OPTOWIDE(688195) Minsheng Securities·2024-08-31 12:39Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company's revenue for the first half of 2024 reached 212 million yuan, a year-on-year increase of 26.77%, while the net profit attributable to shareholders was 32.82 million yuan, up 60.98% year-on-year [2]. - The growth in performance is driven by increased demand for high-speed optical communication components due to AI, as well as the company's expansion into emerging application fields such as biomedicine and semiconductor equipment [2]. - The company has seen significant revenue growth in its precision optical components, which accounted for 80.03% of total revenue, while fiber optic devices and optical testing instruments contributed 16.90% and 2.96%, respectively [2]. - The gross profit margin improved significantly to 36.90%, an increase of 10.34 percentage points year-on-year, reflecting enhanced operational efficiency [2]. - The company is actively expanding its overseas production capacity, including land acquisition in Thailand for factory construction to support delivery capabilities in optical communication and biomedicine [2]. Financial Forecasts - The projected net profits for 2024, 2025, and 2026 are 78 million yuan, 114 million yuan, and 154 million yuan, respectively, with corresponding PE multiples of 36x, 25x, and 18x [2][3]. - Revenue is expected to grow from 495 million yuan in 2024 to 859 million yuan in 2026, with growth rates of 45.6%, 36.4%, and 27.2% for the respective years [3][5]. - The company’s R&D expense ratio has increased from 8.19% in 2021 to 10.53% in the first half of 2024, indicating a strong commitment to innovation in both traditional and emerging fields [2][5].