Core Viewpoint - Hongjing Optoelectronics has been rated as a "buy" by Zhongyou Securities, highlighting its strong growth potential in the optical lens and camera module market through its "3+N" product strategy [1][4]. Group 1: Company Overview - Established in 2012, Hongjing Optoelectronics focuses on the research, design, manufacturing, and sales of optical lenses and camera modules, initially capitalizing on the rapid growth of automotive dash cameras and smart home cameras [2]. - The company has developed a diverse product line, including all-glass optical lenses and hybrid glass-plastic lenses, to meet the differentiated needs of its clients [2]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 1.092 billion yuan, representing a year-on-year growth of 41.24%, with smart automotive products contributing 229 million yuan (up 30.79%) and smart home and panoramic/sport camera products totaling 852 million yuan (up 44.49%) [2]. Group 3: Market Position and Strategy - Hongjing Optoelectronics has a solid market presence in three main sectors: smart automotive, smart home, and panoramic/sport cameras, while actively exploring emerging fields such as AI hardware and machine vision [3]. - The company holds a 3.70% market share in the global automotive optical lens market, ranking seventh globally, and over 10% in the global smart camera market [3]. Group 4: Future Projections - Revenue projections for the company are 1.531 billion yuan in 2025, 2.045 billion yuan in 2026, and 2.597 billion yuan in 2027, with corresponding net profits of 238 million yuan, 325 million yuan, and 424 million yuan [4].