19/20/21 net profit3.24/4.49/5.920 thousand yuan, EPS 0.45/0.63/0.83 yuan, an annual increase of 31.9% / 38.6% / 31.7%.The current anniversary corresponds to 19/20/21 year PE36.2/26.1/19.8 times.Maintain “Buy” rating.  Risk warning: 1. Mobile phone lens, car lens, under-screen fingerprint lens, glass-plastic hybrid lens, capacity expansion and downstream demand are not up to expectations.  2. The progress of touch display and other businesses did not meet expectations.