Core Insights - The company reported a revenue growth of 37.1% in 2024, reaching 1.034 billion yuan, driven by diversified product offerings and strong demand in consumer electronics, automotive smart driving, and optical communication sectors [1] - The net profit attributable to shareholders increased by 22.6% to 221 million yuan, with a non-recurring net profit of 215 million yuan, reflecting a 33.21% year-over-year growth [1] - In Q1 2025, the company experienced a revenue increase of 53% to 256 million yuan, and a net profit growth of 55.5% to 46 million yuan [1] Revenue Breakdown - Optical prism revenue surged by 59.01% in 2024, totaling 654 million yuan, accounting for 63.2% of total revenue, despite a slight decline in gross margin to 37.99% [2] - The revenue from optical glass aspheric lenses grew by 4.08% to 251 million yuan, representing 24.3% of total revenue, with an improved gross margin of 51.93% [2] - Glass wafer business revenue increased by 38.91% to 73 million yuan, making up 7.0% of total revenue, with a gross margin of 16.01% [2] Market Expansion and Product Development - The company is actively expanding its downstream market and strengthening partnerships with leading optical glass material manufacturers and semiconductor equipment suppliers [3] - There is a focus on improving product structure and customer development, particularly in AR/VR, automotive logo projection, and semiconductor sectors [3] - The company anticipates continued growth in demand for micro-prism products used in smartphone camera modules and aspheric lens products [3] Future Projections - Revenue projections for 2025-2027 are set at 1.456 billion, 1.806 billion, and 2.250 billion yuan, respectively, with net profits expected to reach 345 million, 449 million, and 568 million yuan [3] - The current price-to-earnings ratios are projected at 27.8, 21.3, and 16.9 for the respective years [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 33.60 RMB [8][5]. Core Views - The company achieved a revenue of 1.034 billion RMB in 2024, representing a year-on-year increase of 37.08%, and a net profit of 221 million RMB, up 22.58% year-on-year. In Q1 2025, the revenue was 256 million RMB, showing a significant growth of 52.92% year-on-year, driven by opportunities in mobile optical innovation, automotive smart driving, and 5G optical communication [2][4]. - The company is expected to maintain strong performance in the second half of 2025, supported by demand for periscope lenses from major mobile clients and automotive optical/laser radar needs. The company is also collaborating with leading global manufacturers in various new fields, which may contribute to long-term performance growth [2][4]. Summary by Sections Financial Performance - In 2024, the optical prism product revenue reached 654 million RMB, a year-on-year increase of 59.01%, primarily due to increased shipments of micro prisms. The gross margin was 37.99%, down 5.15 percentage points year-on-year. The glass aspheric lens revenue was 251 million RMB, up 4.08% year-on-year, with a gross margin of 51.93%, up 5.36 percentage points year-on-year. The glass wafer revenue was 73 million RMB, up 38.91% year-on-year, with a gross margin of 16.01% [3][4]. - The company’s total revenue for 2023 was 754.46 million RMB, with a year-on-year growth of 98.35%. The net profit attributable to the parent company was 180.79 million RMB, up 87.27% year-on-year [7]. Business Outlook - The company is well-positioned to benefit from diverse product offerings and long-term customer relationships in consumer electronics, automotive smart driving, and optical communication sectors. The demand for micro prisms is expected to grow due to the introduction of new models by major clients [4][5]. - The company is actively cooperating with leading glass material manufacturers and semiconductor equipment suppliers, positioning itself to capture growth opportunities in the AR and semiconductor fields [4]. Valuation - The projected net profits for 2025-2027 are 339 million RMB, 425 million RMB, and 534 million RMB, respectively. The corresponding EPS for these years is expected to be 0.84 RMB, 1.05 RMB, and 1.32 RMB [5][7]. - The company is assigned a PE ratio of 40 times for 2025, reflecting its strong growth potential in new downstream markets and products [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company has shown robust growth in revenue and net profit for 2024, with a significant increase in Q1 2025, driven by investments in R&D and new product lines in automotive electronics [3][7] - The company is expected to benefit from the growing demand in consumer electronics and automotive electronics, with a focus on micro-prism and optical waveguide technologies [4][7] Financial Summary - The company’s revenue is projected to grow from RMB 754 million in 2023 to RMB 2,224 million by 2027, reflecting a compound annual growth rate (CAGR) of 41.4% from 2025 to 2026 [6][8] - The net profit is expected to increase from RMB 180 million in 2023 to RMB 572 million by 2027, with a notable growth rate of 66.2% in 2025 [6][8] - The company’s R&D expenses are anticipated to rise significantly, reaching RMB 132 million in 2025, which is 11.3% of revenue, indicating a strong commitment to innovation [7][8] Business Performance - In 2024, the optical prism segment is projected to generate RMB 650 million in revenue, a 59% increase year-on-year, primarily due to the demand for smartphone camera modules [7] - The glass aspheric lens segment is expected to achieve RMB 250 million in revenue, with a gross margin of 51.9%, reflecting a strategic adjustment in product and customer structure [7] - The company has increased its R&D personnel from 227 in 2023 to 353 in 2024, a growth of 55.5%, enhancing its competitive edge in the market [7]

