在科技世界里，真正令人敬佩的，不只是那些颠覆想象的发明，还有愿意让技术回归初心的人。 詹姆斯·戴森（James Dyson）便是这样一位工程师型科学家。上世纪八十年代，他发明了世界上第一台无尘袋吸尘器。戴森没有让这项技术停留在工业领 域，而是将其带入了普通家庭生活。那些曾经埋藏在实验室里的流体力学方程，被他转化成了家家户户可感知的体验——更安静的气流、更稳定的风压、 更洁净的空间。 "当代毕昇"王选也有这样的故事。上世纪八十年代，当时中国尚无成熟的计算机产业，王选带领团队发明了汉字激光照排系统，让印刷业进入数字化时 代，也使信息传播第一次摆脱了铅与火的束缚。 程德文一直站在光学技术前沿。他是北京理工大学与美国亚利桑那大学联合培养的博士、博士生导师、国家级领军人才，也是中国最早系统研究自由曲面 光学系统的专家之一。二十多年来，他一直专注于AR/VR光学显示领域——一门与未来图像和空间感知直接相关的学科。 2015年，程德文创立了耐德佳，一家以光学设计为核心的技术企业。凭借高研发壁垒和稳定的全球客户群，耐德佳逐渐被视为"中国光学硬科技"的代表之 一。他和团队为联想、小米、华硕、高通等多家世界500强企业提供光学模 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The company reported a revenue of 3.02 billion yuan for the first half of 2025, representing a year-on-year growth of 13.77% - The net profit attributable to shareholders reached 501 million yuan, with a year-on-year increase of 17.35% - The growth in profit outpaced revenue growth, indicating strong operational efficiency - The film optical panel business has become the core engine driving the company's performance, supporting stable growth in the consumer electronics sector - Significant advancements have been made in key technology areas such as HUD, reflective waveguides, and diffractive waveguides, suggesting a positive outlook for the company's medium to long-term growth [2][4][11]. Financial Performance Summary - For the first half of 2025, the breakdown of revenue by product structure shows: - Consumer electronics business generated 2.543 billion yuan, up 12.8% year-on-year, accounting for 84.19% of total revenue with a gross margin of 29.52% - Automotive electronics business achieved revenue of 241 million yuan, a 79.07% increase year-on-year, representing 8% of total revenue with a gross margin of 25.24% - Reflective materials business reported revenue of 187 million yuan, a 1.97% increase year-on-year, making up 6.21% of total revenue with a gross margin of 35.68% - Other businesses generated 48 million yuan, down 40.85% year-on-year, accounting for 1.6% of total revenue - The overall gross margin for the first half of 2025 was 29.46%, an increase of 1.86 percentage points year-on-year [11][18]. Market Trends and Strategic Initiatives - The consumer electronics industry is showing a significant recovery trend, driven by technological iterations and increasing demand - The company is deepening strategic ties with core customers, optimizing product structure, and increasing R&D investment - The company has successfully overcome technical barriers in a North American client's coating filter project, leading to mass production - The film optical panel business is expanding its market share in mobile devices while covering all categories of consumer electronics - In the automotive optical sector, the company is actively expanding its market presence, with AR-HUD products gaining significant penetration in the domestic new energy vehicle market - The company is also making strides in the AR/VR field, achieving breakthroughs in key technologies and establishing deep collaborations with leading enterprises [11][12].