Lante Optics(688127) 国投证券·2024-09-02 03:23Investment Rating - Buy-A rating with a 6-month target price of 22.31 RMB, representing a 23.5% upside from the current price of 18.06 RMB [1] Core Views - The company achieved rapid revenue growth of 88.2% YoY to 378 million RMB in H1 2024, with net profit surging 122.23% YoY to 49 million RMB [2] - The micro-prism project entered mass production in 2023, driving 191.33% YoY growth in optical prism revenue [5] - The company is a leading player in precision optical components manufacturing, with strong technical capabilities in cold processing, hot pressing, and ultra-thin glass wafer processing [3] - It serves major clients including AMS Group, Corning, Magna, and Sunny Optical, with products used in Apple and Huawei devices [3] Business Segments Optical Prisms - Revenue expected to grow from 800 million RMB in 2024 to 1.4 billion RMB in 2026, with gross margin maintained at 45-48% [11] - Applications include periscope cameras, microscopes, and smartphone facial recognition [4] Glass Aspheric Lenses - Revenue projected to increase from 289 million RMB in 2024 to 416 million RMB in 2026, with 50% gross margin [11] - Used in automotive cameras, security surveillance, drone lenses, and smartphones [4] Glass Wafers - Revenue forecast to grow from 50 million RMB in 2024 to 90 million RMB in 2026 [11] - Applications include wafer-level lens packaging, AR/VR, and automotive logo projection [4] Financial Projections - Revenue expected to grow from 1.202 billion RMB in 2024 to 1.963 billion RMB in 2026 [10] - Net profit projected to increase from 299 million RMB in 2024 to 471 million RMB in 2026 [10] - EPS forecast to rise from 0.74 RMB in 2024 to 1.17 RMB in 2026 [10] - ROE expected to improve from 16.5% in 2024 to 20.8% in 2026 [10] Valuation - 2024E PE of 24.3x based on 30x PE multiple for 2024 net profit of 299 million RMB [11] - Comparable to industry peers with average TTM PE of 19.76x [12]