Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns [4][6]. Core Insights - The sensor industry is experiencing continuous growth, driven by trends towards high precision, integration, miniaturization, and intelligence, which are essential for industrial transformation and quality improvement [1]. - The "dual carbon" policy is expected to further propel the industry, with significant reductions in energy consumption and carbon emissions mandated for 2024 and 2025, leading to increased demand for gas analysis instruments and sensors [2]. - The company holds a leading position in the industry, recognized as a national high-tech enterprise and a champion in specialized fields, with a global market share of PM sensors ranking first [3]. Financial Performance and Forecast - For the first three quarters of 2024, the company reported revenues of 540 million yuan, a year-on-year increase of 20%, but a net profit of 62 million yuan, reflecting a 39% decline [3]. - The profit forecast for 2024 and 2025 has been revised downwards to 101 million yuan and 134 million yuan respectively, with a new estimate for 2026 at 173 million yuan, indicating a significant reduction in expected profitability [4]. - Revenue projections show a steady increase from 818 million yuan in 2024 to 1.199 billion yuan in 2026, with corresponding net profit growth anticipated [10]. Key Financial Metrics - The company’s revenue growth rates are projected at 18.32% for 2024, 22.39% for 2025, and 19.66% for 2026 [5]. - The estimated P/E ratios are set at 34 for 2024, 26 for 2025, and 20 for 2026, reflecting a valuation adjustment in light of the revised profit forecasts [12]. - The return on equity (ROE) is expected to decline to 10.07% in 2024 but recover to 14.44% by 2026 [12].

Investment Rating - The investment rating for the company is Neutral, with a 12-month target price of RMB 23.9, indicating a downside potential of 35.7% from the current price of RMB 37.16 [1][5]. Core Insights - The company is a leading player in the domestic gas sensing technology sector, focusing on the development of gas and particulate sensors used in various applications such as air quality control, industrial process monitoring, and automotive emissions monitoring [2]. - Despite stable orders from the automotive sector, the company faces multiple challenges, including weak demand in indoor air quality sensors due to the real estate market, a decline in the medical gas sensor business due to anti-corruption measures, and increasing costs in sales management and R&D [2][3]. - Revenue is expected to grow at a compound annual growth rate (CAGR) of 16% from 2023 to 2030, driven by robust growth in automotive sensors and safety monitoring sensors, while indoor air quality and medical health applications may hinder overall performance [3]. Summary by Sections Current Outlook - The company is expanding its market presence in the automotive sector while maintaining a strong foothold in air quality and medical markets [2]. - Challenges include a shift towards lower-margin automotive sensors and rising operational costs impacting net profit margins [2]. Profit Forecast and Valuation - Revenue growth is projected at a CAGR of 16% from 2023 to 2030, with specific segments like automotive sensors expected to grow at 23% CAGR [3]. - Net profit is expected to grow at a slower pace of 14% CAGR due to product mix changes and high sales and R&D expenses [3]. - The target price is based on a 15x P/E ratio for 2025, with potential upside risks related to market awareness and policy support [3].

根据客户预测，该项目定点包括2个车型平台，预计从2026年开始交付，生命周期约为8年，总金额约为 1.13亿元（未税）。 《科创板日报》31日讯，四方光电公告，公司近日收到1家国内知名主机厂的项目定点通知书，确认公 司为其供应车规级香氛模块总成。 ...

Group 1: Investor Relations Activities - The company has committed to not reducing shareholdings for 36 months starting from February 19, 2024, by major shareholders holding over 5% [2] - In the last three months, two executives have increased their shareholdings by a total amount between 8 million and 16 million RMB [2] Group 2: Business Focus and Growth Areas - The company aims to enhance its core competitiveness and profitability while improving communication with the capital market to create better investment returns for investors [3] - The automotive electronics business is expected to see significant growth, with over 817 million RMB in designated project amounts for comfort system sensors in 2024 [3] - The HVAC business has a high revenue share from sensor products, with gradual increases in module and complete product revenues [3] Group 3: Client Acquisition and Product Development - The company has secured project designations from several well-known domestic and international clients for its refrigerant leak monitoring sensors, which are now in bulk supply [3] - The decline in revenue from the medical health business is attributed to the normalization of demand following a surge in early 2023 due to public health policy changes [3] - Future efforts will focus on increasing R&D and certification investments related to gas sensing technology in medical devices [3]

证券代码：688665 证券简称：四方光电 公告编号：2024-051 四方光电股份有限公司 关于高级管理人员增持股份计划实施完毕暨增持 结果的公告 本公司董事会、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： 本次增持计划的具体内容详见公司于 2024 年 8 月 31 日在上海证券交易所网 站（www.sse.com.cn）上披露的《四方光电股份有限公司关于高级管理人员增持 公司股份计划的公告》（公告编号：2024-040） 三、增持计划的实施结果 2024 年 8 月 31 日至 2024 年 11 月 22 日，童琳女士已通过上海证券交易所 交易系统以集中竞价方式累计增持公司股份 250,250 股，占公司总股本的 0.2500%，合计增持金额为人民币 6,050,070.04 元（不含交易费用），本次增持 计划已实施完毕。 增持计划的基本情况：四方光电股份有限公司（以下简称"公司"）副 总经理童琳女士、副总经理孔祥军先生基于对公司未来发展的信心和对公司长期 投资价值的认可，拟自 2024 年 8 月 31 日起 ...

