AKL(SH:603722) Changjiang Securities·2025-07-02 09:56Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has officially entered the production phase for its COC project, with qualified products successfully produced. This project has passed safety facility acceptance review and is now registered with government departments [2][6][11]. - The COC project is expected to significantly expand the company's market opportunities, as it is the first domestic company to achieve mass production of COC/COP, which has previously been reliant on imports [11]. - The company has implemented an equity incentive plan to motivate core personnel, which is expected to support the steady progress of COC product production and sales [11]. Summary by Sections Company Overview - The current stock price is 46.44 yuan, with a total share capital of 95.7 million shares. The net asset per share is 9.68 yuan, and the highest and lowest prices in the last 12 months were 51.48 yuan and 30.98 yuan, respectively [8]. Financial Projections - The projected net profits for the company from 2025 to 2027 are 0.35 billion yuan, 2.64 billion yuan, and 4.61 billion yuan, respectively. The corresponding price-to-earnings ratios for these years are 125.5X, 16.9X, and 9.7X [11][16]. Market Potential - The COC product has superior optical performance and high technical barriers, with the domestic market currently being unfilled. The pricing for similar products from Japanese manufacturers ranges from 120,000 to 160,000 yuan per ton, indicating a significant opportunity for domestic production to lower costs and expand application fields [11].