FSL(000541) 天风证券·2025-02-05 09:10Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 400-470 million yuan in 2024, representing a year-on-year increase of 37.76%-61.87%. However, the non-recurring net profit is projected to decline by 63.43%-75.62% [1]. - The rapid growth in the automotive lighting module business is noted, while the general lighting business faces pressure due to weak market demand and pricing challenges [2]. - The company anticipates goodwill impairment of approximately 130-160 million yuan related to the acquisition of Guoxing Optoelectronics, which has underperformed [2]. - The successful transfer of a land parcel is expected to contribute approximately 295 million yuan in non-recurring net income for 2024, with further positive contributions anticipated in 2025-2026 [2]. Financial Data and Valuation - Revenue is projected to grow from 8,759.97 million yuan in 2022 to 11,546.58 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 8.80% [4]. - The net profit attributable to shareholders is expected to increase from 230.39 million yuan in 2022 to 638.27 million yuan in 2026, reflecting a significant growth trajectory [4]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 35.23 in 2022 to 14.34 in 2026, indicating an improving valuation over time [4]. Business Strategy - The company is actively expanding its lighting portfolio, including acquisitions in the automotive lighting sector and focusing on smart street lighting and marine lighting [3]. - Collaborations with major automotive manufacturers such as Li Auto, Changan, BAIC, and Geely are established to enhance production capacity in the automotive lighting segment [3]. - The company is pursuing mergers and acquisitions to integrate upstream LED packaging, aiming to increase market share through economies of scale [3].