舜宇光学科技：营收快速增长，盈利显著修复

Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company experienced a revenue growth of approximately 32% year-on-year to about 18.86 billion yuan in the first half of the year, with gross profit increasing by about 52% to 3.25 billion yuan, resulting in a gross margin of approximately 17.2%, an increase of about 2.3 percentage points year-on-year [2] - The net profit attributable to the parent company saw a significant increase of 147% year-on-year, reaching approximately 1.08 billion yuan [2] - The optical components segment's revenue grew by 27% to about 5.48 billion yuan, with notable advancements in automotive lens shipments and laser radar product development [2] - The optical products segment's revenue increased by approximately 36% to about 13.2 billion yuan, with a strong performance in mobile camera modules and high-end product market share [2] Financial Summary - The company’s revenue for 2022 was 33.33 billion yuan, with a projected increase to 41.64 billion yuan in 2024 and 51.15 billion yuan in 2026 [3][7] - Operating profit for 2022 was 2.65 billion yuan, with expectations of recovery to 2.10 billion yuan in 2024 and 2.84 billion yuan in 2026 [3][7] - The net profit attributable to the parent company was 2.41 billion yuan in 2022, projected to rise to 2.84 billion yuan in 2025 and 3.21 billion yuan in 2026 [3][7] - The earnings per share (EPS) are forecasted to be 2.21 yuan in 2024, 2.60 yuan in 2025, and 2.93 yuan in 2026 [3][7] - The price-to-earnings (P/E) ratio is expected to decrease from 43.4 in 2023 to 14.9 in 2026 [3][7]