Lante Optics(SH:688127)2024-02-26 16:00Investment Rating - The report maintains an "Outperform" rating for the company, with revised profit forecasts for 2023-2025 to 180 million, 310 million, and 395 million yuan respectively, up from previous estimates of 151 million, 245 million, and 311 million yuan [1][3] Core Insights - The company has successfully reversed previous performance challenges due to changes in major client plans, achieving a total revenue of 754 million yuan in 2023, a year-on-year increase of 98%, and a net profit of 180 million yuan, up 88% year-on-year [3][8] - The growth in revenue and profit is primarily driven by the ramp-up of the micro-prism business, which has entered mass production, becoming a new core driver of the company's performance [3][8] - The demand for automotive lenses and LiDAR is increasing due to advancements in intelligent driving, with the company benefiting from the rising need for glass aspheric lenses, which are key components in these technologies [2][3] Financial Summary - The company reported a significant increase in revenue and net profit for 2023, with Q4 alone showing a revenue of 264 million yuan, a 211% year-on-year increase, and a net profit of 88 million yuan, up 181% year-on-year [3][8] - The projected revenue for 2024 and 2025 is expected to reach 1,171 million and 1,511 million yuan respectively, with corresponding net profits of 310 million and 395 million yuan [5][17] - The company's gross margin is projected to improve, with a gross margin of 39% in Q3 and 33% in Q4 of 2023, reflecting the impact of product structure upgrades and cost optimization [8]