Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 375 million yuan for the first three quarters of 2024, representing a year-on-year growth of 4.33%. However, the net profit attributable to shareholders decreased by 32.54% to 24 million yuan [2] - The semiconductor and aerospace businesses are the main growth drivers, with the semiconductor segment accounting for 48.60% of total revenue in the first three quarters of 2024 [2] - The company expects steady expansion in its semiconductor business, supported by the accelerating development of the domestic semiconductor optical industry chain [2] - The AR/VR and life sciences segments are currently under pressure, with AR/VR revenue declining due to long product delivery cycles and life sciences revenue affected by overseas market promotion challenges [2] - The gross margin for the first three quarters of 2024 was 48.15%, down 3.13 percentage points year-on-year, primarily due to changes in product mix and increased operational costs [2] - The company forecasts revenues of 488 million, 560 million, and 649 million yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 44 million, 58 million, and 72 million yuan [2] Financial Performance Summary - Revenue for 2022 was 438.73 million yuan, with a growth rate of 32.36%. For 2023, revenue is projected at 458.03 million yuan, with a growth rate of 4.4% [3][5] - The net profit for 2022 was 59 million yuan, with a decrease to 47 million yuan in 2023, reflecting a net profit growth rate of -20.83% [3][5] - The company’s earnings per share (EPS) for 2024 is estimated at 0.83 yuan, with a price-to-earnings (PE) ratio of 229.60 [3][5] - The return on equity (ROE) is projected to decline from 16.21% in 2022 to 3.63% in 2024 [3][5] - The gross margin is expected to be 47.1% in 2024, slightly decreasing from 51.9% in 2023 [3][5]
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