南极光（300940）：首次覆盖报告：Switch2开启高质量发展之路

Investment Rating - The report initiates coverage on Nanji Guang (300940.SZ) with a "Buy" rating [5] Core Views - The company is the sole supplier of backlight components for the Switch 2 display panel, with applications spanning laptops, tablets, industrial control, and automotive sectors. The launch of Switch 2 marks a turning point for the company's performance [5] - Nintendo's official website indicates that Switch 2 sold over 3.5 million units within four days of its launch, surpassing the initial month's sales of the first-generation Switch, which was 2.74 million units. Annual sales are expected to exceed 15 million units [5] - Historical sales data for the first-generation Switch shows a growth from approximately 13 million units in 2017 to over 28 million units in 2020, achieving a compound annual growth rate of about 29.5% [5] - Nanji Guang has shifted focus from traditional smartphone applications to optimizing production capacity for gaming consoles and tablets, collaborating with key clients on technology development to secure order shares [5] - The report highlights that the market generally perceives a lack of growth in the backlight module market due to the trend of OLED replacing LCD displays. However, it argues that LCD technology will continue to thrive in long-lifespan terminal platforms such as gaming consoles, TVs, and automotive applications, presenting structural growth opportunities [5] Financial Data and Profit Forecast - Total revenue projections for 2025E, 2026E, and 2027E are estimated at 12.8 billion, 19.2 billion, and 25.0 billion yuan, with year-on-year growth rates of 180.0%, 50.0%, and 30.0% respectively [3][5] - Net profit attributable to shareholders is forecasted to be 1.54 billion, 2.59 billion, and 2.97 billion yuan for 2025E, 2026E, and 2027E, with year-on-year growth rates of 647.7%, 67.9%, and 14.8% respectively [3][5] - The report anticipates gross profit margins of 22.0%, 25.0%, and 23.0% for the years 2025-2027 [5] - The company is expected to achieve a return on equity (ROE) of 12.5%, 17.3%, and 16.6% for the years 2025-2027 [3][5] Market Data - The closing price of the stock on December 30, 2025, is noted at 29.12 yuan, with a market capitalization of 4.586 billion yuan [4] - The stock's price-to-earnings ratio is projected to be 42.9, 25.6, and 22.3 for the years 2025E, 2026E, and 2027E respectively [3][5]