YTOT(SZ:300790) Xin Lang Cai Jing·2025-09-02 00:50Core Viewpoint - Company maintains a leading position in the global security lens market while strategically expanding into the automotive optical sector, creating a dual growth engine driven by security and automotive optics [1][2] Group 1: Security Lens Business - Company is the absolute leader in the global security monitoring lens market, holding the number one market share for ten consecutive years [1] - The core business of security monitoring lenses has a solid customer base, with strong relationships with major clients like Hikvision and Dahua, ensuring stable revenue and competitive advantage [1][2] Group 2: Automotive Optical Business - Company is proactively entering the automotive optical field, benefiting from the dual push of "localization + intelligence" in the automotive industry, leading to rapid growth in demand for automotive lenses [2] - The automotive lens business is expanding quickly, with access to mainstream automakers' supply chains such as BYD, Toyota, and Changan, positioning it as a strong growth engine for the company [2] Group 3: Competitive Advantages - Company's core competitiveness lies in its scale cost advantages and technological innovation, with significant cost advantages and market barriers established through automation in production [2] - Vertical integration of the supply chain, including self-built production lines for glass aspheric lenses, enhances the company's ability to control costs and processes in high-end lens manufacturing [2] Group 4: Profit Forecast and Investment Outlook - The security lens business provides stable cash flow and profit contributions, while the automotive optical business is in a growth phase with significant market potential [3] - Company forecasts net profits of 294 million, 478 million, and 643 million yuan for 2025-2027, indicating strong long-term growth prospects [3]