点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 投资建议 7 东吴证券 2 公众号·材料汇 ● AR服镜是AI应用的完美载体,可以结合虚拟和现实。AR眼镜(增强现实限镜)是一种将虚拟信息叠加到现实 世界中的智能穿戴设备，核心在于虚拟信息与现实世界的完美融合。2024年全球AR眼镜出货量达到55.3万副, 同比+7.8%，其中中国2024年出货28.6万副。光学显示系统为AR眼镜的核心。光学显示系统由尤学组合器和微 显示屏组成。光学显示系统是整个AR眼镜的核心部件,也是价值量最大的部件,约占整个AR眼镜成本的40%t。 ● 表面浮雕光栅波导方案是AR眼镜光学显示系统的未来主流趋势。表面浮雕光栅波导相对制造成本可控、工艺 成熟,光学性能优秀。尽管存在色散和彩虹纹问题,但可以将衬底更换为SiC采解决。结合技术水平和量产难 度,表面浮雕光栅波导是最现实也最有前景的量产方案。目前即将推出的主流AR眼镜均采用该方案。 ● 碳化硅材料具备高折射率、高热导性,成为AR眼镜镜片的理想来底材料。米底材料的折射率越高,AR镜片的 FOV就更大,单层SiC镜片即可实现80度以上FOV, ...

Investment Rating - The report recommends a focus on investment in companies such as Jing Sheng Mechanical & Electrical and Tian Yue Advanced [2]. Core Insights - AR glasses are seen as the perfect carrier for AI applications, combining virtual and real-world elements. The global shipment of AR glasses is expected to reach 553,000 units in 2024, a year-on-year increase of 7.8%, with China accounting for 286,000 units [2][11][17]. - The optical display system is the core component of AR glasses, comprising optical combiners and micro-displays, which account for over 40% of the total cost [2][26]. - The surface relief grating waveguide (SRG) is identified as the future mainstream trend for AR glasses' optical display systems, offering controllable manufacturing costs and excellent optical performance [2][57]. - Silicon carbide (SiC) materials are highlighted as ideal substrates for AR glasses due to their high refractive index and thermal conductivity, enabling a field of view (FOV) of over 80 degrees with a single-layer SiC lens [2][66]. - The need for semi-insulating SiC substrates is emphasized, with a focus on achieving mass production of 12-inch substrates to reduce costs significantly [2][63]. Summary by Sections Section 1: AR Glasses and Their Market - AR glasses are defined as smart wearable devices that overlay virtual information onto the real world, enhancing user experience [5][10]. - The market for AR glasses is expected to peak in 2024, with significant improvements in portability, functionality, and technology [17][18]. Section 2: Optical Waveguide Structures - The report discusses various optical waveguide structures, with SRG being the most suitable for mass production due to its manufacturing feasibility and optical performance [57][58]. - The advantages of SiC in optical waveguide applications include the ability to reduce color separation and improve thermal management, which is crucial for AR glasses' performance [70][71]. Section 3: Silicon Carbide Materials - SiC materials are noted for their high refractive index, which enhances the FOV and mitigates issues like rainbow patterns in optical waveguides [66][70]. - The report emphasizes the importance of achieving large-size SiC substrates to lower production costs and facilitate the entry of AR glasses into the consumer market [2][63].

证券代码：688234 证券简称：天岳先进 公告编号：2025-032 公司原保荐代表人为邬凯丞、邬岳阳、蒋勇和王晓洁，本次合并后，国泰海 通指派保荐代表人邬凯丞、邬岳阳继续履行对公司的持续督导职责。 本次持续督导机构名称变更并调整保荐代表人后，公司首次公开发行 A 股股 票的持续督导保荐机构为国泰海通，保荐代表人为邬凯丞、邬岳阳（简历详见附 件），持续督导期至 2025 年 12 月 31 日。 特此公告。 山东天岳先进科技股份有限公司 董 事 会 山东天岳先进科技股份有限公司 关于持续督导机构名称变更并调整保荐代表人的公告 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。 根据中国证券监督管理委员会《关于同意山东天岳先进科技股份有限公司首 次公开发行股票注册的批复》（证监许可〔2021〕3935 号）以及上海证券交易所 出具的《关于山东天岳先进科技股份有限公司人民币普通股股票科创板上市交易 的通知》（〔2022〕8 号），山东天岳先进科技股份有限公司（以下简称"公司"） 获准首次公开发行股票并于 2022 年 1 月 1 ...

