Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The optical sector is expected to maintain high prosperity in 2025, with strategic adjustments in module production benefiting long-term profit fundamentals. The net profit forecast for 2025-2026 has been adjusted down to 3.5 billion and 3.8 billion respectively, with a new forecast for 2027 at 4.4 billion, representing year-on-year growth of 28%/7%/19%. The current stock price corresponds to a PE ratio of 22.4/21.0/17.6 for 2025-2027. The company is expected to benefit from three major industry drivers: mobile optical upgrades, the penetration of automotive ADAS, and the growth of XR optics, which will solidify its market position and profit base [5][6] Financial Summary and Valuation Metrics - The company's financial performance shows a significant recovery, with a net profit of 2.7 billion in 2024, a year-on-year increase of 146%, aligning with previous profit forecasts. The overall revenue and gross margin met expectations, while operating expenses exceeded expectations due to increased administrative costs from IT investments. The mobile module business has seen improvements in ASP and gross margin, with a projected gross margin of nearly 8% for 2024. The mobile lens shipment volume is expected to grow by 13% year-on-year, driven by overseas customer growth, with a gross margin of 22%. The automotive lens shipment volume is also projected to grow by 13%, slightly above guidance, with stable ASP and gross margin. The automotive module revenue is expected to reach 2.1 billion, slightly exceeding the company's guidance of 2 billion. XR-related revenue is projected to grow by 38% year-on-year, surpassing the previous guidance of 25% [5][6][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][12]. Core Views - The optical sector is expected to maintain high prosperity in 2025, with strategic adjustments in module production benefiting long-term profit fundamentals. The net profit forecast for 2025-2026 has been adjusted down to 3.5 billion and 3.8 billion respectively, with a new forecast for 2027 at 4.4 billion, representing year-on-year growth of 28%/7%/19%. The current stock price corresponds to a PE ratio of 22.4/21.0/17.6 for 2025-2027 [5][6]. - The company’s 2024 performance met expectations, confirming the trend of mobile optical upgrades and significant breakthroughs with overseas major clients. The net profit for 2024 was 2.7 billion, a year-on-year increase of 146%, aligning with the previous profit forecast [5][6]. Financial Summary and Valuation Metrics - Revenue and net profit projections for the company are as follows: - 2023A: Revenue of 31.681 billion, Net Profit of 1.099 billion - 2024A: Revenue of 38.294 billion, Net Profit of 2.699 billion - 2025E: Revenue of 42.499 billion, Net Profit of 3.450 billion - 2026E: Revenue of 46.189 billion, Net Profit of 3.688 billion - 2027E: Revenue of 54.522 billion, Net Profit of 4.402 billion - The year-on-year growth rates for revenue and net profit are projected to be 20.9% and 145.5% for 2024, and 11.0% and 27.8% for 2025 respectively [8].