Gronghui Oct. 9, Zhongtai Securities Research News pointed out that the continuous volume of on-board optics of 002036.SZ is expected to lead the company to optimize its profits. The company is a leading manufacturer of ADAS lenses / modules, working closely with NIO Inc., T customers, BYD, Mobileye, NVIDIA Corp, overseas Tier1, etc., core customer NIO Inc. sales reached a record high in July, 23H2 Hefei plant production climbing will also provide an effective guarantee for vehicle optical volume growth. In addition, in order to shorten the North American customer delivery cycle, the company plans to build a plant in Mexico, supporting the superimposed yield advantage, the company is expected to win more share of T customers, but also use the advantage of overseas resources to tap North American potential customers. The vehicle optical gross profit margin is high, and the continuous volume of the business is expected to lead the company to optimize its profits. Taking into account the traditional touch display business, mobile phone module business pressure, the bank lowered its previous profit forecast, the company is expected to return to the mother of net profit in 2023-25-0.3cm 2.3 / 430 million yuan (2023-24 corresponding to the previous value of 5.0 / 900 million yuan), corresponding to the 2024-25 PE is 45gamma 24 times, maintaining the "buy" rating.