Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 49.94 and a sector rating of "Outperform" [2][4]. Core Insights - The company reported a steady growth in Q3 2024, with revenue reaching RMB 1.07 billion, a year-on-year increase of 18.41%, and a net profit of RMB 103 million, up 23.05% year-on-year. The growth is attributed to the recovery in demand from the consumer electronics sector and the stable performance of its laser business [4][6]. - The company is a leading player in the domestic MOPA laser market and is expanding its applications in various fields, including photovoltaics and consumer electronics. This diversification is expected to drive future growth as downstream demand improves [4][7]. - The report highlights the company's strong profitability, with a gross margin of 40.20% and a net margin of 9.12% for the first three quarters of 2024. The company has effectively controlled its expense ratios, contributing to its overall financial health [4][6]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of RMB 1.07 billion, with a gross profit margin of 40.20%, and a net profit margin of 9.12% [4][6]. - The company’s revenue for Q3 2024 was RMB 476.34 million, reflecting a 41.02% increase year-on-year, while the net profit for the same period was RMB 48.52 million, up 38.99% year-on-year [7][8]. - The report projects revenues of RMB 14.19 billion, RMB 17.96 billion, and RMB 21.31 billion for 2024, 2025, and 2026 respectively, with corresponding net profits of RMB 1.49 billion, RMB 2.13 billion, and RMB 2.59 billion [4][5].

Investment Rating - The investment rating for the company is "Buy" [2][10]. Core Views - The company has shown strong performance in its optical module testing equipment business, with Q3 revenue growth of 41.02% year-on-year, reaching 476 million yuan [4][6]. - The company reported a net profit of 49 million yuan in Q3, a year-on-year increase of 38.99% [4][6]. - The gross margin for the first three quarters of 2024 was 40.20%, an increase of 0.75 percentage points year-on-year, indicating strong profitability [5]. - The company is expanding its optical detection equipment segment, particularly in camera module testing, which is expected to drive future revenue growth [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 1.07 billion yuan, a year-on-year increase of 18.41%, and a net profit of 103 million yuan, up 23.05% [4][5]. - The projected revenue for 2024 is 1.44 billion yuan, with a net profit forecast of 158 million yuan [8]. Profitability Metrics - The company maintained a high gross margin of 40.20% and a net profit margin of 9.65% for the first three quarters of 2024 [5]. - The Q3 single-quarter gross margin was 39.91%, reflecting a slight decrease compared to the previous quarter [5]. Market Position and Growth Potential - The company is a leader in the MOPA laser market and is actively expanding into emerging fields such as perovskite technology [7]. - The company has received multiple customer orders for its perovskite film cutting equipment, indicating strong demand and a competitive edge in the market [7]. Earnings Forecast - The company is expected to achieve net profits of 158 million yuan, 200 million yuan, and 247 million yuan for the years 2024, 2025, and 2026, respectively [8]. - Corresponding EPS for these years are projected to be 1.66 yuan, 2.11 yuan, and 2.59 yuan [8].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 59.64 CNY, compared to the current price of 51.78 CNY [1]. Core Views - The company reported revenue growth of 18.41% year-on-year for the first three quarters of 2024, reaching 1.07 billion CNY, and a net profit increase of 23.05%, totaling 103 million CNY. In Q3 alone, revenue was 476 million CNY, up 41.02% year-on-year, with net profit at 49 million CNY, a 38.99% increase [1]. - The growth in Q3 is attributed to increased revenue from the camera module optoelectronic active detection business and stable growth in the laser business, contributing to profit growth [1]. - The company is a leader in MOPA laser technology and has optimized its product structure and focused its R&D efforts, which have shown positive results. The manufacturing PMI data indicates a weak manufacturing sector, but a recovery is expected to boost the laser business further [1]. - The company has diversified its operations in sectors such as new energy, consumer electronics, and passive components, with notable progress in each area, including receiving multiple customer orders in the perovskite field and actively supporting clients in establishing GW-level production lines [1]. - The investment forecast for 2024-2026 has been adjusted downwards due to weaker-than-expected manufacturing and XR industry conditions, with projected revenues of 1.47 billion CNY, 1.90 billion CNY, and 2.50 billion CNY, and net profits of 149 million CNY, 203 million CNY, and 283 million CNY respectively [1][2]. Financial Summary - For 2023, total revenue is projected at 1.23 billion CNY, with a year-on-year growth rate of 4.5%. The net profit is expected to be 107 million CNY, reflecting a 40.1% increase [2]. - The earnings per share (EPS) for 2024 is estimated at 1.57 CNY, with a price-to-earnings (P/E) ratio of 33 [2]. - The company maintains a healthy balance sheet with a debt-to-asset ratio of 25.29% and a net asset value per share of 21.05 CNY [3].

Group 1: Financial Performance - The company reported significant asset impairment in Q3 due to high inventory levels and stagnant materials from R&D projects, particularly in continuous laser devices and passive components [2] - Q3 revenue growth was primarily driven by increased income from camera module optoelectronic active detection business and stable growth in laser business [2] - The company maintains an optimistic outlook for continuous revenue growth in the laser sector, particularly in the context of strategic adjustments made since Q3 [3] Group 2: Business Development - The optical detection business has expanded significantly since 2014, with a focus on camera module detection, benefiting from technological advancements and increased demand from domestic manufacturers [2] - The company has received multiple orders for perovskite film cutting equipment, indicating a leading position in the industry as of Q3 [2] - Despite a slowdown in overall equipment demand in the new energy sector, the company continues to see growth opportunities and has made breakthroughs in various applications [3] Group 3: Investor Relations - The investor relations activity took place on October 29, 2023, via a network meeting, involving multiple investment institutions and analysts [1] - The company ensured compliance with information disclosure regulations, maintaining transparency and accuracy during investor communications [4]

深圳市杰普特光电股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 1 / 11 证券代码：688025 证券简称：杰普特 深圳市杰普特光电股份有限公司 2024 年第三季度报告 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。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |---------------------------------------------------------|----------------|-----------------------------------------|--------------- ...

