投资逻辑 公司专注光学元件、组件的研发与制造，激光光学产品能满足各类主流激光应用，红外热成像光学主要 用于夜视、测温、监控等。公司营收稳健增长，24 年实现营收4.2 亿元，同比+14%，19-24 年收入复合 增速为13%。25Q1 实现营收1.0 亿元（YoY+21%）。 精密光学下游多点开花，公司产品布局逐步拓展。以PCB、面板为代表的泛半导体行业，在技术迭代与 AI 的驱动下，与激光技术深度融合。根据中国海关的数据，2025 年1-5 月中国半导体设备进口数量为 2.2 万台，同比-11.5%，进口设备数量有所下降。海外对中国半导体产业封锁不断升级，卡脖子的半导 体设备国产替代越发迫切。根据公司公告，公司24 年在半导体和泛半导体制造领域实现收入5109 万 元，同比+82.3%，未来有望充分受益国产半导体设备对精密光学元件的需求增长。相较于智能手机， AR 涉及全新的光学方案，根据艾瑞咨询，AR 整机中的光学显示单元在BOM 占比达43%，是价值占比 较高的部分之一。根据公司公告，24 年公司用于AR/VR 的光学产品已向国内主流厂商供货，实现收入 约550 万元。随着AR/VR 设备加速渗透，公司 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company focuses on the research and manufacturing of optical components and modules, with stable revenue growth projected to reach 420 million yuan in 2024, a year-on-year increase of 14%, and a compound annual growth rate (CAGR) of 13% from 2019 to 2024 [2]. - The company is expected to benefit from the increasing demand for precision optical components in the semiconductor and general semiconductor manufacturing sectors, with a reported revenue of 51.09 million yuan in 2024, a year-on-year increase of 82.3% [2]. - The company has also begun supplying optical products for AR/VR applications, generating approximately 5.5 million yuan in revenue in 2024 [2]. Summary by Sections Company Overview - The company operates in the midstream of the optical industry, producing optical components that cover a wavelength range from ultraviolet to far infrared [14]. Downstream Applications - The demand for precision optics is driven by various emerging fields, including semiconductors, smart manufacturing, infrared security, and consumer-level optical products like AR/VR [25]. Revenue Growth and Business Expansion - The company achieved a revenue of 99 million yuan in Q1 2025, reflecting a year-on-year growth of 20.9% [33]. - The company's overseas business revenue reached 130 million yuan in 2024, a year-on-year increase of 35%, accounting for 31% of total revenue [3]. Profit Forecast and Valuation - The company is projected to achieve revenues of 510 million yuan, 640 million yuan, and 800 million yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 50 million yuan, 70 million yuan, and 90 million yuan [4]. - The report assigns a target price of 100.08 yuan per share based on a 2026 price-to-sales (P/S) ratio of 18x [4].