Fu Wei Micro: Leader in Video Surveillance Chipset, Deploying a High-Definition Networked Intelligent Layout

For the first time, it will be given a cautious overweight rating with a target price of 148.28 yuan. As the leading domestic security video surveillance chip design company, the company will benefit from smart cities in China. The construction of the security monitoring camera chip is driven by the construction of Xueliang, and the company has entered the domestic market. The leading manufacturers of security products are steadily improving their performance. We expect the company's 2018-20 EPS to be 3.37, 5.00, 6.15 yuan, giving the company 44 times PE in 2018, with a target price of 148.28 yuan.

The company has high R&D intensity, accelerates independent innovation, and establishes a long-term and stable cooperative relationship with downstream customers. On the one hand, the company's annual R&D investment accounts for more than 15% of its revenue. Currently, it has accumulated 77 intellectual property rights and established a full range of technical support services. System, while focusing on the introduction of high-end technical personnel, R & D personnel accounted for as high as 80%. On the other hand, the company's downstream customers are mostly leading domestic security products, the largest customer Hikvision is the global security industry leader, since 2009 Has always been in close cooperation with the company.

In line with the industry's high-definition, networking, and intelligent development trends, accelerating the layout of high-end products. Analog cameras chip, the company increased the R & D productivity of high-definition ISP chip; network camera chip, the company actively expand the IPC product line, based on independent Smart264 Coding Technology introduced Smart HD Network Camera SoC chips and solutions; in response to the trend of intelligence, the company actively deployed smart home, vehicle monitoring, drones and other new consumer areas.

A number of related fundraising projects have progressed smoothly.

Catalyst: domestic smart city, Xueliang project drive.

Risk Warning: The downstream monitoring market is down, and the cost is rising.

2016 GoodChinaBrand | ICP: 12011751 | China Exports