中信证券股份有限公司 关于珠海光库科技股份有限公司 2024年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：光库科技 | | --- | --- | | 保荐代表人姓名：李威 | 联系电话：020-32258106 | | 保荐代表人姓名：黄子真 | 联系电话：020-32258106 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是，发行人有效执行了相关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 6次 | | （2）公司募集资金项目进展是否与信息披露文件 | 是 | | 一致 | ...

[Table_MainInfo] 公司研究/信息设备/通信设备 证券研究报告 光库科技（300620）公司半年报点评 2024 年 09 月 05 日 请务必阅读正文之后的信息披露和法律声明 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | 32.38 | | 52 周股价波动（元） | 30.00-61.66 | | 总股本 / 流通 A 股（百万股） | 249/242 | | 总市值 / 流通市值（百万元） | 8068/7850 | | 相关研究 | | | [Table_ReportInfo] 《利润短期承压，薄膜铌酸锂蓄势待发》 | | | 2024.06.12 | | | 《 Q3 毛利率同环比改善，看好薄膜铌酸锂产 | | | 业化趋势》 2023.11.23 | | 市场表现 [Table_Quote ...

证券代码：300620 证券简称：光库科技 公告编号：2024-076 珠海光库科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 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。 珠海光库科技股份有限公司（以下简称"公司"）于 2024 年 4 月 2 日召开第四 届董事会第二次会议，审议通过《关于使用部分暂时闲置募集资金进行现金管理的议 案》。公司在确保不影响募投项目建设和正常生产经营的情况下，使用不超过人民币 25,000 万元的暂时闲置募集资金进行现金管理，进行现金管理的额度在董事会审议 通过之日起十二个月有效，在有效期内可以循环滚动使用，募集资金现金管理到期后 归还至募集资金专用账户，并授权总经理在规定额度范围内行使该项投资决策权，由 财务负责人具体办理相关事项。公司监事会、保荐机构均发表了明确同意的意见。具 体内容详见公司于 2024 年 4 月 3 日刊载于巨潮资讯网（www.cninfo.com.cn）的《关 于使用部分暂时闲置募集资金进行现金管理的公告》。 根据上述董事会决议，公司就近日使用部分暂时闲置募集资金进行现金管理的进 ...

2024 年 8 月 26 日 公司研究 24Q2 业绩同环比增长，产品技术具备全球竞争力 公司发布 2024 年中报，上半年实现营业收入 4.21 亿元，同比增长 24.41%；归 母净利润 0.30 亿元，同比减少 4.36%；扣非归母净利润 0.24 亿元，同比增长 16.85%。 公司 2024 年 Q2 实现营业收入 2.61 亿元，同比增长 42.15%，环比增长 63.02%； 归母净利润 0.24 亿元，同比增长 46.97%，环比增长 267.15%；扣非归母净利 润 0.21 亿元，同比增长 57.89%，环比增长 609.38%。 点评： 光电子器件核心公司，多项产品打入全球市场。公司在光电子器件行业中占据重 要位置，产品广泛应用于光纤激光、光纤通讯及数据中心等产业链上游的核心领 域。凭借一系列高性能的光学器件如光隔离器、密集光纤阵列连接器、MEMS VOA 光开关以及铌酸锂调制器等，公司已经成功打入全球市场，产品远销 40 多个国 家和地区。在技术方面，公司掌握了多项业界领先的光纤器件设计、制造和封装 技术，包括铌酸锂调制器芯片制程和模块封装技术、高功率器件热管理技术、高 可靠性光纤器 ...

