证券研究报告/投资策略 潮玩千亿赛道空间广阔，文化与全球化打开成长天花板 潮玩行业研究 投资要点 ➢ 行业步入发展新阶段，创新驱动特点凸显 当前，行业正处于发展期与成熟期的过渡阶段，创新驱动的作用愈发凸显。IP创 作不再限于单一艺术风格，而是深度融合国风文化、二次元、科幻、潮流艺术等 多元素材。科技融合成为产品体验升级的重要推手，AR/VR交互、AI个性化定制、 数字藏品等创新应用不断拓展潮玩的体验边界。商业模式也持续迭代，从盲盒为 主发展到预售、众筹、会员制、二手交易平台等复合体系。同时，中国潮玩企业 逐步摆脱传统代工角色，向价值链上游攀升，东莞、深圳等产业带已从"世界工 厂"转型为"IP创新策源地"，涌现出一批具备全球影响力的原创IP和品牌。 ➢ 文化赋能与商业创新共振，IP授权与原创设计双轮驱动 头部企业通过"自有IP+授权IP"构建庞大IP矩阵，如泡泡玛特持续孵化LABUBU、 MOLLY等原创IP并推出动画深化内涵，52TOYS则拥有35个自有IP及80个授权 IP，依据IP特性打造产品。在商业创新的推动下，品类创新与技术融合持续激活 市场。潮玩产品早不再局限于盲盒与手办，已扩展至拼装积木、毛绒玩具 ...

深圳市博硕科技股份有限公司投资者关系活动记录表 | 投资者关系活动 √特定对象调研 | □ 分析师会议 | | --- | --- | | 类别 媒体采访 □ | □业绩说明会 | | □ 新闻发布会 | 路演活动 □ | | □ 现场参观 | | | □ 其他 | （请文字说明其他活动内容） | | 参与单位名称及 | 招商证券资产管理有限公司 吴彤 | | 人员姓名 国金电子 | 周焕博 | | 华创电子 | 姚德昌 | | 鹏华基金 | 萧嘉倩 | | 天风证券 | 包恒星 | | 山西证券 | 田发祥 | | 时间 2025 年 8 月 | 26 日 (周二) 下午 15:30~17:00 | | 地点 公司办公室 | | | 上市公司接待人 | 1、董事、董事会秘书兼副总经理 王琳 | | 员姓名 2、投融资总监 | 王尚令 | | 3、证券事务代表 1、博硕科技 | 洪秀玉 2025 年上半年度业绩情况及驱动因素？ | | 2025 | 年上半年，公司实现营业收入 59,068.17 万元，同比 | | 增长 | 9.03%，归属于上市公司股东的净利润 9,752.03 万元，同 | | 比增长 ...

盈利预测、估值与评级 我们预计公司 25~27 年分别实现归母净利润 2.67/3.13/3.74 亿元 （yoy+27%/+17%/+19%），对应当前 PE 分别为 25、21、18 倍， 维持"买入"评级。 事件 公司于 2025 年 8 月 25 日披露 2025 年半年报，2025H1 公司实 现营业收入 5.91 亿元，同比+9.03%;实现归母净利润 0.98 亿元， 同比+0.61%。2025Q2 公司实现单季度营收 3.21 亿元，同比 +6.74%，环比+18.63%；实现单季度归母净利润 4526 万元，同 比+21.99%。 经营分析 公司立足消费类、汽车/新能源领域，重点发展 AR/VR、低空经济 等新领域。公司产品为精密功能件、智能自动化装备，广泛应用于 智能手机、智能穿戴、智能家居等消费类领域，智能座舱、动力电 池、储能电池等新能源/汽车类领域，以及智慧医疗领域。公司不 断提高技术优势及服务质量，为客户提供多元化、多领域的产品与 服务，获得了国内外优质客户的广泛认可，综合实力持续提升。公 司持续推进主营业务发展，同时充分整合内外部资源，公司在互动 平台回答投资者提问时表示，公司已 ...

