Core Insights - The 20th International Automotive Lighting Industry Development Technology Forum and Shanghai International Automotive Lighting Exhibition (ALE 2025) was held from March 26 to March 28, 2025, focusing on "AI Intelligence, New Smart Lighting in Automotive" [1] - Dr. Han Meng from Guangfeng Technology delivered a keynote speech on "Next-Generation Automotive Lighting and Display Technology," highlighting the advantages of laser technology in automotive applications [1][4] - Guangfeng Technology has integrated laser technology into automotive headlights, offering multifunctional smart laser headlights that cater to diverse needs such as lighting, display, safety, and entertainment [1] Laser Technology Advantages - Laser headlights can adjust color temperature to suit different driving conditions, improving visibility in foggy weather by changing from white to yellow light, enhancing safety [2] - The technology provides high brightness, compact size, and low power consumption, reducing eye strain and offering a healthier visual experience [1][4] Future of Cabin Display - The future of cabin displays will focus on user-friendly and intelligent human-machine interaction, moving beyond traditional screens [4] - Software-defined digital displays are expected to become a trend, with laser display technology playing a crucial role due to its high performance and flexibility [4] Product Innovations - Guangfeng Technology has rapidly advanced its automotive business, launching industry-first products such as a vehicle-grade giant screen and full-color laser projection lights [4][5] - The recently launched 2025 Wanjie M9 features an upgraded intelligent laser projection giant screen system 2.0, enhancing visual clarity and interactivity, with significant improvements in resolution and brightness [5] Market Position and Strategy - Since its inception in 2007, Guangfeng Technology has established a strong foothold in various B-end professional markets, leveraging its ALPD semiconductor laser source technology [5] - The company has secured numerous contracts with leading domestic and international automotive manufacturers, with 13 designated projects completed, showcasing its competitive edge in the high-barrier automotive industry [5]

Group 1 - The 2025 flagship SUV Wanjie M9 has been officially launched, featuring the new upgraded intelligent laser projection giant screen system 2.0 developed in collaboration with Guangfeng Technology [1] - The new projection system includes a 32-inch projection screen and a hidden projection light source, with a resolution increase of 200% and brightness increase of 63%, enhancing the visual experience for consumers [1] - The projection system introduces a unique in-car floating window function, allowing for multi-use display options, and integrates with the vehicle's safety system to alert passengers of potential dangers [1] Group 2 - Guangfeng Technology maintains a close and positive partnership with Hongmeng Zhixing and Seris, with deepened collaboration on the new Wanjie M9 project due to the company's strong core technology capabilities and product quality [2] - The company has seen a surge in customer orders and is committed to fulfilling delivery tasks while strengthening long-term cooperation with clients [2] - Since the introduction of ALPD semiconductor laser light source technology in 2007, Guangfeng Technology has rapidly industrialized its offerings in various B-end professional markets, accumulating extensive service and solution capabilities for enterprise clients [2]

消费电子 执业证书编号：S0740522080001 Email：yaowei@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 459.29 | | 流通股本(百万股) | 459.29 | | 市价(元) | 18.60 | | 市值(百万元) | 8,542.82 | | 流通市值(百万元) | 8,542.82 | 股价与行业-市场走势对比 1、《【中泰家电】光峰科技：真实经 营质量优于表观》2024-09-01 2、《【中泰家电】光峰科技：车载业 务突破持续加速》2024-05-30 3、《【中泰家电】光峰科技：优化资 产结构，发力成长业务》2024-04-13 光峰科技（688007.SH） 证券研究报告/公司点评报告 2025 年 03 月 12 日 | 增持 评级： | | 公司盈利预测及估值 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2022A | 2023A | | 2024E | 2025E | 202 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][16] Core Viewpoints - The company has received a development notice from a leading international automotive manufacturer, becoming the exclusive supplier of in-vehicle optical components for their smart cockpit products, which are configured in a global series of models. This recognition highlights the company's supply chain capabilities and product quality meeting international standards, facilitating future business expansion [4][5][6] - The company has secured a total of 13 vehicle display contracts with leading domestic and international automotive manufacturers, indicating strong market demand for its products. As these contracts enter mass production, the vehicle business is expected to drive a second growth phase for the company [5][8] - The cinema market is currently thriving, and the company's cinema business is anticipated to achieve good growth. The C-end business has shown initial positive results through proactive adjustments, leading to continuous optimization of the core business fundamentals [5][12] - The company is a global leader in laser display technology, with its smart cockpit business gaining continuous recognition from top automotive manufacturers. The vehicle business is expected to create a new growth curve for the company [5][16] Summary by Sections Vehicle Business - The company is projected to generate over 600 million yuan in vehicle business revenue in 2024, with the first model, the Wanjie M9, entering the delivery phase in March 2024. The total delivery volume for 2024 is expected to exceed 150,000 units, with significant pre-order numbers for the 2025 models [8][20] - The company has received contracts covering three major business lines: smart cockpits, laser headlights, and AR-HUD, with revenue from the vehicle business expected to support the company's second growth phase [8][20] Financial Forecast - The company expects to achieve net profits of 30 million, 200 million, and 260 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 299, 43, and 34 times. The revenue forecast for 2024-2026 is 2.42 billion, 2.98 billion, and 3.55 billion yuan, reflecting year-on-year growth of 9%, 23%, and 19% [16][21][22]

