Investment Rating - The report maintains a "Recommend" rating for Yutong Optical (300790) with a target price of 20.2 RMB, compared to the current price of 15.21 RMB [1] Core Views - Yutong Optical is expected to achieve a net profit attributable to the parent company of 128-142 million RMB in the first three quarters of 2024, representing a year-on-year growth of 208.58%-242.33% [1] - The company's Q3 2024 net profit is forecasted to be 43-57 million RMB, with a year-on-year increase of 198.64%-294.87% [1] - The security business has bottomed out and rebounded, with revenue growth for five consecutive quarters from Q2 2023 to Q2 2024 [1] - The company is actively developing automotive optics, which is expected to become a new growth curve [1] Business Performance Security Business - Revenue from security lens business reached 778 million RMB in H1 2024, a year-on-year increase of 23.81% [1] - The security business has shown continuous growth for five consecutive quarters, with year-on-year growth rates of 6.26%, 27.65%, 34.34%, 38.47%, and 30.49% respectively [1] Automotive Optics - Automotive-related and automotive parts businesses achieved revenues of 119 million RMB and 99 million RMB respectively in H1 2024, with year-on-year growth of 34.09% and 163.95% [1] - The company has entered the capacity ramp-up and market expansion phase for ADAS lenses [1] - Laser radar business is closely cooperating with domestic leading manufacturers, and HUD has obtained multiple project designations [1] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 182 million RMB, 265 million RMB, and 330 million RMB respectively [1] - Revenue is expected to grow by 28.0%, 25.0%, and 19.9% in 2024-2026 [2] - EPS is projected to be 0.56 RMB, 0.81 RMB, and 1.01 RMB for 2024-2026 [2] Capital Expenditure - The company raised 600 million RMB in August 2023 to build a precision optical lens production project, covering machine vision lenses, integrated camera lenses, and automotive optical products [1] Valuation - The report gives a 25x P/E ratio for 2025, based on comparable companies like Lianchuang Electronic [1] - Current P/E ratios for 2024-2026 are 27x, 19x, and 15x respectively [2]

一、主要财务数据概况 | 证券代码：300790 | 证券简称：宇瞳光学 | 公告编号：2024-111 | | --- | --- | --- | | 债券代码：123219 | 债券简称：宇瞳转债 | | 东莞市宇瞳光学科技股份有限公司 关于累计新增借款超过上年末净资产百分之二十的公告 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。 东莞市宇瞳光学科技股份有限公司（以下简称"公司"）根据《证券法》《深圳证 券交易所上市公司自律监管指引第 15 号——可转换公司债券》等相关规定，现就公司 2024 年累计新增借款情况公告如下： 上述新增借款用于满足公司及子公司正常经营活动需要，目前公司生产经营情况正 常，财务状况稳健，所有债务均按时还本付息。上述新增借款不会对公司经营情况和偿 债能力产生不利影响。 四、其他说明 2024 年 1-9 月新增借款数据以合并口径计算，未经审计，敬请广大投资者注意投资 风险。 2024 年 10 月 11 日 特此公告。 东莞市宇瞳光学科技股份有限公司董事会 截至 2023 年末公司经审计净资产为 188,111.26 万元，借款 ...

Topic 1: Net Profit and Growth - Net profit attributable to shareholders for the first three quarters of 2024 is expected to be between 128 million yuan and 142 million yuan, representing a year-on-year increase of 208.58%-242.33%[2] - Net profit after deducting non-recurring gains and losses for the first three quarters of 2024 is expected to be between 119 million yuan and 133 million yuan, representing a year-on-year increase of 274.59%-318.66%[2] - Net profit attributable to shareholders for the third quarter of 2024 is expected to be between 43.44 million yuan and 57.44 million yuan, representing a year-on-year increase of 198.64%-294.87%[3] - Net profit after deducting non-recurring gains and losses for the third quarter of 2024 is expected to be between 43.71 million yuan and 57.71 million yuan, representing a year-on-year increase of 229.98%-335.66%[3] Topic 2: Non-Recurring Gains and Losses - Non-recurring gains and losses are expected to impact net profit by 8-10 million yuan during the reporting period[6] - The company adjusted non-recurring gains and losses for the first three quarters and third quarter of 2023, resulting in revised net profit figures of 31.77 million yuan and 13.25 million yuan, respectively[4] Topic 3: Performance Drivers - The increase in performance is mainly due to growth in traditional security lenses, automotive lenses, glass aspherical lenses, and mirrorless camera businesses, leading to increased revenue and improved gross margins[6] Topic 4: Performance Forecast and Audit Status - The performance forecast is based on preliminary calculations by the company's financial department and has not been audited by an accounting firm[5][6]

| 证券代码：300790 | 证券简称：宇瞳光学 | 公告编号：2024-109 | | --- | --- | --- | | 债券代码：123219 | 债券简称：宇瞳转债 | | 一、股东减持情况 东莞市宇瞳光学科技股份有限公司 | 股东名称 | 减持方式 | 减持期间 | 减持均价 | 减持价格 区间（元/ | 减持股数(股) | 减持股份占总 股本比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | （元/股） | 股） | | ( % ) | | 张品光 | 集中竞价交 | 2024年9月 26日至2024 | 13.84 | 13.45-14.7 1 | 1,849,580 | 0.57 | | | 易 | 年9月30日 | | | | | | | | 合计 | | | 1,849,580 | 0.57 | 关于持股5%以上股东股份减持完成的公告 持股 5%以上的股东、董事张品光先生保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 东 ...

| 证券代码：300790 | 证券简称：宇瞳光学 | 公告编号：2024-108 | | --- | --- | --- | | 债券代码：123219 | 债券简称：宇瞳转债 | | 东莞市宇瞳光学科技股份有限公司 关于2024年第三季度可转债转股情况的公告 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、宇瞳转债（债券代码：123219）转股期为 2024 年 2 月 19 日至 2029 年 8 月 10 日；最新转股价为 12.45 元/股。 2、2024 年第三季度：共有 8 张宇瞳转债完成转股（票面金额共计 800 元），合计 转成 64 股宇瞳光学 A 股股票（股票代码：300790）。 3、截至 2024 年 9 月 30 日，公司剩余可转债为 5,999,791 张，剩余票面总金额为 599,979,100 元。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第 15 号——可转换公司债券》的有关规定，东莞市宇瞳光学科技股份有限公司 （以下简称"公司"）现将 2024 年第三季度可转换公司债券 ...

