Hefei Meiya Optoelectronic Technology (SZ:002690) ZHONGTAI SECURITIES·2024-08-22 03:10Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 15% in the next 6 to 12 months [9]. Core Insights - The company is projected to achieve revenue of 2,561 million yuan in 2024, with a year-on-year growth rate of 6%. The net profit is expected to be 742 million yuan, showing no growth compared to the previous year [1][4]. - The company has a strong focus on research and development, with R&D expenses amounting to 58.67 million yuan in the first half of 2024, representing a 20.63% increase year-on-year [3][4]. - The color sorting machine segment remains robust, with revenue of 645 million yuan in the first half of 2024, a 14.40% increase year-on-year, accounting for 69.30% of total revenue [4][6]. Financial Performance Summary - Revenue Forecast: - 2022A: 2,117 million yuan - 2023A: 2,425 million yuan - 2024E: 2,561 million yuan - 2025E: 2,896 million yuan - 2026E: 3,311 million yuan - Net Profit Forecast: - 2022A: 730 million yuan - 2023A: 745 million yuan - 2024E: 742 million yuan - 2025E: 825 million yuan - 2026E: 969 million yuan - Earnings Per Share: - 2024E: 0.84 yuan - 2025E: 0.93 yuan - 2026E: 1.10 yuan [1][4]. Market Position and Competitive Landscape - The company is positioned as a leading player in the color sorting machine market, benefiting from strong demand driven by food security concerns. The overseas market for color sorting machines is still developing, presenting significant growth potential [4][6]. - The medical equipment segment is currently facing challenges due to economic conditions and increased competition, with a projected revenue decline of 32.27% in the first half of 2024 [5][6]. Valuation Metrics - Price-to-Earnings (P/E) Ratio: - 2024E: 16.8 - 2025E: 15.1 - 2026E: 12.9 - Price-to-Book (P/B) Ratio: - 2024E: 4.5 - 2025E: 4.7 - 2026E: 4.1 [1][4].