Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [7][8]. Core Views - The company is a leading provider of laser display hardware and solutions, having pioneered the ALPD® laser technology, which addresses the "speckle" issue in laser displays and leverages domestic rare earth material supply chain advantages [5][6]. - The film market is recovering, and the company's cinema business is expected to improve significantly due to the installation of approximately 30,000 ALPD laser light source systems [6]. - The automotive optical sector is expanding, with the company’s ALPD technology being the only one certified for automotive applications, indicating strong growth potential in this area [20][29]. Summary by Sections 1. Global Leading Laser Display Hardware and Solutions Provider - The company has successfully developed and industrialized the ALPD® laser display technology, with ongoing advancements in its sixth generation [5][24]. - The company has established deep partnerships with major firms such as China Film Group, BARCO, and SONY, enhancing its market position [5]. - The company’s core technology team is young and stable, with a strong focus on innovation and a significant number of patents filed [38][46]. 2. Automotive Industry Outlook - The automotive optical market is seen as a key area for differentiation, with HUD (Head-Up Display) adoption rates increasing rapidly [20][30]. - The company has begun to see revenue contributions from its automotive optical products, with the Q1 2024 automotive business entering a harvest phase [20][29]. - The company has secured six high-quality automotive contracts, indicating a strong market presence and growth potential [20]. 3. Solid Foundation in Traditional Business - The cinema business is expected to rebound due to the recovery of the film market, with significant increases in box office revenue and audience numbers [6]. - The company holds the leading market share in various segments, including engineering and commercial education products, with a comprehensive range of offerings [6]. - The home market is also expanding, with a significant shift towards laser projection products, projected to see a 35% year-on-year increase in shipments in 2024 [6]. 4. Profit Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 2.93 billion, 3.41 billion, and 3.87 billion yuan, reflecting year-on-year growth rates of 32%, 16%, and 14% respectively [7]. - Net profit forecasts for the same period are 210 million, 290 million, and 410 million yuan, with growth rates of 107%, 37%, and 39% respectively [7]. - The company is compared to peers in the laser and automotive sectors, with an average PE ratio of 48 times, while the company is projected to have a PE of 39, 29, and 21 times for the next three years [7].

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 25 yuan [1][27] Core Views - The company's cinema and professional display B2B businesses are steadily recovering, driving profitability improvement [1] - The rapid development of the automotive core components business is expected to contribute to long-term growth [1] - The company's C-end business is under short-term pressure, leading to adjustments in net profit forecasts for 2024 and 2025 [1] Business Performance - In 2023, the company achieved revenue of 2.21 billion yuan, a year-on-year decrease of 12.9% [1][24] - The cinema business grew by 37% year-on-year, with ALPD® laser light sources installed in over 29,500 domestic units [1] - The professional display business generated revenue of 430 million yuan, focusing on high-brightness laser products [1] - The automotive core components business secured 6 high-quality projects, with the first project, the AITO M9, contributing 48.027 million yuan in Q1 2024 [1] Financial Performance - In Q1 2024, the company achieved a net profit attributable to shareholders of 45 million yuan, a year-on-year increase of 226.2% [1][24] - The net profit margin in Q1 2024 was 10%, a year-on-year increase of 7 percentage points [1] - The company's sales, management, R&D, and financial expense ratios decreased by 3.2, 0.4, 1.7, and 1.4 percentage points respectively, with overall expense ratio down by 6.7 percentage points [1] Future Outlook - The company's automotive optical business is expected to contribute significantly to future revenue growth, with the AITO M9 project entering a dense delivery period [1] - The company launched the world's first ALL-in-ONE laser headlight at the Beijing Auto Show, integrating multiple functions such as ADB, color temperature adjustment, and ground information display [1] - The company's net profit forecasts for 2024, 2025, and 2026 are adjusted to 140 million, 220 million, and 290 million yuan respectively, with corresponding P/E ratios of 59, 38, and 28 times [1][27] Financial Indicators - The company's total market capitalization is 8.244 billion yuan, with a total share capital of 462.6054 million shares [3] - The company's asset-liability ratio is 32.7%, with a net asset per share of 6.11 yuan [3] - The company's 12-month high and low stock prices are 30.99 yuan and 15.29 yuan respectively [3]

