Appo(688007) Guoxin Securities·2025-04-16 09:00Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][10]. Core Views - The company has successfully showcased its laser display technology at the Osaka World Expo, enhancing its global market presence [3][5]. - Continuous expansion into new application scenarios for laser displays, including automotive displays and laser engraving machines, is expected to drive new growth [4][6]. - The company is recognized as a global leader in laser display technology, with projected revenue from automotive displays exceeding 600 million in 2024, marking a significant growth trajectory [4][10]. Summary by Relevant Sections Company Performance - The company utilized nearly 100 laser projection devices at the World Expo to create impactful visual experiences for various pavilions, including the China Pavilion [3][5]. - The application of the company's technology at the Expo demonstrates its technical strength and aids in the dissemination of its products globally [5]. New Growth Opportunities - The company is set to showcase its automotive optical display solutions at the Shanghai Auto Show, with innovations such as window displays and laser headlights [4][6]. - The introduction of a laser engraving machine at the Hong Kong Spring Electronics Fair is anticipated to provide additional growth momentum [6][9]. Financial Projections - The company forecasts net profits for 2024-2026 to be 30 million, 200 million, and 260 million respectively, with year-on-year changes of -72%, +603%, and +27% [4][10]. - Corresponding price-to-earnings ratios are projected to be 237, 34, and 27 times for the same periods [10].