联创电子：智驾快速下沉，公司车载光学显著受益

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.08 CNY based on a 28x PE valuation for 2026 [3][6]. Core Insights - The company is expected to benefit significantly from the rapid penetration of autonomous driving technology, particularly in the automotive optical sector [2][8]. - The company forecasts a revenue range of 9.27 to 10.3 billion CNY for 2024, with a projected net loss of 280 to 550 million CNY, indicating a narrowing of losses compared to the previous year [8]. - The automotive optical business is entering a high-growth phase, supported by partnerships with major automotive brands and a robust production capacity expansion [8][9]. Financial Forecasts - The projected earnings per share for 2024, 2025, and 2026 are -0.33 CNY, 0.07 CNY, and 0.36 CNY respectively, reflecting adjustments in revenue and gross margin estimates [3][9]. - Revenue is expected to grow from 9.848 billion CNY in 2023 to 12.425 billion CNY by 2026, with a compound annual growth rate of approximately 8.9% [5][12]. - The gross margin is anticipated to improve from 8.3% in 2023 to 14.2% in 2026, indicating a recovery in profitability [5][12]. Business Developments - The company is actively expanding its automotive optical product lines, including vehicle displays and head-up displays, which are entering mass production [8][9]. - The establishment of the Hefei automotive optical industrial park is set to enhance production capabilities, with an annual capacity of 50 million vehicle lenses and modules [8][9]. - Collaborations with domestic and international automotive technology firms are expected to strengthen the company's market position in the automotive electronics sector [8][9].