Investment Rating - The investment rating for the company is "Buy" (maintained) [2]. Core Views - The company is seen as a rare high-growth opportunity, benefiting from market share gains and optical upgrades from major clients. The net profit forecast for 2024 is set at 172 million, down from 232 million, with corresponding year-on-year growth rates of 101.5%, 84.9%, and 34.6% for 2024, 2025, and 2026 respectively. The current stock price corresponds to P/E ratios of 21.0, 11.4, and 8.5 for 2024-2026 [2][3]. Summary by Relevant Sections Financial Performance - In 2023, the company's net profit was 560 million, a 22% year-on-year decline, mainly due to inventory adjustments in the tablet business. The gross margin for H2 2023 was stable at 13.8%, slightly above expectations, while bank interest income contributed $11 million, exceeding forecasts [2][3]. Future Outlook - For H1 2024, net profit is expected to stabilize or slightly increase, driven by the conclusion of inventory adjustments in the tablet business and potential market share gains. The introduction of new camera module components for major clients is anticipated to enhance revenue in H2 2024 and beyond. The trend of optical upgrades from overseas major clients is expected to accelerate, contributing to growth [3][4]. Key Financial Metrics - The company's projected financial metrics are as follows: - Revenue (in million USD): 2022A: 1,116, 2023A: 924, 2024E: 1,901, 2025E: 3,320, 2026E: 4,140 - Net Profit (in million USD): 2022A: 84, 2023A: 46, 2024E: 93, 2025E: 172, 2026E: 232 - Gross Margin (%): 2022A: 15.6, 2023A: 13.8, 2024E: 12.3, 2025E: 11.4, 2026E: 11.3 - P/E Ratios: 2022A: 23.3, 2023A: 42.7, 2024E: 21.0, 2025E: 11.4, 2026E: 8.5 [4].
港股公司信息更新报告：净利润放量趋势有望启动，受益份额提升及光学升级