Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's laser optical components business showed strong performance in Q1, driven by increased market demand in the semiconductor sector and a significant rise in product shipments, resulting in a revenue of 170 million yuan, a year-on-year increase of 23.75% [3][4] - Following two acquisitions in 2024, the company is increasing its R&D investments in high-potential areas such as optical communication, consumer electronics, and semiconductor processes, although this has led to short-term pressure on profits due to rising employee compensation and fixed operating costs [3][6] - The company has a diverse product matrix in the automotive application sector, collaborating with global Tier 1 suppliers in areas like lidar and projection lighting, establishing itself as a qualified supplier for AG company [5] Financial Forecast - Revenue projections for 2025-2027 are 776 million, 980 million, and 1.289 billion yuan respectively, with EPS estimates of 0.19, 0.62, and 1.30 yuan, corresponding to PE ratios of 364, 110, and 53 times [6][9] - The company is focused on high-power semiconductor laser components and has diversified into optical communication, consumer electronics, semiconductor processes, automotive applications, and healthcare [6]