Core Viewpoint - Hongjing Optoelectronics has been rated as a "buy" by Zhongyou Securities, highlighting its strong growth potential in the optical lens and camera module market through its "3+N" product strategy [1][4]. Group 1: Company Overview - Established in 2012, Hongjing Optoelectronics focuses on the research, design, manufacturing, and sales of optical lenses and camera modules, initially capitalizing on the rapid growth of automotive dash cameras and smart home cameras [2]. - The company has developed a diverse product line, including all-glass optical lenses and hybrid glass-plastic lenses, to meet the differentiated needs of its clients [2]. Group 2: Financial Performance - In 2024, the company achieved a revenue of 1.092 billion yuan, representing a year-on-year growth of 41.24%, with smart automotive products contributing 229 million yuan (up 30.79%) and smart home and panoramic/sport camera products totaling 852 million yuan (up 44.49%) [2]. Group 3: Market Position and Strategy - Hongjing Optoelectronics has a solid market presence in three main sectors: smart automotive, smart home, and panoramic/sport cameras, while actively exploring emerging fields such as AI hardware and machine vision [3]. - The company holds a 3.70% market share in the global automotive optical lens market, ranking seventh globally, and over 10% in the global smart camera market [3]. Group 4: Future Projections - Revenue projections for the company are 1.531 billion yuan in 2025, 2.045 billion yuan in 2026, and 2.597 billion yuan in 2027, with corresponding net profits of 238 million yuan, 325 million yuan, and 424 million yuan [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company, highlighting its focus on differentiated and high-end optical needs in various sectors including panoramic/sport cameras, smart home, and smart automotive applications [8][9]. Core Insights - The company has established itself as a key supplier in the optical lens and camera module market, with over 70% of the camera module procurement share from a major client, and a global market share of over 10% in smart home optical lenses [8][9]. - The company has a strong technical and precision manufacturing advantage, with a comprehensive imaging solution development approach that integrates optics, mechanics, electronics, and algorithms [8][9]. - The company is expected to double its production capacity to 35 million lenses and modules annually after the completion of its fundraising projects, with projected net profits for 2025-2027 showing significant year-on-year growth [9][10]. Financial Performance - The company's total revenue is projected to grow from 1,092 million yuan in 2024 to 2,531 million yuan in 2027, with a compound annual growth rate (CAGR) of 41.2% [2]. - The net profit attributable to the parent company is expected to increase from 165 million yuan in 2024 to 367 million yuan in 2027, reflecting a CAGR of 41.9% [2]. - The earnings per share are forecasted to rise from 3.47 yuan in 2024 to 4.13 yuan in 2027, indicating a strong profitability trend [2]. Market Position and Strategy - The company has a well-defined "3+N" strategy, focusing on three main business areas while exploring new emerging fields such as AI hardware, robotics, and industrial inspection [20][27]. - In the panoramic/sport camera sector, the company has seen significant growth, with revenues increasing from 30 million yuan in 2020 to 350 million yuan in 2023, achieving a CAGR of 127% [51][52]. - The automotive vision segment is expected to see substantial growth, with the global market for automotive cameras projected to increase significantly from 340 million units in 2025 to 870 million units by 2040 [8][9]. Customer Base and Partnerships - The company has established strong partnerships with leading clients in various sectors, including major automotive manufacturers and high-end smart home brands, enhancing its market position and customer resource base [20][25]. - The company has been recognized for its core technology and product quality, which has led to a stable supply chain position with its key client, ensuring competitive advantages in the market [11][12].

Business Overview - The company operates in three main business areas: smart automotive, smart home, and panoramic/sports cameras, with emerging fields like AI hardware, machine vision, industrial inspection, and medical technology driving growth [1][2]. - The overall business structure has not shown significant changes in the first half of 2025, and detailed operational performance will be disclosed in future reports [1]. Product Features and Competitive Advantage - The panoramic camera module features ultra-high definition, wide-angle, and large aperture, providing a competitive edge due to the company's early entry into the market and mastery of core optical lens and module technologies [2]. - The company offers integrated solutions combining optical lenses and camera modules, supported by a complete precision manufacturing line [2]. Production Capacity - The company maintains a high capacity utilization rate and has added dedicated production lines to meet customer shipping demands [3]. - The "Optical Lens and Module Capacity Expansion Project" is progressing smoothly, gradually releasing additional capacity [3]. Market Outlook - The smart home business is one of the company's core areas, with plans to increase market share. Statista predicts the global smart home market will reach $231.6 billion by 2028, with a compound annual growth rate (CAGR) of 10.69% from 2024 to 2028 [4]. - The company is developing AI glasses, with some projects entering the product validation stage, as the AI+ consumer market gains traction [4]. Financial Performance - The decline in gross margin in Q1 2025 is attributed to lower margins on camera modules, primarily due to high chip costs and suboptimal yield rates for new products [5]. - The company aims to maintain a stable gross margin by optimizing product structure, controlling raw material costs, and improving product yield rates [5].

