NOVEL OPTICS(SH:603297) Xin Lang Cai Jing·2025-05-05 08:28Core Viewpoint - The company reported its 2024 annual results and 2025 Q1 results, showing a slight increase in revenue but a decline in net profit for 2024, while Q1 2025 showed growth in both revenue and net profit [1][3]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 892 million yuan, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 209 million yuan, a year-on-year decrease of 11.4% [1]. - For Q1 2025, the company reported operating revenue of 220 million yuan, a year-on-year increase of 1.8%, and a net profit attributable to shareholders of 56 million yuan, a year-on-year increase of 22.2% [1]. - The performance in 2024 and Q1 2025 met expectations, indicating a clear trend of recovery in the microscope sector [1]. Group 2: Business Segments - The optical microscope business generated sales revenue of 356 million yuan in 2024, a year-on-year decrease of 13.92%, influenced by industry demand recovery and equipment update policies, with a quarter-on-quarter sales increase of 8.53% in Q4 [1]. - The high-end microscope segment is experiencing rapid growth, achieving over 5% domestic substitution, with high-end microscopes accounting for approximately 40% of total microscope sales [1]. - The optical components business achieved sales revenue of 513 million yuan, a year-on-year increase of 22.56%, with barcode scanning business recovering quickly and LiDAR products reaching mass production, surpassing 100 million yuan in revenue [1]. Group 3: Research and Development - The company continued to invest in R&D, with expenditures reaching 98.5 million yuan in 2024, a year-on-year increase of 7.34%, representing 11.33% of main business revenue [2]. - The company launched several new microscopes priced between 200,000 and 3 million yuan, being one of the few domestic manufacturers capable of independently developing and producing super-resolution and confocal optical microscopes [2]. - The company has established long-term partnerships with several leading domestic clients in the semiconductor sector, with ultra-precision optical components already applied in maskless lithography equipment and semiconductor optical measurement devices [2]. Group 4: Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted, with expected net profits of 302 million yuan, 349 million yuan, and 400 million yuan respectively, reflecting a downward revision for 2025-2026 due to the poor performance of the optical microscope business in 2024 [3]. - The current stock price corresponds to a price-to-earnings (PE) ratio of 32, 28, and 24 for 2025-2027, respectively, with the company being a leading optical manufacturer in China [3]. - The company is expected to continue enhancing its business scale and industry position, with a target PE of 42x for 2025, indicating over 20% upside potential from the current valuation [3].