Lante Optics(688127) 民生证券·2024-09-02 08:31Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company's H1 2024 performance met expectations, with significant revenue and profit growth driven by market opportunities in consumer electronics and automotive intelligent driving sectors [3][2] - The company has successfully launched its micro-prism products, which are expected to meet growing market demand, and has completed the expansion of its micro-prism production base [3][2] - The combination of AR wafers and glass-plastic hybrid lenses positions the company well for future innovations, as the demand for high-resolution camera modules increases [3] Financial Performance Summary - For H1 2024, the company achieved revenue of 378 million yuan, a year-on-year increase of 88.20%, and a net profit of 49 million yuan, up 122.23% year-on-year [2][3] - The gross margin for H1 2024 was 31.6%, a slight decrease of 0.88 percentage points year-on-year, while the net profit margin increased by 1.99 percentage points to 13.08% [3] - The company forecasts net profits of 270 million yuan, 380 million yuan, and 480 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 27, 19, and 15 [4][6] Production and Market Position - The company has initiated a new round of production ramp-up for its micro-prism products, which are expected to align with downstream demand [3] - The report highlights the competitive advantage of the company's glass aspheric lenses and AR wafers, anticipating benefits from the accelerated development of the industry [3] Future Outlook - The company is expected to benefit from the growing demand for AR products and the increasing penetration of advanced camera technologies in smartphones [3] - The report suggests that the company's long-term development is promising due to its established technology in optical components [3]