OFILM(002456) 华龙证券·2024-08-29 04:01Investment Rating - The investment rating for the company is "Buy" with an initial coverage recommendation [1]. Core Views - The report highlights that the recovery in industry demand is driving an increase in performance, supported by significant improvements in cash flow [1]. - The company's revenue for the first half of 2024 reached 9.536 billion, representing a year-on-year growth of 51.02%, while the net profit attributable to shareholders was 39 million, up 111.07% year-on-year [1]. - The report indicates that the overall smartphone shipment in China increased by 13.2% in the first half of 2024, with leading manufacturers like Xiaomi showing a growth rate exceeding 28% for two consecutive quarters, significantly outpacing the industry average [1]. - The company's smartphone product revenue was 7.406 billion, a year-on-year increase of 61.77%, accounting for 77.66% of total revenue [1]. - The report emphasizes the necessity for optical product upgrades in the context of the trend towards smartphone intelligence and high-end features [1]. Financial Performance Summary - The company is expected to achieve net profits of 229 million, 416 million, and 587 million for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 112.7, 62.1, and 44 [2]. - The financial forecast indicates a recovery trajectory, with projected revenue growth rates of 19.81%, 31.68%, and 29.83% for the years 2024, 2025, and 2026, respectively [3][6]. - The gross profit margin is expected to improve, with a forecasted gross margin of 12.20% in 2024, increasing to 14.70% by 2026 [7]. Market Data - The company's camera module business is expected to maintain steady growth, with high-end products like 7P lenses and periscope telephoto lenses already in mass production [1]. - The smart automotive sector is also showing robust development, with revenue from this segment reaching 1.068 billion, a year-on-year increase of 54.01% [1]. - The report notes that the overall gross margin for the smartphone sector was 11.17%, reflecting an increase of 8.2 percentage points year-on-year [1].