Lante Optics(SH:688127) Orient Securities·2024-10-15 03:41Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 31.96 CNY based on a 34x PE valuation for 2025 [3][7]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 158-168 million CNY for the first three quarters, representing a year-on-year growth of 72%-83%. The non-recurring net profit is projected to be 151-161 million CNY, reflecting a growth of 100%-114% [1]. - The company's core technology and cost control capabilities in the consumer electronics optical components sector are driving revenue growth across major product lines, including optical prisms and glass aspheric lenses [1]. - The demand for glass aspheric lenses is robust, with applications in high-growth areas such as automotive lenses and 5G optical communication [1]. Financial Performance Summary - The company's revenue for 2023 is projected to be 754 million CNY, a 98.4% increase from 2022. The net profit attributable to shareholders is expected to reach 180 million CNY, up 87.3% year-on-year [6]. - Forecasted net profits for 2024, 2025, and 2026 are 270 million CNY, 376 million CNY, and 470 million CNY, respectively, indicating a growth trajectory [2][6]. - The gross margin is expected to be 42.1% in 2023, with a slight decline projected in the following years [6]. Business Growth Drivers - The North American market is seeing increased demand for micro-prism products, particularly with the introduction of new camera technologies in Apple's iPhone models [1]. - The company is expanding its micro-prism production capacity, which is anticipated to significantly boost shipment volumes and profitability in the latter half of the year [1]. - The company is well-positioned in the AR/VR sector, collaborating with major players to develop micro-nano optical technologies, which may yield substantial benefits as the industry evolves [1].