Investment Rating - The report maintains a "Recommended" rating for Yongxin Optical, indicating an expected stock price increase of over 15% relative to the benchmark index [4][6]. Core Viewpoints - Yongxin Optical demonstrated stable performance in H1 2025, with revenue of 441 million yuan, a year-over-year increase of 2.95%, and a net profit attributable to shareholders of 108 million yuan, up 8.75% year-over-year [2][3]. - The company is actively involved in major national technology projects and is accelerating the domestic replacement of high-end scientific instruments and medical equipment, aiming for high-quality development [2][3]. - The high-end microscope segment continues to grow, with its sales proportion exceeding 40%, and the automotive optical components are expected to see significant growth in H2 2025 [3][4]. Financial Performance Summary - For H1 2025, Yongxin Optical achieved a gross margin of 40.33%, an increase of 1.40 percentage points year-over-year, and a net profit margin of 24.55%, also up by 1.40 percentage points year-over-year [2][3]. - Revenue projections for 2025 to 2027 are estimated at 1.148 billion yuan, 1.430 billion yuan, and 1.783 billion yuan, respectively, with corresponding net profits of 285 million yuan, 367 million yuan, and 479 million yuan [4][5]. - The company’s PE ratios are projected to decrease from 41 in 2025 to 25 in 2027, indicating an improving valuation over time [4][5].