拟实施24 年中期分红。公司向全体股东每10 股派发现金红利1.00 元，合计拟派发现金红利1289.68 万元，占24Q1-Q3 归母净利润23.25%。Incident: The company released its 2024 three-quarter report. In the first three quarters of 24, the company achieved revenue of 0.332 billion yuan, +34.59% year over year; net profit to mother of 55.48 million yuan, +77.90% year over year; after deducting non-net profit of 53.3 million yuan, +116.48% year over year. 24Q1-Q3 gross profit margin 38.33% (YoY +9.52pcts), net profit margin to mother 16.72% (YoY +4.07pcts). Looking at Q3 alone, 24Q3 revenue for the single quarter was 0.12 billion yuan, +50.97% YoY, +2.31%; net profit to mother was 22.66 million yuan, +109.86% YoY, +5.04% YoY; after deducting non-net profit of 22.3 million yuan, +171.80% YoY and +4.32% YoY. 24Q3 gross profit margin 40.83% (YoY +7.55pcts, month-on-month +0.10pcts), net profit margin 18.83% (YoY +5.28pcts, month-on-month +0.49pcts).
Continue to increase investment in R&D and optimize cost control during the period. 24Q1-Q3 spent 33.34 million yuan on R&D, +39.37% year on year, 10.05%, +0.34pcts; sales expense ratio 3.05%, +0.56pcts year on year; management expense ratio 7.24%, +0.05pcts year on year; financial expenses ratio 0.58%, +2.60pcts year on year. 24Q1-Q3 operating cash flow was 42.85 million yuan, +1.46% year over year; inventory at the end of 24Q3 was 88.9 million yuan, +31.29% year over year; contract debt was 0.24 million yuan, +26.42% year over year. 24Q3 operating cash flow was 10.24 million yuan, +103.10% YoY.
Seize the opportunities in the AI optical communication industry, and drive the development of new fields. The company actively grasps the market opportunities for growing demand for high-speed optical communication components driven by AI computing power, and further expands the scale of the optical communication business; business continues to develop in emerging application fields such as biomedicine and semiconductor equipment, and the revenue growth rate of optical module products is remarkable. The company's profit increased rapidly, mainly due to increased operating income, optimized product structure, improved operating efficiency, and a gradual rise in gross margin. The company attaches great importance to technological innovation and R&D investment, closely follows industry technology trends and the localization process of high-end components, actively carries out research and forward-looking layout in the field of AR near-eye display technology and optical testing, and continues to develop and apply new technologies and products.
It is proposed to implement mid-year dividends for 24 years. The company will pay a cash dividend of 1.00 yuan for every 10 shares to all shareholders. A total cash dividend of 12.8968 million yuan will be distributed, accounting for 23.25% of net profit from 24Q1-Q3 to mother.
Profit forecast. We expect the company's revenue for 2024-2026 to be 0.473, 0.631, and 0.81 billion yuan, respectively; net profit to mother will be 0.076, 0.101, 0.13 billion yuan, and EPS 0.59, 0.78, and 1.01 billion yuan, respectively. Referring to the company's historical valuation and the average valuation level of comparable companies, the company was given a 2024 PE range of 60-70X, corresponding to a reasonable value range of 35.40-41.30 yuan, which is “superior to the market” rating.
Risk warning. Industry demand is picking up and uncertainty, downstream manufacturers are expanding upstream, and industry competition is intensifying.
