Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [5]. Core Insights - The company is positioned to lead the development of smart glasses and is closely following the trend of AI PCs, showcasing its innovative products at the 2025 International Eyewear Exhibition [3][4]. - The company has introduced three models of smart glasses, demonstrating its technological strength in AR and AI, with the AI+AR version featuring the world's first dual-eye full-color array waveguide technology [3]. - The company continues to innovate in the gaming PC sector, launching various products that meet user demands, including high-performance laptops and mini PCs [4]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 34.03 billion, 37.46 billion, and 42.07 billion yuan respectively, with corresponding EPS of 0.62, 0.92, and 1.32 yuan [5][9]. - The current stock price corresponds to a PE ratio of 53, 36, and 25 for the years 2025, 2026, and 2027 respectively, indicating potential for revenue and profit growth driven by market demand recovery and new customer acquisition [5][9]. - The company is expected to experience significant growth in net profit, with a forecasted increase of 190.1% in 2025 and continued growth in subsequent years [9].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5]. Core Insights - The company is leading the development of smart glasses and is closely following the trend of AI PCs, showcasing its innovative products at the 2025 International Eyewear Exhibition [3][4]. - The company has introduced three models of smart glasses, including the world's first dual-eye full-color array waveguide technology, enhancing user experience with high brightness [3]. - The company is also launching a series of gaming laptops and mini PCs to meet the growing demand in the esports and AI PC markets [4]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are estimated at 34.03 billion, 37.46 billion, and 42.07 billion yuan respectively, with corresponding EPS of 0.62, 0.92, and 1.32 yuan [5][7]. - The company is expected to benefit from market demand recovery and the introduction of new clients, leading to sustained revenue and profit growth [5]. - The projected growth rates for revenue are 15.1% in 2025, 10.1% in 2026, and 12.3% in 2027 [7]. Key Financial Metrics - The company’s net profit is forecasted to grow significantly, with a projected increase of 190.1% in 2025, followed by 47.5% in 2026 and 43.9% in 2027 [9]. - The return on equity (ROE) is expected to rise from 2.5% in 2024 to 12.0% by 2027, indicating improved profitability [9]. - The company's asset-liability ratio is projected to decrease from 54.2% in 2024 to 49.5% in 2027, reflecting a strengthening balance sheet [9].