Optics Tech(300489) 东北证券·2025-04-21 06:54Investment Rating - The report initiates coverage with an "Accumulate" rating for the company, indicating a projected stock price increase of 5% to 15% over the next six months [5][12]. Core Insights - The infrared optical business is a significant growth driver, with revenue reaching 1.283 billion yuan in 2024, a substantial increase of 54.74% year-on-year, accounting for 88.18% of total revenue [2][3]. - The company is actively pursuing a full industry chain layout in the infrared sector, focusing on materials, detectors, and complete systems, which positions it as a leading domestic supplier of infrared materials [2][3]. - The company has divested non-core assets to enhance operational efficiency and is exploring new markets, including advanced aluminum materials for the civilian high-end market and components for electric vehicles [3]. Financial Performance - In 2024, the company achieved a revenue of 1.455 billion yuan, representing a year-on-year growth of 43.82%, and turned a profit with a net profit of 12.26 million yuan [1][4]. - For the first quarter of 2025, revenue surged to 471 million yuan, marking a significant year-on-year increase of 101.02%, with a net profit of 9.57 million yuan [1]. - The financial forecast estimates net profits of 66 million yuan, 92 million yuan, and 119 million yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 89, 64, and 50 times [3][4].