蓝特光学4月28日大宗交易平台共发生3笔成交，合计成交量130.00万股，成交金额2730.00万元。成交价 格均为21.00元，相对今日收盘价折价9.17%。 证券时报·数据宝统计显示，蓝特光学今日收盘价为23.12元，下跌2.20%，日换手率为1.71%，成交额为 1.60亿元，全天主力资金净流出615.85万元，近5日该股累计下跌1.53%，近5日资金合计净流入1164.00 万元。 两融数据显示，该股最新融资余额为1.32亿元，近5日减少1854.46万元，降幅为12.28%。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是中金公司证券，4月25日中金公 司证券发布的研报预计公司目标价为32.00元。（数据宝） 4月28日蓝特光学大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 44.00 | 924.00 | 21.00 | -9.17 | 中国 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company achieved a revenue of 1.034 billion RMB in 2024, representing a year-on-year growth of 37%. The net profit attributable to shareholders was 221 million RMB, up 23% year-on-year [3]. - The optical prism business saw significant growth, with revenues reaching 654 million RMB, a 59.01% increase year-on-year, driven by rising demand for micro-prism products in smartphone camera modules [4]. - The company is optimistic about the growth potential of its optical prism and glass aspheric lens businesses, supported by production advantages and capacity reserves [4]. - Profit forecasts for 2025-2027 project net profits of 355 million, 487 million, and 645 million RMB, reflecting growth rates of 61.14%, 37.04%, and 32.52% respectively [5]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 248 million RMB, a decrease of 6% year-on-year and a 39% decline quarter-on-quarter. For Q1 2025, revenue increased to 256 million RMB, a 53% year-on-year rise [3]. Operational Analysis - The glass wafer business generated 73 million RMB in revenue, marking a 38.91% year-on-year increase, with a focus on AR/VR and automotive applications [4]. - The company is developing AR waveguide modules and has established strong ties with leading downstream customers [4]. Profit Forecast and Valuation - The projected P/E ratios for 2025, 2026, and 2027 are 27, 20, and 15 times respectively, indicating a favorable valuation outlook [5]. - The company’s revenue is expected to grow from 1.501 billion RMB in 2025 to 2.275 billion RMB in 2027, with corresponding net profit growth [10].

24 年业绩高增长主要系光学棱镜及玻璃晶圆业务带动，微棱镜需求大幅提升 。 2024 年公司实现营业收入 10.34 亿元，同比 +37.08% ；归母净利润 2.21 亿元，同比 +22.58% ；扣非归母净利润 2.15 亿元，同比 +33.21% 。分业务来看：① 光学棱镜业务： 2024 年收入 6.54 亿元，同比 +59.01% 。主要系 24Q3 发 布的 iPhone16 将潜望式模组由此前一款 Pro Max 机型下沉为两款 Pro+Pro Max 机型，应用于摄像头模 组的微棱镜需求进一步扩张。② 玻璃晶圆业务： 2024 年收入 0.73 亿元，同比 +38.91% ，应用于 AR/VR 、汽车 LOGO 投影、半导体等领域的显示玻璃晶圆、衬底玻璃晶圆、深加工玻璃晶圆业务实现了稳 健发展。③ 玻璃非球面透镜业务： 2024 年收入 2.51 亿元，同比 +4.08% 。面对激烈的行业竞争，公司加 强产能储备的同时采取积极的"降本增效"措施，营收规模提升的同时实现了成本规模的收窄。 24 年毛利率 39.85% ，同比 -2.22pcts ，净利率 21.4% ，同比 -2.57pcts ...

