2024Q1业绩稳步复苏，聚焦光学领域技术创新升级

Investment Rating - The report maintains a "Buy" rating for the company, expecting a stock price increase of over 15% relative to the industry index in the next six months [23]. Core Views - The company reported a revenue of 340 million yuan in 2023, a slight decrease of 1.29% year-on-year, and a net profit attributable to shareholders of 41.66 million yuan, down 28.72% year-on-year. However, in Q1 2024, the company achieved a revenue of 93.89 million yuan, representing a year-on-year growth of 20.64% and a quarter-on-quarter growth of 0.58, with a net profit of 11.25 million yuan, up 72.07% year-on-year and 7.51% quarter-on-quarter [2][27]. - The company is increasing its R&D investment, focusing on technological innovation and vertical integration in the optical communication and fiber laser sectors. In 2023, R&D expenses amounted to 34.15 million yuan, accounting for 10.05% of revenue. The company is developing products in the AR nano-imprint diffraction waveguide and optical machine module areas, as well as in the smart driving sector with laser radar transmission systems [3][28]. - The company is expanding its business into new application areas, including AR, automotive, and semiconductor equipment, which is expected to enhance revenue and profitability in the future [27]. Financial Summary - In 2023, the company reported total revenue of 340 million yuan, with a projected revenue of 503 million yuan for 2024, indicating a growth rate of 48% year-on-year. The net profit attributable to shareholders is expected to rise to 79 million yuan in 2024, reflecting a growth rate of 89.7% year-on-year [26][28]. - The company's gross margin is projected to improve slightly from 30.8% in 2023 to 33.2% in 2024, while the net profit margin is expected to be 15.7% in 2024 [10][28]. - The company’s total assets are projected to grow from 1.087 billion yuan in 2023 to 1.344 billion yuan in 2024, with total liabilities increasing from 174 million yuan to 366 million yuan in the same period [8][10].