Core Viewpoint - Shenzhen Guangfeng Technology Co., Ltd. is currently in a critical period of strategic implementation and business transformation, facing some pressure on short-term performance, but remains committed to its strategic direction and continues to invest in R&D for core components and cutting-edge fields, expressing confidence in long-term development and gratitude to shareholders through share repurchase actions [2] Summary of Share Repurchase - As of the announcement date, the company has completed five phases of share repurchase plans since 2022, acquiring a total of 9,440,792 shares for a total expenditure of RMB 158.76 million (excluding transaction fees) [2] - The company approved a share repurchase plan on April 9, 2025, allowing for the repurchase of shares at a price not exceeding RMB 18.50 per share, with a total expenditure between RMB 10 million and RMB 20 million, to be executed within six months [3] - The company completed its 2025 share repurchase plan by April 30, 2025, acquiring 1,414,034 shares, which is 0.3079% of the total share capital, at prices ranging from RMB 13.73 to RMB 14.47 per share, totaling RMB 19.99 million (excluding transaction fees) [4][5] - The repurchased shares will be used for employee stock ownership plans or equity incentives, and if not utilized within three years, will be legally canceled [6][7]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a total revenue of 2.419 billion yuan in 2024, representing a year-on-year increase of 9.27%, while the net profit attributable to the parent company was 28 million yuan, down 72.91% year-on-year [1] - The company's vehicle-mounted optical business has entered a phase of intensive mass production, generating revenue of 638 million yuan in 2024, with a year-on-year growth of 64.03% in Q1 2025 [2][3] - The company is actively expanding into emerging applications in the laser industry, showcasing innovative products at major exhibitions [2] Financial Performance - In 2024, the company's gross margin was 28.31%, a decrease of 6.85 percentage points year-on-year, while the net margin was -0.24% [2] - The company plans to distribute a cash dividend of 0.25 yuan per share to all shareholders, with a payout ratio of 40.86% [1] - The projected net profits for 2025, 2026, and 2027 are 797.6 million yuan, 1.21 billion yuan, and 1.66 billion yuan, respectively, with corresponding P/E ratios of 81.2x, 53.5x, and 39x [3] Business Segments - The cinema business generated nearly 570 million yuan in revenue in 2024, while the professional display business achieved 392 million yuan, with overseas markets contributing approximately 140 million yuan, a year-on-year increase of 60.47% [2] - The company has secured 13 vehicle-mounted designations, covering products such as automotive projection systems and laser projection lights [2] - The company has entered into a strategic partnership with Valeo to launch a new generation of automotive lighting solutions [2] Cost Structure - The company's sales, management, R&D, and financial expense ratios for 2024 were 7.71%, 6.75%, 10.24%, and -0.42%, respectively [3] - The company has increased its R&D investment by nearly 9 million yuan year-on-year [3]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a total revenue of 2.419 billion yuan in 2024, representing a year-on-year increase of 9.27%, while the net profit attributable to the parent company was 28 million yuan, down 72.91% year-on-year [1] - The company's vehicle-mounted optical business has entered a phase of intensive mass production, generating revenue of 638 million yuan, with a year-on-year growth of 64.03% [2] - The company is actively expanding into emerging applications in the laser industry, showcasing innovative products at major exhibitions [2] Financial Performance Summary - In 2024, the company's gross margin was 28.31%, a decrease of 6.85 percentage points year-on-year, and the net margin was -0.24% [2] - The company plans to distribute a cash dividend of 0.25 yuan per 10 shares to all shareholders, with a payout ratio of 40.86% [1] - The company has adjusted its operating strategy for consumer-end businesses, leading to a decrease in revenue and gross margin from this segment [2] Business Segment Analysis - The cinema business generated nearly 570 million yuan in revenue in 2024, showing stable development, while the professional display business achieved revenue of 392 million yuan, with overseas markets contributing approximately 140 million yuan, a year-on-year increase of 60.47% [2] - The company has secured three high-quality contracts from well-known domestic and international automotive manufacturers in 2025, further enhancing its vehicle-mounted business [2] Future Outlook - The company is expected to see further revenue growth as it expands its vehicle-mounted and emerging laser application sectors, with projected net profits for 2025, 2026, and 2027 being 797.6 million yuan, 1.21 billion yuan, and 1.66 billion yuan respectively [3] - The company maintains a unique ALPD technology with strong barriers to entry, positioning it as a leader in the laser display field [3]

