NOVEL OPTICS(SH:603297)2024-05-03 23:31Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company reported a revenue of 854 million yuan for 2023, a year-on-year increase of 3.02%, while the net profit attributable to shareholders was 235 million yuan, a decrease of 15.64% [5]. - In Q1 2024, the company achieved a revenue of 216 million yuan, representing a year-on-year growth of 14.74%, with a net profit of 46 million yuan, down 3.85% year-on-year [5]. - The company is focusing on its "2+2" business strategy, which includes high-end optical microscopes and laser radar, both of which are expected to continue high growth [6][8]. Summary by Sections Financial Performance - The total revenue for 2023 was 854 million yuan, with a projected revenue of 1.182 billion yuan for 2024, indicating a growth rate of 38.4% [9]. - The net profit for 2023 was 235 million yuan, with an expected increase to 313 million yuan in 2024, reflecting a growth rate of 33.2% [9]. - The company’s earnings per share (EPS) for 2024 is projected to be 2.82 yuan, with a PE ratio of 26 [9]. Business Segments - The high-end optical microscope brand NEXCOPE has seen revenue growth from 4 million yuan in 2018 to nearly 140 million yuan, with a compound annual growth rate exceeding 100% [6]. - The barcode scanning and machine vision business is expected to recover in 2024 after inventory issues from the pandemic have been resolved [6]. - The automotive laser radar segment achieved sales exceeding 90 million yuan in 2023, with a growth rate of over 50% [6]. Market Position and Future Outlook - The company has established itself as a leader in the optical components market, with significant partnerships with major international firms [7]. - The report anticipates that the company will maintain its industry leadership and expand its growth potential through high-performance product offerings [7]. - The profit forecast for 2025 and 2026 has been introduced, with expected net profits of 407 million yuan and 510 million yuan, respectively [8].