NOVEL OPTICS(SH:603297) Huaan Securities·2024-11-04 08:47Investment Rating - The investment rating for Yongxin Optical is maintained at "Accumulate" [1] Core Views - The report highlights a recovery in the microscope business driven by policy support and positive progress in the optical components business [1] - The company has achieved a revenue of 650 million yuan in the first three quarters of 2024, representing a year-on-year growth of 6.54% [1] - The net profit attributable to the parent company for the same period is 140 million yuan, with a year-on-year decrease of 19.28% [1] - The report emphasizes the successful implementation of national policies aimed at supporting large-scale equipment updates, which has positively impacted the domestic optical microscope market [1] - The company is actively responding to the demand for domestic high-end replacements through OEM partnerships and collaborations with educational institutions [1] - The optical components business is expanding, with significant progress in barcode scanning, machine vision, and automotive laser radar sectors [1] Financial Summary - For the third quarter of 2024, the company reported a revenue of 222 million yuan, a year-on-year increase of 1.07% and a quarter-on-quarter increase of 4.62% [1] - The net profit attributable to the parent company for Q3 2024 is 41 million yuan, showing a year-on-year decrease of 29.72% and a quarter-on-quarter decrease of 24.72% [1] - The report provides financial forecasts for 2024 to 2026, projecting revenues of 946 million yuan, 1.226 billion yuan, and 1.560 billion yuan respectively, with corresponding net profits of 208 million yuan, 313 million yuan, and 423 million yuan [2][3]