Lante Optics(SH:688127) Guoxin Securities·2025-11-04 15:17Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company reported a 33.7% year-on-year increase in revenue and a 54.7% increase in net profit for the first three quarters, driven by diversified product offerings and strong demand in consumer electronics, automotive smart driving, and optical communication sectors [1][3] - The demand for glass aspheric lenses and optical prisms is significantly increasing, with the company successfully tracking customer needs and maintaining stable production growth [2][3] - The company is expected to see continued revenue growth, with projected revenues of 1.49 billion, 1.90 billion, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 356 million, 470 million, and 575 million yuan for the same years [3][4] Summary by Sections Financial Performance - For the first three quarters, the company achieved revenue of 1.051 billion yuan, a 33.65% increase year-on-year, and a net profit of 250 million yuan, reflecting a 54.68% increase [1] - In Q3 2025, the company reported revenue of 474 million yuan, a 16.15% year-on-year increase, and a net profit of 147 million yuan, a 30.37% increase [1] Product Demand and Market Trends - The micro-prism products for smartphone periscope camera modules are experiencing increased terminal demand, contributing to revenue growth [2] - The company has developed a competitive non-spherical molding glass process, achieving strong performance in precision, yield, and production scale [2] - There is a growing demand for glass wafers in the AR field, with the company collaborating with leading semiconductor and optical material suppliers [2] Future Projections - Revenue projections for 2025, 2026, and 2027 are 1.49 billion, 1.90 billion, and 2.42 billion yuan respectively, with corresponding net profits of 356 million, 470 million, and 575 million yuan [3][4] - The current price-to-earnings ratios are projected to be 36.3, 27.5, and 22.5 for the years 2025, 2026, and 2027 respectively [3][4]