Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [1][15] Core Views - The company is expected to benefit from the recovery in the domestic power lithium battery sector as leading manufacturers accelerate expansion [10] - The demand for laser assembly equipment is anticipated to increase significantly due to the adoption of steel shell packaging in solid-state batteries [11] - The company has been actively expanding into high-margin non-lithium battery orders, which is expected to enhance overall profitability [13] - The platform technology is being developed to create new growth avenues in large steel shell batteries and the semiconductor industry [14] - Profit forecasts indicate a net profit of 2.9 billion, 4.5 billion, and 6.1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 21, 13, and 10 [15] Financial Summary - The company’s total revenue for 2023 is projected at 3.512 billion yuan, with a year-on-year growth of 24.44% [1] - The net profit attributable to shareholders is expected to be 286.29 million yuan in 2023, reflecting a year-on-year increase of 7.24% [1] - The earnings per share (EPS) for 2023 is estimated at 0.85 yuan, with a P/E ratio of 20.62 based on the current price [1] - For 2024, total revenue is expected to decline to 3.15 billion yuan, a decrease of 10.33% year-on-year, with a net profit of 165.53 million yuan, down 42.18% [8]

证券代码：688518 证券简称：联赢激光 公告编号：2025-019 2.专利号：ZL201610281225.8 3.专利权人：深圳市联赢激光股份有限公司 本发明涉及一种随动式环形滑轨自动送料装置，可自动进行诸如电池盖板 输送、夹具定位、自动上下料、激光焊接等操作，极大地降低了劳动强度以及 生产成本、使工作效率及传输精度显著提高。 二、对公司的影响 中国专利奖是由国家知识产权局与世界知识产权组织共同评选并授予的重 要奖项。该奖项旨在遴选创造质量优、运用效益好、保护能力强、管理水平佳 的高价值专利，以表彰在技术（设计）创新和经济社会发展中做出突出贡献的 专利权人及发明人（设计人），推动科技创新与产业创新深度融合，促进发展 新质生产力。 深圳市联赢激光股份有限公司 关于自愿披露获得第二十五届中国专利优秀奖的公告 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。 国家知识产权局于近日发布了《关于第二十五届中国专利奖授奖的决定》 （国知发运字〔2025〕20号），深圳市联赢激光股份有限公司（以下简称"公 司"）的发明专利"一种随 ...

Core Insights - The total margin financing balance on the STAR Market decreased by 66.25 million yuan compared to the previous trading day, with a total balance of 152.028 billion yuan as of May 27 [1][2] Financing Balance Summary - The highest financing balance on the STAR Market is held by SMIC, with a latest balance of 7.317 billion yuan, followed by Cambrian and Haiguang Information with balances of 4.348 billion yuan and 3.240 billion yuan respectively [1] - A total of 280 stocks saw an increase in financing balance, while 303 stocks experienced a decrease [1] - The stocks with the largest increase in financing balance include Aikasebo (52.57%), Kejie Intelligent (38.44%), and Wandesi (17.02%), while the largest decreases were seen in Jingpin Special Equipment (-23.58%), Weide Information (-18.44%), and Liyang Chip (-18.08%) [1] Securities Lending Balance Summary - The highest securities lending balance is also held by SMIC, with a latest balance of 2.5 million yuan, followed by Haiguang Information and Cambrian with balances of 1.9 million yuan and 1.6 million yuan respectively [2] - A total of 123 stocks saw an increase in securities lending balance, while 142 stocks experienced a decrease [2] - The stocks with the largest increase in securities lending balance include Yaokang Biological (424.49%), Lianying Laser (407.58%), and Nami Technology (49.43%), while the largest decreases were seen in Haiyou New Materials (-71.28%), Fangbang Co. (-66.42%), and Zhenhua New Materials (-43.34%) [2]

深圳市联赢激光股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 证券代码：688518 证券简称：联赢激光 公告编号：2025-018 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、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2025 年 6 月 4 日(星期三)下午 16:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 27 日(星期二)至 6 月 3 日(星期二)16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 ir@uwlaser.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回 答。 深圳市联赢激光股份有限公司（以下简称"公司"）已于 2025 年 4 月 15 日 及 2025 年 4 月 29 日分别 ...

