%% %% %% %% research.95579.com 公司研究丨深度报告丨宇瞳光学（300790.SZ） [Table_Title] 安防行业隐形冠军，模造玻璃迈入新征程 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司作为专业光学解决方案提供商，业务涵盖安防、新消费、汽车视觉、车载镜头、应用光学、 教育等领域，在安防镜头领域连续十年市场份额第一，是安防行业的隐形冠军。公司在过往安 防镜头与汽车镜头制造过程中积累了模造玻璃深厚经验，近年来以运动相机、全景相机、无人 机、AI 眼镜为代表的新兴消费快速增长，模造玻璃是其镜头中重要的环节，运动相机、全景相 机通常搭载 2-3 片模造玻璃以提升成像效果及耐用性，属于镜头皇冠上的明珠。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 宇瞳光学（300790.SZ） cjzqdt11111 [Table_Title2] 安防行 ...

Core Viewpoint - Company maintains a leading position in the global security lens market while strategically expanding into the automotive optical sector, creating a dual growth engine driven by security and automotive optics [1][2] Group 1: Security Lens Business - Company is the absolute leader in the global security monitoring lens market, holding the number one market share for ten consecutive years [1] - The core business of security monitoring lenses has a solid customer base, with strong relationships with major clients like Hikvision and Dahua, ensuring stable revenue and competitive advantage [1][2] Group 2: Automotive Optical Business - Company is proactively entering the automotive optical field, benefiting from the dual push of "localization + intelligence" in the automotive industry, leading to rapid growth in demand for automotive lenses [2] - The automotive lens business is expanding quickly, with access to mainstream automakers' supply chains such as BYD, Toyota, and Changan, positioning it as a strong growth engine for the company [2] Group 3: Competitive Advantages - Company's core competitiveness lies in its scale cost advantages and technological innovation, with significant cost advantages and market barriers established through automation in production [2] - Vertical integration of the supply chain, including self-built production lines for glass aspheric lenses, enhances the company's ability to control costs and processes in high-end lens manufacturing [2] Group 4: Profit Forecast and Investment Outlook - The security lens business provides stable cash flow and profit contributions, while the automotive optical business is in a growth phase with significant market potential [3] - Company forecasts net profits of 294 million, 478 million, and 643 million yuan for 2025-2027, indicating strong long-term growth prospects [3]

Market Performance - The computer equipment sector rose by 1.5% on September 1, with Xuanji Information leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers - Xuanji Information (300324) closed at 7.72, up 20.06%, with a trading volume of 4.4031 million shares and a transaction value of 3.361 billion [1] - Yutong Optical (300790) closed at 33.49, up 12.87%, with a trading volume of 516,700 shares and a transaction value of 1.647 billion [1] - Suzhou Keda (603660) closed at 8.88, up 10.04%, with a trading volume of 339,500 shares and a transaction value of 296 million [1] Top Losers - Chunzong Technology (603516) closed at 96.71, down 4.62%, with a trading volume of 183,200 shares and a transaction value of 1.771 billion [2] - Aerospace Intelligent Equipment (300455) closed at 19.21, down 3.03%, with a trading volume of 405,000 shares and a transaction value of 777 million [2] - Kailait (301391) closed at 54.11, down 2.57%, with a trading volume of 21,800 shares and a transaction value of 120 million [2] Capital Flow - The computer equipment sector saw a net inflow of 274 million from institutional investors, while retail investors contributed a net inflow of 330 million [2] - The sector experienced a net outflow of 604 million from speculative funds [2] Individual Stock Capital Flow - Zhongke Shuguang (603019) had a net inflow of 73.5 million from institutional investors, while it faced a net outflow of 31.9 million from speculative funds [3] - Xuanji Information (300324) saw a net inflow of 63.7 million from institutional investors, with a net outflow of 41.3 million from speculative funds [3] - Guandian Yuntong (002152) had a net inflow of 14.4 million from institutional investors, while facing a net outflow of 46.775 million from speculative funds [3]

Financial News - Dongguan Rural Commercial Bank reported a net profit decline of 22.22% year-on-year, with total revenue of RMB 5.501 billion, down 14.02% [2] - The bank's total assets increased to RMB 760.445 billion, a growth of 1.95%, with total deposits at RMB 532.364 billion, up 2.33% [2] Company Dynamics - Jie Rong Technology's losses expanded to RMB 197 million, despite a revenue increase of 46% to RMB 812 million [3] - Macro Technology's revenue fell by 19.32% to RMB 775 million, with net profit down 15.7% to RMB 53.56 million [4] - Huilun Crystal reported a loss of RMB 66.58 million, a staggering decline of 2679.4%, with revenue at RMB 267 million, down 7.1% [5] - Urban People saw a revenue drop to RMB 1.436 billion, down from RMB 1.514 billion, with a net profit decrease of approximately 30% [6] - Yian Technology plans to invest in a wholly-owned subsidiary in Mexico with a total investment of USD 50 million [7] - Yutong Optical intends to invest JPY 30 million to establish a wholly-owned subsidiary in Japan, focusing on optical product development and sales [8]

