NOVEL OPTICS(603297) 中泰证券·2024-09-04 03:10Investment Rating - The report maintains a "Buy" rating for the company with a market price of 54.87 CNY and a market capitalization of 6,099 million CNY [1]. Core Insights - The company's revenue growth is driven by recovering demand, with expectations for continued upward momentum in H2 2024. The optical microscope and optical component segments achieved revenues of 163 million CNY and 254 million CNY respectively in H1 2024, with year-on-year changes of -12.8% and +31.0% [3]. - The optical components business benefits from the rapid recovery of barcode scanning and the large-scale production of LiDAR products, maintaining a gross margin of approximately 40% [3]. - The company is one of the few domestic firms capable of high-end microscope R&D and manufacturing, achieving over 4% localization in high-end microscope products priced under 3 million CNY [3]. - The automotive business has seen rapid growth, with revenues of approximately 70 million CNY in H1 2024, a year-on-year increase of 120% [3]. - The medical optics segment has grown over 50% in the past two years, with the company developing high-precision medical components and high-end medical devices for various applications [3]. - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 250 million CNY, 310 million CNY, and 390 million CNY respectively, corresponding to P/E ratios of 22, 18, and 14 [3]. Financial Summary - The company's revenue for 2022 was 829 million CNY, with a projected increase to 1,072 million CNY in 2024, reflecting a year-on-year growth rate of 25.6% [3]. - Net profit for 2022 was 279 million CNY, with a forecasted net profit of 251 million CNY for 2024, indicating a growth rate of 6.6% [3]. - The gross margin is expected to improve to 40.2% by 2026, with net profit margins stabilizing around 23.9% [3].