导读： 四方仪器研发的LRGA-6000激光拉曼光谱分析仪，助力中海油实现天然气全组分及热值精确测量，提升生产效益。 特别提示 微信公众号机制调整，请点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 随着人们对气候变化问题的日益关注，许多国家正在加速从传统化石能源向更加环保、低碳的能源形式转型。作为重要 清洁能源之一的天然气，因其相对较低的碳排放量和较高的能源利用效率，被视为连接传统高碳能源与未来清洁能源体 系之间的桥梁。在此趋势下，众多的石油和天然气生产运营企业都面临着产品质量、安全生产和环境保护等多重考验与 规范要求，企业需要不断提升自身产品品质，以适应日益严格的行业标准，来满足市场对于清洁能源日益增长的需求。 ◆组分和热值监测在天然气的优化开采和处理工艺中扮演重要角色 在当前行业背景下，天然气监测技术，特别是全组分监测技术的重要性变得尤为突出。通过精准监测天然气的组分和热 值，不仅能确保产品质量，降低生产成本，还能帮助企业在市场竞争中占据更有利的位置。具体来说，通过精确监测天 然气的各种成分及含量，可以有效预防潜在的安全隐患，帮助生产运营商优化生产工艺，提高资 ...

Core Points - The company has announced the adjustment of its core technical personnel, specifically the removal of Mr. Wu Jun from this role due to changes in his work responsibilities [2][3] - The adjustment of Mr. Wu's role is not expected to have a substantial negative impact on the company's daily operations, technological research and development, core competitiveness, or ongoing business capabilities [2][8] Details of Personnel Adjustment - Mr. Wu Jun, born in December 1982, has a background in microelectronics and solid-state electronics, with various engineering roles prior to his position at the company [4] - As of the announcement date, Mr. Wu does not hold direct shares in the company but has an indirect stake of 0.0286% through a partnership [4] - The company confirms that all intellectual property and research outcomes developed during Mr. Wu's tenure belong to the company, and there are no disputes regarding these rights [5] Impact on the Company - The company emphasizes its commitment to talent development and has established a robust research and development system, reducing reliance on any single core technical personnel [7] - The current research and development team remains stable, and the company is confident in its ability to continue technological advancements without disruption [8] - Following the adjustment, the company will maintain four core technical personnel, ensuring ongoing support for future technological research [8]

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。 证券代码：688665 证券简称：四方光电 公告编号：2025-007 四方光电股份有限公司 关于核心技术人员调整的公告 重要内容提示： 四方光电股份有限公司（以下简称"公司"）原核心技术人员吴俊先生因 工作内容调整，不宜担任核心技术人员。基于前述情形，公司将不再认定吴俊先 生为公司核心技术人员。 吴俊先生的工作内容调整不会对公司的日常运营、技术研发、核心竞争力 及持续经营能力产生实质性不利影响。 一、本次核心技术人员调整的具体情况 公司原核心技术人员吴俊生因工作内容调整，不宜担任核心技术人员。基于 前述情形，公司将不再认定吴俊先生为公司核心技术人员。 （一）吴俊先生的具体情况 1982年12月出生，中国国籍，无境外永久居留权，毕业于湖北大学微电子与 固体电子学专业，硕士研究生。2008年7月至2010年6月，任阿丹（上海）贸易有 限公司硬件工程师，2010年7月至2012年7月，任康奈尔（上海）能源技术有限公 司硬件工程师，2012年8月至2013年12月任武汉醒观澜科技有限公 ...

Financial Performance - Total revenue for 2024 reached ¥855,194,923.26, representing a year-on-year increase of 23.64% compared to ¥691,698,398.43 in the previous year[4] - Net profit attributable to shareholders of the parent company was ¥105,303,664.25, a decrease of 20.64% from ¥132,694,350.87 in the previous year[4] - Basic earnings per share decreased to ¥1.05, down 20.19% from ¥1.33 in the previous year[4] Assets and Equity - Total assets at the end of the reporting period were ¥1,536,907,167.16, up 23.66% from ¥1,242,817,536.35 at the beginning of the period[5] - The company's equity attributable to shareholders of the parent company increased by 6.16% to ¥1,020,865,364.47 from ¥961,634,816.58[5] - The company's share capital increased by 43% due to a capital reserve conversion, resulting in a stock dividend distribution[7] Expenses - Research and development expenses increased by 39.64%, amounting to an additional ¥3,260.31 million, to enhance product competitiveness[7] - Sales expenses rose by 36.26%, increasing by ¥2,074.02 million, due to the expansion of the marketing team and increased advertising costs[7] - Management expenses grew by 56.28%, adding ¥2,233.49 million, primarily due to increased employee compensation and headcount[7] Risk Management - The company emphasizes the importance of monitoring investment risks as the financial data is preliminary and unaudited[8]

