Summary of the Conference Call for Lianchuang Electronics Company Overview - **Company**: Lianchuang Electronics - **Industry**: Automotive Optical Components Key Points Business Performance and Growth Projections - Lianchuang Electronics' automotive optical business is experiencing rapid growth, with projected revenue exceeding 2 billion yuan in 2024 and expected to reach 3.5 to 4 billion yuan in 2025, maintaining an 80% to 90% growth rate [2][4] - The company anticipates that the lens segment will contribute approximately 2 billion yuan and the module segment around 1.5 billion yuan in 2025 [2][4] - Despite challenges in the touch display and mobile optical segments, the core automotive optical and high-definition wide-angle businesses are on a growth trajectory [2] Profitability and Market Competition - The profitability of automotive lenses remains stable, with gross margins between 30% and 40%, while the module business faces intense competition, leading to lower margins of about 10% to 12% [3][5][9] - The high-definition wide-angle business is currently recovering due to market competition and economic conditions in Europe and the U.S., with expected stable growth in 2025-2026 [3][7] Production Capacity and Expansion Plans - Lianchuang has production bases in Hefei and Nanchang, with Nanchang's capacity at 30 million lenses per year, primarily for overseas markets, and Hefei's capacity reaching 50 million lenses and 60-70 million modules at full production [11][12] - The company plans to achieve a production target of 30 million lenses in 2025 and reach full capacity by 2026, with an overall plan for 80 million lenses [11] Market Demand and Clientele - Domestic market demand is robust, with significant orders from clients such as BYD, Zeekr, Lynk & Co, and NIO, with BYD's monthly order volume reaching 2 million units [12][14] - The company has developed technology for systems with 15 or 16 cameras, collaborating with multiple platforms [14] Supply Chain and Material Insights - Lianchuang is the largest domestic supplier of molded glass, which is in high demand due to the rapid growth of the automotive market [15][18] - The company has a self-sufficient supply of molded glass, which is primarily used in the automotive sector, while the sports camera market is growing at a slower pace [17] Impact of Industry Developments - The recent stock performance has been positively influenced by BYD's release of the "Tianshen Eye" autonomous driving system, in which Lianchuang has a significant supply chain share [8] Future Outlook - The module business has limited potential for margin improvement due to fierce domestic competition, and any scale expansion may be offset by price declines [6] - The company is well-positioned to meet the increasing demand for high-quality aspheric glass lenses as autonomous driving technology advances [15] This summary encapsulates the key insights from the conference call regarding Lianchuang Electronics' performance, market dynamics, and future outlook in the automotive optical components industry.

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.08 CNY based on a 28x PE valuation for 2026 [3][6]. Core Insights - The company is expected to benefit significantly from the rapid penetration of autonomous driving technology, particularly in the automotive optical sector [2][8]. - The company forecasts a revenue range of 9.27 to 10.3 billion CNY for 2024, with a projected net loss of 280 to 550 million CNY, indicating a narrowing of losses compared to the previous year [8]. - The automotive optical business is entering a high-growth phase, supported by partnerships with major automotive brands and a robust production capacity expansion [8][9]. Financial Forecasts - The projected earnings per share for 2024, 2025, and 2026 are -0.33 CNY, 0.07 CNY, and 0.36 CNY respectively, reflecting adjustments in revenue and gross margin estimates [3][9]. - Revenue is expected to grow from 9.848 billion CNY in 2023 to 12.425 billion CNY by 2026, with a compound annual growth rate of approximately 8.9% [5][12]. - The gross margin is anticipated to improve from 8.3% in 2023 to 14.2% in 2026, indicating a recovery in profitability [5][12]. Business Developments - The company is actively expanding its automotive optical product lines, including vehicle displays and head-up displays, which are entering mass production [8][9]. - The establishment of the Hefei automotive optical industrial park is set to enhance production capabilities, with an annual capacity of 50 million vehicle lenses and modules [8][9]. - Collaborations with domestic and international automotive technology firms are expected to strengthen the company's market position in the automotive electronics sector [8][9].

