Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][16] Core Viewpoints - The company has received a development notice from a leading international automotive manufacturer, becoming the exclusive supplier of in-vehicle optical components for their smart cockpit products, which are configured in a global series of models. This recognition highlights the company's supply chain capabilities and product quality meeting international standards, facilitating future business expansion [4][5][6] - The company has secured a total of 13 vehicle display contracts with leading domestic and international automotive manufacturers, indicating strong market demand for its products. As these contracts enter mass production, the vehicle business is expected to drive a second growth phase for the company [5][8] - The cinema market is currently thriving, and the company's cinema business is anticipated to achieve good growth. The C-end business has shown initial positive results through proactive adjustments, leading to continuous optimization of the core business fundamentals [5][12] - The company is a global leader in laser display technology, with its smart cockpit business gaining continuous recognition from top automotive manufacturers. The vehicle business is expected to create a new growth curve for the company [5][16] Summary by Sections Vehicle Business - The company is projected to generate over 600 million yuan in vehicle business revenue in 2024, with the first model, the Wanjie M9, entering the delivery phase in March 2024. The total delivery volume for 2024 is expected to exceed 150,000 units, with significant pre-order numbers for the 2025 models [8][20] - The company has received contracts covering three major business lines: smart cockpits, laser headlights, and AR-HUD, with revenue from the vehicle business expected to support the company's second growth phase [8][20] Financial Forecast - The company expects to achieve net profits of 30 million, 200 million, and 260 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 299, 43, and 34 times. The revenue forecast for 2024-2026 is 2.42 billion, 2.98 billion, and 3.55 billion yuan, reflecting year-on-year growth of 9%, 23%, and 19% [16][21][22]