Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company has experienced rapid growth in revenue and net profit across various business segments, indicating a positive outlook for future performance [1][2]. - The company is actively expanding its market presence and enhancing its product offerings, particularly in HVAC, industrial safety, automotive electronics, medical health, smart metering, and scientific instruments [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 873 million yuan, a year-on-year increase of 26.23%, while the net profit attributable to the parent company was 113 million yuan, a decrease of 15.03% [1]. - For Q1 2025, the company reported revenue of 215 million yuan, a year-on-year increase of 51.88%, and a net profit of 32.75 million yuan, up 64.98% [1]. Business Segments - HVAC business revenue grew by 11.57% in 2024, stabilizing after previous declines, supported by a comprehensive service capability [2]. - Industrial and safety business revenue surged by 136.01%, driven by products like refrigerant leak monitoring sensors [2]. - Automotive electronics revenue increased by 15.97%, with significant project deliveries and new product developments [2]. - Medical health business revenue declined by 52.32% due to normalization after a health event in 2023 [2]. - Smart metering business revenue grew by 62.37%, while scientific instruments revenue increased by 8.25% [2]. Strategic Investments - The company made strategic investments in key components for gas wall-hung boilers, acquiring significant stakes in Nopu Thermal Energy and Jingding Electric, enhancing its supply chain capabilities [3]. Profit Forecast - The company is expected to achieve net profits of 155 million yuan, 207 million yuan, and 276 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 26, 19, and 15 [4].

Core Viewpoint - Sifang Optoelectronics Co., Ltd. reported a revenue increase of 26.23% to 873.13 million yuan, but net profit decreased by 15.03% due to increased R&D and market expansion efforts, while the medical health business experienced a decline [2][3]. Financial Performance - The company achieved operating income of 873.13 million yuan, a year-on-year increase of 26.23%, primarily driven by growth in automotive electronics, scientific instruments, and smart metering sectors, while the medical health business saw a decline [4][5]. - Net profit attributable to shareholders was approximately 112.75 million yuan, down 15.03% year-on-year, mainly due to increased expenses related to sustainable development initiatives [5][6]. - R&D expenses increased by 37.60% to 113.16 million yuan, accounting for 12.96% of operating income [7]. Business Segments - The HVAC business saw a revenue increase of 11.57%, while the industrial and safety business grew by 136.01%. The automotive electronics business revenue rose by 15.97%. However, the medical health business revenue declined by 52.32% [8]. - The company operates in various sectors, including HVAC, industrial safety, automotive electronics, medical health, smart metering, and scientific instruments, with a focus on gas sensing technology [10][11]. Market Expansion and R&D - The company has established 12 specialized laboratories equipped with over 100 advanced instruments to support technological innovation [8]. - The workforce includes 382 R&D personnel, with a significant proportion holding master's degrees or higher [7]. Awards and Recognition - The company and its subsidiaries received multiple awards, including recognition as a "Prominent Contribution Unit" in Wuhan and "Innovative Small and Medium Enterprises" in Hubei Province [12].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 45.89 CNY per share [4]. Core Insights - The company reported a significant revenue growth of 26.23% year-on-year, reaching 873 million CNY in 2024, although the net profit decreased by 15.03% to 113 million CNY [1][2]. - In Q1 2025, the company achieved a revenue of 215 million CNY, marking a 51.88% increase year-on-year, with a net profit of 33 million CNY, up 64.98% [1]. - The company is focusing on multiple business segments, including automotive electronics, scientific instruments, and industrial safety, which are showing strong growth potential [2][3]. Revenue and Profitability - The overall gross margin for 2024 was 42.34%, a decrease of 2.8 percentage points year-on-year, while the net profit margin was 12.94%, down 6.58 percentage points [2]. - The company expects revenues of 1.03 billion CNY, 1.22 billion CNY, and 1.40 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 131 million CNY, 174 million CNY, and 200 million CNY [9][11]. Business Segment Performance - The HVAC business saw a recovery with a sales increase of 11.57% year-on-year, supported by new partnerships and a full-service production capability [7]. - The industrial and safety business experienced rapid growth, with a sales increase of 136% year-on-year, driven by new product certifications and market expansions [7]. - The automotive electronics segment also showed steady growth, with a revenue increase of 15.97% year-on-year, benefiting from new customer acquisitions [8].

