证券研究报告 | 2025年04月15日 光峰科技（688007.SH） 激光显示产品应用于世博会中国馆等，持续拓展新增长点 优于大市 |  | 公司研究·公司快评 |  | 家用电器·其他家电Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈伟奇 | 0755-81982606 | chenweiqi@guosen.com.cn | 执证编码：S0980520110004 | | 证券分析师： | 王兆康 | 0755-81983063 | wangzk@guosen.com.cn | 执证编码：S0980520120004 | | 证券分析师： | 邹会阳 | 0755-81981518 | zouhuiyang@guosen.com.cn | 执证编码：S0980523020001 | | 联系人： | 李晶 | | lijing29@guosen.com.cn | | 事项： 4 月 13 日，日本大阪世博会正式开幕，光峰科技凭借全球领先的激光显示技术，成功助力中国馆、柬埔寨 馆和非洲加蓬馆打造极具震撼力与吸引力的视 ...

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company successfully showcased its laser projection technology at the Osaka World Expo, enhancing its international presence and demonstrating China's advanced technological capabilities [2][4] - The company is a leader in the laser display sector, with unique ALPD technology and strong barriers to entry, and is expected to see rapid growth in its automotive business starting in 2024 [4] Financial Summary - Revenue for 2022 was 2,541.14 million, with a projected increase to 3,142.89 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 14.74% [6][14] - The net profit attributable to the parent company is expected to recover from 28.98 million in 2024 to 211.68 million by 2026, indicating a significant growth trajectory [6][14] - The company's earnings per share (EPS) is projected to rise from 0.06 in 2024 to 0.46 in 2026 [6][14] Product and Market Development - The company is set to unveil its vehicle-mounted optical all-scenario exhibition vehicle at the Shanghai Auto Show, showcasing ultra-small laser modules and various integrated solutions for automotive applications [4] - The company continues to innovate in laser applications, expanding into various practical scenarios, including smart homes and robotics [3]

根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引 第 7 号——回购股份》等相关规定，现将董事会披露回购股份报告书前一个交 易日（即 2025 年 4 月 9 日）登记在册的前十大股东和前十大无限售条件股东的 名称、持股数量及持股比例公告如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例（%） | | --- | --- | --- | --- | | 1 | 深圳光峰控股有限公司 | 79,762,679 | 17.37 | | 2 | 深圳市原石激光产业投资咨询合伙企业（有限 | 24,139,500 | 5.26 | | | 合伙） | | | | 3 | 南通海峡光峰投资合伙企业（有限合伙） | 18,381,208 | 4.00 | | 4 | 深圳市光峰达业投资有限合伙企业（有限合 | 17,056,167 | 3.71 | | | 伙） | | | | 5 | 深圳市光峰宏业投资有限合伙企业（有限合 | 13,601,344 | 2.96 | | | 伙） | | | | 6 | 深圳市光峰成业咨询合伙企业（有限合伙） | 10,394,846 | 2.26 | | ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：688007 证券简称：光峰科技 公告编号：2025-009 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。 重要内容提示： ● 截至本公告披露日，深圳光峰科技股份有限公司（以下简称"公司"）已实施完成4期回购股份方案， 通过集中竞价交易方式累计回购公司股份8,026,938股，回购资金总额为人民币13,876.80万元。其中，公 司于2024年11月5日将回购专用证券账户中的5,842,483股进行注销。 ● 基于对中国经济和中国资本市场未来发展前景的坚定信念、对公司未来发展趋势的坚定信心、以及对 公司价值的高度认可，公司实际控制人、董事长、总经理李屹先生向公司董事会提议以自有资金通过上 海证券交易所交易系统以集中竞价交易方式回购公司已发行部分人民币普通股（A股）股票。 ● 相关股东是否存在减持计划：截至本公告披露日，公司董监高、控股股东、实际控制人、持股5%以 上股东在未来3个月、未来6个月暂不存在减持公司股份的计划。若上述主体未来拟实施股份减持计划， 公司将 ...