深圳光峰科技股份有限公司 关于 2024 年度第二期以集中竞价交易方式回购公司股份的 进展公告 证券代码：688007 证券简称：光峰科技 公告编号：2024-039 一、 回购股份的基本情况 公司于 2024 年 4 月 17 日召开第二届董事会第三十一次会议，审议通过《关 于 2024 年度第二期以集中竞价交易方式回购公司股份方案的议案》，同意公司以 超募资金及自有资金通过上海证券交易所股票交易系统以集中竞价交易方式回购 公司已发行的部分人民币普通股（A 股）股票，回购价格不超过人民币 27.00 元/股 （含），回购股份的资金总额不超过人民币 3,000 万元（含）、不低于人民币 2,000 万元（含）；回购股份的实施期限自董事会审议通过本次股份回购方案之日起不超 过 6 个月。 具体内容详见公司 2024 年 4 月 19 日于上海证券交易所网站（www.sse.com.cn） 披露的《关于 2024 年度第二期以集中竞价交易方式回购公司股份的回购报告书》 （公告编号：2024-026）。 二、 回购股份的进展情况 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 1 7 号——回购 ...

> 开源证券 2024 年 04 月 30 日 股价走势图 《影院业务拉动 Q3 业绩高增，车载显 示业务加速拓展—公司信息更新报 告》-2023.11.13 《2023H1 收入受 C 端拖累，影院及专 显业务持续恢复—公司信息更新报 告》-2023.8.21 2023 年公司实现营收 22.13 亿元（同比-12.9%，下同），归母净利润 1.03 亿元 （-13.61%），扣非净利润 0.42 亿元（-37.18%）。2023Q4 营收 5.63 亿元（-15.42%）， 归母净利润-0.25 亿元（-190.34%），扣非净利润-0.35 亿元（-427.47%）。2024Q1 营收 4.45 亿元（-3.04%），归母净利润 0.45 亿元（+226.21%），扣非净利润 0.01 亿元（2023Q1 -0.11 亿元）。家用显示业务承压，我们下调 2024-2025 年盈利预 测，并新增 2026 年盈利预测，预计 2024-2026 年归母净利润 1.76/2.23/2.72 亿元 （2024-2025 年原值为 2.51/3.68 亿元），EPS 分别为 0.38/0.48/0.59 元，当前 ...

上 市 公 司 证 券 研 究 报 告 ——2023 年年报及 2024 年一季报点评： 车载光学业务 进入贡献期，公司经营拐点已至 | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|-------|--------|-------|-------|-------| | | 2023 | 2024Q1 | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 2,213 | 445 | 2,834 | 3,572 | 4,584 | | 同比增长率（%） | -12.9 | -3.0 | 28.0 | 26.1 | 28.3 | | 归母净利润（百万元） | 103 | 45 | 221 | 301 | 400 | | 同比增长率（%） | -13.6 | 226.2 | 114.4 | 35.9 | 32.9 | | 每股收益（元/股） | 0.22 | 0.10 | 0.48 | ...

2024 年 04 月 29 日 公司点评 买入/维持 光峰科技(688007) 目标价: 昨收盘:19.92 光峰科技：2024Q1 利润迎来拐点增速靓丽，车载业务收入实现从 0 到 1 突破 | --- | --- | --- | --- | |-------|--------------------------------------------------|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ◼ 走势比较 | | 事件： 2024 年 4 月 26 日，光峰科技发布 2023 年年报以及 2024 年一 | | | 50% | | 季报。 2023 年公司实现总营收 22.13 亿元（同比 -12.90% ），归母净利润 | | | ...

| --- | --- | --- | --- | |-------|--------------------------------------------------|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ◼ 走势比较 | | 事件： 2024 年 4 月 26 日，光峰科技发布 2023 年年报以及 2024 年一 | | | 50% | | 季报。 2023 年公司实现总营收 22.13 亿元（同比 -12.90% ），归母净利润 | | | 34% | | 1.03 亿元（同比 -13.61% ），扣非归母净利润 0.42 亿元（同比 -37.18% ）。 2024Q1 公司实现总营收 4.45 亿元（同比 -3.04% ），归母净 ...