Financial Performance - Lianchuang Electronics expects a net profit loss of between -550 million to -280 million yuan for the fiscal year 2024[2] - The net profit loss after deducting non-recurring gains and losses is projected to be between -607.93 million to -337.93 million yuan[2] - High management, financial, and sales expenses are expected to negatively impact profits in 2024[2] Operational Challenges - The company's low gross profit margin is attributed to intense competition in the consumer electronics industry[2] - Significant R&D investments in automotive display, lighting, and radar sectors have contributed to increased expenses[2] - The company has conducted a comprehensive review of receivables and inventory, leading to provisions for potential impairment losses[2]

Financial Performance - The company forecasts a net loss for 2024 between CNY 550 million and CNY 280 million, with a net loss excluding non-recurring items between CNY 607.93 million and CNY 337.93 million [3] - Basic earnings per share are projected to be a loss of CNY 0.5153 to CNY 0.2623 [3] Reasons for Loss - Intense competition in the consumer electronics industry has led to low product gross margins [3] - High management, financial, and sales expenses have negatively impacted profits [3] - Significant R&D investments in automotive electronics have contributed to the losses [3] - Comprehensive asset impairment tests have been conducted, leading to provisions for potential losses [3] Business Outlook - The company expects improved profitability as the consumer electronics sector recovers and the scale of the smart driving industry grows [3] - The automotive optical business has a full order book, indicating a positive future outlook [3] - The Hefei automotive industrial park is projected to reach full production capacity by 2026 [3] Strategic Focus - The company plans to optimize its asset structure and enhance integrated supply chain management to control costs and improve profitability [3] - There is a shift in focus towards automotive business, with a reduction in the scale of touch display and mobile optical businesses [4] - The company aims to improve its financial structure by broadening financing channels and controlling debt levels [5] Future Plans - The company intends to leverage its optical expertise to drive market growth and enhance operational performance [5] - Continuous R&D investment and internal management improvements are prioritized to boost product quality and competitiveness in the global optical and optoelectronic industry [5]

证券代码：002036 证券简称：联创电子 公告编号：2025—007 债券代码：128101 债券简称：联创转债 联创电子科技股份有限公司 第九届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假记载、误导 性陈述或者重大遗漏。 一、董事会会议召开情况 联创电子科技股份有限公司（以下简称"公司"）第九届董事会第二次会议 于 2025 年 1 月 20 日 16：00 以通讯方式召开，会议通知于 2025 年 1 月 15 日以 邮件方式向全体董事、监事、高级管理人员发出。会议由董事长曾吉勇先生主持， 会议应到董事 9 名，实到董事 9 名，公司监事、高级管理人员列席了本次会议。 本次会议符合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 为满足公司子公司业务发展需求，董事会同意公司为子公司合肥联创光学有 限公司（以下简称"合肥联创"）在原有担保额度基础上再新增担保额度人民币 20,000 万元（含本外币）；至此，公司为合肥联创提供不超过人民币 190,000 万 元（含本外币）连带责任担保；董事会同意公司为子公司合肥智行光电有限公司 （以下简称"合肥智 ...