Investment Rating - The report assigns a "Buy" rating to Guangkun Technology (300620 SZ) for the first time [1] Core Views - Guangkun Technology's performance improved in H1 2024 with revenue reaching 421 million yuan, up 24 41% YoY However, net profit attributable to shareholders declined 4 36% YoY to 30 million yuan [1] - The company actively expanded its market and developed new customers, driving revenue growth [1] - Fiber laser components revenue decreased 6 18% YoY to 198 million yuan, but gross margin improved 4 4 percentage points to 33 83% [1] - Optical communication components revenue surged 45 11% YoY to 161 million yuan, though gross margin slightly declined 0 7 percentage points to 40 06% [1] - Laser radar light source modules and components revenue grew 16041 62% YoY to 49 million yuan, with a gross margin of 19 78% [1] Industry Analysis - The fiber laser industry is experiencing rapid development, driven by traditional manufacturing upgrades, creating opportunities for fiber laser components [1] - Guangkun Technology has established a strong position in the fiber laser components field, with advanced products like 10kW laser combiners and 3kW fiber gratings [1] R&D and Competitive Advantage - The company increased R&D investment by 6 11 million yuan in H1 2024, up 9 68% YoY, focusing on new products like thin-film lithium niobate high-speed modulator chips and autonomous vehicle laser radar light source modules [1] - With over a decade of experience, Guangkun Technology has become a core supplier of passive components, holding multiple patents in polarization-maintaining and high-power devices [1] Financial Projections - Revenue is expected to grow at 28 53%, 23 59%, and 31 57% from 2024 to 2026, reaching 912 million yuan, 1 128 billion yuan, and 1 484 billion yuan respectively [2] - Net profit attributable to shareholders is projected to be 82 million yuan, 107 million yuan, and 148 million yuan from 2024 to 2026 [2] - The current PE ratios for 2024-2026 are 104 1x, 79 2x, and 57 6x, higher than the industry average of 33 8x [2] Valuation Comparison - Compared to peers like Tianfu Communication (300394 SZ) and Bochuang Technology (300548 SZ), Guangkun Technology has higher PE ratios but lower EPS projections [3] - The average PE ratio for comparable companies in 2024 is 33 8x, significantly lower than Guangkun Technology's 103 4x [3]

证券代码：300620 证券简称：光库科技 公告编号：2024-075 珠海光库科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 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。 | 序号 | 购买主体 | 受托人名称 | 产品名称 | 产品类 | 认购 | 起息日 | 到期日 | 年化收 | 资金 | 关联 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 型 | 金额 | | | 益率 | 来源 | 关系 | | 1 | 珠海光库 | 兴业银行股份 | 兴业银行企业 | 保本浮 | | 2024 年 | 2024 年 | 1.5%或 | 募集 | 无 | | | 科技股份 | 有限公司珠海 | 金融人民币结 | 动收益 | 1,000 | 8 月 22 | 9 月 29 | 2.34% | 资金 | | | | 有限公司 | 高新支行 | 构性存款产品 | 型 | | 日 | 日 | | | | 二、 投资风险及风险控制措施 珠海 ...

股 票 研 究 证 券 研 究 报 告 ——中报点评 | --- | |-----------------------------------| | | | [table_Authors] 王彦龙 ( 分析师 ) | | 010-83939775 | | wangyanlong@gtjas.com | | 登记编号 S0880519100003 | | --- | --- | |----------------------|-------| | | | | 黎明聪 ( 分析师 ) | | | 0755-23976500 | | | limingcong@gtjas.com | | | S0880523080008 | | 本报告导读： 上调盈利预测，维持目标价，维持增持评级；业绩符合市场预期，Q2 营收加速； 激光雷达、数通产品加速放量。 [Table_Summary] 上调盈利预测，维持目标价，维持增持评级。公司公告 2024 年中 报，业绩符合市场预期。考虑光通信业务快速放量，贡献利润较为 显著，我们上修 2024-2026 年归母净利润为 0.73/1.46/1.93 亿元（前 值为 0.42/1.24 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but the report suggests maintaining attention to the company due to its improving performance and product development [4][7]. Core Insights - The company reported a net profit attributable to shareholders of 30.34 million yuan for the first half of 2024, a year-on-year decrease of 4.36%. However, in Q2 2024, the net profit reached 23.84 million yuan, showing a year-on-year increase of 46.97% and a quarter-on-quarter increase of 267.15% [2][6]. - The company is increasing its investment in high-power fiber laser devices, optical communication devices, and laser radar light source modules, which is expected to enhance its product offerings [2][6]. - The construction of the Thailand production base is progressing well, with the factory renovation nearly complete and the first batch of production line equipment procured, expected to commence production in the second half of 2024 [2][6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 421 million yuan, a year-on-year increase of 24.41%. The net profit attributable to shareholders was 30.34 million yuan, down 4.36% year-on-year. The net profit excluding non-recurring items was 23.92 million yuan, up 16.85% year-on-year [6][8]. - In Q2 2024, the operating revenue was 261 million yuan, a year-on-year increase of 42.15% and a quarter-on-quarter increase of 63.02% [6][8]. Product Development - The company has launched several new products, including a 2kW air-cooled high-power collimator and a 12kW single-mode laser combiner, as well as optical communication products and lithium niobate modulators [6][8]. - The acquisition of Baian Industrial is expected to enhance the product line and strengthen the company's competitive position in the automotive laser radar light source module sector [6][8]. Future Outlook - The company is projected to achieve operating revenues of 933 million yuan, 1.203 billion yuan, and 1.553 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 31.39%, 28.95%, and 29.10% [7][8]. - The net profit attributable to shareholders is expected to reach 109 million yuan, 145 million yuan, and 193 million yuan for the same years, with significant growth rates anticipated [7][8].

