Beijing Fjr Optoelectronic Technology(SH:688272) Guotou Securities·2025-09-09 06:22Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 31.36 CNY, based on a projected PB of 4.5 times for 2026 [3][5]. Core Views - The company experienced a significant decline in revenue and net profit in the first half of 2025, with revenue of 115 million CNY, down 28.33% year-on-year, and a net loss of 19.92 million CNY compared to a profit of 9.62 million CNY in the same period last year [1]. - The delay in customer procurement plans and an increase in credit impairment losses have adversely affected short-term performance, although there was a slight improvement in performance from Q1 to Q2 of 2025 [1]. - The company is actively expanding its product matrix, introducing new products such as quantum encryption cameras and laser measurement systems, which are expected to open up long-term growth opportunities [2]. Financial Summary - The company forecasts net profits of 0.02 billion CNY, 0.25 billion CNY, and 0.34 billion CNY for the years 2025, 2026, and 2027, respectively, with growth rates of -86.76%, 1514%, and 37.43% [3]. - The projected revenue for 2025 is 276 million CNY, with a slight increase to 359 million CNY in 2026 and 437 million CNY in 2027 [4][8]. - The company maintains a high level of R&D investment, with R&D expenses of 22.34 million CNY in 2025, representing a 19.41% R&D expense ratio [2].