Core Viewpoint - The implementation of mandatory standards such as "General Technical Conditions for Seismic Support and Hangers for Building Mechanical and Electrical Equipment" has expanded the market for seismic support systems in the power battery industry, creating continuous growth opportunities. The Chinese power battery seismic support industry is transitioning from scale expansion to quality improvement, driven by technological innovation and deep market application integration [1][15]. Industry Overview - The power battery seismic support system is designed to ensure the stability and safety of battery systems under seismic conditions. It consists of anchoring components, reinforced hangers, seismic connection components, and diagonal braces [2]. - The industry has developed a complete industrial chain, with upstream focusing on high-end materials like aluminum and magnesium alloys, midstream on design and manufacturing, and downstream applications in energy storage stations and new energy vehicle factories [9][11]. Market Dynamics - The power battery installation volume is expected to reach 130.2 GWh in Q1 2025, with a year-on-year growth of 52.8%, driving the demand for seismic support systems [1][13]. - The market for power battery seismic supports is projected to exceed 15 billion yuan by 2027, reflecting the industry's growth potential [15]. Development History - The industry has evolved through four key stages: the initial phase (2009-2014), standardization phase (2015-2017), rapid growth phase (2018-2020), and the current technology upgrade phase (2021-present) [7]. Competitive Landscape - The industry features a diverse competitive landscape, with traditional seismic companies transitioning, new energy chain companies leading the high-end market, and material and manufacturing companies innovating through lightweight and corrosion-resistant technologies [17][19]. - Key players include Top Group, He Sheng Co., Wen Can Co., and Lian Ying Laser, each focusing on different aspects of the market [2][19]. Future Trends - The industry is shifting from policy-driven to technology-driven and scenario-driven development, with a focus on high-end, customized, and ecological solutions [22]. - Innovations in materials and smart monitoring systems are expected to enhance product performance and reliability, meeting the stringent demands of energy storage and battery swapping scenarios [22][23]. - The industry is moving towards a collaborative ecosystem, integrating upstream material suppliers and downstream service providers to enhance efficiency and sustainability [24].

Core Viewpoint - The company, Shenzhen Lianying Laser Co., Ltd., reported a decline in overall revenue for 2024, with specific business segments experiencing varying performance, prompting regulatory inquiries regarding its financial disclosures and business operations [1][2]. Business Performance Summary - The company achieved a total revenue of 3.15 billion yuan in 2024, representing a year-on-year decrease of 10.33% [2]. - The revenue from the power and energy storage battery segment was 2.253 billion yuan, down 23.75% year-on-year, with a gross margin decrease of 3.54 percentage points [2]. - The consumer electronics segment saw a significant increase in revenue to 551 million yuan, up 261.95% year-on-year, with a gross margin increase of 2.6 percentage points [2]. - The automotive and hardware segment generated 194 million yuan, down 16.2% year-on-year, with a gross margin decrease of 4.63 percentage points [2]. Customer Sales Dynamics - The company provided insights into the sales changes among its top five customers across major business segments, indicating that sales fluctuations were due to uneven procurement and new capacity releases [9][10]. - The sales from the top five customers in the power and energy storage battery segment accounted for 60.91% of total sales, with a significant year-on-year decline of 33.51% [10]. - The company confirmed that the majority of its major customers are well-established, with long-term relationships, and that new customers do not have any significant related-party relationships [9][10]. Order and Revenue Recognition - The company reported that as of the end of 2024, its order backlog amounted to 3.5 billion yuan, with a year-on-year growth rate of 17.54%, indicating a positive trend in order acquisition [11]. - The revenue recognition for the fourth quarter of 2024 was 950 million yuan, reflecting a quarter-on-quarter increase of 27.69%, and accounted for 30.16% of the total annual revenue [19][20]. - The company confirmed that its revenue recognition practices comply with accounting standards, with detailed explanations provided for the timing of contract signing, delivery, and acceptance [20][23]. Accounts Receivable and Credit Risk - The accounts receivable balance at the end of 2024 was 1.843 billion yuan, an increase of 14.18% year-on-year, with over one year of accounts receivable amounting to 1.004 billion yuan [24][27]. - The company outlined its credit policies and the aging of accounts receivable, indicating that the transactions possess commercial substance and comply with accounting standards [27][28].

