光学元件国内领军企业，多品类产品+多领域布局蓄力长期成长。1）玻璃非球面透镜：公司玻璃非球面透镜产品是国内少数量产企业之一，当前下游应用于汽车车载摄像头、激光雷达等产品，有望充分受益高阶智驾车型渗透迎销量高增。同时主流手机厂商正逐步拓展模造非球面玻璃在手机摄像头内的应用，公司作为国内技术领先厂商，有望迎来新合作机遇构筑新业绩增长极。2）玻璃晶圆：公司玻璃晶圆产品性能领先，且布局该领域技术多年，同时与行业内领军企业康宁合作历史深厚，后续有望充分受益AR 产品市场需求增长，迎业绩高增。Event: The company released its 2024 three-quarter report
Revenue and profit for a single quarter reached a new high: the company achieved revenue of 0.79 billion yuan in the first three quarters of 2024, a year-on-year increase of 60%, achieved net profit of 0.16 billion yuan, an increase of 76% over the previous year, and achieved net profit after deducting non-return to mother of 0.16 billion yuan, an increase of 107% over the previous year. The company achieved revenue of 0.41 billion yuan in a single quarter in 2024Q3, up 41% year on year, up 93% month on month, achieved net profit of 0.11 billion yuan, up 61% year on year and 466% month on month, achieved net profit without return to mother of 0.11 billion yuan, up 71% year on year, 430% month on month, 2024Q3 gross margin increased to 45%, up 15.48 pct month on month.
Core customer periscope lens application models have increased, helping the company's microprism product revenue increase: Currently, the company's microprism products are mainly used in various optical modules such as mobile phone periscope cameras. On the customer side, the company is deeply tied to the global core smartphone customer A and A customer periscope lens application models penetrated from the 2023 iPhone 15 Pro Max single model to the 2024 iPhone 16 Pro and iPhone 16 Pro Max high-end models. In the second half of 2024, customer A The new series of models was released for sale, and the overall production expansion project of the company's microprism industrial base reached the scheduled state of use and put into use in July 2024. As the core supplier of microprisms, the company achieved a high increase in revenue from microprism products.
A leading domestic optical component company, with a multi-category product+multi-field layout, energy for long-term growth. 1) Glass aspherical lens: The company's glass aspherical lens products are one of the few domestic production companies. Currently, downstream applications in automotive cameras, lidar and other products are expected to fully benefit from the penetration of high-end smart driving models to meet high sales growth. At the same time, mainstream mobile phone manufacturers are gradually expanding the application of imitation aspherical glass in mobile phone cameras. As a leading domestic technology manufacturer, the company is expected to usher in new cooperation opportunities to build a new performance growth pole. 2) Glass wafers: The company's glass wafer products have advanced performance, and have been developing technology in this field for many years. At the same time, it has a long history of cooperation with Corning, a leading company in the industry. It is expected that the future will fully benefit from the increase in market demand for AR products and welcome high performance.
Profit forecast and investment rating: Based on the company's new production line consolidation and depreciation to a certain extent, we adjusted the company's net profit for 24-26 to 0.28/0.37/0.46 billion yuan (the previous forecast value was 0.3/0.37/0.42 billion yuan), corresponding to 24-26 PE 34/25/20 times, respectively; based on the company's forward-looking layout of automotive glass aspherical lenses and glass wafers for AR, we continue to be optimistic about the company's future growth trend and maintain a “buy” rating.
Risk warning: The development of the VR/AR industry falls short of expectations, and sales of other products fall short of expectations.
