NOVEL OPTICS(SH:603297) Huaxin Securities·2024-05-15 00:30Investment Rating - The report maintains an "Accumulate" rating for Yongxin Optical (603297.SH) [2] Core Views - The company achieved a revenue of 854 million yuan in 2023, a year-on-year increase of 3.02%, and a net profit attributable to shareholders of 235 million yuan, a decrease of 15.64%. In Q1 2024, the company reported a revenue of 216 million yuan, a year-on-year increase of 14.74%, and a net profit of 46 million yuan, a decrease of 3.85% [2][4] - The barcode scanning business is gradually recovering, supported by equipment updates and overseas opportunities. The company has received orders from major players in the barcode scanning field, with mass production expected to begin in the second half of 2024 [2][3] - The company is actively responding to the demand for domestic high-end equipment replacement, with high-end microscopes showing rapid growth. The revenue from the NEXCOPE series of high-end optical microscopes has increased from 4 million yuan in 2018 to nearly 140 million yuan in 2023, with a compound annual growth rate exceeding 100% [2][3] Summary by Sections Financial Performance - In Q1 2024, the company achieved a revenue of 216 million yuan, a year-on-year increase of 14.74%, and a net profit of 40 million yuan, a year-on-year increase of 27.09%. The revenue for 2024 is projected to be 1.148 billion yuan, with a growth rate of 34.4% [2][4] - The company forecasts revenues of 1.505 billion yuan in 2025 and 1.921 billion yuan in 2026, with corresponding EPS of 2.70 yuan, 3.54 yuan, and 4.46 yuan respectively [4][10] Business Development - The company is focusing on the laser radar optical components business and accelerating the launch of new medical optical products. In 2023, the revenue from the laser radar business exceeded 90 million yuan, a year-on-year increase of over 50% [3][4] - In the medical optical sector, the company achieved a revenue of 63 million yuan in 2023, maintaining steady growth by supplying optical components to major medical device companies [3][4] Market Position - The company has established deep partnerships with leading enterprises in the laser radar field and is expanding its medical optical business through joint ventures, such as the establishment of S-FIDA in Japan, focusing on high-end ophthalmic medical equipment [3][4]