研报掘金丨华西证券：维持弘景光电“买入”评级，新业务领域拓展顺利

Core Viewpoint - Hongjing Optoelectronics reported a net profit attributable to shareholders of 142 million yuan for the first three quarters of 2025, representing a year-on-year increase of 12.19% [1] - The company’s Q3 net profit was 66 million yuan, showing a year-on-year growth of 14.54% and a quarter-on-quarter increase of 61.50% [1] - The company maintains a "buy" rating due to its strategic initiatives and growth potential in the automotive optics market [1] Financial Performance - The gross profit margin slightly declined, but the company has been enhancing cost control measures [1] - Emerging business revenue reached 7.6641 million yuan, a year-on-year increase of 125.52%, driven by successful expansion into new business areas such as robotic lawn mowers and motion-sensing game consoles [1] Market Position and Strategy - The company’s "3+N" strategic layout is expected to open up long-term growth opportunities [1] - Hongjing Optoelectronics has entered the supply chains of major automotive manufacturers including Daimler-Benz, Nissan, Honda, BYD, NIO, and Xpeng, achieving large-scale production and delivery of automotive lens products [1] - According to the 2024 annual report, the company is projected to achieve a global market share of 3.70% in automotive optical lenses, ranking seventh worldwide [1]