2024 年度独立董事述职报告 （黄腾超） 各位股东： 本人作为浙江蓝特光学股份有限公司（以下简称"公司"）的独立董事，在 2024 年度本人独立董事任期内，严格按照《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司独立董事管理办法》《上海证券交易所科创板股票 上市规则》《浙江蓝特光学股份有限公司章程》《浙江蓝特光学股份有限公司独 立董事工作制度》等相关法律、法规、规章的规定和要求，诚实、勤勉、独立的 履行职责，积极出席相关会议，认真审议董事会各项议案，对公司重大事项发表 了独立意见，切实维护公司和公众股东的合法权益，促进公司规范运作，充分发 挥了独立董事及各专门委员会委员的作用。现将在 2024 年度履行独立董事职责 的情况报告如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 黄腾超先生，1979 年 10 月出生，中国国籍，无境外永久居留权，毕业于浙 江大学光学工程专业，博士研究生学历，教授、博士生导师。2005 年 7 月至 2007 年 9 月就职于浙江大学光学工程博士后流动站；2007 年 9 月至 2017 年 12 月任 浙江大学副教授，2017 年 12 月至今 ...

2024 年度独立董事述职报告 （潘林华） 各位股东： 本人作为浙江蓝特光学股份有限公司（以下简称"公司"）的独立董事，在 2024 年度本人独立董事任期内，严格按照《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司独立董事管理办法》《上海证券交易所科创板股票 上市规则》《浙江蓝特光学股份有限公司章程》《浙江蓝特光学股份有限公司独 立董事工作制度》等相关法律、法规、规章的规定和要求，诚实、勤勉、独立的 履行职责，积极出席相关会议，认真审议董事会各项议案，对公司重大事项发表 了独立意见，切实维护公司和公众股东的合法权益，促进公司规范运作，充分发 挥了独立董事及各专门委员会委员的作用。现将在 2024 年度履行独立董事职责 的情况报告如下： 1、第五届董事会审计委员会委员； 2、第五届董事会提名委员会委员（召集人）； 3、第五届薪酬与考核委员会委员。 （三）是否存在影响独立性的情况说明 作为公司的独立董事，本人未在公司担任除独立董事以外的任何职务，也未 在公司主要股东担任任何职务，与公司以及公司主要股东之间不存在妨碍本人进 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 潘林华先生，19 ...

（程俊） 各位股东： 本人作为浙江蓝特光学股份有限公司（以下简称"公司"）的独立董事，在 2024 年度本人独立董事任期内，严格按照《中华人民共和国公司法》《中华人 民共和国证券法》《上市公司独立董事管理办法》《上海证券交易所科创板股票 上市规则》《浙江蓝特光学股份有限公司章程》《浙江蓝特光学股份有限公司独 立董事工作制度》等相关法律、法规、规章的规定和要求，诚实、勤勉、独立的 履行职责，积极出席相关会议，认真审议董事会各项议案，对公司重大事项发表 了独立意见，切实维护公司和公众股东的合法权益，促进公司规范运作，充分发 挥了独立董事及各专门委员会委员的作用。现将在 2024 年度履行独立董事职责 的情况报告如下： 一、独立董事基本情况 （一）个人工作履历、专业背景以及兼职情况 2024 年度独立董事述职报告 程俊女士，1972 年 5 月出生，中国国籍，无境外永久居留权，本科学历， 高级会计师、国际注册内审师。1991 年 8 月至 2006 年 5 月先后任职于浙江建阳 工具厂、嘉兴市嘉北信用社、天安保险嘉兴支公司、大众保险湖州支公司；2006 年 5 月至 2021 年 1 月任嘉兴市水务投资集团有限公司 ...

一、资质审查情况 公司审计委员会对天健及项目人员的专业资质、业务能力、投资者保护能力、 独立性、人力资源及配置、审计工作计划等进行了严格核查和评价，依据天健提 供的执业记录、诚信状况、风险控制、质量管理水平、信息安全管理水平资料对 其胜任能力进行了审慎评估，认为其具备为公司提供审计工作的资质和专业能力， 能够满足公司审计工作的要求。 二、审计工作监督情况 （一）公司审计委员会与天健审计项目负责人进行了审前沟通，认真听取、 审阅了天健对公司年报审计的工作计划，确保工作的人员配置与时间安排是合理 的，积极保障公司年审工作的正常开展。 浙江蓝特光学股份有限公司 2024 年度 董事会审计委员会对天健会计师事务所（特殊普通合伙） 履行监督职责情况报告 浙江蓝特光学股份有限公司（以下简称"公司"）聘请天健会计师事务所（特 殊普通合伙）（以下简称"天健"）作为公司 2024 年度审计机构。根据《中华 人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》《国有企 业、上市公司选聘会计师事务所管理办法》《公司章程》《董事会审计委员会议 事规则》等有关规定，公司董事会审计委员会本着勤勉尽责的原则，恪尽职守， 认真履职 ...