China Post Securities: Hongjing Optoelectronics implements the "3+N" product strategy, initiating coverage with a "buy" rating.

The research report from China Post Securities pointed out that Hongjing Optics is deeply cultivating optical lenses and camera modules, implementing the "3+N" product strategy. "3" represents the company's three major business areas of intelligent cars, smart homes, and panoramic/sports cameras, while "N" represents emerging business areas. The company relies on the three major business areas for performance support and sees emerging business areas as performance growth points. In 2024, the company achieved revenue of 1.092 billion yuan, a year-on-year increase of +41.24%. Among them, revenue from intelligent car products reached 0.229 billion yuan, a year-on-year increase of +30.79%; revenue from smart homes and panoramic/sports camera products totaled 0.852 billion yuan, a year-on-year increase of +44.49%. Emerging business areas also made effective breakthroughs, achieving good revenue growth. In addition, the three major areas of intelligent cars, smart homes, and panoramic/sports cameras have a solid foundation, actively investing in new emerging areas such as artificial intelligence hardware, machine vision, industrial inspection, and medical fields. First coverage, with a "buy" rating.