南京波长光电科技股份有限公司公告，为客观反映2025年6月30日财务状况，依据准则和会计政策，对 相关资产清查并计提减值准备。2025年上半年度，公司合并报表范围信用减值及资产减值损失共计 -2,775,057.89元，占上一会计年度经审计净利润比例绝对值为7.51%。合并报表范围内相关资产本期计 提坏账/减值准备6,707,358.34元，转回等坏账/减值准备4,434,233.38元。董事会称计提体现谨慎性原 则，合理且未损害股东利益。本次计提减少上半年利润总额2,775,057.89元，不影响正常经营，数据未 经审计。 ...

波长光电8月18日公告，公司于2025年8月15日召开了第四届董事会第十八次会议，审议通过了《关于聘 任高级管理人员的议案》，同意聘任朱泽凤、李林峰为公司副总经理，任期自本次董事会决议通过之日 起至本届董事会届满之日止。 ...

南京波长光电科技股份有限公司 2025 年半年度报告全文 南京波长光电科技股份有限公司 2025 年半年度报告 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人吴玉堂、主管会计工作负责人唐志平及会计机构负责人(会计 主管人员)唐志平声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告如涉及未来计划等前瞻性陈述，均不构成公司对投资者的 实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解 计划、预测与承诺之间的差异，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和 应对措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请 投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以 115,718,000 为基数， 向全体股东每 10 股派发现金红利 0.5 元（含税），送红股 0 股（含税），不 以公积金转增股本。 2025 年 8 月 19 日 第 1 页 南京 ...

Group 1 - The core viewpoint of the report is that Guojin Securities has given a "buy" rating to Wavelength Optoelectronics (301421.SZ) with a latest price of 83 yuan [2] - The reasons for the rating include the expansion of the company's product layout in the precision optics sector, which is seeing growth across multiple downstream applications [2] - Additionally, there is a steady increase in customer orders in the laser and infrared fields, which is expected to drive the company's performance growth [2]

Investment Logic - The company focuses on the research and manufacturing of optical components and products, with laser optical products catering to various mainstream laser applications, and infrared thermal imaging optics primarily used for night vision, temperature measurement, and monitoring. The company achieved a revenue of 420 million yuan in 2024, representing a year-on-year growth of 14%, with a compound annual growth rate (CAGR) of 13% from 2019 to 2024. In Q1 2025, the company reported a revenue of 100 million yuan, reflecting a year-on-year increase of 21% [1]. Industry Expansion - The precision optics sector is diversifying, with the company's product layout gradually expanding. The semiconductor industry, represented by PCB and panel sectors, is deeply integrating with laser technology driven by technological iterations and AI. According to Chinese customs data, the number of semiconductor equipment imports in China from January to May 2025 was 22,000 units, down 11.5% year-on-year, indicating a decline in imported equipment. The urgency for domestic substitution of semiconductor equipment is increasing due to escalating overseas restrictions on China's semiconductor industry. The company reported a revenue of 51.09 million yuan in the semiconductor and related manufacturing sectors in 2024, up 82.3% year-on-year, and is expected to benefit from the growing demand for precision optical components in domestic semiconductor equipment. In contrast to smartphones, AR involves entirely new optical solutions, with optical display units accounting for 43% of the BOM in AR devices, representing a significant value portion. The company announced that its optical products for AR/VR have generated approximately 5.5 million yuan in revenue from major domestic manufacturers in 2024, and the consumer-grade optical business is expected to benefit positively as AR/VR devices penetrate the market [2]. Customer Orders and Performance Growth - Customer orders for laser and infrared products are steadily increasing, which is expected to drive the company's performance growth. The production of laser and infrared products involves multiple disciplines and complex processes, creating high technical barriers in the industry. Major clients such as Dazhu Laser and Hede Infrared have shown revenue growth rates of 10.8% and 45.5% respectively in Q1 2025, indicating that the recovery in revenue growth from downstream major clients is likely to boost demand for the company's laser and infrared optical products. In addition to domestic leading clients, the company is implementing a global strategy through its RONAR-SMITH and Op e x brands, serving international renowned laser and infrared companies such as IPG Photonics and FLIR. The company's overseas business revenue reached 130 million yuan in 2024, up 35% year-on-year, accounting for 31% of total revenue [3]. Profit Forecast and Valuation - The company is expected to achieve revenues of 510 million, 640 million, and 800 million yuan from 2025 to 2027, with corresponding net profits attributable to shareholders of 50 million, 70 million, and 90 million yuan. The projected price-to-sales (PS) ratios are 18, 14, and 12 times respectively. A valuation of 18 times PS for 2026 is assigned, leading to a target price of 100.08 yuan per share. The company is initially covered with a "buy" rating [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company focuses on the research and manufacturing of optical components and modules, with stable revenue growth projected to reach 420 million yuan in 2024, a year-on-year increase of 14%, and a compound annual growth rate (CAGR) of 13% from 2019 to 2024 [2]. - The company is expected to benefit from the increasing demand for precision optical components in the semiconductor and general semiconductor manufacturing sectors, with a reported revenue of 51.09 million yuan in 2024, a year-on-year increase of 82.3% [2]. - The company has also begun supplying optical products for AR/VR applications, generating approximately 5.5 million yuan in revenue in 2024 [2]. Summary by Sections Company Overview - The company operates in the midstream of the optical industry, producing optical components that cover a wavelength range from ultraviolet to far infrared [14]. Downstream Applications - The demand for precision optics is driven by various emerging fields, including semiconductors, smart manufacturing, infrared security, and consumer-level optical products like AR/VR [25]. Revenue Growth and Business Expansion - The company achieved a revenue of 99 million yuan in Q1 2025, reflecting a year-on-year growth of 20.9% [33]. - The company's overseas business revenue reached 130 million yuan in 2024, a year-on-year increase of 35%, accounting for 31% of total revenue [3]. Profit Forecast and Valuation - The company is projected to achieve revenues of 510 million yuan, 640 million yuan, and 800 million yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 50 million yuan, 70 million yuan, and 90 million yuan [4]. - The report assigns a target price of 100.08 yuan per share based on a 2026 price-to-sales (P/S) ratio of 18x [4].

