AFR(SZ:300620) Minsheng Securities·2025-03-30 13:17Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company achieved a revenue of 999 million yuan in 2024, representing a year-on-year growth of 40.7%, and a net profit attributable to shareholders of 67 million yuan, up 12.3% year-on-year [1][2]. - The growth in revenue is attributed to significant demand from data centers and the acquisition of 52% of Bai'an Industrial, which was consolidated in the financial statements [2][3]. - The company is strengthening its presence in cutting-edge fields, particularly in optical communication, with new product developments aimed at high-density applications and underwater optical networks [3]. Financial Performance Summary - For 2024, the company reported: - Revenue: 999 million yuan - Net profit attributable to shareholders: 67 million yuan - Non-recurring net profit: 48 million yuan - The revenue breakdown by business segment shows: - Fiber laser devices: 424 million yuan, down 0.39% year-on-year - Optical communication devices: 392 million yuan, up 57.9% year-on-year - LiDAR light source modules and devices: 140 million yuan, up 16817.5% year-on-year [2][3]. - The company forecasts net profits of 107 million yuan, 160 million yuan, and 220 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 113x, 76x, and 55x [4][5].