Core Insights - The IPO market in the first half of 2025 continued the strong momentum from the previous year, with 80% of new stocks yielding over 10,000 yuan in profit per share, and the highest profit exceeding 60,000 yuan [2][3] Group 1: IPO Market Performance - A total of 51 new companies were listed in the A-share market in the first half of 2025, a 15.91% increase from 44 in the same period of 2024 [3] - The average first-day increase for new stocks reached 229.09%, significantly higher than the 136.05% from the previous year [3] - The highest first-day gain was recorded by Jiangnan New Materials, which saw a closing price increase of 606.83% [3] Group 2: New Stock Characteristics - The trend of "low initial price-earnings ratio, low initial price, and low fundraising scale" is continuing in the new stock market [6][10] - The average initial price-earnings ratio for the 51 new companies was 18.84 times, lower than the 22.9 times from the previous year [9] - The average initial price of new stocks was 22.27 yuan per share, down from 25.44 yuan in the same period last year [9] Group 3: Fundraising and Market Dynamics - The total fundraising amount for the 51 new companies was 37.355 billion yuan, an increase from 32.493 billion yuan in the previous year [7] - The average fundraising amount per new company was 9.83 million yuan for the main board, 5.92 million yuan for the growth enterprise market, and 3.69 million yuan for the Beijing Stock Exchange [7][8] - The average online winning rate for new stocks was only 0.0289%, significantly lower than the 0.6690% in 2022 [5]

证券代码：301479 证券简称：弘景光电 公告编号：2025-033 广东弘景光电科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 一、基本情况 广东弘景光电科技股份有限公司（以下简称"公司"）分别于 2025 年 4 月 25 日召开了第三届董事会第十三次会议、2025 年 5 月 19 日召开了 2024 年年度股东会， 审议通过了《关于变更注册资本及修订<公司章程>的议案》，具体内容详见公司披露 于巨潮资讯网（www.cninfo.com.cn）的《关于变更注册资本及修订<公司章程>的公 告》（公告编号：2025-017）。 二、工商变更登记情况 1、名称：广东弘景光电科技股份有限公司 2、统一社会信用代码：91442000052452906K 3、类型：股份有限公司（上市、自然人投资或控股） 4、法定代表人：赵治平 5、注册资本：人民币捌仟捌佰玖拾陆万伍仟叁佰叁拾叁元 6、成立日期：2012 年 8 月 14 日 7、住所：中山市火炬开发区勤业路 27 号 8、经营范围：研发、设计、制造、销售 ...

证券代码：301479 证券简称：弘景光电 公告编号：2025-032 广东弘景光电科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 近日，公司完成了相关工商变更登记手续，并取得中山市市场监督管理局换发的 《营业执照》。变更后的相关信息如下： 一、基本情况 广东弘景光电科技股份有限公司（以下简称"公司"）分别于 2025 年 3 月 21 日召开了第三届董事会第十二次会议、2025 年 4 月 8 日召开了 2025 年第一次临时 股东会，审议通过了《关于变更注册资本、公司类型、修订<公司章程>并办理工商变 更登记的议案》，具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《关 于变更注册资本、公司类型、修订<公司章程>并办理工商变更登记及修订部分公司 治理制度的公告》（公告编号：2025-004）。 二、工商变更登记情况 可经营）。（依法须经批准的项目，经相关部门批准后方可开展经营活动） 三、备查文件 广东弘景光电科技股份有限公司《营业执照》。 特此公告。 广东弘景光电科技股份有 ...

