Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The lithography process is the most technically challenging, costliest, and time-consuming step in chip manufacturing, accounting for approximately 30% of costs and 40-50% of time in the manufacturing process [7][10][12] - The lithography process involves multiple steps, including surface treatment, coating, exposure, development, and inspection, with advanced technology nodes requiring 60-90 lithography steps [7][10] - The lithography market is dominated by three major players: ASML, Nikon, and Canon, with a market size in the hundreds of billions [3.2][4.1] Summary by Sections 1. Lithography Process - Lithography is crucial for defining the minimum line width of chips and directly impacts the performance and process level of semiconductor devices [7][10] - Key parameters in lithography include resolution and overlay accuracy, which are essential for ensuring the precise transfer of patterns onto silicon wafers [14][32] 2. Components of Lithography Machines - Lithography machines consist of several key components, including the light source, illumination system, and projection optics, which are critical for the exposure process [43][45] - The light source provides the energy needed for lithography, with different types such as mercury lamps, excimer lasers, and extreme ultraviolet (EUV) light being used depending on the process requirements [45][48] 3. Lithography Machine Market - The lithography machine market is characterized by a high level of competition among leading manufacturers, with ASML being a dominant player in the EUV segment [3.2][4.1] - The report highlights the evolution of lithography technology, including advancements in light source wavelengths and numerical aperture (NA), which are essential for improving resolution [19][22] 4. Domestic Supply Chain Manufacturers - The report outlines several domestic manufacturers involved in the lithography supply chain, including Shanghai Micro Electronics, Guoke Precision, and Huazhuo Jingke, each specializing in different aspects of lithography technology [4.1][4.2][4.3]

Core Insights - The micro-light device industry in China is experiencing steady growth, driven by increasing demand in security monitoring, military defense, and industrial inspection sectors. The market size is projected to rise from approximately 11.265 billion yuan in 2019 to 19.27 billion yuan by 2024 [1][8]. Industry Definition and Classification - Micro-light devices are electronic devices capable of detecting, amplifying, or converting light signals under low-light conditions, widely used in night vision, monitoring, astronomical observation, and biomedical imaging [1]. Industry Chain Analysis - The micro-light device industry chain includes upstream raw material and equipment suppliers, midstream manufacturers and component integrators, and downstream applications in military, security, industrial inspection, and scientific research [3]. Development History - The industry has evolved through three stages: reliance on foreign technology in the early years, increased domestic production and innovation in the mid-stage, and a focus on technological upgrades and market expansion in recent years [5]. Current Market Analysis - The market size of the micro-light device industry is expected to grow significantly, with a notable increase in demand for micro-light imaging devices in smart city security systems and military modernization efforts [8][11]. Downstream Application Areas - The military sector dominates the application of micro-light devices, accounting for 48% of the market, followed by security monitoring at 28%, and industrial inspection at 15%. Emerging fields like autonomous driving and biomedical applications are also gaining traction [11]. Key Companies Analysis - Major players in the industry include North Night Vision Technology, Great Wall Micro-light, Wavelength Optoelectronics, and others, each focusing on different aspects of micro-light device production and innovation [13][14][16]. Future Development Trends - The industry is moving towards integration and miniaturization of micro-light devices, enhancing performance and enabling new applications. Additionally, achieving a self-controlled industry chain is crucial for reducing dependency on external technologies and improving competitiveness [18][19]. Market Outlook - Micro-light devices are expanding their applications beyond traditional security monitoring into new areas such as autonomous driving and smart healthcare, indicating a promising market future [20].

Core Viewpoint - The company has reported a total revenue of 416 million yuan for 2024, marking a year-on-year increase of 14.32%, while the net profit attributable to the parent company decreased by 31.72% to approximately 36.96 million yuan due to various cost pressures and market challenges [6][8]. Financial Performance - The company achieved total revenue of 416 million yuan in 2024, a 14.32% increase from the previous year, with the laser optics segment contributing 269 million yuan, reflecting a 22.17% growth [6][10]. - The net profit attributable to the parent company was approximately 36.96 million yuan, down 31.72% year-on-year, primarily due to declining gross margins in the infrared business and increased management and R&D expenses [6][8]. - Management and sales expenses rose by 10.09 million yuan, driven by increased personnel costs and the implementation of a stock incentive plan [7][8]. - R&D expenses increased by 629.13 million yuan, reflecting the company's commitment to innovation and product development [8][15]. Business Overview - The company operates in the precision optics industry, focusing on laser processing, infrared thermal imaging, and consumer optical products, providing comprehensive optical solutions [19][24]. - The company has successfully expanded its laser optics business, particularly in the semiconductor and intelligent manufacturing sectors, achieving significant sales growth [10][12]. - The infrared optics segment faced challenges due to fluctuations in raw material prices, but the company has adapted by enhancing its supply chain and developing alternative materials [11][12]. Market Trends - The global semiconductor industry is experiencing rapid growth, with increasing demand for high-performance equipment, which is beneficial for the company's optical systems used in semiconductor manufacturing [26][29]. - The consumer electronics market, particularly in AR/VR, is expected to grow significantly, with the company positioning itself to capture this emerging demand [35][36]. - The infrared thermal imaging market is expanding, driven by new applications in various sectors, including smart homes and automotive, indicating a strong growth potential for the company's infrared products [33][34]. Strategic Initiatives - The company plans to continue its "Optics+" development strategy, focusing on high-precision optical production capabilities and expanding into semiconductor and high-end PCB markets [16][18]. - The company is enhancing its global presence through a dual-driven strategy of domestic and international operations, with significant revenue growth from overseas markets [11][12]. - The company is committed to increasing R&D investment and talent acquisition to drive innovation and maintain competitive advantages in the precision optics sector [14][15].

