It took four years, OFILM (002456.SZ) finally managed to get out of the performance quagmire.

 

On April 20, according to the 2023 annual report disclosed by OFILM, the company achieved revenue of 16.86 billion yuan during the reporting period, up 13.73% year-on-year; net profit of 76.905 million yuan, realizing a turnaround.

 

 

 

The three major business systems of smart phones, smart cars, and new fields have grown comprehensively, with gross profit margins of 8.47%, 14.85%, and 14.06%, respectively, indicating that there has been an independent blood-creation ability, and is the key to the turnaround of Oufeiguang against the wind.

 

A head optical company sales executives said to the tide of electricity think tank, "consumer electronics environment downturn, the past few years everyone is struggling to survive. From the point of view of the actions of Ophiuchi, it is no longer as big as before to run for cover, but to return to the original point of profitability and survival."

 

Perhaps in view of this, there are institutions of OFILM 2024 performance gave "revenue of 20 billion, net profit of 1 billion" growth expectations.

 

 

Smartphone: gross margins increased significantly, adding a 3 billion large customers

 

 

As the company's first major business segment, OFILM's performance in the smartphone field has attracted attention.

 

 

During the reporting period, OFILM's smartphone-related business revenue amounted to about 12.253 billion yuan, a year-on-year increase of 6.69%. The proportion of the company's total revenue fell to 72.66% from 77.46% in 2022.

 

 

It must be noted that the smartphone business 8.47% gross margin level, compared with the same period in 2022 improved by 10.32%, can be called OFILM performance turnaround winners and losers.

 

 

OFILM said that at present, 7P optical lens, periscope telephoto lens, dual intra-group focus lens, variable aperture lens and other high-end products have been successfully mass-produced, and entered the supply chain of domestic mainstream cell phone manufacturers. The company maintains technological innovation, 8P high pixel main camera, three groups of continuous zoom, glass-plastic hybrid and other cutting-edge lens projects have been successfully developed.

 

 

According to the annual report disclosure information, OFILM revenue from the top five customers are more than 1 billion yuan, of which the sales revenue of the top two customers were 3.802 billion yuan and 3.368 billion yuan respectively. Some cell phone industry chain people guessed that it should be Huawei and millet respectively.

 

 

In September last year, Huawei mate 60 series flashed high-end cell phone market, some media broke the news OFILM for its camera and fingerprint module of the first big supplier. After that, OFILM stock price staged a "seven consecutive board" miracle.

 

 

 

Tide power think tank from the cell phone industry chain was informed that Huawei recently to pioneer plans to sell flagship model P60, stocking up to 15 million, OFILM is still the core supplier of the new machine image.

 

 

Smart car: revenue of 1.9 billion, the second growth curve established

 

 

 

When OFILM withdrew from Apple's supply chain in 2021, the automobile business with a revenue of only 100 million dollars seemed very inconspicuous. Many people even thought that it was just a new story told by OPTIGON.

 

 

 

To date, OFILM's progress in the automotive field has been eye-opening.

 

 

 

Disclosure of data shows that OFILM intelligent automotive products last year's revenue of 1.908 billion yuan, an increase of 41.67%. Accounting for 11.32% of total revenue, becoming a veritable second growth curve.

 

 

 

According to Chaodian Intelligence, from 2021 to 2023, the gross profit margin of OFILM's car business will be 1.48%, 2.6% and 14.85% respectively. Analyzing the data, it can be basically determined that the in-vehicle business has entered the profitability stage.

 

 

 

The main reason for the soaring gross profit rate level is the richness of the related product matrix and the scale of shipments.

 

 

 

In 2018, OFILM owned numerous in-vehicle lens technologies and patents in the field of intelligent automobiles through the acquisition of Fuji Tianjin.

 

 

 

Oufeikuang said that it has mass produced 2-3M, 5M, 8M front, side and rear view lenses; 1M, 2M and 3M surround view lenses; in-cabin 1M, 2M DMS and 2M, 5M OMS lenses and other in-vehicle lens products; and has reached the industry's leading level in terms of difficult lens problems, such as temperature drift, ghosting, and trustworthiness.

 

 

Previously, there were rumors in the industry that OFILM's intelligent automotive business would be operated separately and listed in the future. If it continues to maintain a high rate of good growth momentum, this possibility exists.

 

 

New field: year-on-year growth rate of 43%, the ability to absorb gold in the segmented track

 

 

As one of the three major businesses of OFILM, the growth of new fields is also encouraging, with the sales scale reaching 2.408 billion yuan, a year-on-year growth of 43.06%.

 

 

OFILM said that it will continue to strengthen the development of products in new technology areas, multi-faceted layout of smart door locks, sports cameras, industrial and medical, VR/AR and other optical optoelectronic business.

 

 

In the field of smart door locks, OFILM self-developed capacitive fingerprint identification, optical fingerprint identification, ultrasonic fingerprint identification and many other technologies, has realized the door lock master control MCU + Touch-Key (touch key) + RTC (real-time clock module) three-in-one program, the future is about to realize the five-in-one program.

 

 

In terms of XR lenses, OFILM can now provide VR aspherical lenses, VR/AR lens sets, VR goggles and other products; in terms of imaging modules, expanding FPV camera modules, SLAM dual-camera modules, VR eye-tracking modules and VR positioning camera modules; in terms of VR/AR optics, the company has laid out LCOS optical waveguide modules, BIRD BATH binoculars optics modules, LED optical waveguide module and PANCAKE optical program and other technology routes.

 

 

In addition, OFILM's industrial endoscopy products have been miniaturized in size through the optimization of optical systems and the adoption of advanced all-GM lens materials, while ensuring stable performance under extreme temperature conditions; medical endoscopy products have achieved industry-leading miniaturization and waterproofing; and capsule endoscopy products have eliminated the common ghost image problem through the precise correction of the distance between the capsule shell and the lens. The capsule endoscopy product effectively eliminates the common ghost image problem by precisely correcting the distance between capsule shell and lens.