DOTI(301183) 华金证券·2025-05-12 14:23Investment Rating - The investment rating for the company is "Buy" (first coverage) [1] Core Views - The company has reached an inflection point in performance, with significant revenue and profit growth driven by its micro-prism and optical isolator products, indicating a strong potential for future expansion [1][6] - 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][3] - 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][6] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 597 million yuan, with a year-on-year growth of 69.20%, and a net profit of 55.82 million yuan, marking a significant turnaround from losses in previous years [1][3] - The first quarter of 2025 showed continued growth with revenue of 156 million yuan, a 26.88% increase year-on-year, and a net profit of 20.10 million yuan, reflecting a 155.43% increase [1][6] Product Development and Market Position - The company specializes in precision optical components, with a strong position in the smartphone camera filter market, leading in infrared cutoff filter shipments in China [3][6] - The company has successfully expanded its product lines to include optical isolators and Z-block components, transitioning from the telecom market to the data communication market, which is expected to drive further revenue growth [4][6] Revenue Projections - Revenue projections for 2025-2027 are 978 million yuan, 1.45 billion yuan, and 1.97 billion yuan, respectively, with year-on-year growth rates of 63.8%, 48.3%, and 36.1% [5][7] - The net profit attributable to shareholders is projected to be 110 million yuan, 152 million yuan, and 206 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding growth rates of 96.8%, 38.2%, and 35.5% [5][7]