NOVEL OPTICS(603297) 民生证券·2024-09-02 15:30Investment Rating - The report maintains a "Recommend" rating for Yongxin Optics (603297 SH) [2][3] Core Views - Yongxin Optics' H1 2024 performance met expectations with revenue of 428 million yuan, up 9 5% YoY, and net profit attributable to the parent company of 100 million yuan, down 13 8% YoY [1] - The company's Q2 2024 revenue was 212 million yuan, up 4 4% YoY, with a net profit attributable to the parent company of 54 million yuan, down 21 7% YoY [1] - The optical microscope business is expected to recover rapidly in H2 2024, driven by policy acceleration and historical data analysis [1] - The optical components business achieved revenue of 254 million yuan in H1 2024, up 30 95% YoY, driven by the recovery of barcode scanning business and the mass production of lidar products [1] Business Performance Optical Microscope Business - Revenue from the optical microscope business in H1 2024 was 163 million yuan, down 12 78% YoY [1] - The company has achieved over 4% localization in high-end microscopes, with expectations of accelerated recovery due to national policy support [2] Optical Components Business - The barcode scanning business rebounded strongly due to inventory digestion and overseas demand recovery [2] - The company secured several AR-HUD project contracts, with terminal products to be used by leading foreign automakers [2] - Revenue from the automotive business in H1 2024 was nearly 70 million yuan, up 120% YoY [2] - The medical imaging business maintained steady growth, supplying optical components to global leading medical device companies [2] Financial Forecasts - Revenue for 2024E is projected at 1,108 million yuan, with a growth rate of 29 7% [2] - Net profit attributable to the parent company for 2024E is forecasted at 267 million yuan, with a growth rate of 13 4% [2] - EPS for 2024E is expected to be 2 40 yuan, with a PE ratio of 21x [2] - Revenue for 2026E is projected at 2,040 million yuan, with a growth rate of 35 6% [2] - Net profit attributable to the parent company for 2026E is forecasted at 497 million yuan, with a growth rate of 29 3% [2] Valuation and Key Metrics - The company's PE ratio for 2024E is 21x, decreasing to 11x by 2026E [2] - The PB ratio for 2024E is 2 8x, decreasing to 2 1x by 2026E [2] - The EV/EBITDA ratio for 2024E is 18 53x, decreasing to 10 26x by 2026E [4] - The dividend yield is expected to remain stable at 1 92% from 2024E to 2026E [4]