NOVEL OPTICS(603297) 甬兴证券·2024-12-29 01:59Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [175]. Core Insights - The company is a leading domestic manufacturer of high-end optical microscopes and precision optical components, benefiting from the acceleration of domestic substitution [171]. - The company has achieved the highest global shipment volume of optical components for barcode scanning and machine vision equipment, establishing long-term partnerships with major industry players [135][134]. - The company has successfully entered the automotive lidar market, achieving scale production and maintaining a leading position in the sector [145][157]. - The medical optical instruments segment is expected to grow significantly, with the company developing various high-end medical optical components and systems [166][169]. Summary by Sections 1. Company Overview - The company focuses on scientific instruments and core optical components, being a leader in high-end optical microscopes in China [46]. - It has established a strong R&D foundation and partnerships with renowned universities, enhancing its technological capabilities [78]. 2. Market Potential for Optical Microscopes - The global optical microscope market is projected to reach 21.6 billion yuan by 2030, with significant growth expected in the Chinese market [89][94]. - The company is positioned to benefit from the increasing demand for high-end optical instruments due to government policies promoting domestic production [162]. 3. Barcode Scanning and Machine Vision - The global barcode scanner market is expected to grow at a CAGR of 7.6%, with the company holding the largest market share in optical components [121][122]. - The company has established deep collaborations with leading firms in the barcode scanning sector, enhancing its competitive edge [135]. 4. Automotive Lidar Market - The lidar market is anticipated to reach 2 billion USD globally by 2027, with the company playing a crucial role in this growth [146][150]. - Chinese manufacturers dominate the lidar market, capturing 84% of the global share, with the company being a key partner for major players [155]. 5. Medical Optical Instruments - The global medical endoscope market is projected to reach 175.985 billion yuan by 2029, indicating a robust growth trajectory for the company's medical optical products [160]. - The company has developed various medical optical components and systems, establishing partnerships with leading medical institutions [169]. 6. Financial Projections - The company is expected to achieve net profits of 208 million yuan, 300 million yuan, and 394 million yuan for the years 2024 to 2026, respectively [175]. - The report anticipates improvements in the company's gross margin due to ongoing product structure enhancements and revenue growth [171].