Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is acquiring 100% equity of Changsha Aifusi Technology Co., Ltd. to enter the precision optical equipment sector, which aligns with its existing business for synergistic growth [1]. - Aifusi specializes in ultra-precision optical processing equipment and technology, addressing challenges in high-end optical component manufacturing and testing [1]. - The demand for passive components, particularly MLCCs, is expected to rise due to AI server requirements, leading to a potential price increase for the company's products [3]. - The company is projected to achieve total revenue of 2.15 billion, 2.64 billion, and 3.21 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18.4%, 23.0%, and 21.3% [4]. Financial Projections - The company is expected to realize net profits of 254 million, 362 million, and 526 million yuan for the years 2025, 2026, and 2027, reflecting year-on-year growth rates of 25.7%, 42.6%, and 45.1% [4]. - The current market capitalization corresponds to a PE ratio of 50.7 and 34.9 times for the years 2026 and 2027, respectively [4]. - The company’s revenue for 2023 is reported at 1.57 billion yuan, with a year-on-year growth rate of 20.8% [10].
洁美科技（002859）：收购埃福思切入精密光学设备领域，横向布局再下一城