NOVEL OPTICS(SH:603297) ZHONGTAI SECURITIES·2024-04-29 02:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the benchmark index within the next 6 to 12 months [1][7]. Core Insights - The demand for barcode scanning is gradually recovering, while the automotive and medical optics sectors continue to show high growth trends. The company has achieved significant sales in high-end microscopes and is expanding its overseas market presence [1]. - The company's core optical components for barcode scanning have the highest global shipment volume, and it collaborates closely with leading global clients [1]. - The report highlights a recovery in the company's performance, with a projected revenue increase of 38.6% in 2024 and a net profit growth of 28.9% [1]. Financial Summary - Revenue Forecast: - 2022A: 829 million - 2023A: 854 million (3% YoY growth) - 2024E: 1,184 million (38.6% YoY growth) - 2025E: 1,557 million (31.5% YoY growth) - 2026E: 1,926 million (23.8% YoY growth) [1][4] - Net Profit Forecast: - 2022A: 279 million - 2023A: 235 million (-15.6% YoY) - 2024E: 303 million (28.9% YoY growth) - 2025E: 380 million (25.3% YoY growth) - 2026E: 483 million (27.0% YoY growth) [1][4] - Earnings Per Share (EPS): - 2023A: 2.12 - 2024E: 2.73 - 2025E: 3.42 - 2026E: 4.34 [1][4] - Return on Equity (ROE): - 2023A: 13% - 2024E: 15% - 2025E: 16% - 2026E: 17% [1][4] - Price-to-Earnings (P/E) Ratio: - 2024E: 29.1 - 2025E: 26.7 - 2026E: 21.3 [1][4] - Price-to-Book (P/B) Ratio: - 2024E: 4.5 - 2025E: 3.9 - 2026E: 3.3 [1][4]