Financial Performance - The company's revenue for the first half of 2024 reached 124,862,000 CNY, a 34% increase from 93,178,000 CNY in the same period of 2023, driven by increased sales volume [5] - The net profit attributable to shareholders surged by 213.95%, amounting to 8,456,000 CNY compared to 2,693,000 CNY in the previous year [5] - The gross profit margin improved to 21.99%, up from 19.45%, attributed to cost reduction and efficiency enhancement [5] Quarterly Insights - In Q2 2024, revenue was 67,997,000 CNY, reflecting a 19.58% increase from Q1 2024 [6] - The net profit for Q2 2024 was 4,429,000 CNY, a 10.02% increase from Q1 2024 [6] Cost Management - Operating costs increased to 97,404,000 CNY in H1 2024, up 29.78% from 75,054,000 CNY in H1 2023, primarily due to higher sales volume [5] - Research and development expenses rose by 25.01% to 6,975,000 CNY, reflecting increased investment in innovation [5] Market Expansion - The company's overseas revenue accounted for 11.65% of total revenue in H1 2024, up from 10.37% in the previous year, indicating a focus on international market development [12] - The company aims to enhance collaboration with major international clients in the security and automotive sectors [12] Product Development - The company plans to expand production capacity for glass aspheric lenses, which are increasingly used in advanced driver-assistance systems (ADAS) and other emerging applications [10] - There is ongoing exploration of opportunities in consumer electronics, including potential applications in laptops and drones [11] Cash Flow Concerns - The net cash flow from operating activities has significantly decreased due to an increased reliance on bill settlements by customers, although this is not expected to impact normal operations [9]

| 证券代码：300790 | 证券简称：宇瞳光学 | 公告编号：2024-107 | | --- | --- | --- | | 债券代码：123219 | 债券简称：宇瞳转债 | | （一）投资风险 1、虽然投资产品都经过严格的评估，但金融市场受宏观经济的影响较大，不排除 该项投资受到市场波动的影响。 东莞市宇瞳光学科技股份有限公司 关于使用部分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。 东莞市宇瞳光学科技股份有限公司（以下简称"公司"）于 2024 年 8 月 29 日召开 第三届董事会第二十五次会议和第三届监事会第二十三次会议，审议通过了《关于使用 部分闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资金投资项目建 设和正常生产经营的前提下，使用不超过 2 亿元的闲置募集资金进行现金管理，用于购 买安全性高、流动性好、满足保本要求的低风险的现金管理产品。在上述额度范围内， 资金可以滚动使用，使用期限自董事会审议通过之日起 12 个月内有效。具体内容详见 公司在巨潮资讯网（http://www.cninf ...

证券代码：300790 证券简称：宇瞳光学 债券代码：123219 债券简称：宇瞳转债 东莞市宇瞳光学科技股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|-------------------------------------------------------------|---------------------------|------------------------------------------------------------------| | | | 编号： | 2024-006 | | | □特定对象调研 □ | 分析师会议 | | | 投资者关系活动类 | □ 媒体采访 □业绩说明会 | | | | 别 | □ 新闻发布会 □ | 路演活动 | | | | □现场参观 | | | | | ☑ 其他 （广东辖区 | | 2024 年投资者网上集体接待日活动） | | 参与单位名称及人 员姓名 | 线上参与广东辖区 2024 | | 年投资者网上集体接待日活动的投资者 | | 时间 | 202 ...

证券代码：300790 证券简称：宇瞳光学 公告编号：2024- 106 债券代码：123219 债券简称：宇瞳转债 东莞市宇瞳光学科技股份有限公司 关于参加广东辖区2024年投资者网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，东莞市宇瞳光学科技股份有限公司（以下简称 "公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携手共进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管理月活动投资者 集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周四）15:30- 16:30。届时公司高管将在线就 2024 年半年度业绩、公司治理、发展战略、经营状况、 股权激励等投资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 东莞市宇瞳光学科技股份有限公司董事会 2024 年 9 月 9 日 ...

东兴证券股份有限公司 关于东莞市宇瞳光学科技股份有限公司 由于募投项目建设需要一定周期，根据募投项目建设进度，分期逐步投入募 集资金，存在暂时闲置的募集资金。 三、使用部分闲置募集资金进行现金管理的基本情况 使用部分闲置募集资金进行现金管理的核查意见 东兴证券股份有限公司（以下简称"保荐机构"）作为东莞市宇瞳光学科技 股份有限公司（简称"宇瞳光学"、"公司"）向不特定对象发行可转换公司债券 的保荐机构，根据《证券发行上市保荐业务管理办法》《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》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等有关规定文件的要求，经审 慎核查，就宇瞳光学本次使用部分闲置募集资金进行现金管理的事项发表核查意 见如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意东莞市宇瞳光学科技股份有限公司向 不特定对象发行可转换公司债券注册的批复》（证监许可〔2023〕1382 号）同意 注册，公司于 2023 年 8 月 11 日向不特定对象发行了 600.00 万张可转换公司债 券，每张面值 100 元，募集资金总额为人民币 60,00 ...