Lianovation(SH:600363) Huaxin Securities·2024-04-25 05:30Investment Rating - The report maintains a "Buy" rating for the company [6][37]. Core Views - The company's performance in 2023 met expectations, with a revenue of 3.24 billion yuan, a year-on-year decrease of 2.24%, and a net profit attributable to shareholders of 339 million yuan, a year-on-year increase of 26.89% [4][37]. - The company is focusing on innovation-driven development, particularly in the laser industry, which is expected to enhance its competitiveness [20]. - The high-temperature superconducting business has turned profitable, with a revenue of 75.4 million yuan and a net profit of 6.8 million yuan, marking the beginning of commercial implementation [21]. Summary by Sections Financial Performance - In Q1 2024, the company achieved a non-recurring net profit of 97.93 million yuan, a year-on-year increase of 20.95% [4]. - The company proposed a cash dividend of 0.75 yuan per 10 shares (including tax) for the 2023 fiscal year [4]. Business Development - The laser business is experiencing growth driven by technological innovation, with successful product developments and market expansions [20]. - The high-temperature superconducting business has secured over 300 orders, with plans to deliver at least 50 units in 2024 [21]. - The company has made significant advancements in high-end optical couplers and has improved cost management, reducing sales and management expenses by 6.98% and 14.1% year-on-year, respectively [23]. Future Projections - Revenue projections for 2024, 2025, and 2026 are 3.49 billion yuan, 3.99 billion yuan, and 4.83 billion yuan, respectively, with corresponding EPS of 1.23 yuan, 1.66 yuan, and 2.14 yuan [37]. - The company anticipates a revenue growth rate of 7.7% in 2024, 14.6% in 2025, and 20.9% in 2026 [38].