Group 1 - LiDAR is a core sensor for autonomous driving, offering significant advantages in performance, anti-interference, and information capacity compared to cameras and millimeter-wave radars [3][15][23] - The cost of LiDAR has significantly decreased from tens of thousands of yuan to around 2000-3000 yuan, leading to increased shipments from major manufacturers [3][23][28] - The demand for LiDAR is expected to surge in 2024, driven by the explosion of mid-to-high-level autonomous driving needs represented by NOA (Navigation on Autopilot) [3][52][56] Group 2 - The penetration rate of NOA is steadily increasing, which is driving the rise in LiDAR installations [42][43] - Robotaxi services are rapidly developing, with significant market recognition, further pushing the demand for LiDAR [56][63] - The mandatory implementation of AEB (Automatic Emergency Braking) systems is expected to enhance the usage rate of LiDAR in vehicles [66][72] Group 3 - The market for LiDAR is entering a golden period of "volume and price rise," with Chinese manufacturers leading globally in scale, cost, and production rhythm [4][28][40] - Major companies in the LiDAR sector include Juxing Technology, Yongxin Optical, Yutong Optical, and Junsheng Electronics, which are recommended for investment [4][3][40] - The overall market for LiDAR is projected to grow significantly, with the penetration of LiDAR in lower-priced vehicles expected to increase [28][37][40]

Core Insights - Yongxin Optical is recognized as a national-level manufacturing champion and has entered a new phase of domestic substitution in high-end optical microscopes [1] - The high-end optical microscope market in China has significant potential but has been dominated by foreign companies for a long time [1] - The company has developed technical capabilities comparable to top global optical microscope manufacturers through OEM, industry-academia-research collaboration, and undertaking major national projects [1] Industry Summary - The high-end microscope segment has seen rapid growth, achieving over 5% domestic substitution and further increasing market share year-on-year [1] - In 2024, the company's microscope business revenue is expected to decline by 14% to 356 million yuan due to industry demand recovery and equipment update policies, raising concerns about the pace of domestic substitution [1] - Despite the overall revenue decline, high-end microscope revenue continues to grow [1] - The implementation of China's scientific instrument domestic substitution strategy and increasing uncertainty in the international trade environment are expected to accelerate breakthroughs in the company's optical microscope business [1] - Increased funding for equipment updates in 2025, with the first batch of funds already allocated and the second batch undergoing project review, is anticipated to expedite the procurement process for high-end microscopes [1] - The company's microscope business is projected to resume growth starting in 2025 [1] Valuation Summary - Based on comparable companies' 2025 price-to-earnings (PE) ratio of 44 times, the target price is set at 110.88 yuan, maintaining a "buy" rating [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.88 CNY based on a 44x PE valuation for 2025 [2][5]. Core Views - The company is positioned to benefit significantly from the domestic substitution of high-end microscopes, with a current market share of over 5% in this segment. The growth is expected to accelerate due to government policies and increased funding for equipment updates [9]. - The barcode business remains stable, with a long-term gross margin of approximately 40%. The company has successfully expanded into high-performance module products, enhancing customer loyalty and collaboration [9]. - The laser radar optical components business is entering a phase of scale production, with revenues expected to exceed 100 million CNY in 2024, benefiting from the trend of "smart driving equality" [9]. Financial Forecasts - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 2.52 CNY, 3.10 CNY, and 3.85 CNY respectively, reflecting a downward adjustment from previous forecasts due to lower revenue and gross margin expectations [2][10]. - Revenue is expected to grow significantly from 1,123 million CNY in 2025 to 1,768 million CNY in 2027, with a compound annual growth rate (CAGR) of approximately 24.9% [4]. - The gross margin is projected to improve from 39.3% in 2025 to 40.6% in 2027, indicating a positive trend in profitability [4].

Core Viewpoint - The announcement highlights that the controlling shareholder, Yongxin Optoelectronics Co., Ltd., has seen its shareholding percentage increase from 28.99% to 29.04% due to the company's recent share repurchase and cancellation, without any change in the number of shares held [1][2]. Group 1: Shareholding Changes - The total share capital of Ningbo Yongxin Optical Co., Ltd. has decreased from 111,150,500 shares to 110,936,700 shares following the completion of the share repurchase [1]. - As a result of this reduction in total shares, Yongxin Optoelectronics' shareholding percentage increased passively, reaching 29.04% [1][2]. - This change in shareholding does not trigger any mandatory tender offer obligations and does not alter the status of the controlling shareholder or actual controller of the company [1][2]. Group 2: Compliance and Regulations - The announcement complies with the relevant regulations regarding the disclosure of changes in shareholding when the percentage reaches a 1% threshold [2]. - The company confirms that the information provided is accurate and complete, with no misleading statements or omissions [1].

触及 1%刻度的提示性公告 证券代码：603297 证券简称：永新光学 公告编号：2025-029 宁波永新光学股份有限公司 关于控股股东持股比例被动增加 公司控股股东永新光电实业有限公司保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 因宁波永新光学股份有限公司（以下简称"公司"）已于近日完成回购注销 2023 年限制性股票激励计划部分限制性股票（以下简称"回购注销"）的相关事 宜，公司总股本由 111,150,500 股减少至 110,936,700 股。导致控股股东永新光 电实业有限公司（以下简称"永新光电"）在持有公司股份数量不变的情况下， 持股比例由 28.99%被动增加至 29.04%，适用权益变动触及 1%整数倍的情形，本 次权益变动不会导致公司控股股东及实际控制人发生变化。具体如下： | 权益变动方向 | 比例增加√ | | 比例减少□ | | --- | --- | --- | --- | | 权益变动前合计比例 | 28.99% | | | | 权益变动后合计比例 | 29.0 ...