Investment Ratings - The report maintains an "Outperform" rating for companies involved in AI-enabled home appliances and construction materials [24][30]. Core Insights - The construction materials sector is expected to see a recovery in demand as the construction season approaches, driven by increased fiscal policy support and a rise in special bond issuance [12][13]. - AI technology is rapidly being integrated into various industries, including home appliances and light industry, enhancing product capabilities and user experience [24][27]. - The CPO (Co-packaged Optics) technology is gaining traction in the data center interconnect field, with significant potential for cost reduction and efficiency improvements [15][17]. Summary by Sections Construction Materials - The construction materials sector is poised for growth as fiscal policies are expected to remain supportive, with a projected deficit rate of 4% and special bond issuance reaching 4.4 trillion yuan [12]. - Key metrics indicate a rise in cement prices and improved operational rates in the industry, suggesting a positive trend as the construction season approaches [12][13]. AI in Home Appliances - Major home appliance companies are integrating AI technologies to enhance product functionality, leading to significant improvements in user interaction and energy efficiency [24]. - The combination of AI and smart home technology is expected to create substantial value for consumers and manufacturers alike, with companies like Haier and Midea leading the charge [24]. CPO Technology - CPO technology is being adopted by leading companies in the telecommunications sector, with predictions of a rapid increase in market penetration over the next five years [15][16]. - The technology is expected to significantly reduce power consumption in data centers, making it a preferred choice for major tech firms [15][17]. Financial Performance of Companies - Companies like Baofeng Energy are projected to see profit growth driven by increased production capacity and favorable market conditions for their main products [28][30]. - Haiguang Information reported substantial revenue growth, benefiting from increased capital expenditures by major tech firms [31][32].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][16] Core Viewpoints - The company has received a development notice from a leading international automotive manufacturer, becoming the exclusive supplier of in-vehicle optical components for their smart cockpit products, which are configured in a global series of models. This recognition highlights the company's supply chain capabilities and product quality meeting international standards, facilitating future business expansion [4][5][6] - The company has secured a total of 13 in-vehicle display contracts with leading domestic and international automotive manufacturers, indicating strong market demand for its products. As these contracts enter mass production, the in-vehicle business is expected to drive significant revenue growth [5][8] - The cinema market is currently thriving, and the company's cinema business is anticipated to achieve good growth. The company has also made positive adjustments in its consumer-facing (C-end) business, leading to initial improvements in its fundamentals [5][12] - The company is a global leader in laser display technology, with its smart cockpit business gaining continuous recognition from top automotive manufacturers. The in-vehicle business is expected to create a second growth curve for the company [5][16] Summary by Sections Business Development - The company has been recognized by a major international automotive manufacturer for its smart cockpit products, which is expected to accelerate its global expansion in the automotive sector [6] - The first model equipped with the company's smart cockpit display products, the Wanjie M9, is set to begin deliveries in March 2024, with expected total deliveries exceeding 150,000 units for the year [8] Financial Forecast - The company has adjusted its profit forecast due to investment losses from its subsidiaries and strategic adjustments in its C-end business. The projected net profits for 2024-2026 are 30 million, 200 million, and 260 million respectively, with corresponding P/E ratios of 299, 43, and 34 [5][16][26] - The company expects its in-vehicle business revenue to exceed 600 million in 2024, with significant growth anticipated in subsequent years as production capacity increases [20][21] Market Position - The company has established a strong market presence with its in-vehicle display, laser headlights, and AR-HUD technologies, positioning itself favorably against competitors [5][16] - The cinema business is expected to benefit from a booming market, with the company’s laser projection solutions installed in over 31,000 cinemas nationwide [12][18]

