Anjie(002635) 东吴证券·2025-01-01 00:48Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [6][8]. Core Insights - The company is primarily providing precision components and structures for international mainstream AR/VR/MR terminal products, positioning itself to benefit from the anticipated recovery in the AR/VR industry [6][8]. - Despite a predicted decline in AR/VR market shipments in 2024, the company is expected to benefit from a significant rebound in 2025, driven by AI integration and technological innovations [6][8]. - The company is actively expanding its overseas production lines and focusing on dual growth drivers from consumer electronics and new energy vehicles [7][8]. Financial Performance and Projections - The company reported total revenue of 35.93 billion yuan in the first three quarters of 2023, a year-on-year increase of 17.03% [7]. - Revenue projections for 2024, 2025, and 2026 are 50.58 billion yuan, 56.73 billion yuan, and 63.72 billion yuan, respectively, with expected growth rates of 11.98%, 12.16%, and 12.32% [6][8]. - The net profit attributable to the parent company is forecasted to be 3.37 billion yuan in 2024, 3.91 billion yuan in 2025, and 4.60 billion yuan in 2026, with corresponding P/E ratios of 33, 28, and 24 [8].