Investment Rating - The report assigns an "Accumulate - A" rating for the company, marking its first coverage [1]. Core Views - The company specializes in precision optics and is experiencing accelerated growth in its semiconductor business [1]. - The company reported a revenue of 375 million yuan for the first three quarters of 2024, reflecting a year-on-year increase of 4.33%, while the net profit attributable to shareholders decreased by 32.54% to 24.49 million yuan [1]. - The semiconductor sector is expected to grow significantly, with a reported 46.12% year-on-year increase in revenue for the first half of 2024 compared to the first half of 2023 [1]. Financial Performance - For Q3 2024, the company achieved a record quarterly revenue of 134 million yuan, up 11.25% year-on-year and 3.04% quarter-on-quarter [1]. - The net profit for Q3 2024 was 8.92 million yuan, a 15.76% increase year-on-year but a 21.0% decrease quarter-on-quarter [1]. - The company’s basic earnings per share (EPS) for Q3 2024 was 0.46 yuan, with a net asset return rate of 2.11% [1]. Revenue and Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is 43 million yuan, 82 million yuan, and 154 million yuan respectively, with corresponding EPS of 0.81 yuan, 1.54 yuan, and 2.91 yuan [1]. - The projected price-to-earnings (P/E) ratios for 2024-2026 are 232.1, 121.0, and 64.2 respectively [1]. Market Position and Strategy - The company is positioned as a leading provider of advanced precision optical solutions, focusing on sectors such as semiconductors, life sciences, and medical applications [1]. - The company aims to become a global leader in high-end optical technology innovation applications, leveraging its integrated system development capabilities [1].
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