AUTEK(300595) 国泰君安·2024-05-03 03:32Investment Rating - The report maintains a Cautious Overweight rating for the company [1][3] - The target price is set at 20.64 CNY, unchanged from the previous forecast [1][3] Core Views - The company's Q1 2024 performance met expectations, with revenue reaching 4.65 billion CNY (+15.71% YoY) and net profit attributable to shareholders at 1.93 billion CNY (+11.39% YoY) [1] - The company's product portfolio is diversified, with hard contact lenses and care products showing steady growth, while medical devices and functional frame glasses maintained high growth rates [1] - The company's gross margin decreased by 2.36 percentage points in Q1 2024, primarily due to the increased proportion of low-margin products such as frame glasses and medical services [1] - The company has a rich pipeline of R&D projects, including next-generation orthokeratology materials, multifocal soft lenses, and eye care products, which are expected to drive future growth [1] Financial Performance - The company's revenue for 2024E is projected to be 2,021 million CNY, with a 16% YoY growth [1][3] - Net profit attributable to shareholders is expected to reach 891 million CNY in 2025E, with a 15% YoY growth [1][3] - The operating profit margin is forecasted to be 42.4% in 2024E, slightly down from 43.1% in 2023A [1][3] - The ROE is expected to remain stable at around 15.6% in 2024E [1][3] Product and Market Analysis - Hard contact lenses saw steady growth in Q1 2024, with growth in private channels offsetting declines in public hospital channels [1] - Care products stabilized in Q1 2024, with the company's efforts to coordinate online and offline sales channels and promote its own brand showing positive results [1] - Medical devices and functional frame glasses continued to experience strong demand, with high growth expected to continue throughout 2024 [1] - The company's controlled optometry centers are increasing in number, contributing to incremental growth [1] Valuation and Metrics - The P/E ratio for 2024E is projected at 21.81x, with a P/B ratio of 4.66x [1][3] - The EV/EBITDA ratio is expected to decrease to 16.54x in 2024E, down from 22.26x in 2023A [1][3] - The dividend yield is forecasted to be 1.1% in 2024E, consistent with 2023A [1][3] Industry and Company Overview - The company is a leader in the orthokeratology lens segment in China, focusing on the R&D, production, and sales of eye care products, as well as providing optometry services [3] - The company's core products include hard contact lenses and lens care products, with orthokeratology lenses being the primary revenue driver [3]