Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company's revenue growth is driven by the contributions from subsidiaries JiaHua WeiJie and BaiAn, with a focus on thin-film lithium niobate, submarine optical networks, and CPO [1][2] - Increased R&D investment and impairment provisions have led to profit growth lagging behind revenue growth, with a reported net profit of 66.98 million yuan, a 12% increase year-on-year [1][5] - The company maintains a leading market share in isolator products and fiber grating products, and has achieved necessary certifications for entry into the automotive supply chain [3] Revenue and Profit Analysis - In 2024, the company achieved an operating revenue of 998.87 million yuan, a 41% year-on-year increase, while the net profit was 66.98 million yuan, reflecting a 12% growth [1][6] - The revenue breakdown shows that fiber laser device revenue remained flat at 424 million yuan, while optical communication device revenue grew by 58% to 392 million yuan, with JiaHua WeiJie's revenue contributing significantly [2] Market Position and Growth Potential - The global optical module market is projected to grow, reaching 22.3 billion USD by 2028, with significant demand expected for Ethernet 1.6T optical modules by 2025 [4] - The company is actively developing new products in response to customer needs, including submarine optical network components and micro-optical connectors for CPO products [5] Financial Forecasts - The company forecasts net profits of 106.09 million yuan, 156.06 million yuan, and 194.11 million yuan for 2025, 2026, and 2027 respectively, reflecting a downward adjustment from previous estimates [5][12] - The projected operating revenues for the next few years are 1.26 billion yuan in 2025, 1.49 billion yuan in 2026, and 1.72 billion yuan in 2027, with growth rates of 26.39%, 17.64%, and 15.71% respectively [6][12]