证券代码：301479 证券简称：弘景光电 公告编号：2025-035 广东弘景光电科技股份有限公司 关于对外投资建设弘景光电研发制造总部基地 暨签订投资协议的公告 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。 重要内容提示： 广东弘景光电科技股份有限公司（以下简称"公司"）拟对外投资建设弘景光电 研发制造总部基地项目（以下简称"项目"或"本项目"），项目总投资额预计为人 民币 15.33 亿元，其中固定资产投资额预计为人民币 7.5 亿元（最终投资金额以项 目建设实际投入为准）。同时，公司拟在中山市取得土地使用权，并与中山火炬工业 集团有限公司（代中山火炬高技术产业开发区管理委员会履行招商引资洽谈、园区服 务等相应职责）签订《投资协议》（以下简称"协议"）。 本次对外投资不属于关联交易，未构成《上市公司重大资产重组管理办法》所规 定的重大资产重组情形，本次对外投资事项尚须提交公司股东会审议。 5、本协议的签署对公司当期经营业绩和财务状况不构成重大影响，后续如因项 重要风险提示： 1、本次投资事项尚需股东会审议批准后方可生效，协议能否生效尚存在不确定 性。 ...

证券代码：301479 证券简称：弘景光电 公告编号：2025-036 广东弘景光电科技股份有限公司 关于召开 2025 年第二次临时股东会的通知 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、召开会议的基本情况 1、股东会届次：2025 年第二次临时股东会。 2、股东会的召集人：公司董事会。 3、会议召开的合法、合规性：公司第三届董事会第十四次会议审议通过了《关 于召开 2025 年第二次临时股东会的议案》，本次股东会会议召开符合相关法律法规、 深圳证券交易所（以下简称"深交所"）业务规则和《公司章程》的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 8 月 25 日（星期一）14:30； （2）网络投票时间：2025 年 8 月 25 日。其中，通过深交所交易系统进行网络 投票的时间为 2025 年 8 月 25 日 9:15-9:25，9:30-11:30，13:00-15:00；通过证券 交易所互联网投票系统投票的具体时间为 2025 年 8 月 25 日 9:15-15:00。 5、会议的召开方式：本次股东会采用现场表决与 ...

证券代码：301479 证券简称：弘景光电 公告编号：2025-034 广东弘景光电科技股份有限公司 第三届董事会第十四次会议决议公告 公司董事长赵治平先生主持了本次会议，部分高级管理人员列席了会议。本次董 事会会议的召开符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于对外投资建设弘景光电研发制造总部基地暨签订投资协 议的议案》 董事会认为，本次对外投资有利于进一步提升公司的综合竞争力和整体形象，不 会影响公司正常的经营活动，不会对公司当期财务状况和经营成果产生重大不利影 响，不存在损害公司及广大股东特别是中小股东的利益，同意公司投资建设弘景光电 研发制造总部基地，项目总投资额预计为人民币 15.33 亿元，并授权公司管理层根 据项目实际情况办理本次投资具体事宜。 具体内容详见公司披露于巨潮资讯网（www.cninfo.com.cn）的《关于对外投资 建设弘景光电研发制造总部基地暨签订投资协议的公告》（公告编号：2025-035）。 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、董事会会议召开情况 广东 ...

Core Viewpoint - Hongjing Optoelectronics (301479.SZ) focuses on three main application areas: smart home, smart vehicles, and panoramic/action cameras [1] Group 1: Product Applications - The company's products are primarily used in smart home, smart vehicles, and panoramic/action cameras [1] - The company is also exploring opportunities in the drone sector [1] Group 2: Strategic Partnerships - Hongjing Optoelectronics has established a strategic partnership with Ying Shi Innovation [1] - The company plans to actively promote in-depth cooperation with Ying Shi Innovation in various imaging-related fields based on actual circumstances [1] Group 3: Business Communication - The company encourages stakeholders to follow its periodic reports and related announcements for specific business updates [1]

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]. - The overall business structure has not shown significant changes in the first half of 2025, with detailed operational performance to be disclosed in future reports [1]. Financial Performance - The gross margin for the camera module business in 2024 is reported at 19.92%, which is considered reasonable [2]. - The company aims to maintain this gross margin by controlling material costs and improving product yield rates as it scales its operations [2]. Clientele and Market Position - Major clients for the smart automotive products include Tier 1 manufacturers such as Desay SV, Baolong Technology, and Hikvision, with end customers like Chery, Geely, and Xpeng [3]. - The company currently supplies panoramic camera modules, which are technically more challenging to manufacture compared to sports camera modules due to the need for seamless stitching and minimal distortion [4]. Production Capacity and Market Outlook - The company maintains a high capacity utilization rate in the first half of 2025, with ongoing projects to expand optical lens and module production capacity [5]. - The global retail market for consumer-grade panoramic cameras is projected to reach ¥5.37 billion in 2024, which is only one-seventh of the global sports camera market valued at ¥36.6 billion [5]. - The compound annual growth rate (CAGR) for the consumer-grade panoramic camera market from 2023 to 2027 is forecasted at 11.5%, indicating significant growth potential driven by technological advancements and increased consumer awareness [5].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has established a "3+N" product strategy focusing on optical lenses and camera modules, with significant growth in the automotive, smart home, and panoramic/sport camera sectors. In 2024, the company achieved a revenue of 1.092 billion yuan, representing a year-on-year growth of 41.24% [4][5]. - The company has a strong market presence, with a 3.70% share in the global automotive optical lens market, ranking seventh globally. In the smart home sector, it holds over 10% of the global smart camera market [5]. - The company is actively expanding into emerging fields such as artificial intelligence hardware and machine vision, with several projects already in the product validation stage [7]. Financial Summary - The company is projected to achieve revenues of 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 respectively [8][10]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated at 32x, 23x, and 18x respectively, indicating a favorable valuation trend [8][10].

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]