NOVEL OPTICS(603297) Guotou Securities·2024-09-01 00:03Investment Rating - The investment rating for the company is maintained at "Buy-A" with a 6-month target price of 60.00 CNY, which corresponds to a dynamic price-to-earnings ratio of 25.00x for 2024 [6][8]. Core Views - The company reported a revenue of 428 million CNY for H1 2024, representing a year-on-year growth of 9.62%. However, the net profit attributable to shareholders decreased by 14.07% to 99.59 million CNY [2]. - The optical microscope business faced temporary pressure in H1 2024, with revenues declining by 12.78% to 163 million CNY. However, government policies aimed at supporting equipment upgrades are expected to drive recovery in the second half of the year [3]. - The optical components business saw significant growth, with sales increasing by 30.95% to 254 million CNY in H1 2024, driven by the recovery of barcode scanning and the mass production of LiDAR products [4]. - The company is actively expanding its medical optics business, which has achieved over 50% growth in the past two years, focusing on high-precision medical components [5][7]. Financial Performance Summary - For H1 2024, the company achieved a gross profit margin of 40.17%, an increase of 2.46 percentage points from the previous quarter [2]. - The projected revenue growth rates for 2024 to 2026 are 20.32%, 36.66%, and 28.56%, respectively, while net profit growth rates are expected to be 13.30%, 34.92%, and 28.93% [8]. - The company’s total market capitalization is approximately 5.94 billion CNY, with a circulating market capitalization of about 5.90 billion CNY [6].