On August 21st, Guoketiancheng Technology Co., Ltd. (hereinafter referred to as "Guoketiancheng") listed on the Growth Enterprise Market of the Shenzhen Stock Exchange, officially landed on the capital market.
As a "small giant" in the infrared optoelectronic industry, whether from an industry perspective or from the company's own situation, it is clear that Guoketiancheng has the value logic of sustainable development. The company relies on a vast blue ocean of the industry on the one hand, and on the other hand has a leading market position and outstanding differentiation and competitiveness.
This listing undoubtedly injects new momentum into Guoketiancheng, and the company's development is expected to further accelerate, opening up a new path of value growth, and also heralds that the Chinese infrared imaging market will usher in more vigorous development.
I. Infrared imaging "Long Slope Thick Snow", the value logic is constantly being verified
Guoketiancheng has a strong voice in the infrared imaging industry. It focuses on serving military and civilian machinery or system manufacturers in the military industry, and is committed to providing a series of high-performance infrared products and services to meet a wide range of market needs. At the same time, with its strong technology, the company participates in project research and development in the optoelectronics field and empowers the high-end field.
The company has military qualifications such as level-2 confidentiality of weapons and equipment research and production units, weapons and equipment research and production license, equipment contract unit registration certificate, weapons and equipment quality system certification certificate, etc., which provide a solid guarantee for the company's development in the military field. In the civilian field, the company continues to strengthen its layout, expand high-quality customers, and bring diversified growth to its performance.
The reason why there is a high expectation for the future development of Guoketiancheng is due to the continuous release of performance potential by the company and the continuous emergence of opportunities in the industry.
In terms of revenue, Guoketiancheng's revenue has shown a continuous growth trend in recent years. The operating income from January to June 2021, 2022, 2023 and 2024 were 32.8 million yuan, 530 million yuan, 702 million yuan and 377 million yuan, respectively. Among them, the compound annual growth rate of operating income from 2021 to 2023 reached 46.31%. This reflects the company's business expansion and the gradual increase in market share.
In terms of profit, Guoketiancheng's net income attributable to the parent company during the same period was 71.3987 million yuan, 95.1951 million yuan, 128.6977 million yuan and 54.5223 million yuan, respectively. The increasing profitability further proves the company's competitive advantage in the industry and demonstrates its sufficient strength in commercialization.
In terms of the industry, the global infrared imaging market is booming. Infrared imaging technology has high application value in the military field, and its applications in the civilian field, including industrial temperature measurement, education and scientific research, fire protection and security monitoring, petrochemicals, medical testing, assisted driving and the Internet of Things, etc., are increasing, bringing huge opportunities to the industry and creating stable support for the development of Guoketiancheng.
According to Maxtech International's forecast, the global military infrared thermal imaging market will reach 10.795 billion US dollars in 2023, with a compound annual growth rate of approximately 4.04% from 2020 to 2023. The growth rate of the global civilian market demand is higher. The global civilian infrared thermal imaging market will reach 7.465 billion US dollars in 2023, with a compound annual growth rate of approximately 10.05% from 2020 to 2023.
It can be expected that with the progress of the modernization of weapon and equipment construction and the widespread application of infrared thermal imaging technology in the civilian field, the global demand for infrared thermal imaging products will continue to maintain a steady growth trend. This will provide broad imaginative space, and it can be said that Guoketiancheng is on a "long slope thick snow" track.
At present, the industry and the company are still in the early stage of growth, but the company has already outlined an upward trend and growth expectations for investors in terms of performance. Therefore, in the future, through the improvement of revenue scale and profitability, Guoketiancheng will have great attractiveness to the market capital.
II. Building a complete industry chain layout, the potential value is expected to be further released
From the perspective of value investment, we can judge what potential Guoketiancheng has from outside to inside.
First of all, looking outward, under the guidance of industrial policies, the external environment continues to improve. In recent years, China has attached great importance to the development of the manufacturing industry and the military industry. For example, the "14th Five-Year Plan" clearly stated that it is necessary to accelerate the modernization of weapons and equipment, emphasize independent innovation in national defense technology and the development of cutting-edge technologies, and accelerate the upgrading and intelligentization of weapons and equipment.
In recent years, with the rapid development of China's infrared thermal imaging industry, domestic substitution and independent development have become trends. Supported by industrial policies, Chinese manufacturers have gradually broken the monopoly of products and core components, and domestic production has brought cost reduction, further activating market demand, and the market facing by Guoketiancheng will continue to expand.
Secondly, looking inward, as analyzed earlier, Guoketiancheng has verified that its business model has achieved phased success through its performance.
On this basis, technology has become the core driving force for Guoketiancheng to continuously release its development potential, and through actively constructing a complete industry chain layout, the company further consolidates its established market position and can enjoy more industry development dividends.
In terms of research and development, from 2021 to 2023, the company's research and development investment will be 20.6473 million yuan, 29.111 million yuan, and 49.7258 million yuan, with a compound annual growth rate of up to 55.19%.
Currently, the company's infrared products mainly focus on refrigeration and adopt the InSb technology route, which has competitive advantages such as low blind rate and high stability, different from competitors who mainly choose the MCT technology route. In addition, the company actively extends upstream and has taken the lead in laying out products such as T2SL refrigeration detectors, lenses, and lens elements.
It is understood that Guoke Tiancheng already has the ability to produce small batches of T2SL refrigeration detectors, which makes them one of the few domestic companies with the ability to develop T2SL detectors. Now they have reached cooperation with customers such as AVIC Aerospace and MicroNanoSpace in the field of airborne and satellite applications.
It can be seen that the company has made a complete industrial layout from upstream core components to midstream key products by initially covering the refrigeration and non-refrigeration infrared industry, forming differentiated competitive advantages. In addition to infrared, the company is beginning to explore remote sensing data, autonomous driving, satellite navigation, and even aircraft engine testing, bringing more anticipation for future business expansion.
According to the company's fundraising purposes, most of the funds are planned to be used for the research and development and industrialization construction projects of optoelectronic products, super-precision optical processing centers, and optoelectronic chip research and development centers, with planned investments of 1.05 billion yuan, 1.19 billion yuan, and 1.27 billion yuan respectively. The company is committed to expanding production capacity, improving core raw material supply capacity, and improving comprehensive profitability.
Therefore, in the short-term, Guoke Tiancheng has a clear development direction and layout, and is expected to accelerate its development with the help of the capital market after going public, releasing scale effects and maintaining its leading edge. Based on this, it is highly probable that Guoke Tiancheng will achieve performance growth and value enhancement in the long run.
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As a 'small giant' in the field of infrared optoelectronics, Guoke Tiancheng has gained more attention and recognition with its unique market label. Investors need to be more patient with the company in the 'long and winding road' and wait for more potential to be unleashed. The long-term growth trend of China and the global infrared imaging industry has strong certainty, including companies such as Guoke Tiancheng, which may not be lacking in growth opportunities to seize.