证券代码：688007 证券简称：光峰科技 公告编号：2025-026 深圳光峰科技股份有限公司 关于 2025 年度股份回购实施结果暨股份变动的公告 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法律责任。 重要内容提示： | 2025 | 年度回购方案首次披露日 | 2025/4/10 | | --- | --- | --- | | 2025 | 年度回购方案实施期限 | 董事会审议通过后 6 个月 | | 2025 | 年度方案预计回购金额 | 1,000万元~2,000万元 | | 2025 | 年度方案回购价格上限 | 18.50元/股 | | 2025 | 年度方案回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | | □用于转换公司可转债 | | | | □为维护公司价值及股东权益 | | 2025 | 年度方案实际回购股数 | 141.40万股 | | 2025 | 年度方案实际回购股数占总股本比例 | 0.3079% | | 2025 | 年度方案实际回购金额 | 1,999.14万元 | | 20 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company has shown steady revenue growth in Q1 2025, with its automotive business entering mass production and delivery stages [1][10] - The company achieved total revenue of 2.419 billion yuan in 2024, a year-on-year increase of 9.27%, but the net profit attributable to shareholders decreased by 72.91% to 28 million yuan [4][9] - In Q1 2025, the company reported total revenue of 461 million yuan, a year-on-year increase of 3.67%, but a net loss of 21 million yuan [4][9] Financial Performance - In Q4 2024, the company recorded revenue of 699 million yuan, a 24.21% increase, and a reduced net loss of 15 million yuan compared to Q4 2023 [5][6] - The core components and complete machine business generated revenue of 2.240 billion yuan in 2024, reflecting an 11.48% year-on-year growth, primarily driven by the automotive optical business entering mass production [5][6] - The gross profit margin for Q4 2024 and Q1 2025 was 22.15% and 25.21%, respectively, both under pressure due to product mix adjustments [6][12] Business Segments - The automotive optical business generated revenue of 638 million yuan in 2024, while the cinema and professional display businesses contributed nearly 570 million yuan and 392 million yuan, respectively [5][6] - The overseas revenue for the professional display business reached approximately 140 million yuan, marking a 60.47% increase [5][6] Future Outlook - The company is expected to benefit from the recovery of the film industry and the growth of the intelligent cockpit market, with projected net profits of 120 million yuan, 180 million yuan, and 215 million yuan for 2025, 2026, and 2027, respectively [7][9] - The estimated earnings per share (EPS) for the next three years are projected to be 0.26 yuan, 0.39 yuan, and 0.47 yuan, with corresponding price-to-earnings (PE) ratios of 55.91, 37.11, and 31.09 [7][9]

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company achieved a total revenue of 2.419 billion yuan in 2024, representing a year-on-year growth of 9.27%, while the net profit attributable to shareholders was 28 million yuan, down 72.91% year-on-year [4][9] - In Q1 2025, the company reported total revenue of 461 million yuan, a year-on-year increase of 3.67%, but a net loss of 21 million yuan [4][5] - The automotive optical business has entered mass production, contributing to revenue growth [1][5] Financial Performance Summary - For Q4 2024, the company recorded revenue of 699 million yuan, up 24.21% year-on-year, with a reduced net loss of 15 million yuan compared to a loss of 25 million yuan in Q4 2023 [5][6] - The core components and complete machine business generated revenue of 2.240 billion yuan in 2024, reflecting an 11.48% year-on-year increase, primarily driven by the automotive optical business [5][6] - The gross profit margin for Q4 2024 and Q1 2025 was 22.15% and 25.21% respectively, both under pressure compared to previous periods [6][9] Business Segment Performance - The automotive optical business revenue reached 638 million yuan in 2024, while the cinema and professional display businesses generated nearly 570 million yuan and 392 million yuan respectively [5][6] - The overseas revenue for the professional display business was approximately 140 million yuan, showing a significant increase of 60.47% [5][6] Regional Performance - In 2024, domestic and overseas revenues were 2.141 billion yuan and 277 million yuan respectively, with domestic revenue growing by 14.93% and overseas revenue declining by 20.81% [5][6] Future Outlook - The company is expected to benefit from the recovery of the film industry and the growth of the intelligent cockpit market, with projected net profits of 120 million yuan, 180 million yuan, and 215 million yuan for 2025, 2026, and 2027 respectively [7][9] - The estimated earnings per share (EPS) for the same years are projected to be 0.26 yuan, 0.39 yuan, and 0.47 yuan, with corresponding price-to-earnings (PE) ratios of 55.91, 37.11, and 31.09 [7][9]

