NOVEL OPTICS(SH:603297)2024-09-04 06:00Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company reported a revenue of 428 million yuan for H1 2024, representing a year-on-year growth of 9.62%. However, the net profit attributable to shareholders decreased by 14.07% to 100 million yuan [1]. - The optical microscope business saw a slight decline in revenue, achieving 163 million yuan, down 12.78% year-on-year. The company is responding to the demand for domestic high-end instruments, which is expected to accelerate recovery [1]. - The optical component business experienced a significant growth of 30.95%, driven by the recovery in barcode scanning and the mass production of LiDAR products [1]. - The company is projected to achieve revenues of 1.11 billion, 1.46 billion, and 1.86 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 271 million, 353 million, and 451 million yuan [1]. Financial Summary - For H1 2024, the company achieved a gross margin of 38.93%, a decrease of 1.36 percentage points year-on-year, and a net profit margin of 23.15%, down 6.5 percentage points year-on-year [1]. - The company forecasts revenue growth rates of 30%, 31%, and 28% for the years 2024, 2025, and 2026 respectively, with net profit growth rates of 15%, 30%, and 28% [1]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.44 yuan, 3.18 yuan, and 4.06 yuan respectively, with corresponding price-to-earnings (PE) ratios of 22, 17, and 13 [1][5].