Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company is expected to benefit from the growth driven by the semiconductor sector, with a focus on domestic substitution and profit recovery [7] - The semiconductor revenue is projected to account for 46% of total revenue in 2024, with a growth rate of 37% [7] - The company is positioned as a rare player in the industrial-grade precision optics market in mainland China, with significant growth potential [7] Financial Performance Summary - Revenue projections for the company are as follows: - 2023A: 458 million - 2024A: 503 million (10% YoY growth) - 2025E: 652 million (30% YoY growth) - 2026E: 817 million (25% YoY growth) - 2027E: 990 million (21% YoY growth) [2] - Net profit projections are as follows: - 2023A: 47 million - 2024A: 36 million (-24% YoY) - 2025E: 57 million (61% YoY growth) - 2026E: 82 million (43% YoY growth) - 2027E: 108 million (33% YoY growth) [2] - The company's gross margin is expected to improve, with a projected gross margin of 51.9% in 2025E [7] Segment Analysis - Semiconductor segment: - Expected to be the largest revenue source, contributing 46% of total revenue in 2024 - Revenue growth of 37% YoY in 2024, driven by overseas demand and domestic substitution [7] - Life Sciences segment: - Contributes 23% of total revenue, but faced an 8% YoY decline in 2024 due to customer product upgrades and market challenges [7] - Autonomous Driving segment: - Revenue growth of 139% YoY in 2024, driven by increased market recognition and order demand [7] Valuation Metrics - Projected P/E ratios are as follows: - 2025E: 273 - 2026E: 191 - 2027E: 144 [2] - Projected P/B ratios are as follows: - 2025E: 12.8 - 2026E: 12.1 - 2027E: 11.2 [2]
茂莱光学（688502）：半导体驱动成长，持续关注国产替代和盈利修复进度