那2025年呢我们测算了一下假如说这个比亚迪他2025年拥有这个800伏和1000伏的这个车的话呃新增这个九十万九十万台那呃20262026年呢这个相关的车型新增180万台按照这个一片六寸的碳化合石秤颈的大概对应六辆车的这个图的这个用量来算的话那分别是增加这个15万片跟这个30万片的一个行业的需求 核心国际然后也建议购物投资呢去重视啊第一个就是我们展开了汇报一下就是第一个主要这块的一个供需格局的变化呃这个天悦呢他目前呢整体大概是在这个80%左右的一个输入啊来自于这个新能源这一块那天悦在新能源这块主要做这个碳化硅的供应器件里面的这个碳化硅的称积啊这个环境碳化硅呢它属于第三代半导体整体的这个 无论从性能的参数还是这个随着表现来看都是非常优异的那以碳化硅为代表的这个第三代半导体呢他这种材料具有这个宽静带以及这个电更饱和的这个电子漂移率以及热导率包括还有这个集穿电场这些都比较强这些优势在新的原车上的话这个碳化硅呢 它这个耐高压的特性呢尤其适合去做这个800伏以上的这个高压快充的这种车型同时呢碳化硅这个方案呢也可以实现这个新能源车的单电的系统的一个降本增效从而去提高这个新能源车的尤其纯电车的这个续航那碳化硅呢可以实现这 ...

国泰君安证券股份有限公司、海通证券股份有限公司 关于山东天岳先进科技股份有限公司 2024 年度持续督导年度跟踪报告 | 保荐机构名称:国泰君安证券股份有限公司 | 被保荐公司简称:天岳先进 | | --- | --- | | 保荐代表人姓名:王晓洁、蒋勇 | | | 保荐机构名称:海通证券股份有限公司 | 被保荐公司代码:688234.SH | | 保荐代表人姓名:邬凯丞、邬岳阳 | | 4 重大事项提示 经中国证券监督管理委员会《关于同意山东天岳先进科技股份有限公司首次 公开发行股票注册的批复》(证监许可(2021)3935号)批复,山东天岳先进科 技股份有限公司(以下简称"上市公司"、"公司"或"发行人")首次公开发行股票 4,297.1105 万股,每股面值人民币 1元,每股发行价格人民币 82.79元,募集资 金总额为人民币 355,757.78 万元,扣除发行费用后,实际募集资金净额为人民币 320,347.13 万元。本次发行证券已于 2022年 1 月 12 日在上海证券交易所上市。 国泰君安证券股份有限公司、海通证券股份有限公司（以下简称"保荐机构"） 担任其持续督导保荐机构,持续督导期间为 ...

国泰君安证券股份有限公司、海通证券股份有限公司 关于山东天岳先进科技股份有限公司 2024 年度持续督导现场检查报告 上海证券交易所: 国泰君安证券股份有限公司、海通证券股份有限公司 (二) 保荐代表人 国泰君安证券股份有限公司:王晓洁、蒋勇 海通证券股份有限公司:邬凯丞、邬岳阳 (三) 现场检查时间 经中国证券监督管理委员会《关于同意山东天岳先进科技股份有限公司首 次公开发行股票注册的批复》(证监许可(2021)3935号)批复,山东天岳先进 科技股份有限公司(以下简称"天岳先进"、"上市公司"、"公司")首次公开发 行股票 42.971,105 股,每股面值人民币 1元,每股发行价格人民币 82.79 元,募 集资金总额为人民币 355,757.78 万元,扣除发行费用后,实际募集资金净额为人 民币 320.347.13 万元。本次发行证券已于 2022年 1 月 12 日在上海证券交易所上 市。国泰君安证券股份有限公司、海通证券股份有限公司(以下简称"保荐机构") 担任其持续督导保荐机构,持续督导期间为 2022年 1 月 12 日至 2025年 12 月 31日。 根据《证券发行上市保荐业务管理办法》 ...

Core Insights - Tianyue Advanced (688234) reported a closing price of 62.0 yuan as of March 31, 2025, with a decline of 3.14% [1] - The company achieved a total revenue of 1.768 billion yuan for the year 2024, reflecting a year-on-year growth of 41.37% [1] - Net profit attributable to shareholders reached 179 million yuan, marking a significant increase of 491.56% year-on-year [1] Financial Performance - The company's operating revenue for 2024 was 1.768 billion yuan, up 41.37% from the previous year [1] - Net profit attributable to shareholders was 179 million yuan, showing a remarkable growth of 491.56% [1] - The company's non-recurring net profit was 156 million yuan, which is an increase of 238.48% year-on-year [1] - Current ratio stands at 2.025, quick ratio at 1.363, and debt-to-asset ratio at 27.78% [1] Investment and Intellectual Property - Tianyue Advanced has made investments in 13 companies and participated in 42 bidding projects [2] - The company holds 16 trademark registrations and 602 patents, along with 55 administrative licenses [2]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [4][10]. Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit of 179 million yuan, up 491.56% [5][6]. - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to significant revenue growth and improved profit margins [6][7]. - The company is actively expanding its product applications into emerging fields, with notable revenue contributions from international clients [7][8]. Financial Performance - In 2024, the company reported a gross margin of 25.90%, an increase of 10.09 percentage points year-on-year, with a main business gross margin of 32.92%, up 15.39 percentage points [6][12]. - The company’s revenue for Q4 2024 was 487 million yuan, reflecting a 14.32% increase year-on-year, while the net profit for the same quarter was 36 million yuan, up 59.74% [5][6]. - The company’s silicon carbide substrate products generated 1.474 billion yuan in revenue, accounting for 83.35% of total revenue, with international business revenue reaching 840 million yuan, a 104.43% increase [7][9]. Product and Market Position - The company is one of the few globally capable of mass-producing 8-inch silicon carbide substrates and has launched the industry's first 12-inch silicon carbide substrate [10][9]. - The company holds a 22.80% market share in the global conductive silicon carbide substrate market, ranking second worldwide [9][10]. - The company is expanding its product matrix to include larger substrates, with ongoing development in 8-inch and 12-inch products [8][9]. Future Projections - The company is projected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan for the years 2025, 2026, and 2027, respectively [10][12]. - The expected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [10][12].

