YTOT(300790) 华创证券·2024-04-25 06:02Investment Rating - The report maintains a "Recommended" rating for Yutong Optical [1][2]. Core Views - The company's revenue for Q1 2024 reached 569 million yuan, representing a year-on-year increase of 38.47%. The gross profit margin improved significantly by 294.04% year-on-year, with a net profit attributable to shareholders of 40 million yuan, reflecting a sales net profit margin of 8.21% [10]. - The security business is showing signs of recovery after a period of decline, with revenue growth observed over the last four quarters. The company is expected to continue benefiting from the recovery in the downstream market and the growth of its automotive optical business [10][25]. - The company is actively expanding its automotive optical business, which includes products such as vehicle-mounted lenses and laser radar, aiming to create a new growth curve [10][25]. Summary by Sections Financial Performance - In Q1 2024, Yutong Optical achieved a revenue of 569 million yuan, with a gross profit margin of 21.09%, up 1.14 percentage points year-on-year. The net profit attributable to shareholders was 40 million yuan, with a year-on-year increase of 344.09% [10]. - The company forecasts revenues of 2,746 million yuan for 2024, with a year-on-year growth rate of 28.0%. The net profit attributable to shareholders is projected to be 182 million yuan, reflecting a significant increase of 490.9% [10][26]. Business Outlook - The report highlights the recovery of the security business and the potential for growth in the automotive optical sector, driven by increasing demand for autonomous driving and vehicle networking technologies [10][25]. - The company is focusing on enhancing its product structure and expanding production capacity, particularly in the automotive optical segment, which is expected to contribute significantly to future revenue growth [10][25]. Valuation - The target price for Yutong Optical is set at 16.2 yuan, based on a price-to-earnings ratio of 30 times for 2024 [10][23].