NOVEL OPTICS(603297) 德邦证券·2024-09-03 08:00Investment Rating - The report maintains a "Buy" rating for Yongxin Optical (603297.SH) [2] Core Views - The company achieved a revenue of 428 million yuan in H1 2024, representing a year-on-year growth of 9.62%, while the net profit attributable to shareholders was 100 million yuan, a decrease of 14.07% compared to the same period last year [3][4] - The optical component business showed significant growth, compensating for the decline in the optical microscope segment, leading to an overall revenue increase [3] - The company is implementing a "dual-engine" strategy focusing on high-end microscopes and optical components, with new high-end microscope products being developed and launched [4] - The barcode scanning and LiDAR businesses are expanding, with the barcode scanning module business expected to begin mass shipments in the second half of 2024 [4] Financial Summary - In H1 2024, the optical microscope business generated revenue of 163 million yuan, down 12.78% year-on-year, while the optical component business achieved revenue of 254 million yuan, up 30.95% year-on-year [3] - The gross profit margin for H1 2024 was 38.93%, a decrease of 1.36 percentage points year-on-year, while the net profit margin was 23.25%, down 6.41 percentage points year-on-year [3] - The company expects revenues of 1.026 billion yuan, 1.350 billion yuan, and 1.799 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 260 million yuan, 344 million yuan, and 479 million yuan for the same years [5][9]