NOVEL OPTICS(SH:603297) Guoxin Securities·2024-09-10 00:30Investment Rating - The investment rating for the company is "Outperform the Market" [3][14]. Core Views - The company reported a revenue growth of 9.6% year-on-year for the first half of 2024, with total revenue reaching 428 million yuan. However, net profit faced pressure, declining by 14.07% year-on-year to 100 million yuan, primarily due to a significant decrease in foreign exchange gains and increased R&D expenditures [1]. - The barcode scanning business is recovering rapidly, while the optical microscope segment has seen a decline in revenue. The optical components business, however, has shown a strong recovery, with a 30.95% increase in sales to 254 million yuan [1]. - The company is optimizing high-end microscopes and has begun small-batch shipments of complex components and modules for barcode scanning. The sales revenue from the automotive and LiDAR optical components reached nearly 70 million yuan, marking a 120% increase year-on-year [1]. - The company maintains strong partnerships with well-known domestic and international firms in the LiDAR sector, which is expected to enhance market share [1]. Financial Summary - For the first half of 2024, the company achieved a gross margin of 38.93%, with a slight decrease of 1.36 percentage points year-on-year. The gross margin for the second quarter of 2024 was 40.17%, reflecting a year-on-year decline of 1.61 percentage points but a quarter-on-quarter increase of 2.46 percentage points [1]. - The company has adjusted its revenue forecasts for 2024-2026, now expecting revenues of 1.049 billion yuan, 1.382 billion yuan, and 1.827 billion yuan respectively, down from previous estimates. Net profit forecasts have also been revised to 265 million yuan, 371 million yuan, and 482 million yuan for the same period [1][2]. - The current price-to-earnings (P/E) ratios are projected to be 23.3, 16.6, and 12.8 for 2024, 2025, and 2026 respectively [2].