Core Viewpoint - The company reported stable revenue from its main business, but losses from affiliated companies and legal fees negatively impacted overall performance [1][4]. Financial Performance - In 2024, the company achieved revenue of 2.419 billion yuan, a year-on-year increase of 9%, but net profit attributable to shareholders dropped by 73% to 28 million yuan [1]. - The fourth quarter of 2024 saw revenue of 699 million yuan, a 24% year-on-year growth, but a net loss of 15 million yuan [1]. - For Q1 2025, revenue was 461 million yuan, a 4% year-on-year increase, with a net loss of 21 million yuan [1]. Business Segments - The automotive optical business generated revenue of 638 million yuan in 2024, with a 64% increase in H1 2025 [2]. - The cinema business contributed nearly 570 million yuan in revenue in 2024, providing stable cash flow [2]. - The professional display segment achieved revenue of 392 million yuan in 2024, with overseas revenue nearing 140 million yuan, a 60.47% increase [2]. Research and Development - The company maintained a high R&D expense ratio of 13.66% in Q1 2025, focusing on core components and cutting-edge technology [3]. - A new ultra-compact full-color AR optical machine solution was announced, measuring only 0.8cc [3]. Shareholder Confidence - The company has implemented four share repurchase programs since 2024, totaling 139 million yuan, reflecting confidence in its operational performance and future prospects [3]. Investment Rating - The company maintains a "Buy" investment rating, with stable operations in cinema and professional display businesses, and anticipates profit contributions from the automotive sector as production matures [4]. - Profit forecasts for 2025-2026 have been slightly adjusted, with expected net profits of 199 million and 259 million yuan, respectively [4].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a total revenue of 2.419 billion yuan in 2024, representing a year-on-year increase of 9.27%, while the net profit attributable to the parent company was 28 million yuan, down 72.91% year-on-year [1] - The company's vehicle-mounted optical business has entered a phase of intensive mass production, generating revenue of 638 million yuan, with a year-on-year growth of 64.03% [2] - The company is actively expanding into emerging applications in the laser industry, showcasing innovative products at major exhibitions [2] Financial Performance Summary - In 2024, the company's gross margin was 28.31%, a decrease of 6.85 percentage points year-on-year, and the net margin was -0.24% [2] - The company plans to distribute a cash dividend of 0.25 yuan per 10 shares to all shareholders, with a payout ratio of 40.86% [1] - The company has adjusted its operating strategy for consumer-end businesses, leading to a decrease in revenue and gross margin from this segment [2] Business Segment Analysis - The cinema business generated nearly 570 million yuan in revenue in 2024, showing stable development, while the professional display business achieved revenue of 392 million yuan, with overseas markets contributing approximately 140 million yuan, a year-on-year increase of 60.47% [2] - The company has secured three high-quality contracts from well-known domestic and international automotive manufacturers in 2025, further enhancing its vehicle-mounted business [2] Future Outlook - The company is expected to see further revenue growth as it expands its vehicle-mounted and emerging laser application sectors, with projected net profits for 2025, 2026, and 2027 being 797.6 million yuan, 1.21 billion yuan, and 1.66 billion yuan respectively [3] - The company maintains a unique ALPD technology with strong barriers to entry, positioning it as a leader in the laser display field [3]