NOVEL OPTICS(603297) 德邦证券·2024-05-06 01:08Investment Rating - The report maintains a "Buy" rating for Yongxin Optics (603297 SH) [16] Core Views - Yongxin Optics is expected to achieve revenue of 1 149/1 515/2 000 billion yuan in 2024-2026 with net profit of 307/413/549 million yuan [9] - The company's PE ratio is forecasted at 27/20/15 times for 2024-2026 based on April 30 market capitalization [9] - Key growth drivers include optical microscope business benefiting from equipment replacement laser radar and medical optics [3] Business Performance Optical Microscope - NEXCOPE series revenue grew from 4 million yuan in 2018 to 140 million yuan with over 100% CAGR [3] - 2023 revenue reached 414 million yuan up 15 76% YoY though gross margin decreased by 0 9pct to 39 29% [8] - Potential growth from China's equipment replacement policy with positive customer feedback [3] Laser Radar - 2023 revenue exceeded 90 million yuan up over 50% YoY entering mass production phase [3] - Secured new projects from Hesai and Tudatong in Q1 2024 expected to drive further growth [3] Medical Optics - 2023 revenue reached 63 million yuan exceeding equity incentive targets [3] - Established deep cooperation with domestic and international medical companies achieving batch shipments [3] Barcode Scanning - Quarterly growth since Q3 2023 expected to accelerate recovery in 2024 [3] - Secured module orders from Zebra and Honeywell with batch shipments starting H2 2024 [3] Financial Performance - 2023 revenue reached 854 million yuan up 3 02% YoY though net profit declined 15 64% to 235 million yuan [18] - Q1 2024 revenue grew 14 74% YoY to 216 million yuan with net profit of 46 million yuan [18] - Gross margin improved to 37 71% in Q1 2024 up 2 2pct QoQ though down 0 98pct YoY [8] - R&D investment reached 92 million yuan in 2023 up 15 58% YoY [19] Future Outlook - Expected revenue growth of 34 6%/31 8%/32 0% for 2024-2026 [11] - Forecasted net profit growth of 30 3%/34 8%/32 8% for 2024-2026 [11] - Gross margin projected to improve to 39 8%/40 7%/41 0% in 2024-2026 [11] - ROE expected to increase from 13 0% in 2023 to 17 8% in 2026 [11]