Forecam(SH:688010) China Post Securities·2025-06-11 12:23Investment 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 strategy. It has developed several industry-first technologies, including a large aperture transmission astronomical observation lens, enhancing its global competitive edge. The company is also actively pursuing the integration of dual-use technologies to replace imported lenses in domestic security monitoring [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 record [4][10]. - The company is expected to generate revenues of 850 million yuan, 1.01 billion yuan, and 1.20 billion yuan in 2025, 2026, and 2027, respectively, with net profits projected at 45.24 million yuan, 75.66 million yuan, and 100.29 million yuan for the same years. The current stock price corresponds to a PE ratio of 64 times and 49 times for 2026 and 2027, respectively [8][10]. Company Overview - The latest closing price of the company's stock is 30.30 yuan, with a total market capitalization of 4.9 billion yuan. The company has a total share capital of 161 million shares, with a debt-to-asset ratio of 33.8% and a PE ratio of 501.66 [3][4].