DOTI(301183) 华金证券·2025-05-12 13:10Investment Rating - The investment rating for the company is "Buy" (首次) [2][7] Core Views - The company has reached an inflection point in its performance, with significant revenue and profit growth driven by its micro-prism and optical isolator products [1][4] - In 2024, the company achieved a revenue of 597 million yuan, a year-on-year increase of 69.20%, and a net profit attributable to shareholders of 55.82 million yuan, up 271.02% year-on-year [1][4] - The first quarter of 2025 continued this growth trend, with total revenue of 156 million yuan, a year-on-year increase of 26.88%, and a net profit of 20.10 million yuan, up 155.43% year-on-year [1][4] Financial Performance - The company specializes in the research, production, and sales of precision optical components, with a focus on imaging optical components for camera modules and communication optical components for laser radar and optical communication devices [4][7] - The revenue forecast for 2025-2027 is 978 million yuan, 1.45 billion yuan, and 1.974 billion yuan, representing year-on-year growth rates of 63.8%, 48.3%, and 36.1% respectively [6][8] - The net profit attributable to shareholders is projected to be 110 million yuan, 152 million yuan, and 206 million yuan for 2025, 2026, and 2027, with corresponding year-on-year growth rates of 96.8%, 38.2%, and 35.5% [6][8] Market Position and Product Development - The company is a leading player in the domestic Android smartphone filter market, with its infrared cutoff filter component shipment volume ranking first in China [4][7] - The company has successfully expanded its product lines into the data communication market, with significant growth in sales of optical isolators and other components [5][7] - The company has invested in R&D, with a focus on laser radar optical components, Z-Block wavelength division multiplexing components, optical isolators, and mobile micro-prisms, increasing R&D expenses by 16.20% in 2024 [4][6]