Lante Optics(SH:688127) Soochow Securities·2024-05-05 23:30Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2] Core Views - The company's performance exceeded expectations with a revenue of 754.6 million yuan in 2023, representing a year-on-year increase of 98%. The net profit attributable to the parent company was 180 million yuan, up 87% year-on-year, and the non-recurring net profit reached 162 million yuan, a significant increase of 371% [1][2] - The micro-prism product line has shown robust performance, leading to an upward revision of the 2024 net profit forecast to 300 million yuan, with projections for 2025 and 2026 at 370 million yuan and 420 million yuan, respectively [2] - The glass aspheric lens market is recovering, with the company achieving a revenue of 241 million yuan in this segment, a year-on-year increase of 53%, driven by demand from the automotive sector [5][12] Summary by Sections Financial Performance - In Q4 2023, the company achieved a revenue of 264 million yuan, a year-on-year increase of 211%, and a net profit of 88 million yuan, up 181% year-on-year [1] - The comprehensive gross margin for 2023 increased by 4.46 percentage points to 42.07% [1][11] - The company’s optical prism business generated revenue of 411 million yuan in 2023, reflecting a year-on-year growth of 191% [12] Market Demand and Growth Drivers - The demand for glass aspheric lenses is increasing, particularly in automotive applications such as laser radar and 5G optical communication, positioning the company favorably in the supply chain of major automotive clients [5] - The company plans to invest 346 million yuan in expanding its micro-prism production capacity, expected to be completed in 2024, to meet growing market demand [12] Earnings Forecast - The projected earnings for 2024-2026 are as follows: 1.27 billion yuan in 2024, 1.44 billion yuan in 2025, and 1.66 billion yuan in 2026, with corresponding P/E ratios of 26, 21, and 19 times [2][11]