Hymson(688559) 国盛证券·2024-05-27 08:02Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company has made significant breakthroughs in mid-infrared femtosecond laser technology, which has promising applications in various medical fields, including corneal micro-cutting, selective ablation of pancreatic tumors, and skin rejuvenation treatments. The company is expected to achieve industrialization and scale production within 3-5 years after obtaining relevant medical product licenses [3][18]. - The company has successfully developed high-speed laser scribing and drilling machines, with plans for market launch in the second half of 2024. The lithium battery business achieved a revenue of 3.68 billion yuan in 2023, with a year-on-year growth of 10.6% [4]. - The new display segment reported a revenue of 9 million yuan in 2023, a decline of 17.65% year-on-year, but the company has introduced equipment with a transfer yield of 99.99%, leading in domestic standards [5][19]. Financial Summary - In 2023, the company achieved a revenue of 4.805 billion yuan, representing a year-on-year growth of 17%. The net profit attributable to the parent company was 322 million yuan, reflecting a decline of 15.4% year-on-year. The EPS for 2023 was 1.58 yuan [22]. - The projected revenues for 2024, 2025, and 2026 are 5.676 billion yuan, 6.560 billion yuan, and 7.560 billion yuan, respectively, with corresponding net profits of 366 million yuan, 488 million yuan, and 612 million yuan [22]. - The company’s P/E ratios for the next three years are projected to be 23, 17, and 14 times, indicating a favorable valuation trend [21].