2 月 28 日晚发布公司 2024 年年度业绩快报：2024 年全年实现 收入 24.19 亿元，同比增长 9.27%；实现归母净利润 2898 万 元，同比下滑 71.91%。 简评 2024 年车载业务进入密集量产交付，实现收入超 6 亿元 收入端，2024 年公司整体收入同比保持增长，主要得益于车 载业务收入贡献，全年车载收入超 6 亿元，收入占比近 25%。全 年车载收入主要来自前期定点车型问界 M9，据 AITO 官方公布， 截至 12 月 19 日，问界 M9 累计大定已经突破 19 万辆，推动公司 车载业务成为公司主要增长点。利润端，全年归母净利润同比下 滑 71.91%，主要系参股公司业绩下滑形成的投资损失、仲裁纠纷 事项发生法律服务费用以及收入结构变化所致。此外，公司主动 调整 C 端业务策略，C 端业务收入占比及毛利率均有所下降对利 润有所影响。未来随着参股公司逐步剥离、C 端业务收入占比下 滑，其对净利润的影响将逐步减弱。 展望 2025 年，在一系列财政货币政策刺激下，经济有望逐 步复苏，影院市场预计将保持增长。此外公司紧抓中国新能源车 智能化的黄金机遇，与华为智选合作伙伴赛力斯、北 ...

证券代码：688007 证券简称：光峰科技 公告编号：2025-006 深圳光峰科技股份有限公司 关于变更公司办公地址的公告 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、准确性和完整性依法承担法律责任。 一、公司办公地址变更情况 深圳光峰科技股份有限公司（以下简称"公司"）于近日搬迁至新办公地址 办公，现将具体变更情况公告如下： | 变更内容 | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 深圳市南山区粤海街道学府路63号 | 深圳市南山区西丽街道仙洞路8号 | | | 高新区联合总部大厦20-22楼 | 光峰科技总部大厦 | | 办公地址 邮政编码 | 518052 | 518055 | 公司董事会秘书和证券事务代表联系地址、信息披露及备置地点同时变更。 特此公告。 同时，鉴于电信线路搬迁原因，公司投资者联系电话（0755-32950536）于 2025年3月12日至17日线路暂时中断。在此期间，公司投资者如需联系公司，可 1 2、公司网址：https://www.appotronics.com 3、投资者联系电 ...

公司报告 | 公司点评 光峰科技（688007） 证券研究报告 车载业务持续向好，公司再添国际头部品牌新定点 事件：公司近日收到某国际头部核心车企出具的开发定点通知书，公司成 为其车载光学部件供应商，为其独家供应前装智慧座舱产品，产品配置在 某全球化系列车型。 光峰在全球智慧座舱车载光学中保持领先地位，实力充分获得国际头部品 牌认可。公司通过与赛力斯、吉利（新能源品牌）等国内头部新能源车企 的深度合作和大量高质量交付，成功搭建了稳定且高效的车载供应链和质 量体系。本次国际定点说明公司的车载质量体系、供应链能力成功通过了 全球以严格、高标准著称的车企客户审核，这不仅体现了客户对公司供货 资质和质量体系能力的充分认可，也标志着公司的质量体系和供应链水平 不断提升到达了国际化标准。本次客户定点有利于进一步提升公司在全球 汽车行业的市场拓展力、综合实力。 公司具备车载光学技术优势和差异化竞争优势，快速拓展海外市场。公司 于 24 年 11 月 14 日收到某国际头部品牌车企出具的开发定点通知书，将 为其供应动态彩色像素灯，适用于其多个国际车型。这是公司首次获得海 外头部车企的多车型合作，体现了海外客户对公司创新型车载 ...

Core Views - The article highlights significant economic and financial developments in China, including monetary policy adjustments, the establishment of investment funds, and regulatory measures to protect investors [4][5][6][7]. Group 1: Monetary Policy and Economic Measures - The People's Bank of China plans to adjust the reserve requirement ratio and interest rates based on domestic and international economic conditions, indicating there is still room for lowering the reserve requirement ratio [4]. - A national venture capital guidance fund will be established to support the growth of innovative enterprises, combining the cultivation of new and traditional industries [5]. - The Ministry of Finance will implement two new loan interest subsidy policies to stimulate consumer spending, particularly in sectors closely related to daily life [9]. Group 2: Regulatory Actions - The China Securities Regulatory Commission emphasizes strict regulation to protect investors, focusing on serious violations such as financial fraud and market manipulation [6]. - The regulatory framework will be enhanced across all stages of the market, including information disclosure and corporate governance [6]. Group 3: Industry Developments - The launch of the first general-purpose AI intelligent agent product, Manus, by the Monica team marks a significant advancement in AI technology [10]. - The European Central Bank has lowered key interest rates, aligning with market expectations, which may influence global financial conditions [11]. Group 4: Company Announcements - Water Crystal Optoelectronics plans to acquire a 95.6% stake in Guangdong Aikesi for approximately 323.5 million yuan, aiming to enhance its AR/VR business [14]. - Wuhan Holdings intends to purchase 100% of Wuhan Municipal Institute, which will diversify its business and create new revenue streams [15]. - Macro Shenghuayuan's subsidiary is a candidate for multiple procurement projects from the State Grid, with a potential value of approximately 1.354 billion yuan [21].