NOVEL OPTICS(SH:603297) HUAXI Securities·2024-04-30 06:13Investment Rating - The report maintains an "Accumulate" rating for the company [2][13]. Core Views - The company's barcode scanning business is gradually recovering, and new optical business segments are accelerating their growth. The report anticipates significant revenue and profit growth in 2024 due to the recovery of the barcode scanning business and the expansion of new business lines [3][9][10]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 854 million yuan, a year-on-year increase of 3.02%, while the net profit attributable to shareholders was 235 million yuan, a decrease of 15.64%. The gross margin was 38.41% and the net margin was 27.48% [8]. - In Q1 2024, the company reported a revenue of 216 million yuan, a year-on-year increase of 14.74%, and a net profit of approximately 45.56 million yuan, a decrease of 3.85%. The gross margin was 37.71% and the net margin was 21.06% [8]. Business Segments - The barcode scanning business has started to recover, with positive growth since Q3 2023, driven by inventory digestion among major overseas clients [3]. - The optical microscope business has seen rapid growth, with a revenue of 414 million yuan in 2023, a year-on-year increase of 15.76%. The NEXCOPE series has shown a compound annual growth rate of over 100% since 2018 [4]. - The automotive lidar segment achieved sales revenue exceeding 90 million yuan in 2023, with a year-on-year growth of over 50% [5]. Future Outlook - The report projects that the company's revenue will reach 1.189 billion yuan in 2024, with a net profit of 318 million yuan, reflecting a significant growth trajectory [13]. - The company aims to achieve a revenue of no less than 61 million yuan, 90 million yuan, and 140 million yuan in the medical optics business from 2023 to 2025 [6].