Focuslight Technologies (688167) Guotai Junan Securities·2024-05-10 05:02Investment Rating - The investment rating for the company is "Buy" [2][4] - Previous rating was also "Buy" [4] Core Views - The target price has been adjusted to 94.90 from the previous forecast of 128.00, reflecting a downward revision due to underperformance [2][4] - The company is actively integrating SMO assets and business, which is currently under pressure but is expected to lead to breakthroughs in various sectors in 2024 [4][4] - The company achieved revenue of 561 million in 2023, with a net profit of 91 million, aligning with previous expectations [4][4] Financial Performance - The company reported a revenue of 1.36 billion in Q1 2024, a year-on-year increase of 17.38%, but a net loss of 16 million [4][4] - The revenue growth was primarily driven by the acquisition of SMO, contributing to automotive applications and laser optics [4][4] - The overall gross margin for Q1 was only 34% due to losses from SMO, impacting overall performance [4][4] Business Outlook - The company is expected to continue leading in multiple business areas, with significant shipments in upstream components and new overseas projects anticipated in 2024 [4][4] - The automotive and semiconductor sectors are projected to see further breakthroughs in 2024 [4][4] - The company has secured domestic and overseas contracts for Lidar light source modules, indicating strong market demand [4][4]