Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's performance in 2024 showed a revenue of 503 million yuan, a year-on-year increase of 9.78%, but a net profit attributable to shareholders of 36 million yuan, a decrease of 23.98% year-on-year [1] - The revenue for Q4 2024 was 127 million yuan, reflecting a year-on-year increase of 29.76% and a quarter-on-quarter decrease of 5.02% [2] - The company is experiencing strong growth in the semiconductor and autonomous driving sectors, with revenues increasing by 37.17% and 138.70% respectively [3] Financial Performance - The gross profit margin for 2024 was 48.41%, down 3.48 percentage points year-on-year, primarily due to changes in product structure and rising fixed costs [4] - The company’s operating expenses ratio was 37.92%, a decrease of 1.81 percentage points year-on-year [4] - The forecast for 2025-2027 indicates a revenue growth to 602 million yuan in 2025, 720 million yuan in 2026, and 858 million yuan in 2027, with respective year-on-year growth rates of 19.6%, 19.7%, and 19.2% [9] Market Position and Strategy - The company is a leading domestic industrial-grade precision optics manufacturer with a global layout to drive growth [8] - It has developed five core technologies in precision optics and is capable of providing integrated solutions from design to testing and assembly [8] - The company has established production bases in Thailand and a research center in the United States, enhancing its ability to serve international clients [8]
茂莱光学（688502）：业绩短期承压，半导体+无人驾驶增长强劲