NOVEL OPTICS(603297) AVIC Securities·2024-10-24 05:30Investment Rating - The investment rating for the company is "Buy," indicating an expected return exceeding 10% relative to the CSI 300 index over the next six months [11]. Core Views - The company is entering a new phase of domestic substitution with its optical products, particularly in high-end optical microscopy, barcode machine vision, automotive laser radar, and medical optics [3][6]. - The company has established long-term strategic partnerships with leading firms in various sectors, enhancing its R&D and manufacturing capabilities [3][6]. - The company achieved a revenue of 428 million yuan in the first half of 2024, representing a year-on-year growth of 9.62%, while the net profit attributable to shareholders decreased by 14.07% [3][6]. Summary by Sections Business Overview - The company specializes in optical microscopes, barcode scanning lenses, automotive laser radar components, and medical optical products, having developed a strong customer base over decades [3][6]. - The company has achieved over 4% domestic substitution in scientific instruments, marking a significant breakthrough [6]. Financial Performance - In the first half of 2024, the company reported a revenue of 428 million yuan, with a net profit of 100 million yuan [3][6]. - The optical microscope segment saw a revenue decline of 12.78%, while the optical components segment grew by 30.95% [3][6]. - The company’s R&D investment reached 55.68 million yuan in the first half of 2024, a year-on-year increase of 21.33%, accounting for 13% of its main business revenue [3][6]. Future Outlook - The company expects to maintain a good growth trend in the second half of 2024, driven by the recovery of barcode scanning business and the scaling up of laser radar products [3][6]. - Revenue projections for 2024-2026 indicate a net profit of 218 million yuan, 270 million yuan, and 340 million yuan, respectively, with corresponding P/E ratios of 37.20, 30.03, and 23.83 [7][8].