全球光学龙头企业，车载光学与新兴光学打造新增长点

Investment Rating - The report assigns a "Buy" rating for the company with a target price range of HKD 56.90 to 60.82 [1][2]. Core Insights - The company is a global leader in the manufacturing of comprehensive optical components and products, established in 1984, and has a strong presence in various sectors including mobile phones, automotive, security, microscopy, robotics, AR/VR, industrial inspection, and medical testing [1][7]. - In 2022, the company's revenue was CNY 33.197 billion, a year-on-year decrease of 11.47%, with a net profit of CNY 2.408 billion, down 51.73% year-on-year, primarily due to a decline in smartphone demand [1][11]. - The company holds a 28.1% share of the global smartphone lens shipment market as of 2021, ranking first worldwide [1][11]. - The automotive sector is experiencing growth, with revenue from automotive-related products reaching CNY 4.108 billion in 2022, a year-on-year increase of 38.74% [1][11]. - The AR/VR market is rapidly developing, with significant growth expected in the coming years, and the company is actively expanding its product offerings in this area [1][11]. Summary by Sections Company Overview - The company has transitioned from a manufacturer of optical products to a provider of intelligent optical system solutions, with a focus on integrating optics, electronics, algorithms, and mechanics [7][9]. Business Segments - The company operates in eight major sectors: mobile phones, automotive, security, microscopy, robotics, AR/VR, industrial inspection, and medical testing, with a diverse product range [8][9]. Financial Performance - The company's revenue from optical components has shown significant growth, with a CAGR of 28.8% from 2004 to 2019, although growth has slowed due to external factors since 2020 [11][12]. - The revenue breakdown for 2022 indicated that optical components accounted for 28.52%, while optical products made up 70.27% of total revenue [11]. Market Position - The company maintains a leading position in the smartphone lens and automotive lens markets, with ongoing innovations in product development to meet evolving market demands [1][11]. Future Outlook - The report anticipates continued growth in the automotive and AR/VR sectors, driven by advancements in technology and increasing market demand [1][11].