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]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥476,336,504.62, representing a year-on-year increase of 41.02%[2] - Net profit attributable to shareholders for Q3 2024 was ¥48,519,916.25, up 38.99% compared to the same period last year[2] - The net profit excluding non-recurring gains and losses for Q3 2024 increased by 49.58% to ¥39,082,989.75, driven by increased revenue from optoelectronic module testing equipment[6] - Basic earnings per share for Q3 2024 were ¥0.51, a 37.84% increase compared to the same period last year[2] - Operating profit for the third quarter was CNY 108,704,064.86, up from CNY 94,584,427.11 in the previous year, reflecting a growth of 15%[15] - Net profit attributable to shareholders of the parent company for the third quarter was CNY 103,285,527.67, compared to CNY 83,939,737.17 in the same quarter of 2023, marking a 23% increase[15] - The total comprehensive income for the third quarter was CNY 97,217,224.16, compared to CNY 84,398,073.93 in the same quarter of 2023, showing a growth of 15.5%[15] Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥2,688,141,663.90, reflecting a 5.50% increase from the end of the previous year[3] - Total assets increased to CNY 2,688,141,663.90, up from CNY 2,547,913,299.64, representing a growth of approximately 5.5% year-over-year[10] - Total liabilities increased to CNY 679,775,862.28 from CNY 589,811,950.17, representing a rise of 15.3%[13] - The company's total equity reached CNY 2,008,365,801.62, up from CNY 1,958,101,349.47, reflecting a growth of 2.6%[13] - The total equity attributable to shareholders at the end of Q3 2024 was ¥2,000,503,810.75, up 2.83% from the end of the previous year[3] Research and Development - Research and development expenses for Q3 2024 totaled ¥50,569,781.10, marking a 42.65% increase year-on-year[2] - The proportion of R&D expenses to operating revenue for Q3 2024 was 10.62%, an increase of 0.12 percentage points year-on-year[2] - Research and development expenses for the first three quarters totaled CNY 125,062,414.05, up from CNY 107,494,518.50, indicating a 16.3% increase year-over-year[14] Cash Flow - The net cash flow from operating activities for the year-to-date period was -¥20,171,805.10, a decline of 116.24% compared to the previous year[2] - The net cash flow from operating activities for the first three quarters of 2024 was -20,171,805.10 RMB, a significant decline compared to 124,200,315.80 RMB in the same period of 2023[17] - Cash inflow from operating activities totaled 987,467,858.21 RMB, down from 1,054,285,124.24 RMB year-over-year, indicating a decrease of about 6.3%[17] - The company reported a net cash flow from investment activities of 7,927,476.46 RMB, a recovery from a negative cash flow of -169,675,472.97 RMB in the previous year[18] - The company reported a total operating cash outflow of 1,007,639,663.31 RMB, which is an increase from 930,084,808.44 RMB in the same period last year, representing an increase of about 8.3%[17] - The net increase in cash and cash equivalents for the period was -118,807,296.52 RMB, compared to -47,525,329.14 RMB in the previous year, indicating a worsening cash position[18] Shareholder Information - The company reported a total of 8,577 common shareholders at the end of the reporting period[8] - The top 10 shareholders hold a combined 66.62% of the total shares, with the largest shareholder owning 20.89%[8] - The company has no significant changes in the participation of major shareholders in margin trading and securities lending activities[9]

（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 ...

证券代码：688025 证券简称：杰普特 公告编号：2024-066 深圳市杰普特光电股份有限公司 关于为全资子公司提供担保的公告 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。 重要内容提示： 被担保方：深圳市杰普特光电股份有限公司（以下简称"公司"）全资 子公司 HIPA PHOTONICS PTE. LTD.（以下简称"新加坡杰普特"）。 本次担保金额及已实际为其担保的担保余额：公司拟为新加坡杰普特不 超过人民币 2,000 万元的借款金额提供不超过人民币 2,200 万元的最高额连带责 任担保，已实际为其提供的担保余额为人民币 0 万元。 一、担保情况概述 （一）担保基本情况 公司的全资子公司新加坡杰普特拟作为借款人向星展银行（中国）有限公司 （以下简称"星展银行"）申请贷款，借款金额不超过人民币 2,000 万元，借款 期限为流动资金贷款期限一年。公司同意为该笔借款提供连带责任保证。保证期 间为自主合同项下的借款期限届满之次日起五年。 （二）履行的内部决策程序 本次担保是否有反担保：无。 本次担保无需经股东大会审 ...

3、本次员工持股计划确定的持有人均符合相关法律法规、规范性文件规定 的持有人条件，符合员工持股计划规定的参与对象的确定标准，其作为公司本次 员工持股计划持有人的主体资格合法、有效。 4、本次员工持股计划遵循依法合规、自愿参与、风险自担等原则，不存在 摊派、强行分配等方式强制员工参与本次员工持股计划的情形。 5、本次员工持股计划有利于建立和完善公司、股东和员工的利益共享机制， 调动员工的积极性和创造性，提高员工凝聚力和公司竞争力，促进公司长期、持 续、健康发展。 综上所述，监事会同意实施公司本次员工持股计划，并同意将有关议案提交 公司 2024 年第四次临时股东大会审议。 深圳市杰普特光电股份有限公司监事会 深圳市杰普特光电股份有限公司监事会 关于公司 2024 年员工持股计划相关事项的核查意见 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》（以下简称"《证券法》"）《关于上市公司实施员工持股计划试点的指导 意见》（以下简称"《指导意见》"）《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》（以下简称"《规范运作》"）等法律法规、规范性文件以 及《深圳市杰普特 ...