Company Performance - In 2024, the company achieved an operating revenue of 416 million yuan, a year-on-year increase of 14.32%, primarily driven by the strong performance of the laser optics business segment, which contributed 269 million yuan in revenue, up 22.17% year-on-year [1] - For Q1 2025, the company continued its revenue growth trend, achieving 99.23 million yuan, a year-on-year increase of 20.87%, driven by strong demand in the semiconductor, PCB, and infrared security sectors [1] - Despite revenue growth, the company's net profit declined significantly, with a 31.72% drop to 36.96 million yuan in 2024 and a 39.55% decrease to 6.51 million yuan in Q1 2025, attributed to fluctuations in raw material costs, increased asset and credit impairment losses, and rising management and R&D expenses [1] R&D and Innovation - The company emphasizes the construction of R&D and innovation capabilities, with a focus on laser and infrared optical components, which have become core competitive products [2] - In 2024, R&D investment reached 27.87 million yuan, a year-on-year increase of 29.15%, accounting for 6.7% of revenue, reflecting the company's commitment to talent and innovation [3] Market Position and Client Relationships - The company has established long-term stable partnerships with numerous well-known enterprises in the industry, providing strong support for stable development and competitive advantage [3] - The company has a diverse product range, including optical components and systems, which are widely used in laser processing, infrared thermal imaging, and consumer optics [2] Industry Trends - The optical components industry is experiencing continuous growth due to the increasing application of optical components across various fields, driven by advancements in technology [4] - The global semiconductor manufacturing equipment market reached 117.1 billion USD in 2024, a 10% increase from 2023, indicating a significant market for optical components in semiconductor manufacturing [4] Future Opportunities - The optical components industry is expected to benefit from emerging technologies such as 5G, AI, and IoT, with potential explosive growth in demand for optical sensors in smart driving and new consumer electronics [5] - Domestic precision optical companies are likely to occupy a more significant position in the market as manufacturing upgrades and import substitution accelerate [5]

南京波长光电科技股份有限公司 关于为子公司提供担保额度预计的公告 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。 为满足南京波长光电科技股份有限公司（以下简称"公司"或"波长光电"） 子公司生产经营及业务开展需要，结合其 2025 年度实际向银行申请授信额度情 况，公司拟为合并报表范围内的子公司：江苏波长光电科技有限公司（以下简称 "江苏波长"）、光研科技南京有限公司（以下简称"光研科技"）、爱丁堡（南 京）光电设备有限公司（以下简称"南京爱丁堡"）提供总额不超过 16,000.00 万元人民币的融资本金担保额度，担保额度的有效期为自公司 2024 年年度股东 大会审议通过日至 2025 年年度股东大会召开之日止。在有效期内，担保额可循 环使用，最终为各子公司提供担保余额合计将不超过本次预计的担保总额。担保 额度可在子公司之间进行调剂，对于资产负债率超过 70%的担保对象，仅能从资 产负债率超过 70%的担保对象处获得担保额度。 证券代码：301421 证券简称：波长光电 公告编号：2025-021 公司于 2025 年 4 月 23 日召开第四届董事会第十七 ...

南京波长光电科技股份有限公司 关于续聘公司 2025 年度审计机构的公告 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。 证券代码：301421 证券简称：波长光电 公告编号：2025-020 特别提示： 1．拟续聘的会计师事务所名称：天职国际会计师事务所（特殊普通合伙）； 2．续聘会计师事务所符合财政部、国务院国资委、证监会印发的《国有企 业、上市公司选聘会计师事务所管理办法》（财会〔2023〕4 号）的规定。 南京波长光电科技股份有限公司（以下简称"公司"）2025 年 4 月 23 日召 开第四届董事会第十七次会议和第四届监事会第十六次会议，审议通过了《关于 续聘公司 2025 年度审计机构的议案》，拟续聘天职国际会计师事务所（特殊普 通合伙）（以下简称"天职国际"）为公司 2025 年度财务会计报告及内部控制 审计机构，本议案尚需提交股东大会审议，现将相关内容公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1．基本信息 天职国际创立于 1988 年 12 月，总部北京，是一家专注于审计鉴证、资本市 场服务、管理咨询、政务咨询、税务服务、法 ...