公司报告 | 年报点评报告 车载光学业务开始放量，峰米业务持续减亏 事件：公司 2023 年全年实现营业收入 22.13 亿元，同比-12.9%，归母净利润 1.03 亿元，同比 -13.61%。公司 2024 年 Q1 全年实现营业收入 4.45 亿元，同比-3.04%，归母净利润 0.45 亿元， 同比+226.21%。公司拟向全体股东每 10 股派发现金红利 0.7 元（含税），分红率 31.09%。 23 年公司 C 端承压，影院业务高质量发展，车载光学业务蓄势待发。To C 业务受消费电子市 场需求疲软的影响收入减少，公司核心器件与整机业务收入同比-13%，其中激光光学引擎收 入同比-2.5%。影院放映服务业务收入同比+37.24%，国内电影市场呈现稳步向好趋势，推动 公司影院核心器件业务高质量发展。公司车载光学业务进入发展加速期，围绕车载业务已获 6 个高质量前装定点，并于 23M12 迎来首个定点车型问界 M9 正式落地。 影院业务对利润贡献较多，公司加大车载相关研发投入。2023 年公司毛利率为 36.22%，同比 +3.58pct，净利率为 0.8%，同比-0.42pct。分产品看，23A ...

证券研究报告 | 2024年04月29日 家用电器·其他家电Ⅱ 资料来源：Wind、国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 资料来源：公司公告、Wind、国信证券经济研究所整理 核心观点 公司研究·财报点评 证券分析师：陈伟奇 证券分析师：王兆康 0755-81982606 0755-81983063 chenweiqi@guosen.com.cn wangzk@guosen.com.cn S0980520110004 S0980520120004 证券分析师：邹会阳 联系人：李晶 0755-81981518 zouhuiyang@guosen.com.cnlijing29@guosen.com.cn S0980523020001 基础数据 投资评级 买入(维持) 合理估值 收盘价 19.57 元 总市值/流通市值 9053/9053 百万元 52 周最高价/最低价 32.17/14.70 元 近 3 个月日均成交额 150.12 百万元 市场走势 《光峰科技（688007.SH）-转让 GDC 部分股权，加码成长业务发 展》 ——2024-04-13 《光峰科技（688007. ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 23.52 yuan, based on a projected PE of 50 times for 2024 [6][19]. Core Insights - The company reported a revenue of 2.213 billion yuan in 2023, a decrease of 12.90% year-on-year, and a net profit attributable to shareholders of 103 million yuan, down 13.61% year-on-year [1][19]. - The company is gradually transforming its business model, focusing on improving profitability, particularly in the B-end business, while reducing reliance on the C-end business [2][19]. - The automotive sector is showing early signs of growth, contributing 48 million yuan in revenue in March 2024, indicating potential for improved profitability [1][3][19]. Financial Performance Summary - In Q1 2024, the company achieved a revenue of 445 million yuan, a decline of 3.04% year-on-year, but the net profit attributable to shareholders increased significantly by 226.21% to 45 million yuan [1][25]. - The gross profit margin for 2023 improved by 3.6 percentage points, primarily due to the increased proportion of cinema screening services [4][19]. - The company expects revenues for 2024 to reach 2.707 billion yuan, with a year-on-year growth rate of 22.31%, and net profits projected to be 218 million yuan, reflecting a growth rate of 110.91% [5][19]. Business Segment Analysis - The cinema screening service segment saw a year-on-year increase of 37% in 2023, while the professional display segment remained stable with a slight decline of 1% [1][19]. - The company is optimizing its C-end marketing expenses and adjusting its R&D personnel structure to better align with the needs of the automotive business [19]. Future Outlook - The company anticipates revenue growth of 22%, 18%, and 20% for the years 2024, 2025, and 2026, respectively, with corresponding net profit growth rates of 111%, 82%, and 59% [19]. - The report highlights the unique advantages of laser display technology and the potential for steady performance in the B-end business, suggesting a positive outlook for the company's future performance [19].