公司报告 | 半年报点评 2Q24 业绩向好，积极布局海外产能 2Q 单季营收、净利润增长好转 2024 年上半年公司实现营业收入 4.21 亿元，同比增长 24%，归母净利润 3034 万元，同比减少 4.4%。2Q24 单季实现营业收入 2.61 亿元，同比增长 42%，归母净利润 2385 万元，同比增长 47%。上半年净利润下滑主要是加 大研发投入、汇兑收益同比减少所致。2Q24 单季收入、净利润增长较快， 我们认为主要是拜安实业在二季度开始并表。 光通讯器件同比增长 45% 分产品看：1）光纤激光器件收入 1.98 亿元，同比减少 6%，毛利率 33.8%， 同比提升 4.4 个百分点，公司隔离器类产品市场占有率行业领先，光纤光 栅类产品市场占有率国内领先。2）光通讯器件收入 1.61 亿元，同比增长 45%，毛利率 40.1%，同比略降 0.7 个百分点，公司高端微型光纤连接产品、 微光学连接产品、保偏光纤阵列和高密度光纤阵列主要应用于高速、相干 通讯模块等产品中，是全球多家大型数据通讯公司的核心供应商。3）激光 雷达光源模块及器件收入 4938 万元，去年收入较少，毛利率为 19.8%，拜 安在 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company's performance in the first half of 2024 met expectations, with significant growth in Q2 driven by the optical communication business, achieving a revenue of 426 million yuan, a year-on-year increase of 24.4%, and a net profit of 30 million yuan, a decrease of 4.4% [1]. - In Q2 2024, the company reported a revenue of 261 million yuan, a year-on-year increase of 42.1% and a quarter-on-quarter increase of 63.0%, with a net profit of 24 million yuan, a year-on-year increase of 47.0% and a quarter-on-quarter increase of 267.2% [1]. - The growth is attributed to the company's proactive market expansion and new customer development, particularly in the AI-driven high-growth optical communication market [1]. - The company is strengthening its layout in the data communication field, focusing on capturing significant development opportunities in the optical communication sector, with new products launched for AI applications [1]. - The company is expected to benefit from the growth in demand for optical devices driven by AI and the accelerated development of the lidar sector [1]. Financial Summary - The company forecasts net profits of 90 million yuan, 135 million yuan, and 205 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE multiples of 91x, 61x, and 40x [2][4]. - Revenue projections for the next three years are 979 million yuan in 2024, 1.29 billion yuan in 2025, and 1.675 billion yuan in 2026, with growth rates of 37.8%, 31.7%, and 30.0% respectively [2][4]. - The gross margin is expected to improve gradually, reaching 36.49% by 2026 [4].