Investment Rating - The report maintains a "Buy" investment rating for the company [3][5]. Core Views - The company achieved a total operating revenue of 3.02 billion yuan in H1 2025, representing a year-on-year increase of 13.8%. The net profit attributable to shareholders was 500 million yuan, up 17.4% year-on-year, with a non-recurring net profit of 450 million yuan, reflecting a growth of 14.1% [1]. - The gross margin for H1 2025 was 29.5%, an increase of 1.86 percentage points year-on-year, while the net profit margin was 16.8%, up 0.25 percentage points year-on-year [1]. - The thin-film optical business has become the core driver of the company's performance, with significant contributions expected from non-mobile products from the Vietnam plant and an increase in market share from major clients in the mobile sector [2]. - The company has seen a 79% year-on-year increase in revenue from automotive optical products, benefiting from the rapid penetration of AR-HUD technology in the automotive sector [2]. - In the AR/VR field, the company has established a comprehensive layout in display systems, 3D modules, and core optical components, positioning itself to benefit from the industrialization of major clients [3]. - The company aims to expand its overseas manufacturing scale while focusing on the domestic market, aspiring to become a leading global provider of AR optical display solutions [3]. Financial Summary - The company is projected to achieve net profits of 1.25 billion yuan and 1.53 billion yuan in 2025 and 2026, respectively [3]. - The financial forecast indicates a revenue growth of 16.01% in 2023, 23.67% in 2024, and 17.68% in 2025, with net profit growth of 4.15% in 2023 and 71.57% in 2024 [4]. - The projected earnings per share (EPS) are expected to be 0.90 yuan in 2025 and 1.10 yuan in 2026 [4]. - The company’s price-to-earnings (P/E) ratio is forecasted to decrease from 44.92 in 2023 to 14.78 in 2027, indicating an improving valuation over time [4].

近期，苹果产业链的热度持续升温。Wind数据显示，三季度以来，机构密集调研了包括水晶光电 （002273）、工业富联（601138）、鹏鼎控股（002938）、环旭电子（601231）、蓝思科技 （300433）、大族激光（002008）、京东方、东山精密（002384）在内的30多家苹果产业链公司。这一 现象背后，蕴含着资本市场对苹果新机备货周期启动的强烈预期。 据了解，目前，iPhone17已经进入大规模量产阶段，且苹果手机的主要代工生产商富士康郑州厂区已同 步启动旺季招工。分析机构Jefferies指出，iPhone17系列(含非Pro型号)整体预计较上一代涨价约50美 元，其中iPhone17Pro起价预计落在1049美元，iPhone17Pro Max起价约为1249美元，iPhone17基础型号 价格可能维持在799美元不变。 国金证券指出，iPhone17有望在SoC芯片AI能力提升、散热、FPC软板、电池及后盖等方面迎来升级及 价值量提升。 中金公司（601995）亦表示，iPhone17系列或将有明显零部件及模组升级，用户换机意愿增强，预计苹 果iPhone17系列多个零部件及模组有望实现升 ...