Lante Optics(SH:688127) Haitong Securities·2024-10-16 00:06Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company is expected to achieve a significant increase in net profit for the first three quarters of 2023, with estimates ranging from 158 to 168 million yuan, representing a year-on-year growth of 72% to 83% [5] - The growth in Q3 is primarily driven by the increased application of micro-prisms in customer products, with full production capacity reached by mid-September [5] - The glass aspheric lens market is anticipated to grow significantly due to demand from automotive, optical communication, and smartphone sectors [5] - The company is one of the few capable of mass-producing high-quality glass wafers for AR applications, entering the supply chains of major companies [5] Financial Performance Summary - The company forecasts revenue growth from 754 million yuan in 2023 to 1.768 billion yuan in 2026, with corresponding net profits increasing from 180 million yuan to 462 million yuan [7][12] - The expected EPS for 2024, 2025, and 2026 are 0.65, 0.93, and 1.15 yuan per share, respectively [5][12] - The gross margin is projected to stabilize around 41% in 2024, declining slightly to 38.5% by 2026 [7][12] Revenue Breakdown - Optical prisms are expected to see revenue growth rates of 50%, 45%, and 20% from 2024 to 2026, with a gross margin of 40% [8] - Glass aspheric lenses are projected to grow at 30% annually over the same period, maintaining a gross margin of 49% [8] - Glass wafers are also expected to grow at 30% annually, with a gross margin of 15% [8] Valuation - The company is assigned a PE valuation range of 20-25x for 2025, leading to a reasonable value range of 18.60 to 23.25 yuan per share [5][10]