Core Perspective - Shenyang is actively implementing a "talent strong city" strategy to attract and retain high-level talent, which is seen as essential for the city's revitalization and development [4][5][13]. Talent Attraction and Development - Shenyang has launched a three-year action plan to attract high-level talent, aiming to recruit 2,000 individuals and 150 high-level teams in key industries such as automotive and aerospace [4]. - In 2022, Shenyang recognized 2,877 talents, including 590 high-level talents, exceeding its annual target [5]. - The city is focusing on attracting over 170,000 college graduates in 2024, with significant recruitment events and job offerings [7]. Infrastructure and Support Systems - Shenyang has established a multi-layered talent cultivation system, including a high-skill talent training alliance involving 131 universities and enterprises [8]. - The city has developed 79 national-level innovation platforms and 1,710 total platforms to support talent development [9]. - The "Shenyang Talent" app integrates services for talent, streamlining processes and enhancing efficiency [13][14]. Financial Incentives and Benefits - The city allocates 1.5 billion yuan annually for talent support, offering substantial financial incentives for new graduates and entrepreneurs [13]. - High-level talents can receive comprehensive subsidies, including up to 4 million yuan for entrepreneurial loans [13]. Community and Living Environment - Shenyang is enhancing the living conditions for talents, providing housing and other essential services to ensure a welcoming environment [7][15]. - The city has implemented policies to support the families of high-level talents, including educational opportunities for their children [15]. International Collaboration and Innovation - Shenyang is fostering international collaboration by establishing expert workstations and inviting global talent to contribute to local innovation [12]. - The city has seen significant achievements in technology and innovation, with numerous projects and patents emerging from its talent pool [11].

Group 1: Company Strategy and R&D Focus - The company emphasizes technological innovation and product upgrades, establishing the Daoming (Hangzhou) Research Institute to focus on optical key components and new functional film materials [2][3] - The research institute aims to provide customized optical solutions based on client needs and enhance existing optical products [3] - The company plans to leverage its advanced coating and film preparation technologies to develop special performance films and new display materials [3] Group 2: Market Position and Competition - The company has rapidly increased its market share in the license plate film sector, becoming a major supplier in China, with significant growth potential due to the rise of electric vehicles [4] - The transition from ink to hot stamping technology is expected to boost sales of license plate films and related thermal transfer films [4] - The company maintains strong competitive advantages through its production capacity, brand strength, and technological innovation [4] Group 3: Financial Performance - In 2024, the company achieved total revenue of CNY 1.44 billion, a year-on-year increase of 8.96% [5][9] - The net profit attributable to shareholders was CNY 169 million, up 8.44% year-on-year, while the net profit excluding non-recurring items was CNY 137 million, a 2.94% increase [5][9] Group 4: Future Growth Opportunities - The company anticipates accelerated domestic substitution of reflective materials, particularly in the automotive safety sector, driven by the growth of electric vehicles [8] - The company is positioned to expand its market share in regions such as the Middle East, South America, and Europe, leveraging its strong brand reputation [8] - The introduction of graphene heat dissipation films into flagship smartphone models is expected to drive future growth [8] Group 5: Talent and Management Development - The company prioritizes the development of its management team and talent cultivation, actively recruiting to enhance professional capabilities and technical skills [9] Group 6: Industry Outlook - The overall industry performance is stable, with the company maintaining a competitive edge compared to peers [9] - The company is exploring market expansion plans in emerging industries, particularly in the automotive sector, to meet increasing demand for reflective materials [9]

Investment Rating - The report maintains a "Buy" rating for the company, Daoming Optics [1][7]. Core Insights - Daoming Optics has solidified its leading position in reflective materials, with a significant increase in revenue and profit in 2024. The company achieved a revenue of 1.441 billion yuan, representing a year-on-year growth of 8.96%, and a net profit of 170 million yuan, up 8.44% year-on-year. The company also plans to distribute a cash dividend of 1.3 yuan per 10 shares [4][5]. - The core business of reflective materials reached a record high in revenue, with a 25% increase in sales volume, contributing to 74.27% of total revenue. The domestic market share for license plate film has risen to 35%. The company has successfully broken the monopoly of 3M with its micro-prism reflective film technology, which has been applied in major projects [5][6]. - The new materials segment is poised for growth, with a revenue of 140 million yuan in 2024, reflecting an 8.36% increase. The company is also expanding its overseas market presence, particularly in the Middle East and South America, and is set to launch a new production line for micro-prism reflective film in 2025 [5][6]. Financial Summary - In 2024, the company reported a revenue of 1.441 billion yuan and a net profit of 170 million yuan. The projected revenues for 2025, 2026, and 2027 are 1.561 billion yuan, 1.705 billion yuan, and 1.863 billion yuan, respectively, with corresponding net profits of 206 million yuan, 231 million yuan, and 250 million yuan [9]. - The earnings per share (EPS) are projected to be 0.27 yuan for 2024, increasing to 0.33 yuan in 2025, 0.37 yuan in 2026, and 0.40 yuan in 2027 [9].