证券代码：688665 证券简称：四方光电 四方光电股份有限公司 投资者关系活动记录表 编号：SFGD2024-042 至 044 | --- | --- | --- | |-----------------------|-----------------------------------------------------------------|-------------------------------------------------------------------| | 投资者关系活 \n动类别 | ■特定对象调研 \n□媒体采访 \n□新闻发布会 \n■现场参观 \n■网络会议 | □分析师会议 \n □业绩说明会 \n □路演活动 \n □电话会议 \n □其他 | | | 2024 年 10 月 30 日 | 13:30-14:30 | | | | 申万宏源证券、银华基金、银河基金、鹏华基金 | | 参与单位名称 | 2024 年 10 月 30 日 浙商证券、涌乐投资 | 14:00-15:00 | | | 2024 年 10 月 30 日 | 16:00-17:00 | | | ...

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法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：688665 证券简称：四方光电 公告编号：2024-049 四方光电股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 三、参加人员 董事长：熊友辉先生 投资者可于 2024 年 11 月 12 日(星期二) 至 11 月 18 日(星期一)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 bod@gassensor.com.cn 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。 四方光电股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日发布公 司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年第三 季度经营成果、财务状况，公司计划于 2024 年 11 月 19 日 上午 10:00-11:00 举 ...

证券代码：688665 证券简称：四方光电 公告编号：2024-050 二、补助的类型及其对上市公司的影响 根据《企业会计准则第 16 号—政府补助》的有关规定，上述获得的政府补 助为与收益和资产相关的政府补助。上述政府补助数据未经审计，具体的会计处 理以及对公司损益的影响最终以会计师年度审计确认后的结果为准。敬请投资者 注意投资风险。 特此公告。 四方光电股份有限公司董事会 四方光电股份有限公司 关于获得政府补助的公告 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、获得补助的基本情况 四方光电股份有限公司（以下简称"公司"或"四方光电"）及其全资子公司四 方光电（武汉）仪器有限公司（以下简称"四方仪器"）、武汉四方汽车电子有限 公司（以下简称"四方汽车电子"）、四方光电（嘉善）有限公司（以下简称"嘉善 四方"）以及控股子公司广东风信电机有限公司（以下简称"广东风信"）自 2024 年 4 月至本公告披露日，累计获得与收益和资产相关的政府补助款项共计人民币 13,466,448.60 元。具体情况如下（单笔 10 万 ...

Investment Rating - The report assigns a "Recommended" rating to the company, with a target price of 40.2 yuan, compared to the current price of 30.75 yuan [1]. Core Insights - The company has shown continuous growth in sales, achieving a revenue of 540 million yuan for the first three quarters of 2024, representing a year-on-year increase of 19.59%. However, the net profit attributable to shareholders has decreased by 39.22% year-on-year to 62 million yuan [1][3]. - In Q3 2024, the company reported a revenue of 200 million yuan, up 22% year-on-year, but the net profit attributable to shareholders fell by 31.55% year-on-year to 20.2 million yuan [1][3]. - The company is in a phase of business expansion, which has led to increased expenses and pressure on profit margins. R&D expenses rose by 61.6% year-on-year, and sales expenses increased by 36.1% year-on-year [1][3]. Financial Performance Summary - For 2024, the company expects total revenue to reach 787 million yuan, with a year-on-year growth rate of 13.8%. The net profit is projected to be 88 million yuan, reflecting a decline of 34% [3][4]. - The earnings per share (EPS) for 2024 is estimated at 0.88 yuan, with a price-to-earnings (P/E) ratio of 34 [3][4]. - The company anticipates a recovery in net profit to 134 million yuan in 2025, with an EPS of 1.34 yuan, and further growth to 180 million yuan in 2026, with an EPS of 1.80 yuan [3][4].

证券代码：688665 证券简称：四方光电 公告编号：2024-048 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： 四方光电股份有限公司 1、本次项目定点体现了客户对公司研发能力、供应链能力及产品质量的认 可，进一步扩大了公司在该主机厂的产品配套份额，巩固和提高了公司的市场竞 争力；本次项目定点预计不会对公司本年度业绩产生重大影响，如后续订单陆续 顺利转化，预计将对公司未来年度的经营业绩产生积极影响，具体影响金额及影 响时间将视订单的具体情况而定。 关于收到客户项目定点通知书的自愿性披露公告 公司收到1家欧洲著名主机厂关于供应车规级PM2.5+AQHS空气质量传 感器总成的项目定点通知书。 本次项目定点通知书不构成实质性订单，截至本公告披露日，公司与该 主机厂尚未签订订单及交付产品，产品的实际供货时间、供货价格、供货数量以 客户的后续正式供货协议或销售订单为准。 一、定点通知书概况 四方光电股份有限公司（以下简称"公司"）于近日收到1家欧洲著名主机 厂（根据与上述客户签署的保密协议，不能披露客户的具体名 ...