NOVEL OPTICS(SH:603297) Guohai Securities·2024-05-03 05:00Investment Rating - The report maintains a "Buy" rating for Yongxin Optical (603297) [8][11][32] Core Views - The high-end microscope business is experiencing rapid growth and accelerating overseas expansion, while the inventory destocking impact on optical components appears to have been resolved [8] - In 2023, the company's revenue from optical components and microscope series products decreased by 6.59% and increased by 15.76% year-on-year, respectively [8] - The company achieved a revenue of 854 million yuan in 2023, with a year-on-year growth of 3.02%, and a net profit of 235 million yuan, down 15.64% year-on-year [20] Summary by Sections Revenue and Profitability - The company expects revenues of 1.167 billion, 1.504 billion, and 1.905 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 37%, 29%, and 27% [11][13] - The net profit forecast for the same period is 308 million, 392 million, and 490 million yuan, with growth rates of 31%, 27%, and 25% [11][13] Product Performance - The sales volume of microscope series products in 2023 was 90,200 units, a decrease of 11.47% year-on-year, while high-end microscope NEXCOPE series revenue reached 140 million yuan, with a compound annual growth rate exceeding 100% from 2018 to 2023 [8] - The optical components sales volume in 2023 was 29.32 million pieces, down 24.75% year-on-year, affected by inventory destocking from barcode scanning business clients [8] Market Expansion - The company has strengthened its overseas market development, with domestic sales revenue increasing by 9.45% and overseas sales revenue decreasing by 2.65% in 2023 [8] - The company has received orders from Zebra and Honeywell for barcode scanning and machine vision business, with plans for gradual mass shipments starting in the second half of 2024 [8] R&D Investment - R&D expenses increased by 20.51% year-on-year, reflecting the company's commitment to market expansion and innovation [10] - The company launched the super-resolution microscope NSR950 at a national academic conference in 2023 and has participated in 10 projects, including four national major science and technology projects [10] Industry Outlook - The global optical microscope market is projected to reach 6.1 billion USD by 2026, with the domestic high-end optical microscope market historically dominated by foreign companies [22] - The company is positioned as a leader in domestic optical microscopes and precision optical components, benefiting from the trend towards high-end and domestic production [22]