Investment Rating - The report maintains an "Outperform" rating for the company [6]. Core Insights - The company, Maolai Optical, is positioned as a key player in the domestic substitution trend, with a recovery in performance growth expected [6]. - The company plans to raise a total of 562.5 million yuan through convertible bonds, with net proceeds of 554.36 million yuan allocated for precision optical production projects, R&D centers, and working capital [4]. - The company has adjusted its revenue and net profit forecasts upwards for 2025 and 2026 due to the anticipated growth in high-margin XR/semiconductor businesses [6]. Financial Data Summary - Total revenue projections for 2025 are set at 624 million yuan, with a year-on-year growth rate of 24.1% [5]. - The net profit attributable to the parent company is forecasted to be 69 million yuan for 2025, reflecting a significant year-on-year increase of 93.7% [5]. - The company’s gross margin is expected to improve from 48.4% in 2024 to 49.6% in 2025 [5]. - The return on equity (ROE) is projected to rise from 3.0% in 2024 to 5.5% in 2025 [5].
茂莱光学（688502）：可转债发行上市，加码深紫外光学器件商业化