Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company participated in the 2025 CES exhibition, showcasing three smart glasses models that received significant attention, including the AURA smart glasses AI exploration version, AI+AR version, and AR light enjoyment version [7] - The company is strategically positioning itself in the AI glasses market, collaborating with well-known domestic manufacturers to enhance its smart wearable device offerings [7] - The AI glasses market is expected to experience explosive growth in 2025, with the company poised to benefit from this trend due to its established customer base and brand recognition [7] - The upcoming release of the RTX50 series graphics cards by NVIDIA is anticipated to drive a wave of upgrades in the gaming PC market, with the company benefiting from its long-term partnership with NVIDIA [7] - The report forecasts a revenue increase from 2,555 million yuan in 2023 to 3,319 million yuan by 2026, with a projected net profit growth from 34 million yuan in 2023 to 74 million yuan in 2026 [5][9] Financial Data and Profit Forecast - Total revenue is projected to grow from 2,555 million yuan in 2023 to 3,319 million yuan in 2026, with a compound annual growth rate of approximately 10% [5] - The net profit is expected to rebound from 34 million yuan in 2023 to 74 million yuan in 2026, indicating a significant recovery trajectory [5] - The gross margin is forecasted to improve slightly from 8.6% in 2023 to 9.4% in 2026, reflecting operational efficiency [5]
雷神科技：北证稀缺AI端侧标的，三款智能眼镜参展CES