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Company Profile Ningbo Yongxin Optics CO., LTD. is a China-based company principally engaged in the research and development, production and sales of optical microscopes, optical components and other optical products. The Company"s main products include biological microscopes and industrial microscopes, barcode scanner lens, planar optical components as well as professional imaging optical components. The Company’s self-owned brands include Jiangnan, NEXCOPE and NOVEL. The Company distributes its products both in the domestic and to overseas markets. (Source:　　MarketScreener)　　Comments　　The company is a leading optical company in China and has been devoted to the optical field for more than two decades.　　Founded in 1997 and listed on the Shanghai Stock Exchange in 2018, the company is a supplier of precision optical instruments and core optical components. In 2021, the company reported CNY795 million and CNY261 million in revenue and net profit, a year-on-year growth of 37.9% and 61.7%, respectively. As high-end microscopes and new optical components scale up, the company’s revenue and profit will further increase in the future.　　The company’s traditional business grows steadily, and there is immense potential for domestic substitution in the high-end microscopic market. 1) With the development of life sciences, the demand for high-end microscopes has been on the rise, but China still relies on the import of high-end microscopes.　　Due to the Sino-US trade conflict, China vigorously promotes the localization of high-end microscopes. In September 2022, China introduced a policy to promote universities to purchase and upgrade equipment and support the localization of scientific instruments, and the market for domestic instruments and equipment expands rapidly. The company seizes the opportunity to develop high-end　microscope projects. 2) Benefiting from Industry 4.0 and vaccine cold chain transporting, the demand for barcode scanners has expanded rapidly, and the company’s barcode scanner lens business has made rapid progress.　　As the LiDAR (Light Detection asnd Ranging) technology grows swiftly, there is greater potential for the company’s new optical components business. 1) Automotive optics: With the coming of the tide of automotive intelligence, the company seizes the opportunity to develop lidar and vehicle cameras. In 2021, the company’s sales of vehicle front lens increased by 90% year-on-year, and its revenue from LiDAR business reached CNY10 million. The company established cooperation with well-known LiDAR enterprises at home and abroad, such as Hesai and Innoviz. The company is expected to upgrade from a component supplier to a complete set OEM in the future. 2) Machine vision: Artificial intelligence broadens the application of machine vision, which can be applied extensively in the downstream and harbors great potential. The company’s high-speed focusing liquid lens has been sold in batches to major overseas customers, representing rapidly growing revenue.　　Earnings forecast and investment recommendation　　We estimate the company’s revenue at CNY989 million, CNY1.340 billion and 1.836 billion for 2022, 2023 and 2024 respectively, a year-on-year growth of 24.4%, 35.4% and 37.1%.　　We also estimate its net profit attributable to shareholders at CNY263 million, CNY334 million and CNY444 million for 2022, 2023 and 2024, respectively, up 0.7%, 26.9% and 32.8% YoY, implying a PE ratio of 37.0x, 29.1x and 21.9x, based on the closing price of 88.06 yuan/share on November 25.　　We give the company an initial rating of “Outperform”.　　Potential risks Risk of exchange rate fluctuations; slower-than-expected development of LiDAR business; risk of changes in LiDAR technology solutions.【免责声明】本文仅代表第三方观点，不代表和讯网立场。投资者据此操作，风险请自担。

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