光峰科技:激光显示领军者,创新为基持续拓宽边界

（以下内容从天风国际证券《光峰科技:激光显示领军者,创新为基持续拓宽边界》研报附件原文摘录）
　　Appotronics Corporation (688007 CH) 激光显示领军者，创新为基持续拓宽边界 Initiating coverage: we expect innovative laser projector leader will keep pushing boundaries TP:RMB39.38 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 公司是激光显示领域龙头企业，ALPD？技术独具特色且壁垒深厚，有望在多个应用场景实现较好发展： Initiating coverage of laser projector leader facing potential market growth ahead Appotronics Corporation is the laser projector market leader and its unique ALPD？ technology erects a solid market barrier. We expect it will lead the industry in developing multiple application scenarios. C端业务：家用激光投影龙头企业引领行业发展 激光微投/电视作为ALPD？技术在C端的主要应用场景均为长坡厚雪的赛道，从产品形态来看，激光微投对比LED投影在发光效率及成像效果等方面独具优势，而激光电视对比面板电视则在大尺寸方面更具性价比，后续随着核心器件逐步国产化，行业有望实现降本扩容，我们预计公司激光微投/电视25年出货量有望分别达到156/115万台。公司依托子品牌光峰、峰米实现激光微投/电视全价格段覆盖，激光领域市占率领先，同时为当贝等品牌提供激光光源光机代工业务，有望以点带面引领行业持续拓展。 B2C: home laser projector leader at the forefront of industry development Mini laser projectors and laser TVs are major B2C applications for Appotronics’ ALPD？ (advanced laser phosphor display) technology and we see vast market potential for major players. Compared with other formats, mini laser projectors outperform LED projectors in terms of luminosity, efficiency and imaging, while laser TVs are more cost-effective than large panel TVs inch for inch. With the gradual localization of core components, we expect the industry will see cost reduction and scale expansion. We forecast Appotronics’ mini laser projector/laser TV shipments will amount to 1.56m/1.15m units by 2025E. With its “Appotronics” and “Formovie” brands providing mini laser projectors and laser TVs that cover a broad price range, the company commands the lion’s share of the laser projector market. It also has an OEM business supplying laser light sources and light generators to Dangbei and other brands. We expect Appotronics will lead the industry in new growth areas. 影院业务：激光有望成为主流解决方案，疫后有望迎来修复 相较于传统光源，ALPD？在效果及使用寿命/成本上更具优势，有望成为主流解决方案。公司内外销均依托龙头企业展开推广合作：内销以光源租赁，按时收费的模式为主，光源生命周期价值更高的同时也为公司带来较为稳定的现金流，22年虽因疫情导致营收承压，但后续随着线下观影恢复及片源供给增多，有望迎来修复；外销发展方兴未艾，逐步获得海外影院运营商认可，后续有望迎来新机遇。 Cinemas: laser projectors becoming mainstream; post-pandemic recovery ahead ALPD？ trumps traditional light sources in terms of effectiveness, life-cycle and cost, and we expect it will become a mainstream solution. The company drives domestic and foreign sales through cooperation with leading companies that carry out promotions. Its China sales mainly comprise time-based leasing of light sources, whose long life-cycle brings in stable cash flow. Revenue had been under pressure due to pandemic surges in 2022, but we expect the recovery in the movie-going market and increase in film supply to bring a business recovery for Appotronics. Its export market is developing and sales are growing as the company’s profile slowly gains recognition by foreign cinema operators. We see new opportunities ahead. 商教工程投影：专业显示龙头企业有望迎来需求修复 商教工程等专业投影领域由于“双减”、疫情等因素影响22年整体增速承压。后续来看一方面教育信息化专项贷款有望对高校设备采购需求形成刺激，而高校由于大教室较多往往对投影类产品的需求相对更大；另一方面疫情影响减弱后也有望使得线下文旅活动的恢复也将使得工程投影的需求提升，从而利好公司专业投影业务。 Education and commercial markets: display leaders could bring back demand We attribute growth pressure in 2022 to factors such as China’s dual energy curbs policy and pandemic effects, which dragged projector markets such as commercial and education engineering. We expect special loans that aid education informatization to stimulate demand for equipment procurement at colleges and universities. These institutions have many large classrooms and often have large demand for projectors. As pandemic effects ease, we also expect returning travel activitiy to expand demand for projector engineering, which would benefit Appotronics’ commercial projector business. 车载业务：进军智能座舱领域，车载赛道未来可期 随着汽车智能化的发展，投影技术有望在智能座舱领域有较大应用空间。我们预计投影车载显示整体市场空间有望达到326-477亿元；而远期若渗透率进一步提升，则有望达到570-718亿元。ALPD？技术在降本及减小体积方面具备独特优势，有望在车载领域实现较好发展，目前公司已获得多家头部车企定点，后续有望成为业务新增长极。 Automotive: smart cockpits add potential for in-vehicle projector growth As cars get smarter, we believe projector technology will find ample application potential in smart cockpits. We forecast the in-vehicle projector display market will amount to RMB32.6-47.7bn in the near future, and if penetration increases over the long term, it could expand to RMB57.0-71.8bn. ALPD？ technology’s unique advantages are lower cost and a smaller form, which suits the automotive market, so this market would likely grow faster than the other segments. Appotronics has been appointed by many auto leaders so we expect the auto business will be a new growth driver for the company. 投资建议/Investment Ideas 投资建议：公司是激光显示领域龙头企业，ALPD？技术独具特色且壁垒深厚。22年B端业务受疫情影响较大导致营收业绩承压。后续分业务看：C端家用领域有望引领行业持续放量；影院业务及专业投影业务后续有望随着线下活动恢复而迎来修复，同时车载领域持续收获客户定点，有望开拓新增长曲线。我们预计公司22-24年归母净利润分别为1.2、1.58、3.07亿元，当前股价对应PE分别为96x、73x、38x。根据DCF估值法给予公司目标价39.38元，首次覆盖给予“买入”评级。 Valuation and risks Appotronics’ laser projector leadership centers on its unique ALPD？ technology, which erects a strong competitive barrier. B2B revenue had been under pressure in 2022 on pandemic factors. Up ahead, we focus on its B2C, cinema and commercial businesses. We believe the company could lead the industry in household volume growth; and we expect its cinema and commercial projector businesses will recover as offline activities normalize. We forecast net profit will arrive at RMB120m/158m/307m in 2022/23/24E, corresponding to 96/73/38x PE (based on the current share price). Our DCF valuation method derives a target price of RMB39.38 and we initiate coverage with a BUY rating. 风险提示：激光微投放量不及预期风险，影院业务恢复不及预期风险，车载领域拓客进展不及预期，新技术路径迭代风险 Risks include: lower-than-expected mini laser projector market volume; a slower-than-expected cinema industry recovery; slower automotive customer growth than expected; and new technology iteration risks. 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