Core Viewpoint - The company reported a revenue increase of 9.27% for the fiscal year 2024, driven by the commencement of mass production and delivery of its first designated vehicle model, the AITO M9, contributing to the growth of its automotive optical business [2][3]. Financial Performance - The total revenue for 2024 was 2.419 billion yuan, up from 2.213 billion yuan in 2023 [3]. - Net profit attributable to shareholders decreased by 72.91% to 27.95 million yuan compared to 103.19 million yuan in the previous year [3][4]. - The net profit after deducting non-recurring gains and losses was 32.13 million yuan, down 22.88% from 41.66 million yuan in 2023 [3][4]. - The net cash flow from operating activities was 87.22 million yuan, a decline of 76.04% year-on-year [4]. Business Strategy and Developments - The company has adjusted its C-end business strategy, leading to a decrease in revenue and gross margin from this segment, while the automotive business is gaining a larger share of revenue [4]. - The company has secured 13 automotive designations, including a significant contract for smart cockpit systems with a leading international automaker, indicating a shift towards global market expansion [4]. Research and Development - R&D expenditure accounted for 10.24% of total revenue, a decrease from 12.69% in the previous year [3]. - The company is focusing on technological upgrades and product diversification in its automotive segment to meet the needs of car manufacturers [4]. Q1 2025 Performance - For Q1 2025, the company reported a revenue of 461.38 million yuan, a 3.67% increase year-on-year [5]. - The net loss attributable to shareholders was 21.36 million yuan, a shift from profit to loss compared to the same period last year [5].

Summary of Key Points Core Viewpoint - On April 29, a total of 10 stocks listed on the STAR Market experienced block trading, with a cumulative transaction amount of 2.09 billion yuan and a total trading volume of 611.49 million shares [1]. Block Trading Overview - The stock with the highest transaction amount was Pioneering Technology, with a block trading volume of 3.0563 million shares and a transaction amount of 122.25 million yuan [1]. - Other notable stocks included Guobo Electronics and Yuenan New Materials, with transaction amounts of 33.11 million yuan and 14.05 million yuan, respectively [1]. - The average transaction prices and their respective premiums or discounts relative to the closing prices varied across the stocks, with Pioneering Technology priced at 40.00 yuan per share, reflecting a discount of 1.60% [1].

深圳光峰科技股份有限公司 公 司 章 程 二零二五年四月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和经营范围 | 2 | | 第三章 | 股份 | 2 | | 第四章 | 股东和股东大会 | 6 | | 第五章 | 董事会 | 23 | | 第六章 | 总经理及其他高级管理人员 | 33 | | 第七章 | 监事会 | 35 | | 第八章 | 财务会计制度、利润分配和审计 | 37 | | 第九章 | 通知和公告 | 42 | | 第十章 | 合并、分立、增资、减资、解散和清算 42 | | | 第十一章 | 利益相关者、环境保护与社会责任 45 | | | 第十二章 | 争端解决机制 | 45 | | 第十三章 | 修改章程 | 46 | | 第十四章 | 附则 | 46 | 第一章 总则 第一条 为维护深圳光峰科技股份有限公司（以下简称"公司"）、股东和债权人的 合法权益，规范公司的组织和行为，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司章程 指引》、《上海证券交易所科创 ...

蔡翘梧，1964 年 5 月出生，中国国籍，无境外居留权，硕士研究生学历， 高级工程师。现任深圳市政协委员、深圳市医疗器械行业协会执行会长兼秘书 长、深圳瑞光同城投资企业（有限合伙）执行事务合伙人，兼任深圳圣诺医疗 设备股份有限公司董事、深圳普门科技股份有限公司独立董事、广东博迈医疗 科技股份有限公司（非上市）独立董事。历任深圳安科高技术股份有限公司材 料部经理、生产中心经理、研发中心经理、总经理助理、管理者代表，深圳市 锦瑞生物科技股份有限公司董事、深圳市爱康生物科技股份有限公司（非上市） 独立董事。 本人自 2024 年 11 月 18 日起任公司独立董事，本人作为公司独立董事在 2024 年度任职期间，任职符合《上市公司独立董事管理办法》《公司章程》 《独立董事工作制度》规定的独立性要求，不存在影响独立性的情况。 二、出席董事会及股东大会、专门委员会会议情况 2024 年度任职期间，本人忠实、勤勉、尽责地履行独立董事职责，积极出 席公司董事会会议及专门委员会会议，出席相关会议的具体情况如下： 1 深圳光峰科技股份有限公司 2024 年度独立董事述职报告（蔡翘梧） 本人作为深圳光峰科技股份有限公司（以下简 ...