中信证券股份有限公司 关于深圳市联赢激光股份有限公司 2024 年年度报告的信息披露监管问询函回复的核查 意见 上海证券交易所科创板公司管理部： 根据贵所《关于深圳市联赢激光股份有限公司 2024 年年度报告的信息披露 监管问询函》(上证科创公函【2025】0097 号，以下简称"问询函"）的要求， 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳市联赢 激光股份有限公司（以下简称"联赢激光"或"公司"）首次公开发行股票并在 科创板上市持续督导工作的保荐人及向特定对象发行 A 股股票项目的保荐人， 对问询函所提及的事项进行了逐项落实。现将问询函所涉及问题出具核查意见如 下： 问题一、关于业务结构变动。 年报显示，公司实现营业收入 31.5 亿元，同比下降 10.33%，分主要业务看， 动力及储能电池业务实现营业收入 22.53 亿元，同比下降 23.75%，毛利率同比 减少 3.54 个百分点；消费电子业务实现营业收入 5.51 亿元，同比增长 261.95%， 毛利率同比增加 2.6 个百分点；汽车及五金业务实现营业收入 1.94 亿元，同比 下滑 16.2%，毛利率同比减少 4.63 个百 ...

成本构成等，说明公司消费电子业务主要合同毛利率是否存在显著异于平均毛 利率的情形，与同行业可比公司变动是否一致。 证券代码：688518 证券简称：联赢激光 公告编号：2025-017 深圳市联赢激光股份有限公司 关于2024年年度报告的信息披露监管问询函回复的公告 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。 深圳市联赢激光股份有限公司（以下简称"公司"或"联赢激光"）于 2025年5月8日收到上海证券交易所科创板公司管理部下发的《关于深圳市联赢 激光股份有限公司2024年年度报告的信息披露监管问询函》(上证科创公函 【2025】0097号，以下简称"问询函"）。根据问询函的要求，公司会同保荐 机构中信证券股份有限公司（以下简称"保荐人"）及年审会计师天健会计师 事务所（特殊普通合伙）（以下简称"年审会计师"）对问询函所提及的事项 进行了逐项落实，现将问询函所涉及问题回复如下： 问题一、关于业务结构变动。 年报显示，公司实现营业收入31.5亿元，同比下降10.33%，分主要业务看， 动力及储能电池业务实现营业收入22. ...

目 录 | 一、关于业务结构变动 ……………………………………………第 | 1—11 | 页 | | --- | --- | --- | | 二、关于第四季度收入确认………………………………………第 | 11—13 | 页 | | 三、关于长账龄欠款显著增长……………………………………第 | 13—21 | 页 | | 四、关于存货变动……………………………………………… 第 | 21—26 | 页 | | 五、关于投资活动现金支出 ……………………………………第 | 26—31 | 页 | | 六、关于货币资金及存款…………………………………………第 | 31—36 | 页 | | 七、关于预付款项…………………………………………………第 | 36—42 | 页 | 问询函专项说明 天健函〔2025〕3-67 号 上海证券交易所科创板公司管理部： 由深圳市联赢激光股份有限公司（以下简称联赢激光公司或公司）转来的《关 于深圳市联赢激光股份有限公司 2024 年年度报告的信息披露监管问询函》(上证 科创公函〔2025〕0097 号，以下简称问询函)奉悉。我们已对问询函中需要我们 说明的财务事项进行了审慎核查，现 ...

证券代码：688518 证券简称：联赢激光 公告编号：2025-016 深圳市联赢激光股份有限公司2024年年度 权益分派实施公告 本公司董事会及全体董事保证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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/27 | 2025/5/28 | 2025/5/28 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 7 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/5/27 | 2025/5/28 | 2025/5/28 | 四、 分配实施办法 1. 实施办法 除公司自行发放对象外，公司其他股东的现金红利委托中国结算上海分公司 通过 ...