LianChuang Electron(SZ:002036) Guoyuan Securities·2025-08-26 11:05Investment Rating - The investment rating for the company is "Accumulate" [1][3]. Core Views - The company is focusing its resources on the automotive optical sector, with a positive shift in its business structure. The automotive optical business has shown rapid growth, significantly contributing to the overall revenue [2][3]. - In the first half of 2025, the company achieved total operating revenue of 4.22 billion yuan, a year-on-year decrease of 14%. However, the net profit attributable to shareholders increased by 137% to 24 million yuan [1][2]. - The company expects a revenue growth rate of approximately 70% for its automotive optical products in 2025, which is anticipated to become the main pillar of its business [2]. Financial Performance - In Q2 2025, the company reported revenue of 2.04 billion yuan, down 17% year-on-year, but the net profit attributable to shareholders surged by 425% to 21 million yuan [1][2]. - The main growth drivers for the company's performance in the first half of 2025 were the rapid growth of automotive optical lenses/modules and high-definition wide-angle lenses, while mobile optical products and touch display businesses experienced significant contraction [1][2]. - The company is gradually phasing out non-profitable non-automotive screen segments and focusing on automotive screens, which is expected to improve its financial performance [2]. Future Projections - The company forecasts net profits attributable to shareholders of 86 million yuan and 287 million yuan for 2025 and 2026, respectively [3]. - The financial projections indicate a recovery in profitability, with a return to positive net profit expected in 2025 after previous losses [3].