Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a significant recovery in profitability driven by the semiconductor and autonomous driving sectors, with Q1 2025 revenue reaching 142 million yuan, a year-on-year increase of 28.23%, and a net profit of 17 million yuan, up 288.73% year-on-year [1][2] - The company has a strong position in the precision optical industry, with advanced technology capabilities and a global layout to drive growth [4][7] Financial Performance - In Q1 2025, the company's gross margin was 50.49%, an increase of 1.01 percentage points year-on-year, attributed to a favorable change in product mix [3] - The company managed to reduce its expense ratio to 35.04%, down 8.14 percentage points year-on-year, with significant reductions in sales, management, and R&D expenses [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 625 million, 773 million, and 946 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 24.3%, 23.7%, and 22.4% [8] - Projected net profits for the same years are 70 million, 100 million, and 140 million yuan, with year-on-year growth rates of 97.1%, 42.3%, and 41.0% [8] Market Position and Global Strategy - The company is recognized as a leading domestic manufacturer of industrial-grade precision optics, with a comprehensive solution capability in optical design and optomechanical integration [4] - The company has established production bases in Thailand and a research center in the United States, enhancing its ability to serve international clients and adapt to market changes [7]
茂莱光学（688502）：半导体+无人驾驶驱动成长，盈利能力显著修复