YTOT(SZ:300790) EBSCN·2024-11-07 14:22Investment Rating - The report maintains an "Accumulate" rating for the company [5]. Core Views - The company has shown significant growth in its financial performance, with a revenue increase of 33.67% year-on-year for the first three quarters of 2024, reaching 1.993 billion yuan, and a net profit increase of 221.38%, amounting to 133 million yuan [1]. - The growth is attributed to increased sales in traditional security lenses and automotive lenses, along with a rise in gross margin [2]. - The company is actively expanding its automotive optical business through strategic acquisitions and partnerships with major automotive manufacturers [2][3]. - Research and development investments are focused on high-end products, including high-magnification zoom lenses and smart home applications, contributing to the company's growth trajectory [3]. Financial Summary - For 2024, the company is projected to achieve a revenue of 2.672 billion yuan, with a growth rate of 24.58% [4]. - The net profit forecast for 2024 is adjusted to 185 million yuan, reflecting a substantial increase of 500.87% compared to the previous year [4]. - The report anticipates continued profitability growth, with net profit projections of 245 million yuan for 2025 and 337 million yuan for 2026 [4]. Valuation Metrics - The company is currently valued at a P/E ratio of 30x for 2024, 23x for 2025, and 16x for 2026, indicating a favorable valuation outlook as the company expands its market presence [3][4].