宇瞳光学 20250829.docx 华为 Mate 系列以及明年 1 月发布的新手机将大量应用磨砂玻璃，宇瞳 正与大立光合作为华为手机提供磨砂玻璃样品，已进入量产阶段，看好 磨砂玻璃在手机上的广泛应用。 手机行业出现超光人镜等新产品，模造玻璃将在长时间内供不应求，但 钨钢模具设备和非球面检测设备产能有限，成为制约大规模应用的瓶颈， 相关设备国产化需 3-5 年。 宇瞳光学为何投资赛灵思公司？ 宇瞳光学选择投资赛灵思公司主要因为其在低熔点材料和红外热成像领域具有 独特优势和专利技术。这些材料在生产成本中占比较高，例如红外玻璃成本占 比达 70%-80%，低熔点玻璃（模造玻璃）占比 30%。通过投资赛灵思，公司 希望降低材料成本并增强产品粘性。此外，目前低熔点玻璃原材料市场主要被 日本企业控制，中国企业如光明、新华光等普及率和产量较低。因此，与赛灵 思合作不仅能降低成本，还能提升中国在低熔点光学材料领域的竞争力，并实 现从原材料到最终产品的一体化生产，提高交付能力。 AceCamp AI 2025-08-30 摘要 宇瞳光学新消费市场显著增长，受益于与大疆合作的模造玻璃、萤石 360 无人机主摄镜头以及 viv ...

Financial Performance - The company reported a total revenue of 1.416 billion yuan for the first half of 2025, representing a year-on-year increase of 13.38% [1] - The net profit attributable to shareholders reached 108 million yuan, up 27.19% year-on-year [1] - In Q2 2025, the revenue was 801 million yuan, showing a 17.73% increase compared to the same quarter last year [1] - The net profit for Q2 2025 was 58.7 million yuan, reflecting a 32.52% year-on-year growth [1] Key Financial Ratios - The gross profit margin improved to 24.71%, an increase of 12.35% year-on-year [1] - The net profit margin slightly decreased to 7.6%, down 2.14% year-on-year [1] - Total expenses (selling, administrative, and financial) amounted to 146 million yuan, accounting for 10.3% of revenue, a decrease of 0.31% year-on-year [1] Balance Sheet Highlights - The company's accounts receivable increased to 805 million yuan, a 5.02% rise year-on-year [1] - The cash and cash equivalents stood at 669.1 million yuan, a slight increase of 0.32% [1] - Interest-bearing liabilities decreased to 2.077 billion yuan, down 0.43% year-on-year [1] Shareholder Metrics - Earnings per share (EPS) increased to 0.29 yuan, a 7.41% rise year-on-year [1] - The net asset value per share rose to 6.69 yuan, reflecting a 25.78% increase [1] - Operating cash flow per share significantly increased to 0.57 yuan, up 98.49% year-on-year [1] Investment Insights - The company's return on invested capital (ROIC) was 6.19% last year, indicating average capital returns [3] - The historical median ROIC since the company went public is 10.83%, suggesting better investment returns in the past [3] - Analysts expect the company's performance in 2025 to reach 270 million yuan, with an average EPS forecast of 0.72 yuan [3] Fund Holdings - The largest fund holding shares in the company is Dongxing Lianzhong One-Year Holding Mixed A, which has recently entered the top ten holdings with 11,000 shares [4] - The fund's current scale is 37 million yuan, with a net value of 1.1124 as of August 29, showing a 14.51% increase over the past year [5]