本公司监事会及全体监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、监事会会议召开情况 四方光电股份有限公司（以下简称"公司"）第二届监事会第二十一次会议于 2025 年 1 月 25 日以通讯方式召开。会议通知已于 2025 年 1 月 22 日以电子邮件 方式发出。本次会议应出席监事 3 人，实际出席监事 3 人。本次会议由公司监事 会主席石平静召集并主持，会议召集、召开程序符合《中华人民共和国公司法》 和《四方光电股份有限公司章程》的有关规定。 证券代码：688665 证券简称：四方光电 公告编号：2025-003 四方光电股份有限公司 第二届监事会第二十一次会议决议公告 2025 年 1 月 27 日 （一）审议通过了《关于募投项目整体结项并将节余募集资金永久补充流动 资金的议案》 公司将募投项目整体结项并将节余募集资金永久补充流动资金，有利于提高 募集资金使用效率，促进公司发展，符合公司和公司全体股东的利益，不存在损 害公司股东特别是中小股东利益的情形，符合《上市公司监管指引第 2 号——上 市公司募集资金管理和使用的监管要求》 ...

海通证券股份有限公司关于四方光电股份有限公司募投项目整 体结项并将节余募集资金永久补充流动资金的核查意见 海通证券股份有限公司（以下简称"海通证券"或"保荐机构"）作为四方 光电股份有限公司（以下简称"公司"或"四方光电"）首次公开发行股票并在 科创板上市及进行持续督导的保荐机构，根据《上市公司监管指引第 2 号—上市 公司募集资金管理和使用的监管要求》等有关法律法规和规范性文件的要求，对 四方光电募投项目整体结项并将节余募集资金永久补充流动资金的核查意见，并 发表核查意见如下： 一、募集资金基本情况 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）同意，公司 向社会公众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。 截至 2021 年 2 月 4 日，公司本次募集资金净额 45,672.62 万元已全部到位 ...

证券代码：688665 证券简称：四方光电 公告编号：2025-004 四方光电股份有限公司 关于募投项目整体结项并将节余募集资金 永久补充流动资金的公告 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。 四方光电股份有限公司（以下简称"公司"）于 2025 年 1 月 25 日召开第二届 董事会第二十二次会议和第二届监事会第二十一次会议，分别审议通过了《关于 募投项目整体结项并将节余募集资金永久补充流动资金的议案》，同意公司对首 次公开发行股票募集资金投资项目（以下简称"募投项目"）予以整体结项，并将 节余募集资金人民币 1,455.77 万元（暂估金额，含累计理财收益、银行存款利息 收入扣除银行手续费等的净额，最终金额以理财产品到期赎回后资金转出当日银 行专户实际余额为准）用于永久补充公司流动资金。上述事项在公司董事会审批 权限范围内，无需提交股东会审议。保荐机构海通证券股份有限公司对本事项出 具了明确的核查意见。现将具体情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会于 2021 年 1 月 5 日出具的 ...

证券代码：688665 证券简称：四方光电 公告编号：2025-005 为保证董事会工作顺利开展，经公司董事长提名，董事会提名委员会和审计 委员会审核，公司于 2024 年 1 月 25 日召开第二届董事会第二十二次会议，审议 并通过了《关于聘任公司董事会秘书、财务负责人的议案》，董事会同意聘任陈 子晗先生（简历见附件）为公司董事会秘书、财务负责人，任期自本次董事会审 议通过之日起至第二届董事会任期届满之日止。 四方光电股份有限公司 陈子晗先生具备履行职责所必须的专业能力，已取得上海证券交易所颁发的 科创板上市公司《董事会秘书任职培训证明》，其任职资格符合《公司法》、《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板上市公司自律监 管指引第 1 号——规范运作》等相关法律法规、规范性文件的有关规定。 董事会秘书联系方式如下： 电话：027-81628826 关于变更公司董事会秘书、财务负责人的公告 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。 一、董事会秘书、财务负责人辞职的情况 四方光电股份有限公司（以下简称 ...

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].