证券代码：002036 证券简称：联创电子 公告编号：2025—010 债券代码：128101 债券简称：联创转债 联创电子科技股份有限公司 关于召开 2025 年第二次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 联创电子科技股份有限公司（以下简称"公司"）第九届董事会第二次会议 于 2025 年 1 月 20 日审议通过了《关于召开 2025 年第二次临时股东会的议案》， 现将该临时股东会会议的有关事项通知如下： 一、召开会议基本情况 1、股东会届次：2025 年第二次临时股东会 2、股东会召集人：公司董事会 3、会议召开的合法、合规性：本次股东会会议召开符合有关法律、行政法 规、部门规章、规范性文件、深交所业务规则和公司章程的规定。 4、会议召开时间 （1）现场会议时间：2025 年 2 月 10 日 14:30 （2）网络投票时间：2025 年 2 月 10 日 通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 2 月 10 日 9:15-9:25，9:30-11:30，13:00-15:00； 通过深圳证券交易所互 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： | 证券代码：002036 | 证券简称：联创电子 | 公告编号：2025—008 | | --- | --- | --- | | 债券代码：128101 | 债券简称：联创转债 | | 联创电子科技股份有限公司 关于董事会提议向下修正"联创转债"转股价格的公告 1、从 2024 年 12 月 25 日至 2025 年 1 月 20 日，联创电子科技股份有限公司（以下简 称"公司"）股票已经出现在任意连续三十个交易日中至少有十五个交易日的收盘价低于 当期转股价格（11.60 元/股）的 85%（即：9.86 元/股）的情形，触及"联创转债"（债券 代码：128101）转股价格向下修正条款。 2、经公司第九届董事会第二次会议审议通过《关于董事会提议向下修正"联创转债" 转股价格的议案》，本议案尚需经股东会以特别决议审议。 公司于 2025 年 1 月 20 日召开第九届董事会第二次会议，审议通过了《关于 董事会提议向下修正"联创转债"转股价格的议案》，具体事项公告如下： 一、可转换公司债券基本情况 （一 ...

Financial Performance and Projections - The company expects a net loss of between 550 million and 280 million yuan for 2024, compared to a loss of 992.39 million yuan in the previous year[2]. - The projected operating revenue for 2024 is between 927 million and 1,030 million yuan, down from 984.77 million yuan in the previous year[2]. - The company aims to reduce losses compared to the previous year by focusing on the optical and optoelectronic industry and improving internal management[4]. Cost Management and Profitability - High management, financial, and sales expenses have impacted profitability, prompting the company to optimize asset structure and control costs[5]. - The company is investing heavily in R&D for automotive display, lighting, and radar, which has contributed to the current period's losses[5]. - The company plans to enhance profitability as the consumer electronics industry recovers and the smart driving sector grows[5]. Risk and Caution - The company has conducted a comprehensive review of receivables and inventory, leading to provisions for potential impairment losses[5]. - The performance forecast data has not been audited by the accounting firm, and investors are advised to exercise caution[6].

| 证券代码：002036 | 证券简称：联创电子 | 公告编号：2025—006 | | --- | --- | --- | | 债券代码：128101 | 债券简称：联创转债 | | 联创电子科技股份有限公司 关于预计触发"联创转债"转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 1、转债代码：128101 2、债券简称：联创转债 3、转股价格：11.60 元/股 经中国证券监督管理委员会《关于核准联创电子科技股份有限公司公开发行 可转换公司债券的批复》（证监许可[2020]84 号）核准，公司于 2020 年 3 月 16 日公开发行了 300 万张可转换公司债券，每张面值 100 元，发行总额 30,000.00 万元。 （二）上市情况 经深交所"深证上[2020]276 号"文同意，公司 30,000.00 万元可转换公司 债券于 2020 年 4 月 13 日起在深交所挂牌交易，债券简称"联创转债"，债券代 码"128101"。 （三）转股期限 根据《深圳证券交易所股票上市规则》等有关规定和《联创电子科 ...

联创电子科技股份有限公司 章 程 （2025 年 1 月 9 日 2025 年第一次临时股东会通过） 目 录 第二节 公告 1 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东会 第一节 股东 第二节 股东会的一般规定 第三节 股东会的召集 第四节 股东会的提案与通知 第五节 股东会的召开 第六节 股东会的表决和决议 第五章 董事会 第一节 董事 第二节 独立董事 第三节 董事会 第六章 总裁及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 2 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为， 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和 国证券法》（以下简称《证券法》）和其他有关规定，制 ...