Investment Rating - The investment rating for the company is "Outperform the Market" [5][30]. Core Insights - The company reported a 3.6% year-on-year increase in revenue and a 7.7% increase in net profit for the first three quarters, with total revenue of 674 million yuan and net profit of 151 million yuan [1]. - The optical microscope segment is expected to see a recovery in growth, driven by domestic demand for high-end products and the company's successful development of a domestic four-color laser confocal microscope, breaking a 34-year foreign monopoly [2]. - The company is focusing on diversifying its business, with significant growth in the medical optics sector and ongoing projects in semiconductor optics, which are expected to contribute to future revenue growth [3]. Financial Performance Summary - For the first three quarters, the company achieved a gross margin of 40.32%, with a slight increase of 1.25 percentage points year-on-year [1]. - The projected revenue for 2025-2027 is expected to reach 1.057 billion yuan, 1.304 billion yuan, and 1.632 billion yuan respectively, with corresponding net profits of 284 million yuan, 359 million yuan, and 456 million yuan [4][3]. - The company's earnings per share (EPS) is projected to grow from 2.56 yuan in 2025 to 4.11 yuan in 2027, indicating a positive trend in profitability [4].

Core Insights - Yongxin Optical has successfully transformed from traditional manufacturing to technological innovation, establishing itself as a leader in China's optical microscope and precision optical components sector over the past seven years [2] - The company has achieved continuous growth in both revenue and net profit, with a market capitalization exceeding 10 billion yuan, representing a more than fivefold increase since its initial public offering [2] - Yongxin Optical has committed to investing over 10% of its revenue in R&D, significantly above the industry average, and has established a robust technology research and development system [4] Business Strategy - The company focuses on four core businesses: high-end optical microscopes, barcode machine vision, automotive laser radar, and medical optics, while also exploring five application areas including high-end instruments and artificial intelligence [3] - Yongxin Optical has developed China's first four-color laser confocal microscope, breaking a 34-year foreign monopoly and filling a gap in the domestic ultra-high-resolution microscope market [3] - The company aims to accelerate the domestic replacement of core components for high-end scientific instruments and medical devices through technological iteration and product innovation [5] Future Growth - Yongxin Optical is expanding its new production base for medical optical equipment and precision optical components, covering an area of 78,000 square meters, which has begun phased production [5] - The company plans to enhance its global presence and establish an international supply chain to improve competitiveness and influence in the international market [6] - Organizational changes will be implemented to foster innovation and flexibility, aiming to cultivate key talent for the next 5 to 10 years [6]