Luster(SH:688400) CMS·2025-04-29 02:33Investment Rating - The investment rating for the company is "Add" [2] Core Insights - The company reported a revenue of 2.234 billion yuan in 2024, a decrease of 15.42% year-on-year, and a net profit of 107 million yuan, down 34.69% year-on-year. However, in Q1 2025, the company achieved a revenue of 614 million yuan, an increase of 38.57% year-on-year, and a net profit of 15 million yuan, marking a return to profitability [1][6] - The company is a leader in the machine vision sector in China, with a strong focus on AI-driven solutions and a diverse product portfolio that includes applications in consumer electronics, new displays, printing packaging, and renewable energy [6] - The FZMotion optical motion capture product has shown significant growth, particularly in the field of embodied intelligence, contributing to a substantial increase in revenue [6] Financial Performance - In 2024, the company experienced a gross margin increase to 34.66%, up 3.72 percentage points year-on-year, despite a challenging market environment [6] - The projected net profits for 2025, 2026, and 2027 are 173 million yuan, 263 million yuan, and 377 million yuan, respectively, with corresponding growth rates of 62%, 52%, and 43% [6][8] - The company’s PE ratios for the next three years are projected to be 67.1X, 44.1X, and 30.8X [8][15] Market Position and Strategy - The company has successfully adapted its business strategy to capture structural opportunities in the machine vision market, particularly in consumer electronics and printing packaging, with significant revenue growth in these segments [6] - The integration of JAI A/S has been completed, enhancing the company's capabilities and market position [6] - The company has been recognized for its innovative products, including the FZMotion motion capture camera, which has been included in the Beijing list of major technological equipment [6]