JPT(688025) 中邮证券·2024-11-29 09:40Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][5] Core Insights - The company has shown continuous growth in Q3, driven by increased revenue from optical detection in camera module business and stable growth in laser business, contributing to profit growth [4] - The collaboration with North American clients in optical detection has expanded over the years, focusing on camera module detection, VCSEL chip module detection, and MR optical detection for AR devices [4] - The laser business continues to demonstrate advantages, with a strategic shift towards applications in new energy sectors, including laser welding for power batteries and metal 3D printing, leading to improved product profitability [4] - Despite a slowdown in overall equipment demand in the new energy sector, the company remains optimistic about growth opportunities, having made breakthroughs in various applications [4] Financial Summary - The company is projected to achieve revenues of 1.4 billion, 1.8 billion, and 2.1 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 150 million, 211 million, and 261 million yuan [5][8] - The expected growth rates for revenue are 14.98%, 27.77%, and 16.76% for the years 2024, 2025, and 2026 respectively [8] - The company's PE ratios for 2024, 2025, and 2026 are projected to be 33, 23, and 19 respectively, indicating a favorable valuation trend [5][8]