NOVEL OPTICS(603297) 民生证券·2024-11-01 10:33Investment Rating - The report maintains a "Recommended" rating for Yongxin Optical [5] Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue of 651 million yuan, a year-on-year increase of 6.54%, and a net profit attributable to shareholders of 140 million yuan, a year-on-year decrease of 19.28% [2][3] - The optical components business is experiencing growth, particularly in barcode and automotive optics, while the high-end microscope segment is expected to recover due to increasing domestic demand and government support for localization [3][4] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 250 million, 360 million, and 470 million yuan, respectively, with corresponding price-to-earnings ratios of 43, 29, and 23 times [3][4] Financial Performance Summary - For Q3 2024, the company achieved revenue of 222 million yuan, a year-on-year increase of 1.07%, and a net profit of 41 million yuan, a year-on-year decrease of 29.72% [2][3] - The company's operating expenses showed a mixed trend, with sales, management, and R&D expense ratios decreasing, while financial expenses increased slightly [2] - The revenue forecast for 2024 is set at 1.108 billion yuan, reflecting a growth rate of 29.7%, with net profit expected to be 248 million yuan, a growth rate of 5.5% [4][7]