微棱镜、车载HUD动力强劲，元宇宙光学空间

Investment Rating - The report assigns a Buy rating to the company, with a target price of RMB 12.50 [36] Core Views - The company has successfully navigated key industry trends, including the smartphone and tablet boom, 3D sensing, and automotive HUD, which have been critical to its growth [1][4][7] - The company's new business expansion strategy focuses on leveraging core optical technologies to enter emerging markets, avoiding cross-industry diversification, and maintaining strong synergies between its businesses [2][6] - The company's competitive advantages include technological barriers, business acumen, and organizational evolution capabilities, which have enabled it to outperform peers in the same industry [7][9][10] - The company is transitioning from a component manufacturer to a solution provider and technology platform, with a clear gradient of foundational, growth, and future businesses [13][14][15] Business Expansion and Strategy - The company has expanded from its initial focus on filter products to five major business segments, including optical components, thin-film optical panels, semiconductor optics, automotive electronics (AR+), and reflective materials [2][4][15] - The company's core technologies include precision optical coating, optical cold processing, semiconductor micro-nano processing, and optical design, which are increasingly integrated into its new business ventures [6][8] - The company has made strategic acquisitions, such as Yejili (reflective materials) and a stake in Japan's Optorun, to secure upstream supply chains and enhance its technological capabilities [1][105] Key Business Segments Optical Components - The company's optical components business, including IR cut filters and micro-prisms, remains a cornerstone, contributing 46.16% of total revenue in 2022 [109][112] - The company has developed absorbing-reflective composite filters to address issues like ghosting and chromatic aberration in high-end smartphones [109] Thin-Film Optical Panels - Thin-film optical panels have become the company's second-largest business, driven by partnerships with major clients and advancements in automation and manufacturing efficiency [82][90] Automotive Electronics (AR+) - The company has successfully mass-produced AR-HUD and is developing VR Pancake optical modules and AR waveguide solutions, positioning itself as a key player in the automotive and AR/VR markets [83][15][151] Reflective Materials - The company's reflective materials business, led by subsidiary Yejili, focuses on high-end products like glass beads and micro-prisms, aiming to replace imports and expand into new markets [111] Growth Drivers - The company's growth is expected to be driven by micro-prism modules and automotive HUD in the near term, with AR waveguide and other AR/VR technologies providing long-term growth potential [15][16][151] - The company is well-positioned to benefit from the resurgence of periscope cameras in smartphones, driven by innovations from Apple and Huawei, with the market expected to grow at a CAGR of 24.1% from 2022 to 2025 [128][25][28] Financial Performance - The company's revenue grew by 14.86% YoY to RMB 4.376 billion in 2022, with net profit increasing by 30.30% YoY to RMB 576 million, driven by the thin-film optical panels business [116][90] - The company's R&D expenses have been steadily increasing, reaching 11.69% of revenue in H1 2023, reflecting its focus on innovation in automotive electronics and AR/VR [120][92] Organizational Evolution - The company has implemented a BU (Business Unit) system since 2015, enhancing organizational agility and efficiency [3][10] - The company has expanded its global presence, establishing subsidiaries in key markets like the US, Japan, and Vietnam, with overseas revenue accounting for 75.62% of total revenue in H1 2023 [118][10] Industry Trends - The periscope camera market is expected to grow significantly, driven by innovations from Apple and Huawei, with the market size projected to reach RMB 28.7 billion by 2025 [128][25] - The AR-HUD market is in its early stages of penetration, with significant growth potential as costs decrease and adoption increases in mid-range vehicles [159][160]