Optics Tech(300489) 长城证券·2025-04-23 12:06Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [4]. Core Insights - The company has achieved significant revenue and profit growth in 2024, with total revenue reaching 1.455 billion yuan, a year-on-year increase of 43.82%, and a net profit of 12.26 million yuan, marking a turnaround from losses [2][10]. - The company is focused on an integrated optoelectronic industry chain strategy, enhancing its market presence in the infrared optical sector and achieving a gross margin of 27.57% in 2024, up 9.09 percentage points year-on-year [2][3]. - The company has successfully optimized its asset structure by divesting non-core assets, which has contributed to improved profitability [10]. Financial Performance Summary - Revenue Growth: The company expects revenues to grow from 1.011 billion yuan in 2023 to 3.756 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 38.9% [1]. - Net Profit: The net profit is projected to increase significantly from a loss of 241 million yuan in 2023 to a profit of 217 million yuan by 2027, reflecting a substantial recovery [1]. - Earnings Per Share (EPS): EPS is expected to rise from -1.75 yuan in 2023 to 1.57 yuan in 2027, indicating a strong turnaround in profitability [1]. - Return on Equity (ROE): ROE is forecasted to improve from -373.7% in 2023 to 18.4% in 2027, showcasing enhanced shareholder value [1]. Business Segment Insights - Infrared Optical Business: The infrared optical segment generated 1.283 billion yuan in revenue in 2024, a year-on-year increase of 54.74%, and accounted for 88.18% of total revenue [3]. - Aluminum Alloy Business: The aluminum alloy segment reported a slight decline in revenue to 172 million yuan in 2024, but the company is advancing in the development of high-performance aluminum products for the automotive sector [8][9]. - Technological Leadership: The company is recognized as a leader in domestic infrared material production, with advanced technologies in crystal growth and large-scale production of materials like zinc selenide [9][10].