Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has established a "3+N" product strategy focusing on optical lenses and camera modules, with significant growth in the automotive, smart home, and panoramic/sport camera sectors. In 2024, the company achieved a revenue of 1.092 billion yuan, representing a year-on-year growth of 41.24% [4][5]. - The company has a strong market presence, with a 3.70% share in the global automotive optical lens market, ranking seventh globally. In the smart home sector, it holds over 10% of the global smart camera market [5]. - The company is actively expanding into emerging fields such as artificial intelligence hardware and machine vision, with several projects already in the product validation stage [7]. Financial Summary - The company is projected to achieve revenues of 1.531 billion yuan in 2025, 2.045 billion yuan in 2026, and 2.597 billion yuan in 2027, with corresponding net profits of 238 million yuan, 325 million yuan, and 424 million yuan respectively [8][10]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 32x, 23x, and 18x respectively, indicating a favorable valuation trend [8][10].
弘景光电（301479）：3+N布局丰富光学增长极