NOVEL OPTICS(SH:603297) Guoxin Securities·2024-05-07 01:00Investment Rating - The investment rating for Yongxin Optical (603297.SH) is "Buy" [3] Core Views - The report highlights that the company's revenue in 2023 was 854 million yuan, representing a year-on-year growth of 3.02%, while net profit decreased by 15.64% to 235 million yuan. The decline in profit was attributed to a significant reduction in foreign exchange gains compared to 2022 and increased R&D and marketing expenditures [10] - The company is expected to see a notable increase in net profit in the coming years, with projections of 311 million yuan in 2024, 402 million yuan in 2025, and 502 million yuan in 2026, reflecting year-on-year growth rates of 31.9%, 29.5%, and 24.8% respectively [10] Financial Forecasts and Metrics - Revenue forecasts for the company are as follows: 1,131 million yuan in 2024E, 1,480 million yuan in 2025E, and 1,903 million yuan in 2026E, with respective growth rates of 32.4%, 30.9%, and 28.6% [2] - The net profit for 2024E is projected at 311 million yuan, with a PE ratio of 26.4, and for 2025E at 402 million yuan with a PE ratio of 20.4 [2][10] - The company's EBIT margin is expected to improve from 19.7% in 2024E to 23.1% in 2026E, while the ROE is projected to increase from 15.4% in 2024E to 19.3% in 2026E [2] Business Segments and Growth Drivers - The report notes that the high-end microscope segment is experiencing rapid growth, with revenue reaching 414 million yuan in 2023, a year-on-year increase of 15.76%. The company has successfully launched its first super-resolution microscope [10] - The barcode scanning business is recovering, with revenue from optical components under pressure due to client inventory adjustments. However, positive growth has been observed since Q3 2023 [10] - The laser radar business has transitioned to large-scale production, achieving over 90 million yuan in revenue in 2023, a growth of over 50% [10] - The medical optics segment has also shown significant growth, with revenue of 63 million yuan in 2023, marking over 50% growth in the past two years [10]