关于召开2024年年度股东大会的通知 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： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 召开日期时间：2025 年 5 月 29 日 15 点 00 分 召开地点：武汉市东湖新技术开发区凤凰产业园凤凰园三路 3 号公司会议室 （五） 网络投票的系统、起止日期和投票时间。 证券代码：688665 证券简称：四方光电 公告编号：2025-021 四方光电股份有限公司 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 29 日 至2025 年 5 月 29 日 股东大会召开日期：2025年5月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 215,470,777.38, representing a 51.88% increase compared to CNY 141,871,852.46 in the same period last year[4]. - Net profit attributable to shareholders was CNY 32,751,739.40, up 64.98% from CNY 19,851,687.19 year-on-year[4]. - The net profit after deducting non-recurring gains and losses increased by 89.38%, reaching CNY 31,998,537.77 compared to CNY 16,896,491.77 in the previous year[4]. - Basic and diluted earnings per share were both CNY 0.33, reflecting a 65.00% increase from CNY 0.20 in the same quarter last year[4]. - Operating profit for Q1 2025 was ¥37,938,675.09, up 74.0% from ¥21,795,905.89 in Q1 2024[20]. - Net profit for Q1 2025 was ¥32,350,231.77, representing a 59.3% increase compared to ¥20,300,343.95 in Q1 2024[20]. Research and Development - The company's R&D investment totaled CNY 27,260,267.46, a 34.00% increase from CNY 20,343,203.41 in the previous year[4]. - Research and development expenses for Q1 2025 were ¥27,260,267.46, up 33.9% from ¥20,343,203.41 in Q1 2024[19]. - The proportion of R&D investment to operating revenue decreased by 1.69 percentage points to 12.65%[5]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,573,786,025.84, a 1.29% increase from CNY 1,553,680,412.01 at the end of the previous year[5]. - The company's total assets amounted to RMB 1,573,786,025.84, an increase from RMB 1,553,680,412.01 as of December 31, 2024, reflecting a growth of approximately 1.4%[15]. - Total liabilities decreased to ¥463,840,593.00 in 2025 from ¥481,682,754.73 in 2024, a reduction of approximately 3.5%[17]. - Non-current liabilities increased to ¥88,370,064.27 in 2025 from ¥61,557,937.89 in 2024, an increase of 43.5%[17]. - The total liabilities increased to RMB 1,573,786,025.84, reflecting a rise in financial obligations[16]. Cash Flow - Cash inflow from operating activities for Q1 2025 was $204.70 million, up from $142.29 million in Q1 2024, representing an increase of 43.8%[23]. - Net cash flow from operating activities was -$27.78 million in Q1 2025, slightly worse than -$26.39 million in Q1 2024[23]. - Cash inflow from investment activities was $33.30 million in Q1 2025, compared to $290,300 in Q1 2024, indicating a significant increase[24]. - Net cash flow from investment activities improved to $15.03 million in Q1 2025 from -$37.93 million in Q1 2024[24]. - Cash inflow from financing activities totaled $63.68 million in Q1 2025, while there was no inflow recorded in Q1 2024[24]. - Net cash flow from financing activities was $37.83 million in Q1 2025, a recovery from -$304,591 in Q1 2024[24]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 4,849[10]. - The largest shareholder, Wuhan Youhui Technology Co., Ltd., holds 45.00% of the shares, totaling 45,045,000 shares[11]. - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[13].

国泰海通证券股份有限公司关于四方光电股份有限公司 首次公开发行股票并在科创板上市 之保荐总结报告书 | 保荐机构名称： | 国泰海通证券股份有限公司 | | --- | --- | | 保荐机构编号： | Z29131000 | 经中国证券监督管理委员会《关于同意四方光电股份有限公司首次公开发行股 票注册的批复》（证监许可[2021]6 号）同意，四方光电股份有限公司（以下简称"公 司"、"上市公司"）首次公开发行股票 1,750 万股，每股面值人民币 1 元，每股 发行价格人民币 29.53 元，募集资金总额为人民币 51,677.50 万元，扣除发行费用后， 实际募集资金净额为人民币 45,679.23 万元。本次发行证券已于 2021 年 2 月 9 日在 上海证券交易所科创板上市。国泰海通证券股份有限公司（以下简称"保荐机构" 或"国泰海通"）担任其持续督导保荐机构，持续督导期间为 2021 年 2 月 9 日至 2024 年 12 月 31 日。 2024 年 12 月 31 日，持续督导期已届满，国泰海通根据《证券发行上市保荐业 务管理办法》《上海证券交易所科创板股票上市规则》《上海证券交易所科创 ...

