Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock performance relative to the benchmark index [5][8]. Core Insights - The panoramic and action camera business is experiencing significant growth, driven by the explosion of social media content and the increasing demand for immersive experiences. The company achieved a revenue of 1.198 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 51.65% [3]. - The company is implementing a "3+N" product strategy, focusing on expanding its market share in smart automotive, smart home, and panoramic/action camera sectors, while also exploring emerging fields such as AI hardware and industrial inspection [4]. - The company has secured stable partnerships with major automotive manufacturers and high-end smart home brands, indicating a strong order backlog and market capacity to absorb new production [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 1.594 billion yuan, 2.177 billion yuan, and 2.800 billion yuan, respectively, with net profits expected to be 202 million yuan, 283 million yuan, and 368 million yuan [5][9]. - The company anticipates a revenue growth rate of 41.24% in 2024, 45.98% in 2025, and a gradual decline to 28.63% by 2027 [9][12]. - The projected earnings per share (EPS) for the same years are 2.27 yuan, 3.18 yuan, and 4.14 yuan, with a decreasing price-to-earnings (P/E) ratio from 46.20 in 2024 to 20.75 in 2027 [9][12].
弘景光电（301479）：全景、运动相机强劲增长，新兴市场持续拓展