证券代码：688007 证券简称：光峰科技 公告编号：2025-009 深圳光峰科技股份有限公司 关于 2025 年度以集中竞价交易方式回购股份的回购报告书 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。 重要内容提示： ● 截至本公告披露日，深圳光峰科技股份有限公司（以下简称"公司"）已实 施完成 4 期回购股份方案，通过集中竞价交易方式累计回购公司股份 8,026,938 股， 回购资金总额为人民币 13,876.80 万元。其中，公司于 2024 年 11 月 5 日将回购专 用证券账户中的 5,842,483 股进行注销。 ● 基于对中国经济和中国资本市场未来发展前景的坚定信念、对公司未来发 展趋势的坚定信心、以及对公司价值的高度认可，公司实际控制人、董事长、总 经理李屹先生向公司董事会提议以自有资金通过上海证券交易所交易系统以集中 竞价交易方式回购公司已发行部分人民币普通股（A 股）股票。 ● 回购股份金额：本次回购的资金总额不超过人民币 2,000 万元（含），不低 于人民币 1,000 万元（含）； ● 回购 ...

证券代码：688007 证券简称：光峰科技 公告编号：2025-008 深圳光峰科技股份有限公司 第三届董事会第六次会议决议公告 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、董事会会议召开情况 深圳光峰科技股份有限公司（以下简称"公司"）第三届董事会第六次会议 （以下简称"会议"） 会议通知及相关材料于 2025 年 4 月 8 日（星期二）以书 面或邮件方式送达公司全体董事，会议于 2025 年 4 月 9 日（星期三）以通讯表 决的方式召开。公司董事会成员 7 人，实际出席董事会 7 人，公司监事及高级 管理人员列席会议，会议由董事长李屹先生主持。本次会议召集、召开和表决 程序符合相关法律法规以及《深圳光峰科技股份有限公司章程》（以下简称 "《公司章程》"）的规定，会议形成的决议合法有效。 二、董事会会议审议情况 经全体参会董事认真讨论，会议审议并形成如下决议： （一）审议通过《关于 2025 年度以集中竞价交易方式回购公司股份方案 的议案》 表决结果：7 票同意、0 票反对、0 票弃权、0 票回避 基于对中国 ...

Group 1 - The recent "reciprocal tariff" policy in the US has led to increased volatility in global markets, prompting a wave of share buybacks and increases in holdings among companies in the A-share market to stabilize the market [1] - From April 7 to April 8, nearly 100 companies announced plans to increase holdings, and over 200 companies reported buyback plans or progress, totaling more than 300 companies [1] Group 2 - State-owned and central enterprises were the first to initiate buybacks, demonstrating confidence in the long-term positive outlook of China's economy and supporting high-quality development of listed companies [3] - Postal Savings Bank announced that its controlling shareholder, Postal Group, increased its holdings by 19.91 million A-shares on April 8 [3] - China National Offshore Oil Corporation plans to increase its holdings in China National Offshore Oil Company A-shares and Hong Kong shares by no less than RMB 2 billion and no more than RMB 4 billion over the next 12 months [3] - State Grid's subsidiary, Guodian NARI, announced a buyback plan with an estimated scale of RMB 500 million to RMB 1 billion [3] Group 3 - Several private enterprises also joined the buyback trend, indicating a strong commitment to stabilizing stock prices and optimizing capital structures [3] - Contemporary Amperex Technology Co., Ltd. plans to use no less than RMB 4 billion and no more than RMB 8 billion for share buybacks [4] - Midea Group announced a buyback plan with a budget of no less than RMB 1.5 billion and no more than RMB 3 billion [4] - As a result of these buyback actions, the three major A-share indices stabilized, with the Shanghai Composite Index rising by 1.58%, the Shenzhen Component Index by 0.64%, and the ChiNext Index by 1.83% as of April 8 [4]

证券代码：688007 证券简称：光峰科技 公告编号：2025-007 深圳光峰科技股份有限公司 关于公司实际控制人、董事长、总经理 提议回购公司股份的公告 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。 深圳光峰科技股份有限公司（以下简称"公司"）董事会于 2025 年 4 月 8 日收 到公司实际控制人、董事长、总经理李屹先生《关于提议深圳光峰科技股份有限公 司回购公司股份的函》。 截至本公告披露日，公司已实施完成 4 期回购股份方案，通过集中竞价交易方 式累计回购公司股份 8,026,938 股，回购资金总额为人民币 13,876.80 万元。其中， 公司于 2024 年 11 月 5 日将回购专用证券账户中的 5,842,483 股进行注销。 一、提议人的基本情况及提议时间 1、提议人：公司实际控制人、董事长、总经理李屹先生 2、提议时间：2025 年 4 月 8 日 3、是否享有提案权：是 二、提议人提议回购股份的原因和目的 基于对中国经济和中国资本市场未来发展前景的坚定信念、对公司未来发展趋 势的坚定信心、以及 ...

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]