NOVEL OPTICS(SH:603297) Great Wall Securities·2024-05-08 07:02Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [7]. Core Views - The company is focusing on emerging and high-end markets, leading to steady revenue growth. In 2023, the company achieved a record revenue of 854 million yuan, a year-on-year increase of 3.02% [2][35]. - The high-end microscope sales significantly contributed to revenue growth, with sales reaching 414 million yuan, up 15.76% year-on-year. However, the optical components business saw a decline of 6.59% due to inventory adjustments by related customers [2]. - The company is committed to high R&D investment, with R&D expenses amounting to 91.76 million yuan in 2023, an increase of 15.58% year-on-year, indicating a rising R&D expense ratio [2][3]. Financial Summary - The company forecasts net profit attributable to shareholders for 2024-2026 to be 309 million, 396 million, and 528 million yuan, respectively, with corresponding P/E ratios of 26, 21, and 15 times [3]. - The financial indicators for 2023 show a revenue of 854 million yuan and a net profit of 235 million yuan, reflecting a year-on-year decline of 15.64% [35]. - The first quarter of 2024 reported a revenue of 216 million yuan, a year-on-year increase of 14.74%, with a non-recurring net profit growth of 27.09% [2][35]. Business Development - The company is accelerating product upgrades in the high-end microscope sector, with the NEXCOPE series revenue growing from 4 million yuan in 2018 to nearly 140 million yuan, achieving a compound annual growth rate of over 100% [27]. - The barcode scanning business has shown positive quarterly growth since Q3 2023, with expectations for accelerated recovery in 2024 [27]. - The company is actively engaging in the automotive laser radar market, establishing partnerships with well-known companies and securing new orders for laser radar components [27].