Core Insights - The company reported a revenue growth of 37.1% in 2024, reaching 1.034 billion yuan, driven by diversified product offerings and strong demand in consumer electronics, automotive smart driving, and optical communication sectors [1] - The net profit attributable to shareholders increased by 22.6% to 221 million yuan, with a non-recurring net profit of 215 million yuan, reflecting a 33.21% year-over-year growth [1] - In Q1 2025, the company experienced a revenue increase of 53% to 256 million yuan, and a net profit growth of 55.5% to 46 million yuan [1] Revenue Breakdown - Optical prism revenue surged by 59.01% in 2024, totaling 654 million yuan, accounting for 63.2% of total revenue, despite a slight decline in gross margin to 37.99% [2] - The revenue from optical glass aspheric lenses grew by 4.08% to 251 million yuan, representing 24.3% of total revenue, with an improved gross margin of 51.93% [2] - Glass wafer business revenue increased by 38.91% to 73 million yuan, making up 7.0% of total revenue, with a gross margin of 16.01% [2] Market Expansion and Product Development - The company is actively expanding its downstream market and strengthening partnerships with leading optical glass material manufacturers and semiconductor equipment suppliers [3] - There is a focus on improving product structure and customer development, particularly in AR/VR, automotive logo projection, and semiconductor sectors [3] - The company anticipates continued growth in demand for micro-prism products used in smartphone camera modules and aspheric lens products [3] Future Projections - Revenue projections for 2025-2027 are set at 1.456 billion, 1.806 billion, and 2.250 billion yuan, respectively, with net profits expected to reach 345 million, 449 million, and 568 million yuan [3] - The current price-to-earnings ratios are projected at 27.8, 21.3, and 16.9 for the respective years [3]