Group 1: Financial Performance - The gross profit margin for 2024 decreased by 0.76 percentage points compared to 2023, primarily due to a 2.85 percentage point increase in the sales proportion of lower-margin emerging consumer camera modules and a 2.77 percentage point decrease in the gross profit margin of automotive optical lenses [1] - In Q1 2025, the company achieved a revenue of CNY 27,863.99 million, representing a year-on-year growth of 41.14%, and a net profit attributable to shareholders of CNY 3,462.79 million, with a year-on-year increase of 11.79% [2] Group 2: Product Characteristics - The company's smart home optical lenses are among the first in China to adopt glass-plastic hybrid technology, featuring wide-angle, ultra-thin, and excellent night vision capabilities [2] - The panoramic/sports camera modules utilize a combination of glass spherical and aspherical lenses, offering ultra-high definition, wide-angle, low glare, and no thermal distortion [2] - The automotive lenses are characterized by high definition, wide-angle, and large aperture [2] Group 3: Collaboration and Market Position - The primary collaboration model with Ying Shi Innovation involves responding to customer needs with corresponding product development, maintaining a high market share in lens and module supply [2] - The company possesses core technologies and production processes for optical lenses and camera modules, providing customized production equipment for major clients, thus offering integrated solutions [2] - The company aims to enhance its comprehensive strength to maintain its supply position amidst market competition, leveraging high technical barriers in the panoramic/sports camera product segment [2] Group 4: Future Development Goals - The company aspires to be a leading provider of optical imaging and video imaging solutions in the global optoelectronic niche, adhering to its core values of innovation, integrity, and value creation [3] - Future strategies include focusing on precision manufacturing, lean production, and expanding marketing networks, particularly in smart automotive, smart home, and panoramic sports camera sectors, while also exploring opportunities in AI hardware, robotics, industrial inspection, and medical fields [3]

证券研究报告|公司深度研究报告 [Table_Date] 2025 年 06 月 09 日 [Table_Title] 全球领先的光学成像解决方案供应商，3+N 业 务布局打造成长驱动力 [Table_Title2] 弘景光电(301479) [Table_Summary] 全球领先的光学成像解决方案供应商 公司成立于 2012 年，2025 年于深交所创业板上市。成立以来， 公司专注于光学镜头及摄像模组产品的研发、设计、生产和销 售，致力于面向全球光电领域提供专业的光学成像与视频影像解 决方案。目前，公司已形成"3+N"的业务布局："3"代表智能 汽车、智能家居和全景/运动相机三大主营业务，"N"代表人工 智能硬件、机器视觉、工业检测与医疗等新兴业务。 全景/运动相机：与影石创新深度绑定，技术优势显著 行业：应用领域持续拓宽，市场规模持续提升。1）运动相机： 据弗若斯特沙利文数据，2023 年全球运动相机市场规模达 314.4 亿元，预计 2027 年增长至 513.5 亿元，2023-27 年 CAGR 为 13.0%。2）全景相机：据弗若斯特沙利文数据，2023 年全球全景 相机市场规模为 50.3 亿 ...

证券代码：301479 证券简称：弘景光电 公告编号：2025-031 广东弘景光电科技股份有限公司 关于开立理财产品专用结算账户的公告 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。 广东弘景光电科技股份有限公司（以下简称"公司"）于 2025 年 3 月 21 日 召开了第三届董事会第十二次会议及第三届监事会第九次会议，审议通过了《关于 使用部分闲置募集资金（含超募资金）及自有资金进行现金管理的议案》，同意公 司及子公司使用额度不超过人民币 35,000 万元（含本数）的闲置募集资金（含超 募资金）及额度不超过人民币 15,000 万元（含本数）的自有资金进行现金管理， 期限自股东会审议通过之日起 12 个月内有效。在上述额度及期限范围内，资金可 循环滚动使用。具体内容详见公司于 2025 年 3 月 24 日披露在巨潮资讯网 （www.cninfo.com.cn）上的《关于使用部分闲置募集资金（含超募资金）及自有 资金进行现金管理的公告》（公告编号：2025-006）。 近日，公司开立了募集资金理财产品专用结算账户，现就相关事项公告如下： 一、开立募集资 ...

Group 1: Financial Performance - The company's gross margin decreased in Q1 2025 primarily due to lower margins in camera modules, with high chip costs for new products and unsatisfactory yield rates [1] - The sales price of smart automotive products decreased in 2024, prompting the company to enhance yield rates and reduce raw material costs to maintain reasonable gross margins [5] Group 2: Production Capacity - The company maintains a high capacity utilization rate and has added dedicated production lines to meet customer shipping demands [1] - After completing fundraising projects, the company expects to add an annual production capacity of over 35 million precision optical lenses and camera modules [1] Group 3: Research and Development - The company has been recognized as a national "little giant" enterprise and a high-tech enterprise, establishing several technology centers [4] - As of December 31, 2024, the company holds 291 domestic patents, including 128 invention patents and 163 utility model patents [4] Group 4: Market Outlook - The global panoramic camera market is projected to grow from 4.67 billion yuan in 2023 to 7.21 billion yuan by 2027, with a compound annual growth rate (CAGR) of 11.5% [6] - North America currently holds the largest market share for panoramic cameras, followed by Europe, with China expected to become a major growth point [6] Group 5: Strategic Partnerships - The company has maintained a stable partnership with Ying Shi Innovation since 2015, with a strategic cooperation agreement signed in 2022 to deepen collaboration [3]