上海君澜律师事务所 关于 宁波永新光学股份有限公司 回购注销实施相关事项 之 法律意见书 二〇二五年七月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于宁波永新光学股份有限公司 回购注销实施相关事项之 法律意见书 致：宁波永新光学股份有限公司 上海君澜律师事务所（以下简称"本所"）接受宁波永新光学股份有限公司（以 下简称"公司"或"永新光学"）的委托，根据《上市公司股权激励管理办法》（以下 简称"《管理办法》"）及《宁波永新光学股份有限公司 2023 年限制性股票激励计划》 （以下简称"《激励计划》"或"本次激励计划"）的规定，就永新光学实施回购注销本 次激励计划部分限制性股票（以下简称"本次回购注销实施"）相关事项出具本法律意 见书。 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法律业务管 理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具 日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、完整，所 发表的结论性意见合法、准确， ...

证券代码：603297 证券简称：永新光学 公告编号：2025-028 宁波永新光学股份有限公司 关于2023年限制性股票激励计划部分限制性股票 回购注销实施的公告 重要内容提示： 回购注销原因：鉴于宁波永新光学股份有限公司（以下简称"公司"） 《2023 年限制性股票激励计划》（以下简称"激励计划"或"《激励计划》"） 授予激励对象中 4 名激励对象离职，且激励计划第二个解除限售期对应的公司业 绩考核未达标。由公司对 143 名激励对象已获授但不具备解除限售条件的总计 213,800 股股票回购注销。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | 注销日期 | | --- | --- | --- | | 213,800股 | 213,800股 | 2025年7月17日 | 一、本次限制性股票回购注销的决策与信息披露 1、2024 年 8 月 29 日，公司召开第八届董事会第九次会议及第八届监事会 第八次会议，审议通过了《关于回购注销部分限制性股票的议案》。根据公司 2023 年第一次临时股东大会对董事会办理实施限制性股票激励计划相关事项的 授权，同意对本激励计划中原预留授予激励对象已获授但 ...

上海君澜律师事务所 关于 宁波永新光学股份有限公司 2023 年限制性股票激励计划 回购注销实施相关事项 之 法律意见书 二〇二五年七月 上海君澜律师事务所 法律意见书 上海君澜律师事务所 关于宁波永新光学股份有限公司 2023 年限制性股票激励计划 回购注销实施相关事项之 法律意见书 致：宁波永新光学股份有限公司 上海君澜律师事务所（以下简称"本所"）接受宁波永新光学股份有限公司（以 下简称"公司"或"永新光学"）的委托，根据《上市公司股权激励管理办法》（以下 简称"《管理办法》"）及《宁波永新光学股份有限公司 2023 年限制性股票激励计划》 （以下简称"《激励计划》"或"本次激励计划"）的规定，就永新光学实施回购注销本 次激励计划部分限制性股票（以下简称"本次回购注销实施"）相关事项出具本法律意 见书。 对本法律意见书，本所律师声明如下： （一）本所律师依据《中华人民共和国证券法》《律师事务所从事证券法律业务管 理办法》和《律师事务所证券法律业务执业规则（试行）》等规定及本法律意见书出具 日以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实信用 原则，进行了充分的核查验证，保证本法律意 ...

Core Points - Ningbo Yongxin Optical Co., Ltd. has completed the registration of changes in business operations and the filing of the revised Articles of Association [1] - The company held meetings on April 24, 2025, and May 20, 2025, to approve the amendments to the Articles of Association and changes in registered capital [1] - The new registered capital is 111,150,500 RMB [1] Company Information - The company is classified as a joint-stock company with investments from Hong Kong, Macau, and Taiwan [1] - The legal representative is Mao Lei, and the company is located at 169 Mujin Road, Ningbo High-tech Zone, Zhejiang Province [1] - The business scope includes manufacturing and sales of optical instruments, electronic components, and medical devices [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宁波永新光学股份有限公司（以下简称"公司"）于2025年4月24日、2025 年5月20日分别召开第八届董事会第十一次会议和2024年年度股东大会，审议并 通过《关于修订<公司章程>的议案》，对公司注册资本进行了变更，同时对《公 司章程》的部分条款进行修订，具体内容详见公司于2025年4月26日在上海证券 交易所网站（www.sse.com.cn）及指定媒体上披露的《关于修订<公司章程>的公 告》（公告编号：2025-019）。 近日，公司已完成工商变更登记手续及修订后的《公司章程》备案手续，并 取得由宁波市市场监督管理局换发的《营业执照》。公司本次变更后的工商登记 基本信息如下： 证券代码：603297 证券简称：永新光学 公告编号：2025-027 宁波永新光学股份有限公司 关于完成工商变更登记的公告 注册资本：壹亿壹仟壹佰壹拾伍万零伍佰人民币元 成立日期：1997年02月21日 营业期限：1997年02月21日至长期 统一社会信用代码：9133020061027918 ...