Investment Rating - The investment rating for the company is "Accumulate" with a target price of 48.25 CNY [5][11]. Core Insights - The company is deeply engaged in high-end electronic materials, with the explosion of AI mobile phone demand expected to drive both volume and price increases for its products. Additionally, the continuous expansion into optoelectronic display materials provides ample growth momentum for the future [2][11]. - The company has three main product lines: electronic composite materials, optoelectronic display module materials, and functional adhesives, which are applied in OLED display modules, consumer electronics, AI smart hardware, and automotive electronics. Its products are already utilized by well-known domestic and international consumer electronics brands and display panel industry clients [11]. - The company is investing 2.05 billion CNY in a new high-performance optical adhesive film project, which has already commenced construction. This will further enhance its capabilities in optical display film materials, photosensitive materials, and optical display coating materials [11]. Financial Summary - Total revenue is projected to grow from 511 million CNY in 2023 to 2,008 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 31.4% [4][12]. - Net profit attributable to the parent company is expected to increase from 193 million CNY in 2023 to 698 million CNY in 2027, reflecting a CAGR of about 29.1% [4][12]. - Earnings per share (EPS) is forecasted to rise from 0.69 CNY in 2023 to 2.49 CNY in 2027 [4][12]. Market Position - The company operates in a market where high-end optical materials are predominantly controlled by foreign enterprises from the US, Japan, and South Korea, indicating significant potential for domestic substitution [11]. - The company has successfully broken the monopoly of foreign firms by achieving new customer certifications and mass production sales of its optoelectronic products, which are gradually ramping up [11].