Investment Rating - The report maintains an "Accumulate-A" rating for the company Tianyue Advanced (688234.SH) [1] Core Views - The company achieved a turnaround in its annual performance, reporting a revenue of 1.768 billion yuan in 2024, a year-on-year increase of 41.37%, and a net profit attributable to shareholders of 179 million yuan, up 491.56% [2][3] - The company has a strong focus on its core business, enhancing long-term collaborations with well-known domestic and international clients, which has led to a significant increase in revenue and profitability [2][3] - The company is positioned as the second-largest global manufacturer of conductive silicon carbide substrates, with a market share of 22.80% [6][7] Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 1.768 billion yuan, with a net profit of 179 million yuan, marking a significant improvement from a loss in the previous year [2][3] - The gross margin for the year was 25.90%, an increase of 10.09 percentage points year-on-year, driven by cost reduction and efficiency improvements [2][3] Product and Market Development - The main business segment, silicon carbide semiconductor materials, generated revenue of 1.474 billion yuan, accounting for 83.35% of total revenue, with a year-on-year growth of 35.72% [3] - The company has successfully expanded its international business, with overseas revenue reaching 840 million yuan, a 104.43% increase, representing 47.53% of total revenue [3] - The production capacity for silicon carbide substrates reached 410,200 pieces in 2024, a year-on-year increase of 56.56% [3] Future Projections - The company is expected to achieve revenues of 2.5 billion yuan, 3.249 billion yuan, and 4.043 billion yuan in 2025, 2026, and 2027, respectively [7] - The projected net profits for the same years are 270 million yuan, 353 million yuan, and 443 million yuan, with corresponding EPS of 0.63 yuan, 0.82 yuan, and 1.03 yuan [7]

Group 1 - The report emphasizes the focus on "April Decision" under the economic context, indicating a shift from expectation-driven trading to fundamental pricing, with economic data, performance realization, and policy changes forming a "stress test" framework for stock prices [4][6][9] - The report highlights a selection of "golden stocks" across various sectors, including mechanical, electronic, environmental, coal and steel, computing, electric new energy, media internet, and pharmaceuticals, with detailed financial metrics provided for each [2][6][72] - The report suggests that the "April Decision" may lead to increased volatility in high-odds growth stocks, while larger, value-oriented stocks tend to perform better historically during this period [4][6] Group 2 - For the mechanical sector, the report recommends Niuwei Co., which is positioned as a global leader in industrial valves, benefiting from strong demand in LNG and marine industries, with expected overseas order growth of over 30% in the first half of 2024 [9][10][11] - In the electronic sector, Tianyue Advanced is highlighted for its core role in AR glasses components, with anticipated demand growth driven by major tech companies' product launches [15][16][17] - The environmental sector's Huanlan Environment is noted for its strong dividend growth and improved cash flow from debt resolution, with significant operational scale expansion through acquisitions [20][21][24] - In the coal and steel sector, Shanjin International is expected to benefit from rising gold prices amid economic stagnation risks, with a strong production outlook and low cost per gram of gold [27][29][30] - Dongtu Technology in the computing sector is recognized for its advanced operating system and AI-driven robotics, positioning it well for future growth in industrial automation [33][34][35] - Keda Li in the electric new energy sector is projected to maintain strong profit growth driven by high lithium battery demand, with a favorable valuation outlook [38][39][41] - XGIMI Technology in the media internet sector is expected to see revenue growth from domestic recovery and international expansion, particularly in the automotive sector [44][45][48] - In the pharmaceutical sector, Sanofi Pharmaceutical is noted for its solid fundamentals and multiple new product launches, contributing to revenue diversification [50][51][53] - Innovent Biologics is highlighted for its robust pipeline and international expansion potential, with several new drugs expected to drive revenue growth [55][56][61] - Zoli Pharmaceutical is recognized for its steady growth in traditional Chinese medicine products and successful new product launches, with ambitious profit targets [65][66][68]