YTOT(300790) 华创证券·2024-10-13 01:06Investment Rating - The report maintains a "Recommend" rating for Yutong Optical (300790) with a target price of 20.2 RMB, compared to the current price of 15.21 RMB [1] Core Views - Yutong Optical is expected to achieve a net profit attributable to the parent company of 128-142 million RMB in the first three quarters of 2024, representing a year-on-year growth of 208.58%-242.33% [1] - The company's Q3 2024 net profit is forecasted to be 43-57 million RMB, with a year-on-year increase of 198.64%-294.87% [1] - The security business has bottomed out and rebounded, with revenue growth for five consecutive quarters from Q2 2023 to Q2 2024 [1] - The company is actively developing automotive optics, which is expected to become a new growth curve [1] Business Performance Security Business - Revenue from security lens business reached 778 million RMB in H1 2024, a year-on-year increase of 23.81% [1] - The security business has shown continuous growth for five consecutive quarters, with year-on-year growth rates of 6.26%, 27.65%, 34.34%, 38.47%, and 30.49% respectively [1] Automotive Optics - Automotive-related and automotive parts businesses achieved revenues of 119 million RMB and 99 million RMB respectively in H1 2024, with year-on-year growth of 34.09% and 163.95% [1] - The company has entered the capacity ramp-up and market expansion phase for ADAS lenses [1] - Laser radar business is closely cooperating with domestic leading manufacturers, and HUD has obtained multiple project designations [1] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 182 million RMB, 265 million RMB, and 330 million RMB respectively [1] - Revenue is expected to grow by 28.0%, 25.0%, and 19.9% in 2024-2026 [2] - EPS is projected to be 0.56 RMB, 0.81 RMB, and 1.01 RMB for 2024-2026 [2] Capital Expenditure - The company raised 600 million RMB in August 2023 to build a precision optical lens production project, covering machine vision lenses, integrated camera lenses, and automotive optical products [1] Valuation - The report gives a 25x P/E ratio for 2025, based on comparable companies like Lianchuang Electronic [1] - Current P/E ratios for 2024-2026 are 27x, 19x, and 15x respectively [2]