Forecam(SH:688010) China Post Securities·2025-06-11 12:39Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is advancing in semiconductor precision optics, with a focus on custom and non-custom products driving its business growth. It has developed several industry-first technologies, including a large aperture transmission astronomical observation lens, which enhances China's capabilities in astronomical observation and precise positioning systems [4][5]. - In 2024, the company achieved revenue of 621 million yuan, a year-on-year increase of 5.82%, and a net profit attributable to shareholders of 9.49 million yuan, marking a return to profitability. The EBITDA reached 152 million yuan, a significant increase of 222.03%, setting a historical high [4][10]. - The company is actively expanding its product offerings in various markets, including automotive, infrared, and machine vision lenses, with notable revenue growth in these segments [6][7]. Financial Performance - The company forecasts revenues of 850 million yuan, 1.01 billion yuan, and 1.20 billion yuan for 2025, 2026, and 2027, respectively, with net profits projected at 45.24 million yuan, 75.66 million yuan, and 100.29 million yuan [8][10]. - The projected growth rates for revenue are 36.74% in 2025, 18.86% in 2026, and 18.54% in 2027, indicating a strong growth trajectory [10]. - The company’s price-to-earnings (P/E) ratios for 2026 and 2027 are estimated at 64 times and 49 times, respectively, reflecting its growth potential [8][10].