> 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 ...

Investment Rating - The report maintains a "Buy" rating for the company [18] Core Insights - The company reported a revenue of 2.213 billion yuan in 2023, a decrease of 12.9% year-on-year, and a net profit attributable to shareholders of 103 million yuan, down 13.6% year-on-year [4][18] - In Q1 2024, the company achieved a revenue of 445 million yuan, a decline of 3% year-on-year, but a significant increase in net profit attributable to shareholders to 45 million yuan, up 226% year-on-year [18] - The automotive optical business has entered a revenue contribution phase, with the first model, the AITO M9, officially launched in December 2023, and mass production starting in March 2024 [18] - The cinema business showed strong performance with a revenue of 3.69 billion yuan in 2023, a growth of 37.24% year-on-year, and Q1 2024 revenue of 1.53 billion yuan, up 21% year-on-year [18] Financial Summary - Total revenue (million yuan): 2023: 2,213; 2024Q1: 445; 2024E: 2,834; 2025E: 3,572; 2026E: 4,584 [4] - Net profit attributable to shareholders (million yuan): 2023: 103; 2024Q1: 45; 2024E: 221; 2025E: 301; 2026E: 400 [4] - Earnings per share (yuan/share): 2023: 0.22; 2024Q1: 0.10; 2024E: 0.48; 2025E: 0.65; 2026E: 0.86 [4] - Gross margin (%): 2023: 36.2; 2024Q1: 32.4; 2024E: 38.8; 2025E: 38.8; 2026E: 38.7 [4] - Return on equity (%): 2023: 3.7; 2024Q1: 1.6; 2024E: 7.3; 2025E: 9.3; 2026E: 11.2 [4] Business Performance - The company has made significant improvements in profitability, with a gross margin of 36.22% in 2023, an increase of 3.58 percentage points year-on-year [18] - The company has effectively controlled and optimized its operating expenses, resulting in a significant reduction in losses for its subsidiary, Peak Mi Technology [18] - The company is expected to continue expanding its automotive business and enhance its supply chain capabilities, with a slight adjustment in profit forecasts for 2024-2025 [18]

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].

证券研究报告 黑色家电Ⅱ 车载业务贡献收入增量，Q1 盈利高增 长 车载光学业务成为增长新动力，影院业务延续良好表现：截至 2024 年 3 月，公司车载光学业务已获得 6 个前装定点。2024Q1 公 司首个定点车型问界 M9 进入量产交付阶段。2024Q1 公司车载光 学业务收入实现收入 4803 万元。4 月，公司发布全球首款 ALLin-ONE 全能激光大灯，将远光 ADB 大灯、可变色温大灯、远光照 明灯、地面信息显示、汽车影院等功能融合进小体积的车灯模组 中。另一方面，国内电影市场表现火热，公司 ALPD®激光光源放 映解决方案安装量持续增加，影院业务延续快速增长。2024Q1 公 司影院业务收入增长 21%。 投资建议：公司是全球领先的激光显示科技企业，独创性能领 先的 ALPD®激光显示技术。随着激光在车载显示、电影等显示场 景的渗透率不断提高，公司以影院和专业显示业务为基本盘、以 车载业务为成长盘的发展路径将展现强劲动力。我们预计公司 2024~2026 年 EPS 为 0.25/0.29/0.33 元，每股销售额为 5.27 /6.05 /6.83 元，给予买入-A 的投资评级。考虑到公司 ...

Investment Rating - The report assigns a "Buy" rating, indicating an expectation that the stock will outperform the market by more than 10% over the next 12 months [6]. Core Insights - The report highlights that the company's revenue is under pressure, with a year-on-year decline of 12.9% in 2023, while the net profit attributable to the parent company is projected to recover significantly in 2024, with an expected growth rate of 70.1% [22][32]. - The gross profit margin is expected to improve, reaching 36.2% in 2023, up from 32.6% in 2022, indicating better cost management and operational efficiency [22][32]. - The automotive business is beginning to contribute to revenue, with the company entering mass production phases for its optical products in vehicles, which is expected to enhance overall performance [22][32]. Financial Summary - Revenue for 2023 is reported at 2,213 million, down from 2,541 million in 2022, with a projected recovery to 2,315 million in 2024 [22][32]. - The net profit attributable to the parent company is expected to rise from 103 million in 2023 to 176 million in 2024, reflecting a significant turnaround [22][32]. - The report anticipates an EBITDA of 192 million in 2023, with projections of 348 million in 2024, indicating a strong recovery trajectory [22][32]. Valuation Metrics - The report estimates a reasonable value per share of 22.77 yuan, based on a projected P/E ratio of 51.57 for 2024 [22][32]. - The current price of the stock is noted at 19.57 yuan, suggesting potential upside based on the valuation [22][32].

深圳光峰科技股份有限公司 公司原独立董事宁向东先生、汤谷良先生因连续担任独立董事时间将满 6 年，辞去公司第二届董事会独立董事职务及董事会下设专门委员会相应职务。 经公司董事会提名委员会审查，公司于 2023 年 12 月 8 日以及 12 月 25 日分别 召开第二届董事会第二十四次会议、2023 年第一次临时股东大会，审议通过 《关于公司增补第二届董事会独立董事的议案》等相关议案，增补陈菡女士、 梁华权先生为公司第二届董事会独立董事及董事会审计委员会委员，任期自公 司股东大会审议通过之日起至第二届董事会任期届满之日止。同时，为保障公 司董事会专门委员会规范运作，充分发挥专门委员会在公司治理中的作用，根 据《上市公司独立董事管理办法》的相关规定，董事会对第二届董事会专门委 员会委员进行调整，调整后的董事会审计委员会成员为陈菡女士、陈友春先生、 梁华权先生。 公司第二届董事会审计委员会现由独立董事陈菡女士、陈友春先生、梁华 权先生 3 名独立董事组成，会计专业人士陈菡女士担任董事会审计委员会主任 委员（召集人），3 名委员均具备与其职责相匹配的专业知识及经验，董事会 审计委员会的设置符合相关法律法规及《公司章 ...