Lante Optics(688127) 中银国际·2025-04-29 07:45Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company has shown robust growth in revenue and net profit for 2024, with a significant increase in Q1 2025, driven by investments in R&D and new product lines in automotive electronics [3][7] - The company is expected to benefit from the growing demand in consumer electronics and automotive electronics, with a focus on micro-prism and optical waveguide technologies [4][7] Financial Summary - The company’s revenue is projected to grow from RMB 754 million in 2023 to RMB 2,224 million by 2027, reflecting a compound annual growth rate (CAGR) of 41.4% from 2025 to 2026 [6][8] - The net profit is expected to increase from RMB 180 million in 2023 to RMB 572 million by 2027, with a notable growth rate of 66.2% in 2025 [6][8] - The company’s R&D expenses are anticipated to rise significantly, reaching RMB 132 million in 2025, which is 11.3% of revenue, indicating a strong commitment to innovation [7][8] Business Performance - In 2024, the optical prism segment is projected to generate RMB 650 million in revenue, a 59% increase year-on-year, primarily due to the demand for smartphone camera modules [7] - The glass aspheric lens segment is expected to achieve RMB 250 million in revenue, with a gross margin of 51.9%, reflecting a strategic adjustment in product and customer structure [7] - The company has increased its R&D personnel from 227 in 2023 to 353 in 2024, a growth of 55.5%, enhancing its competitive edge in the market [7]