Lante Optics(688127) 民生证券·2024-10-28 06:12Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company achieved significant revenue growth, with a 60.40% year-on-year increase in revenue to 786 million yuan for the first three quarters of 2024, and a 75.99% increase in net profit to 162 million yuan [1]. - In Q3 alone, the company reported revenue of 408 million yuan, up 41.1% year-on-year and 93.4% quarter-on-quarter, with a net profit of 112 million yuan, reflecting a year-on-year increase of 61.32% and a quarter-on-quarter increase of 460.0% [1]. - The growth is attributed to the company's strategic positioning in the consumer electronics and intelligent driving sectors, with notable revenue increases in optical prisms, glass aspheric lenses, and glass wafers [1]. - The company has initiated mass production of micro-prisms, with two production lines operating at full capacity as of mid-September 2024 [1]. - The report highlights the potential for micro-prisms in mid-range devices, driven by customer demand and technological advancements [1]. - The company is well-positioned in the AR wafer and glass-plastic hybrid lens markets, which are expected to see increased demand due to advancements in AI and consumer-grade AR products [1]. Financial Summary - The company forecasts revenue growth from 754 million yuan in 2023 to 1.18 billion yuan in 2024, representing a growth rate of 56.4% [2][4]. - Net profit is expected to increase from 180 million yuan in 2023 to 271 million yuan in 2024, with a growth rate of 50.5% [2][4]. - The projected earnings per share (EPS) are expected to rise from 0.45 yuan in 2023 to 0.67 yuan in 2024, with a price-to-earnings (PE) ratio decreasing from 52 to 35 [2][4][5]. - The company's gross margin is projected to improve slightly from 42.07% in 2023 to 43.22% in 2024 [4].