Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Views - The report indicates an upward revision of the company's net profit for 2025-2027, with expected figures of 8.5 billion, 10.9 billion, and 12.5 billion respectively, representing year-on-year growth of 204%, 28%, and 15% [4] - The current stock price of 13.06 HKD corresponds to a PE ratio of 16.7, 13.0, and 11.3 for the years 2025-2027 [4] - The company's optical system capabilities, international expansion, and diversification into AI glasses, robotics, lidar, and automotive modules are expected to enhance mid-term growth [4] - The company's mobile optical business is anticipated to improve profitability, while IoT business is experiencing rapid growth, and the joint venture has turned profitable [5] Financial Summary and Valuation Metrics - Revenue projections for 2025 are set at 20.217 billion, with a year-on-year growth of 25.2% [7] - Net profit for 2025 is projected at 848 million, reflecting a year-on-year increase of 203.9% [7] - The gross margin is expected to improve to 8.0% in 2025, with a net margin of 4.2% [7] - The report highlights a significant increase in the company's earnings per share (EPS), projected at 0.7, 0.9, and 1.0 for 2025, 2026, and 2027 respectively [7]