Incidents:
The company released its 2024 three-quarter report. In the first three quarters of 2024, the company achieved revenue of 1.07 billion yuan, up 18.41% year on year, and achieved net profit of 0.103 billion yuan, up 23.05% year on year; Q3 achieved revenue of 0.476 billion yuan, up 41.02% year on year, and achieved net profit of 0.049 billion yuan to mother, up 38.99% year on year. Comments on this are as follows:
The gross margin remained high, and the increase in revenue led to a decrease in the cost ratio during the period. The company's gross margin reached 40.20% in the first three quarters of 2024, up 0.75pct year-on-year. After the company gradually shrank its less profitable continuous light laser cutting business in 2022, gross margin continued to remain high since 2023. The company's revenue growth led to a decrease in the cost ratio during the period. In the first three quarters of 2024, the company's sales/management/R&D expense ratios were 6.99%/8.16%/11.69%, respectively, -0.54 pct/-0.02pct/-0.21pct, a year-on-year decrease of 0.77 pct.
Optical inspection technology is outstanding, and the business has entered a harvest period. In 2022, the company exclusively supplied XR imaging distortion detection equipment for leading customers in the XR industry. In 2023, the company successively obtained XR equipment lens coating defect detection equipment and laser marking equipment related to XR products. In addition, the company has developed camera module mid-shift optical image stabilization module (OIS) calibration equipment, micro motor module (VCM) calibration equipment, and VCSEL laser module inspection systems for customers. Since last year, the company's camera module inspection orders have grown rapidly, contributing greatly to the company's performance growth this year. The company is maintaining close cooperation with customers and continues to develop customized testing equipment for their photoelectric inspection needs. In the future, the optical inspection business will continue to be an important performance growth point for the company.
Forward-looking layout in multiple fields to create a diversified growth curve. The company has developed an extensive layout in various fields based on its own technical accumulation. In the field of new energy, the company continues to promote domestic replacement of lithium battery lasers, developing pulsed lasers and continuous laser lasers suitable for power battery cell manufacturing; in the photovoltaic field, it has developed TopCon doped lasers for customers in the photovoltaic field, and second-generation perovskite laser die-cutting equipment has received orders from leading customers in the industry to be used in the perovskite 100 megawatt mass production line; in the field of passive components, laser resistance regulators have a high global market share. At the same time, it is actively developing new products such as paint stripping equipment, inductive wire winding equipment, packaging machines, and capacitor testing and sorting machines; In the field of sexual circuit boards, companies Domestic replacement of laser microhole processing equipment is being promoted.
Profit forecast: The company's net profit for 2024-2026 is estimated to be 1.66, 2.29 million yuan, and 292 million yuan, respectively. The corresponding PE values are 28, 20, and 16 times, respectively, maintaining the “increase in holdings” rating.
Risk warning: demand for optical inspection equipment falls short of expectations; profit forecasting and valuation models fail
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