Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company achieved an operating revenue of 2.419 billion yuan in 2024, representing a year-on-year growth of 9.27%. However, the net profit attributable to shareholders decreased by 72.91% to 27.95 million yuan, and the net profit after deducting non-recurring gains and losses fell by 22.88% to 32.13 million yuan [2][5] - In Q4 2024, the company reported an operating revenue of 699 million yuan, a year-on-year increase of 24.21%, but a net loss of 14.99 million yuan, which was a reduction in loss by 10.38 million yuan compared to the previous year [2][5] - The company’s Q1 2025 operating revenue was 461 million yuan, up 3.67% year-on-year, with a net loss of 21.36 million yuan, a significant decline of 147.95% compared to the same period last year [2][5] Summary by Sections Revenue and Profitability - The company’s revenue growth is driven by the automotive optical business, which entered a phase of rapid production and delivery, achieving 638 million yuan in revenue [12] - The gross margin for 2024 decreased by 6.85 percentage points due to adjustments in the business structure and an increase in the proportion of low-margin automotive business [12] - The company’s operating profit for 2024 was 603 thousand yuan, a reduction in loss of 2.009 million yuan year-on-year [12] Business Outlook - The automotive optical business is expected to accelerate, with the company securing high-quality contracts from several well-known automotive manufacturers [12] - The company anticipates that the C-end business will continue to reduce losses while the automotive business will contribute to rapid overall growth [12] - Forecasted net profits for 2025, 2026, and 2027 are 120 million yuan, 178 million yuan, and 211 million yuan respectively [12]

Core Viewpoint - In the first quarter of 2025, the company reported a revenue of 461 million yuan, marking a year-on-year growth of 3.67%, with significant contributions from its automotive optical business, which grew by 64.03% to 78.78 million yuan, showcasing the company's strong capabilities in technological innovation and market expansion [1] Group 1: Financial Performance - The company achieved a revenue of 461 million yuan in Q1 2025, reflecting a 3.67% increase year-on-year [1] - The automotive optical business saw a remarkable growth of 64.03%, generating 78.78 million yuan in revenue [1] Group 2: Automotive Business Expansion - The company secured three high-quality projects from well-known domestic and international automotive manufacturers, reinforcing its leading position in the automotive optical sector [2] - A notable project awarded in March 2025 involves a major international automotive company, focusing on new product applications in smart cockpits for global series models [2] - The company has partnered with Huawei, supplying automotive projection systems for the Wanjie M8 and 2025 Wanjie M9, with over 150,000 units delivered in 2024 [2] Group 3: Technological Innovation - The company continues to invest in core technologies and components, focusing on AR/AI, robotics, and automotive optics [4] - A strategic partnership with Valeo was established to launch a new generation of automotive lighting solutions, enhancing vehicle safety and comfort [4] - The company's products were showcased at the Osaka Expo, demonstrating its technical strength and successful entry into overseas markets [4] Group 4: Future Development Plans - The founder and CEO outlined plans to enhance competitiveness through resource investment in upstream strategic directions, organizational changes, and exploring new market opportunities [5] - The company acknowledges the cyclical nature of business operations and emphasizes the importance of strategic patience and determination [5]