JPT(688025) 华创证券·2024-10-31 00:46Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 59.64 CNY, compared to the current price of 51.78 CNY [1]. Core Views - The company reported revenue growth of 18.41% year-on-year for the first three quarters of 2024, reaching 1.07 billion CNY, and a net profit increase of 23.05%, totaling 103 million CNY. In Q3 alone, revenue was 476 million CNY, up 41.02% year-on-year, with net profit at 49 million CNY, a 38.99% increase [1]. - The growth in Q3 is attributed to increased revenue from the camera module optoelectronic active detection business and stable growth in the laser business, contributing to profit growth [1]. - The company is a leader in MOPA laser technology and has optimized its product structure and focused its R&D efforts, which have shown positive results. The manufacturing PMI data indicates a weak manufacturing sector, but a recovery is expected to boost the laser business further [1]. - The company has diversified its operations in sectors such as new energy, consumer electronics, and passive components, with notable progress in each area, including receiving multiple customer orders in the perovskite field and actively supporting clients in establishing GW-level production lines [1]. - The investment forecast for 2024-2026 has been adjusted downwards due to weaker-than-expected manufacturing and XR industry conditions, with projected revenues of 1.47 billion CNY, 1.90 billion CNY, and 2.50 billion CNY, and net profits of 149 million CNY, 203 million CNY, and 283 million CNY respectively [1][2]. Financial Summary - For 2023, total revenue is projected at 1.23 billion CNY, with a year-on-year growth rate of 4.5%. The net profit is expected to be 107 million CNY, reflecting a 40.1% increase [2]. - The earnings per share (EPS) for 2024 is estimated at 1.57 CNY, with a price-to-earnings (P/E) ratio of 33 [2]. - The company maintains a healthy balance sheet with a debt-to-asset ratio of 25.29% and a net asset value per share of 21.05 CNY [3].