Group 1 - The new industrialization sector experienced a rapid increase, rising by 1.77% [1] - Companies such as Aili Home, Boshang Optoelectronics, and Huasheng Tiancheng saw significant gains in their stock prices [1]

金融界消息 截至2025年8月11日收盘，波长光电（301421）报收于78.54元，下跌0.76%，换手率 12.87%，成交量5.96万手，成交金额4.69亿元。 资金流向方面，今日主力资金净流出2640.99万元，占比成交额5.63%。其中，超大单净流出1518.03万 元、占成交额3.24%，大单净流出1122.96万元、占成交额2.4%，中单净流出流出402.27万元、占成交额 0.86%，小单净流入3043.26万元、占成交额6.49%。 波长光电最新一期业绩显示，截至2025一季报，公司营业总收入9923.36万元、同比增长20.87%，归属 净利润651.20万元，同比减少39.55%，扣非净利润274.05万元，同比减少73.24%，流动比率4.962、速动 比率3.886、资产负债率14.54%。 天眼查商业履历信息显示，南京波长光电科技股份有限公司，成立于2008年，位于南京市，是一家以从 事仪器仪表制造业为主的企业。企业注册资本11571.8万人民币，实缴资本3500万人民币。公司法定代 表人为吴玉堂。 通过天眼查大数据分析，南京波长光电科技股份有限公司共对外投资了6家企业，参与招投标 ...

Group 1 - The optical and optoelectronic sector increased by 0.98% on August 5, with Fuguang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3617.6, up 0.96%, while the Shenzhen Component Index closed at 11106.96, up 0.59% [1] - Fuguang Co., Ltd. had a closing price of 35.99, with a significant increase of 8.76% and a trading volume of 108,200 shares, resulting in a transaction value of 383 million yuan [1] Group 2 - The optical and optoelectronic sector saw a net inflow of 76.802 million yuan from institutional investors, while retail investors contributed a net inflow of 26.5 million yuan [2] - The sector experienced a net outflow of 342 million yuan from speculative funds [2] - The trading data indicates that Fuguang Co., Ltd. had a net inflow of 67.2279 million yuan from institutional investors, representing 6.93% of the total [3]

天眼查商业履历信息显示，南京波长光电科技股份有限公司，成立于2008年，位于南京市，是一家以从 事仪器仪表制造业为主的企业。企业注册资本11571.8万人民币，实缴资本3500万人民币。公司法定代 表人为吴玉堂。 通过天眼查大数据分析，南京波长光电科技股份有限公司共对外投资了6家企业，参与招投标项目38 次，知识产权方面有商标信息9条，专利信息204条，此外企业还拥有行政许可72个。 来源：金融界 金融界消息 截至2025年8月5日收盘，波长光电（301421）报收于80.6元，上涨8.41%，换手率31.16%， 成交量14.43万手，成交金额11.80亿元。 资金流向方面，今日主力资金净流入6778.17万元，占比成交额5.75%。其中，超大单净流入6558.39万 元、占成交额5.56%，大单净流入219.78万元、占成交额0.19%，中单净流出流出4711.82万元、占成交 额3.99%，小单净流出2066.35万元、占成交额1.75%。 波长光电最新一期业绩显示，截至2025一季报，公司营业总收入9923.36万元、同比增长20.87%，归属 净利润651.20万元，同比减少39.55%，扣非净利润 ...