Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][16] Core Viewpoints - The company has received a development notice from a leading international automotive manufacturer, becoming the exclusive supplier of in-vehicle optical components for their smart cockpit products, which are configured in a global series of models. This recognition highlights the company's supply chain capabilities and product quality meeting international standards, facilitating future business expansion [4][5][6] - The company has secured a total of 13 in-vehicle display contracts with leading domestic and international automotive manufacturers, indicating strong market demand for its products. As these contracts enter mass production, the in-vehicle business is expected to drive significant revenue growth [5][8] - The cinema market is currently thriving, and the company's cinema business is anticipated to achieve good growth. The company has also made positive adjustments in its consumer-facing (C-end) business, leading to initial improvements in its fundamentals [5][12] - The company is a global leader in laser display technology, with its smart cockpit business gaining continuous recognition from top automotive manufacturers. The in-vehicle business is expected to create a second growth curve for the company [5][16] Summary by Sections Business Development - The company has been recognized by a major international automotive manufacturer for its smart cockpit products, which is expected to accelerate its global expansion in the automotive sector [6] - The first model equipped with the company's smart cockpit display products, the Wanjie M9, is set to begin deliveries in March 2024, with expected total deliveries exceeding 150,000 units for the year [8] Financial Forecast - The company has adjusted its profit forecast due to investment losses from its subsidiaries and strategic adjustments in its C-end business. The projected net profits for 2024-2026 are 30 million, 200 million, and 260 million respectively, with corresponding P/E ratios of 299, 43, and 34 [5][16][26] - The company expects its in-vehicle business revenue to exceed 600 million in 2024, with significant growth anticipated in subsequent years as production capacity increases [20][21] Market Position - The company has established a strong market presence with its in-vehicle display, laser headlights, and AR-HUD technologies, positioning itself favorably against competitors [5][16] - The cinema business is expected to benefit from a booming market, with the company’s laser projection solutions installed in over 31,000 cinemas nationwide [12][18]
光峰科技(688007):获国际头部核心车企定点,车载业务发展迎来加速期