Lante Optics(688127) Great Wall Securities·2024-06-13 02:31Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% relative to the industry index in the next six months [2][17]. Core Views - The company has shown significant revenue growth, with a projected increase in operating income from 754 million yuan in 2023 to 1.205 billion yuan in 2024, representing a year-on-year growth rate of 59.7% [2][4]. - The company's net profit is expected to rise from 180 million yuan in 2023 to 302 million yuan in 2024, reflecting a year-on-year growth rate of 68% [2][4]. - The report highlights the company's strong performance in the optical components market, particularly in automotive and AR applications, which are expected to drive future growth [3][8][23]. Financial Summary - Revenue: - 2022: 380 million yuan - 2023: 754 million yuan (98.4% YoY growth) - 2024E: 1,205 million yuan (59.7% YoY growth) [2][12] - Net Profit: - 2022: 96 million yuan - 2023: 180 million yuan (87.3% YoY growth) - 2024E: 302 million yuan (68.0% YoY growth) [2][12] - ROE: - 2022: 6.4% - 2023: 11.0% - 2024E: 16.3% [2][12] - EPS: - 2022: 0.24 yuan - 2023: 0.45 yuan - 2024E: 0.75 yuan [2][12] - P/E Ratio: - 2022: 73.0 - 2023: 39.0 - 2024E: 23.2 [2][12] Industry Overview - The optical components market in China is projected to recover to a scale of 160 billion yuan in 2024, driven by advancements in technology and increasing demand in various applications such as automotive and AR/VR devices [8]. - The company has successfully capitalized on the growing demand for automotive smart driving technologies, with its glass aspheric lens business achieving a revenue of 241 million yuan in 2023, a year-on-year increase of 52.96% [8][23].