Asia Tech Hardware Sunny Optical Technology Group Co Ltd Rating Outperform Price Target Shirley Yang, CFA +852 2123 2660 shirley.yang@bernsteinsg.com Ethan Xu +852 2123 2634 ethan.xu@bernsteinsg.com Sunny Optical 1H25: Premiumization powers profit surge. PT raised to HK$110 Solid 1H25 results. Total revenue grew 4% YoY and is in line with consensus. GM improved by +2.6ppts YoY to 19.8%. Handset lens GM increased to 25-30% (vs. 20-25% in 2024), fueled by higher mix of 6P+ lens (rev. up 9% YoY) and more than ...

23 August 2025 | 6:09PM HKT Sinocera Functional Material (300285.SZ): Revising estimates and TP post 2Q25 results; maintain Buy Post 2Q25 results (see our first take), we raise our 2025E-27E EPS estimates by 0-5%, mainly to reflect strengthened outlook for electronic materials on the back of Sinocera's breakthrough in auto-grade/AI-server-used MLCCs (see our NDR takeaways) and faster-than-expected ramp-up in electronic paste business, partially offset by weaker-than-expected bio-medical materials. With medi ...

25H2 受益于新机超广角及潜望光学创新，苹果手机、可穿戴、智能家居等光学升级与份额提升驱动公 司未来新一轮高成长。公司后摄新业务将为25H2 业绩继续带来强劲支撑，25H2 iPhone 17 新机有望迎 来潜望升级和超广角下沉，且公司份额望环比进一步提升，收入增长无忧。盈利能力方面，随着新机起 量和下半年稼动率提升，预计利润率有望环比进一步提升。未来几年苹果光学仍有玻塑混合、可变光 圈、潜望新方案等诸多看点，同时AI将赋能TWS、眼镜、智能家居等产品光学升级，苹果摄像模组市 场规模将高达200+亿美金。公司已深度参与大客户26-27 年TWS、折叠机、眼镜等重要新品光学创新， 且未来有望进一步切入手机主摄市场并持续提升市场份额，综合为公司带来长线数倍业绩弹性。 积极布局AR/VR、机器人等新业务，打开长线成长空间。1）AR/VR：公司积极参与苹果创新，布局核 心光学元件如MicroLED 显示技术及相关元件；2）机器人：公司凭借在光学摄像头模组、激光雷达等 高精度光学感知产品领域的积累，布局机器人新业务，已与国内头部客户形成合作。 维持"强烈推荐"投资评级。考虑未来几年苹果手机、可穿戴光学升级与份额提升将 ...

Summary of the Conference Call for 瑞声科技 (AAC Technologies) Company Overview - **Company**: AAC Technologies - **Industry**: Consumer Electronics, Optical Components, Acoustic Systems, and AI Technologies Key Financial Performance - **Revenue**: 134.7 billion RMB in H1 2025, up 18.4% YoY [2][3] - **Net Profit**: 8.76 billion RMB, up 63.1% YoY, driven by improved optical business profitability and growth in precision components [2][3] - **Non-recurring Income**: From PSS acquisition, not expected to impact H2 financial performance [11] Business Segments Performance Consumer Electronics - **Revenue**: 115.8 billion RMB, with electromagnetic drive and precision components growing by 27.4% and optical business by 19.7% YoY [2][5] - **Gross Margin**: Optical business gross margin improved significantly, with plastic lens margins up over 10 percentage points [2][5] Automotive Acoustics - **Revenue**: 17.4 billion RMB, up 14.2% YoY, with a gross margin of 23.9% [2][6] - **New Developments**: Acquisition of 河北初光, expanding product lines to include smart microphones and e-call microphones [6] Optical Business - **Revenue**: 26.5 billion RMB, up 19.7% YoY, with significant increases in shipment volume and unit price [2][7] - **Gross Margin**: Overall optical gross margin at 10.2%, improved by 5.5 percentage points YoY [2][8] Electromagnetic Drive and Precision Components - **Revenue**: 46.3 billion RMB, up 27.4% YoY, driven by linear motors and innovative side keys [3][9] - **New Product Launch**: Introduction of Super Slim Engine, the thinnest x-axis linear motor in the mobile phone sector [9] Sensors and Semiconductors - **Revenue**: 6.08 billion RMB, up 56.2% YoY, primarily due to high signal-to-noise ratio microphones shipped to overseas clients [3][10] Strategic Initiatives and Future Outlook - **AI and New Technologies**: The company is actively investing in AI-related fields, including robotics and sensors, with expectations for significant opportunities in 2026-2027 [3][15] - **Growth in Cooling Solutions**: Anticipated threefold growth in cooling business from 3.2 billion RMB to over 12 billion RMB in 2025 [3][20] - **Long-term AI Device Development**: Focus on AI devices and AR/VR equipment, with expectations for new market opportunities [15][29] Market Trends and Competitive Position - **Optical Lens Demand**: Strong demand for wave-speed hybrid lenses, with expected shipments of 10-15 million units in 2025 [17] - **Acoustic Business Trends**: Seasonal fluctuations expected, but overall growth anticipated with new product launches [18][30] - **High-End Cooling Market**: Rapid expansion expected in the cooling market, with a shift towards active cooling solutions [21][46] Conclusion - **Overall Growth Confidence**: The company maintains a positive outlook for H2 2025, with revenue growth expected to remain robust and gross margins stabilizing or improving [12][43] - **Strategic Acquisitions**: The PSS acquisition is expected to enhance the automotive business and overall performance [38][41] This summary encapsulates the key points from the conference call, highlighting the financial performance, business segment developments, strategic initiatives, and market outlook for AAC Technologies.