上海证券交易所： 国泰海通证券股份有限公司 经中国证券监督管理委员会于 2021 年 1 月 5 日出具的《关于同意四方光电 股份有限公司首次公开发行股票注册的批复》（证监许可[2021]6 号）批准，四方 光电股份有限公司（以下简称"公司"）向社会公众首次公开发行人民币普通股 （A 股）股票 1,750.00 万股，每股面值 1 元，发行价格为每股人民币 29.53 元， 募集资金总额为人民币 51,677.50 万元，扣除发行费用 6,004.88 万元，募集资金 净额为 45,672.62 万元。本次发行证券已于 2021 年 2 月 9 日在上海证券交易所上 市。国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐机构"）担任其持 续督导保荐机构，持续督导期间为 2021 年 2 月 9 日至 2024 年 12 月 31 日。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》《上海证券交易所上市公司自律监管指引第 11 号——持续督导》《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》等有关法律、法规 要求，国泰海通作为持续督导保荐机构，分别于 2025 ...

国泰海通证券股份有限公司 关于四方光电股份有限公司 2024 年度持续督导跟踪报告 一、2024 年保荐机构持续督导工作情况 1 | 项 目 | 工作内容 | | --- | --- | | 2、根据上市规则规定，与公司就持续督导期间 | 保荐机构已与上市公司签署了保荐协议，协议 | | 的权利义务签订持续督导协议。 | 明确了双方在持续督导期间的权利和义务。 | | 3、协助和督促上市公司建立相应的内部制度、 | 保荐机构已协助和督促上市公司建立相应的 | | | 内部制度、决策程序及内控机制，以符合法律 | | 决策程序及内控机制，以符合法律法规和上市 | 法规和上市规则的要求，并确保上市公司及其 | | 规则的要求，并确保上市公司及其控股股东、 | 控股股东、实际控制人、董事、监事和高级管 | | 实际控制人、董事、监事和高级管理人员、核 | | | | 理人员、核心技术人员知晓其在上市规则下的 | | 心技术人员知晓其在上市规则下的各项义务。 | | | | 各项义务。 | | 4、持续督促上市公司充分披露投资者作出价 | 保荐机构已持续督促上市公司充分披露投资 | | 值判断和投资决策所必需的信息， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 公司代码：688665 公司简称：四方光电 第一节 重要提示 1、本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到http://www.sse.com.cn网站仔细阅读年度报告全文。 2、重大风险提示 公司已在本报告中阐述了公司在生产经营过程中可能面临的风险因素，敬请查阅"第三节管理层讨论与 分析"之四"风险因素"部分。 3、本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实性、准确性、完整 性，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。 4、公司全体董事出席董事会会议。 5、天职国际会计师事务所（特殊普通合伙）为本公司出具了标准无保留意见的审计报告。 6、公司上市时未盈利且尚未实现盈利 □是 √否 7、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司2024年度利润分配方案为：公司拟以实施2024年度权益分派股权登记日的总股本为基数，向全体股 东每10股派发现金红利3.50元（含税），截至2025年3月31日，公司总股本10,010万股，以此计算预计派 ...

Fund Management - The company has established a fund management system in accordance with relevant laws and regulations, ensuring dedicated accounts for the storage and use of raised funds [1][2][3] - The board of directors has approved the opening of dedicated accounts at various banks specifically for the storage and use of raised funds, with strict oversight on expenditures [2][3] Fund Supervision - The company has signed a tripartite supervision agreement with several banks and its sponsor to ensure compliance with fund storage and usage regulations [3][4] - The company has implemented regular internal audits to monitor the storage and usage of raised funds, reporting findings to the audit committee [2][3] Fund Usage - As of December 31, 2024, the company has completed the use of raised funds for various projects, with specific amounts allocated for each project [5][6] - The company has replaced pre-invested funds amounting to approximately RMB 34.73 million with raised funds, with independent directors and the sponsor approving this action [6][10] Idle Funds Management - The company has not used raised funds to temporarily supplement working capital during the reporting period [7] - The company has approved the use of up to RMB 46 million of temporarily idle raised funds for cash management, with a 12-month validity period [7][8] Project Adjustments - The company has adjusted the investment amounts and timelines for certain projects, including extending the expected operational date for a production project to December 2024 [9][12] - The company has reallocated surplus funds from completed projects to new projects and for permanent working capital supplementation [9][12] Compliance and Reporting - The company has complied with all relevant laws and regulations regarding the use of raised funds, with no violations reported [14][16] - The external auditor has confirmed that the company's fund management and usage report fairly reflects the situation as of December 31, 2024 [15][16]