国元证券：首次覆盖南极光给予增持评级

Group 1 - The core viewpoint of the report is that Nanjing Light has become the exclusive supplier of backlight modules for the Switch2, showcasing significant performance elasticity and strategic transformation [1] - The company has expanded its focus from mobile phone backlight sources to high-value applications in industrial control, automotive, tablets, and laptops, achieving a breakthrough in ultra-thin backlight module technology [1] - The management's proactive approach since 2020 has led to the development of a 0.3mm ultra-thin light guide plate design, meeting the testing standards for Nintendo's new gaming console, with a yield rate exceeding 99.6% [1] Group 2 - The Switch2 has exceeded market expectations with global sales of 5.82 million units in its first month, significantly surpassing the 2.74 million units sold by Switch1 and breaking the PS5's first-month sales record [2] - Nintendo forecasts a global sales target of 15 million units for Switch2 in its first year, indicating strong demand and supply constraints in multiple countries [2] - The company is expected to benefit from the sustained growth of Switch2, with stable market share and pricing due to its unique technology and first-mover advantage [2] Group 3 - The investment recommendation suggests that the company will see significant performance elasticity by 2025, with strong growth momentum anticipated [3] - Projected net profits for the company from 2025 to 2027 are estimated at 245 million, 394 million, and 462 million yuan, respectively, with corresponding earnings per share of 1.1, 1.8, and 2.1 yuan [3] - The initial rating for the company is "Buy," reflecting confidence in its growth prospects [3]