Lante Optics(SH:688127) Orient Securities·2025-08-24 11:50Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 40.25 CNY [1][10]. Core Views - The company has shown significant growth in revenue and profit across multiple business lines, with a notable increase in gross margin [9]. - The optical prism business continues to grow, and there is substantial potential in the glass aspheric lens market [4][9]. - The company is expected to maintain high growth in its optical prism business and has developed new micro-prism products to enhance its product matrix [9]. Financial Performance Summary - The company achieved a revenue of 754 million CNY in 2023, with a year-on-year growth of 98.4%. Projections for 2024 and 2025 are 1,034 million CNY and 1,491 million CNY, respectively, indicating growth rates of 37.1% and 44.2% [7]. - The net profit attributable to the parent company is forecasted to be 180 million CNY in 2023, increasing to 221 million CNY in 2024 and 343 million CNY in 2025, with growth rates of 87.3% and 55.6% [7][10]. - The gross margin is expected to be 42.1% in 2023, slightly decreasing to 39.9% in 2024, and then stabilizing around 41.1% in 2025 [7]. Business Segment Performance - The optical prism segment saw a revenue increase of 69% to 3.4 million CNY, with a gross margin improvement of nearly 10 percentage points to 33.2% [9]. - The glass aspheric lens segment is experiencing accelerated demand, particularly in automotive and handheld devices, with a revenue increase of 24% [9]. - The company is positioned well with leading clients in the rapidly growing sectors of handheld devices, optical modules, and automotive lenses [9].