Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [5][6][16]. Core Insights - The company has released a positive profit forecast for the first half of 2025, expecting a year-on-year increase of no less than 30% in net profit attributable to shareholders, driven by strong sales growth of high-refractive index and functional products, which also enhances the average selling price [5][6]. - The company is focusing on product structure upgrades and has established strong manufacturing capabilities, which are expected to drive steady revenue growth and improved profitability [5][6]. - The XR business has a significant competitive advantage, with strategic partnerships, particularly with Goer, expected to unlock further business development opportunities [5][6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 1,760 million RMB - 2024: 2,061 million RMB (13% YoY growth) - 2025E: 2,403 million RMB (17% YoY growth) - 2026E: 2,790 million RMB (16% YoY growth) - 2027E: 3,248 million RMB (16% YoY growth) [2][7] - Net profit attributable to shareholders is forecasted as: - 2023: 327 million RMB - 2024: 428 million RMB (32% YoY growth) - 2025E: 550 million RMB (31% YoY growth) - 2026E: 682 million RMB (29% YoY growth) - 2027E: 840 million RMB (24% YoY growth) [2][7]. - Earnings per share (EPS) are projected to increase from 0.77 RMB in 2023 to 1.75 RMB in 2027 [2][7]. Market Position and Competitive Landscape - The company is positioned as a leading manufacturer of optical lenses, with a comprehensive product SKU matrix and solid upstream and downstream partnerships [5][6]. - The smart glasses market is experiencing rapid growth, with significant sales increases expected for products like the second-generation Ray-Ban Meta, indicating a robust demand for innovative eyewear solutions [5][6]. - The company is actively expanding its domestic market presence and building its own brand, which is expected to contribute to new growth momentum [5][6].

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