Lante Optics(688127) 海通证券·2024-11-13 02:36Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company's Q3 2024 performance met expectations, with revenue reaching 4.08 billion yuan (YoY +41.10%, QoQ +93.42%) and net profit attributable to shareholders of 1.12 billion yuan (YoY +61.32%, QoQ +465.87%) [5] - The strong Q3 performance is attributed to increased demand for micro-prisms in periscope lenses, with two production lines operating at full capacity by mid-September [5] - The glass aspheric lens market shows significant growth potential in automotive, optical communication, and smartphone applications [6] - The company is well-positioned in the AR/VR market with its high-quality glass wafer production capabilities, supplying major players like Corning, DigiLens, and Magic Leap [6] Financial Performance - For 2024-2026, the report forecasts revenue of 1.11 billion yuan, 1.53 billion yuan, and 1.83 billion yuan respectively [7] - Net profit is expected to reach 258 million yuan, 373 million yuan, and 453 million yuan for 2024-2026 [7] - EPS projections are 0.64 yuan, 0.93 yuan, and 1.13 yuan for 2024-2026 [7] - The company's gross margin is expected to remain stable around 40% from 2024-2026 [8] Valuation - The report suggests a 2025 PE valuation range of 25-30x, corresponding to a fair value range of 23.25-27.90 yuan [7] - Compared to peers, the company's 2024E PE of 38.59x is higher than the industry average of 28.63x [9] Market Position - The company is one of the few global players capable of mass-producing 12-inch glass wafers with a refractive index of 2.0 [6] - Its micro-prism production capacity has been expanded and is operating at full capacity [5] Growth Drivers - Increasing demand for periscope lenses in smartphones [5] - Growth in automotive and optical communication applications for glass aspheric lenses [6] - Potential expansion into consumer electronics with glass molded aspheric lenses [6] - AR/VR market opportunities through glass wafer production [6]