南京波长光电科技股份有限公司 2024 年度董事会工作报告 2024 年度，南京波长光电科技股份有限公司（以下简称"公司"）董事会 严格按照《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》"）、《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 2 号——创业板上市公司规 范运作》等法律法规、规范性文件以及《南京波长光电科技股份有限公司章程》 （以下简称"《公司章程》"）相关规定，认真履行义务及行使职权，严格执行 股东大会决议，积极开展董事会各项工作，不断规范公司治理，稳定推动了公司 各项业务的发展。 现将 2024 年度董事会主要工作情况报告如下： 一、2024 年度经营情况 在公司董事会领导下，经过管理层和全体员工的不懈努力，公司 2024 年度 的经营工作稳健有序。2024 年公司累计实现营业总收入 4.16 亿元，比去年同期 增长 14.32%，其中，激光光学领域收入 2.69 亿元，同比增长 22.17%。本年度实 现归属于母公司的净利润 3,695.93 万元，同比下降了 31.72%。营业收入增加， 但毛利率下滑、净利 ...

证券代码：301421 证券简称：波长光电 公告编号：2025-028 南京波长光电科技股份有限公司 关于与专业投资机构设立产业基金合作协议终止的公告 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： 公司与专业投资机构深圳市时代伯乐创业投资管理有限公司签署了《关于 〈波长光电产业升级专项基金合作框架协议〉之终止协议》，双方均未就产业 基金合作事宜实际出资，无需对协议另一方承担违约责任或其他义务，亦不存 在关于协议的未结事项、争议纠纷。 2024 年 4 月 7 日，南京波长光电科技股份有限公司（以下简称"公司"） 召开了第四届董事会第六次会议，审议通过了《关于公司与专业投资机构签署合 作协议设立产业基金暨关联交易的议案》，公司拟与深圳市时代伯乐创业投资管 理有限公司（以下简称"时代伯乐"）签订《波长光电产业升级专项基金合作框 架协议》（以下简称"《合作协议》"），共同设立波长伯乐超精密光学产业投 资基金合伙企业（有限合伙），具体内容详见公司 2024 年 4 月 8 日披露于巨潮 资讯网（www.cninfo.com.cn）的《关于拟与专业投资机构 ...

证券代码：301421 证券简称：波长光电 公告编号：2025-029 南京波长光电科技股份有限公司 关于举办 2024 年年度暨 2025 年一季度业绩说明会的公告 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： 会议召开方式：网络互动方式 二、参加人员 董事长黄胜弟、董事会秘书胡玉清、财务负责人唐志平、独立董事季学庆、 保荐代表人吴韡 三、投资者参加方式 4. 会议问题征集：投资者可于 2025 年 4 月 29 日 前 访 问 网 址 https://eseb.cn/1nJckO68CDm 或使用微信扫描下方小程序码进行会前提问，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进 行回答。 南京波长光电科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 25 日在巨潮资讯网上披露了《南京波长光电科技股份有限公司 2024 年年度报告》 《南京波长光电科技股份有限公司 2024 年年度报告摘要》《南京波长光电科技 股份有限公司 2025 年第一季度报告》。为便于广大投资者更加全面深入地了解 公司经营业绩、发展战 ...

（一）本次计提资产减值准备及资产核销的原因 证券代码：301421 证券简称：波长光电 公告编号：2025-024 南京波长光电科技股份有限公司 关于 2024 年度计提资产减值及核销资产的公告 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。 南京波长光电科技股份有限公司（以下简称"公司"）对截至 2024 年 12 月 31 日公司合并财务报表范围内的应收票据、应收账款、合同资产、固定资产、 其他应收款、存货等各类资产进行了全面清查，并根据《企业会计准则》以及公 司相关会计政策等规定计提减值准备。现将具体情况公告如下： 一、本次计提资产减值准备及资产核销情况概述 公司本次计提信用减值准备及资产核销事项，是公司按照《企业会计准则》 等有关会计政策的规定执行，体现了会计谨慎性原则，公允地反映了公司资产状 况，具有合理性，符合《企业会计准则》《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》等相关规定，不存在损害公司及全体股 东特别是中小股东利益的情况。 三、本次计提资产减值准备及资产核销对公司的影响 为了客观、真实、准确地反映公司 20 ...