Luster(SH:688400) Southwest Securities·2024-05-06 05:00Investment Rating - The report maintains a "Hold" rating for the company [1][17][22] Core Views - The company is expected to achieve a compound annual growth rate (CAGR) of 27% in net profit attributable to shareholders from 2024 to 2026, with projected net profits of 205 million, 263 million, and 334 million yuan for the respective years [1][22] - The company's revenue structure is continuously optimizing, with a slight increase in machine vision business revenue, which reached 1.88 billion yuan in 2023, a year-on-year increase of 2.96% [3][22] - The company is focusing on the machine vision business while strategically reducing its involvement in the optical communication sector, with expected order growth rates of -15% for the next three years in that segment [34] Summary by Sections Financial Performance - In 2023, the company reported total revenue of 2.641 billion yuan, a decrease of 3.92% year-on-year, and a net profit of 164 million yuan, down 12.65% [18][19] - The company’s gross margin for 2023 was 31.47%, a decline of 1.84 percentage points from the previous year [19] - The projected revenue for 2024 is 2.878 billion yuan, with a growth rate of 8.99%, and net profit is expected to rise to 205 million yuan, reflecting a growth rate of 24.77% [4][23] Business Segments - The machine vision segment is expected to see revenue growth rates of 18.7%, 27.5%, and 27.8% from 2024 to 2026, with gross margins improving slightly [22][23] - The optical communication segment is projected to decline, with revenue growth rates of -15% for the next three years [34] - The company is also expanding its presence in the new energy sector, benefiting from increased demand from major manufacturers [22] Valuation Metrics - The price-to-earnings (PE) ratio is projected to decrease from 53 in 2023 to 26 by 2026, indicating a more attractive valuation over time [4][22] - The report compares the company to peers in the machine vision industry, with an average PE of 30, 24, and 19 for the years 2024 to 2026 [22][23]