（一）信用减值损失 深圳市杰普特光电股份有限公司 关于 2024 年第三季度计提资产减值准备的公告 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、2024 年第三季度计提减值准备的情况概述 根据《企业会计准则》和深圳市杰普特光电股份有限公司（以下简称"公司"） 会计政策的相关规定，为客观、公允地反映公司截至 2024 年 9 月 30 日的财务状 况及经营成果，本着谨慎性原则，公司对截至 2024 年 9 月 30 日公司及下属子公 司的资产进行了减值测试，对可能发生资产减值损失的相关资产计提减值准备。 公司 2024 年第三季度计提各项资产减值准备合计 41,795,493.92 元，具体情况如 下表： 证券代码：688025 证券简称：杰普特 公告编号：2024-070 | 项目 | 本期发生额（元） | | --- | --- | | 信用减值损失 | -7,431,784.29 | | 其中：应收票据坏账损失 | -41,797.36 | | 应收款项融资坏账损失 | -982,368.04 | | 应收账款 ...

证券代码：688025 证券简称：杰普特 公告编号：2024-069 深圳市杰普特光电股份有限公司 2024 年第四次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 09 月 09 日 （二） 股东大会召开的地点：深圳市龙华区观湖街道鹭湖社区观盛五路科姆龙 科技园 A 栋 12 楼会议室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 59 | | --- | --- | | 普通股股东人数 | 59 | | 2、出席会议的股东所持有的表决权数量 | 46,689,112 | | 普通股股东所持有表决权数量 | 46,689,112 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比例（%） | 49.3548 | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 49.35 ...

北京金诚同达（深圳）律师事务所 关于 金深法意字[2024]第 822 号 深圳市福田区鹏程一路广电金融中心 42 层 518000 电话：0755-2223 5518 传真：0755-2223 5528 金诚同达律师事务所 法律意见书 2024 年第四次临时股东大会的 深圳市杰普特光电股份有限公司 2024 年第四次临时股东大会的 法 律 意 见 书 北京金诚同达（深圳）律师事务所 关于 深圳市杰普特光电股份有限公司 法律意见书 金深法意字[2024]第 822 号 致：深圳市杰普特光电股份有限公司 北京金诚同达（深圳）律师事务所（以下简称"本所"）接受深圳市杰普特 光电股份有限公司（以下简称"公司"）委托，并根据《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》《上市公司股东大会 规则（2022 年修订）》（以下简称"《股东大会规则》"）、《上市公司治理 准则》《律师事务所从事证券法律业务管理办法》《律师事务所证券法律业务执 业规则（试行）》、上海证券交易所（以下简称"上交所"）发布的《上海证券 交易所科创板上市公司自律监管指引第 1 号——规范运作（2023 年 12 月修订 ...

法律意见书 金深法意字[2024]第 821 号 深圳市福田区鹏程一路广电金融中心42层 518000 北京金诚同达（深圳）律师事务所 关于 深圳市杰普特光电股份有限公司 2024 年员工持股计划 之 电话：0755-2223 5518 传真：0755-2223 5528 金诚同达律师事务所 法律意见书 释 义 在本法律意见书中，除非文中另有说明，下列词语具有如下涵义： | 本所 | 指 | 北京金诚同达（深圳）律师事务所 | | --- | --- | --- | | 杰普特、公司、上市公司 | 指 | 深圳市杰普特光电股份有限公司 | | 股 A | 指 | 中国境内上市人民币普通股 | | 本员工持股计划/员工持股 计划 | 指 | 深圳市杰普特光电股份有限公司 2024 年员工持股计划 | | 《员工持股计划（草案）》 | 指 | 《深圳市杰普特光电股份有限公司 2024 年员工持股计划 | | | | （草案）》 | | 标的股票 | 指 | 本员工持股计划通过合法方式受让和持有的杰普特 股 A | | | | 普通股股票 | | 持有人会议 | 指 | 本员工持股计划持有人会议 | | 《公司法》 ...

证券代码：688025 证券简称：杰普特 公告编号：2024-064 深圳市杰普特光电股份有限公司 第三届监事会第二十二次会议决议公告 本公司监事会及全体监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、监事会会议召开情况 深圳市杰普特光电股份有限公司（以下简称"公司"）第三届监事会第二十 二次会议（以下简称"本次会议"）于 2024 年 8 月 29 日以现场结合通讯方式召 开，本次会议通知及相关材料已于 2024 年 8 月 28 日以电子邮件方式送达公司全 体监事，全体监事一致同意豁免本次会议通知时限要求。本次会议应到监事 3 名，实到监事 3 名，会议由监事会主席徐盼庞博召集并主持。本次会议的召开符 合《中华人民共和国公司法》等国家相关法律法规、规章和《深圳市杰普特光电 股份有限公司章程》的规定。会议审议并以记名投票方式表决通过了如下议案： 二、监事会会议审议情况 经全体监事表决，形成决议如下： （二）审议通过了《关于<深圳市杰普特光电股份有限公司 2024 年员工持 股计划管理办法>的议案》 经审议，监事会认为： 公司制定《深圳 ...