Core Viewpoint - Dongguan Yutong Optical Technology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating strong business performance and growth potential in the optical lens market [6][18]. Financial Performance - The company's operating revenue for the reporting period reached approximately 1.42 billion yuan, representing a year-on-year increase of 13.38% compared to 1.25 billion yuan in the same period last year [18]. - The net profit attributable to shareholders was approximately 103.07 million yuan, up 36.91% from 75.29 million yuan in the previous year [18]. - Basic earnings per share increased to 0.29 yuan, a rise of 7.41% from 0.27 yuan [18]. - Total assets at the end of the reporting period were approximately 5.70 billion yuan, reflecting a 7.27% increase from the previous year [18]. Business Overview - The company specializes in the design, research and development, production, and sales of optical lenses, primarily serving the public security monitoring, smart home, automotive camera, and machine vision sectors [7][13]. - The main business focus is on security optics, with a diverse product range including ultra-star light series, integrated machine series, 4K series, and various other specialized lenses [7][13]. Market Position and Competitive Advantage - The company is recognized as the largest manufacturer of security lenses globally, maintaining long-term partnerships with leading security firms such as Hikvision and Dahua [14]. - The company has established a strong market position with a continuous first-place ranking in market share for security lenses over the past decade [14]. - The company has a robust research and development team of over 500 personnel, holding a total of 915 patents, which enhances its competitive edge in innovation [15][16]. Product Development and Innovation - The company emphasizes technological innovation, focusing on high-end products such as high-magnification zoom lenses, smart home lenses, and automotive lenses [15]. - The company has implemented advanced optical design techniques and established a scientific design system to improve product quality and performance [15][16]. Operational Efficiency - The company has adopted an "order-based production" model, ensuring efficient resource allocation and production planning [13][14]. - The introduction of an information management system has improved operational efficiency across various functions, including financial and supply chain management [17].

Core Viewpoint - Dongguan Yutong Optical Technology Co., Ltd. reported a significant increase in revenue and net profit for the first half of 2025, indicating strong operational performance and financial health [1]. Financial Performance - The company's operating revenue for the reporting period reached CNY 1,415,675,948.19, representing a 13.38% increase compared to CNY 1,248,622,202.90 in the same period last year [1]. - The net profit attributable to shareholders was CNY 107,548,714.45, up 27.19% from CNY 84,556,046.37 year-on-year [1]. - The net profit after deducting non-recurring gains and losses was also positive, reflecting robust core business performance [1]. - The net cash flow from operating activities surged by 121.31%, amounting to CNY 212,345,850.58 compared to CNY 95,948,898.54 in the previous year [1]. - Basic earnings per share increased by 7.41% to CNY 0.29, while diluted earnings per share rose by 11.54% to CNY 0.29 [1]. Asset and Equity Position - Total assets at the end of the reporting period were CNY 5,696,063,271.00, marking a 7.27% increase from CNY 5,309,987,341.18 at the end of the previous year [2]. - The net assets attributable to shareholders increased by 4.03%, reaching CNY 2,504,040,204.53 compared to CNY 2,407,131,238.35 previously [2]. Shareholder Information - The top ten shareholders include Zhang Pingguang, holding 11.41% of shares, and other significant shareholders with varying percentages, some of whom have pledged their shares [3]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period [3].

Group 1 - The company Dongguan Yutong Optical Technology Co., Ltd. announced its profit distribution plan for the first half of 2025, which will be submitted for approval at the upcoming shareholders' meeting [1][2] - For the first half of 2025, the company reported a net profit attributable to shareholders of 107,548,714.45 yuan, with the parent company achieving a net profit of 113,924,807.57 yuan [1] - As of June 30, 2025, the accumulated undistributed profits of the parent company amounted to 773,459,718.25 yuan, while the consolidated undistributed profits stood at 1,242,827,993.18 yuan [1] Group 2 - The proposed cash dividend distribution totals 18,550,274.05 yuan (including tax), based on a total share capital of 374,118,981 shares, excluding 3,113,500 shares held in the company's repurchase account [1][2] - The distribution plan is deemed reasonable and compliant with relevant laws and regulations, considering the company's operational needs and long-term development [2] - Both the board of directors and the supervisory board have approved the profit distribution proposal, which will be presented at the second extraordinary general meeting of shareholders in 2025 [2]

Core Viewpoint - The company is set to implement a restricted stock incentive plan for 2025, which has been reviewed and approved by the board's remuneration and assessment committee, ensuring compliance with relevant laws and regulations [1][2][4]. Summary by Sections Compliance and Eligibility - The company meets the eligibility criteria for implementing the incentive plan, as there have been no negative audit opinions on financial reports or internal controls in the last accounting year [2][3]. - The incentive plan is in accordance with the provisions of the Company Law, Securities Law, and the Management Measures for Equity Incentives [3]. Incentive Plan Details - The plan includes specific arrangements for the granting and vesting of restricted stocks, including grant amounts, dates, prices, and vesting conditions, all of which comply with legal regulations and protect the interests of the company and its shareholders [3]. - The incentive plan aims to retain talented individuals and align the interests of shareholders, the company, and the core team, promoting long-term development and achieving strategic goals [3][4]. Approval Process - Following the board's approval, the names and positions of the incentive recipients will be publicly disclosed for a minimum of 10 days, allowing for feedback before the plan is presented to the shareholders' meeting for final approval [3].