Core Viewpoint - The company reported a revenue of 892 million yuan for 2024, a year-on-year increase of 4.4%, with optical components and microscope revenues at 513 million and 356 million yuan respectively, showing a year-on-year increase of 23% and a decrease of 14% [1] Group 1: Financial Performance - The net profit attributable to shareholders for 2024 was 209 million yuan, a year-on-year decrease of 11.4%, primarily due to the absence of one-time gains from land acquisition and increased R&D expenses; however, the non-recurring net profit attributable to shareholders grew by 14.3% to 185 million yuan [1] - In Q4 2024, revenue was 241 million yuan, with a year-on-year and quarter-on-quarter change of -0.9% and +8.5% respectively; net profit attributable to shareholders was 68 million yuan, with a year-on-year and quarter-on-quarter change of +10.9% and +68.0% respectively, meeting market expectations [1] - For Q1 2025, revenue was 220 million yuan, with a year-on-year and quarter-on-quarter change of +1.8% and -8.9% respectively; net profit attributable to shareholders was 56 million yuan, with a year-on-year and quarter-on-quarter change of +22.2% and -18.5% respectively, also meeting market expectations [1] Group 2: Industry Trends - The demand for microscopes is showing signs of recovery from a low point, with a strategic opportunity for domestic substitution; despite a 14% year-on-year decline in microscope revenue to 356 million yuan in 2024, sales increased by 8.5% quarter-on-quarter in Q4 2024, indicating a potential recovery in 2025 [2] - The company is making significant investments in high-end microscopes and has achieved technological breakthroughs, such as leading a national major instrument project for "multi-modal nano-resolution microscopy," indicating a broad space for domestic substitution in the long term [2] Group 3: Optical Components and Growth Areas - The company is diversifying its optical components business, with significant growth in barcode scanning due to customer inventory adjustments and recovering overseas demand; collaborations with clients like Zebra and Honeywell are expected to contribute substantial incremental revenue [3] - In the field of LiDAR, the company has established close partnerships with leading clients such as Hesai and Valeo, with revenue surpassing 100 million yuan in 2024; the penetration rate of LiDAR is expected to increase rapidly, driving continued high revenue growth for the company [3] - In the medical optics sector, the company has seen rapid growth in endoscope optical components and achieved technological breakthroughs in surgical microscope optical components, indicating a positive outlook for new growth engines [3] Group 4: Profit Forecast and Valuation - The company maintains a forecast of 332 million yuan for net profit attributable to shareholders in 2025 and introduces a revenue forecast of 1.459 billion yuan and net profit of 428 million yuan for 2026; the current stock price corresponds to P/E ratios of 29x and 22x for 2025 and 2026 respectively [4] - The target price has been raised by 19% to 104.66 yuan, corresponding to P/E ratios of 35x and 27x for 2025 and 2026, indicating an upside potential of 22% [4]

Core Viewpoint - Yongxin Optical has announced a record-high cash dividend distribution for 2024, reflecting strong confidence in future operations and a commitment to shareholder value [1] Financial Performance - In 2024, Yongxin Optical achieved a revenue of 892 million RMB, marking a year-on-year increase of 4.41%, setting a new historical high for revenue [4] - The net profit attributable to shareholders was 209 million RMB, a decrease of 11.37% year-on-year, while the net profit excluding non-recurring items increased by 14.25% to 185 million RMB [4] - In Q1 2025, the company reported a revenue growth of 1.77% and a net profit increase of 22.16% year-on-year, indicating a positive trend in performance [4] Dividend Distribution - The total proposed cash dividend for 2024 is 94.2962 million RMB (including tax), which accounts for 45.21% of the net profit attributable to shareholders, the highest dividend payout ratio since the company went public [1] Business Segments - The core business includes scientific instruments and optical components, with a focus on high-end microscopes and LiDAR optical components as key growth areas [1] - Sales revenue from optical microscopes reached 356 million RMB, a year-on-year decline of 13.92%, primarily due to weak industry demand; however, the sales proportion of high-end microscopes increased to 40% [1] - The LiDAR optical components business surpassed 100 million RMB in revenue, becoming a new growth driver for the company [1] R&D and Innovation - In 2024, R&D investment reached 98.5 million RMB, a year-on-year increase of 7.34%, accounting for 11.33% of main business revenue [2] - The company is leading multiple national-level technology projects, including a major project on multi-modal nano-resolution microscope equipment [2] - Collaborations with prestigious universities have been established to create a closed-loop ecosystem for research, talent cultivation, and market feedback [2] Strategic Focus - For 2025, the company aims to enhance its position in the optical perception field through a strategy focused on precision manufacturing and innovation [3] - The company plans to accelerate domestic high-end replacement and improve operational efficiency through enhanced information technology in sales, supply chain, and production processes [3]