Summary of Wavelength Optoelectronics Conference Call Company Overview - Wavelength Optoelectronics was established in 2008 and is headquartered in Nanjing, focusing on the sales of precision optical components across various wavelengths, including UV, visible, infrared, and far-infrared [3][4] Financial Performance - In the first half of 2025, the company reported revenue of 223 million yuan, a year-on-year increase of 17.8% [2][6] - Revenue breakdown: - Laser optics: approximately 140 million yuan - Infrared optics: about 65 million yuan - Consumer optics: around 12 million yuan [2][6] - Net profit attributable to shareholders was over 14 million yuan, a significant decline compared to the previous year, attributed to increased labor costs, inventory management expenses, and promotional costs for new applications [2][9] - Gross margin decreased by 5 percentage points, primarily due to a higher proportion of overseas and consumer-grade products, which have lower margins [2][10] Business Segments - **Laser Optics**: Benefited from the AR industry boom and strong PCB performance, showing significant growth [2][7] - **Infrared Optics**: Achieved 65 million yuan in revenue, with a complete and self-controlled production chain [2][8] - **Consumer Optics**: Revenue of 12 million yuan, with AR/VR products contributing over 8 million yuan, showing significant growth [2][8] Strategic Initiatives - The company adopted a strategy focused on "achieving major clients through high-precision challenges," establishing a Strategic Customer Center to enhance service levels and address major client needs [2][6] - Collaborated with Zhejiang University to establish a joint laboratory for key technology development [2][6] - Plans to expand semiconductor capabilities, with expected revenue of over 50 million yuan for the year [2][19] Market and Industry Dynamics - The semiconductor sector is gradually expanding, with revenue contributions from PCB-related activities expected to reach over 50 million yuan for the year [2][19][24] - The traditional laser manufacturing sector is projected to see a 10% growth for the year, despite a general slowdown in the first half [2][27] - The infrared business is expected to grow by 20% to 30% for the year, with margins projected to remain between 20% and 25% [2][28] Challenges and Risks - The company faces challenges related to international trade uncertainties, prompting measures to enhance local service levels and consider increasing overseas production capacity [2][31][33] - Asset impairment mainly involves accounts receivable and inventory, with provisions made for potential losses [2][11] Future Outlook - The company aims to maintain high gross margins in the laser sector while exploring new opportunities, particularly in semiconductor and PCB fields [2][32] - Plans to invest in new materials and precision processes to enhance the profitability of infrared products [2][32] - The consumer optics segment, particularly in AR/VR, is expected to see significant growth, with projected revenues reaching historical highs [2][32] Conclusion - Wavelength Optoelectronics is positioned for growth in various optical sectors, with strategic initiatives aimed at enhancing service and product offerings while navigating challenges in the global market environment [2][36]

Core Viewpoint - Jiemai Technology (002859) has announced an employee stock ownership plan (ESOP) for 2025, allowing up to 81 employees to participate at a price of 13.1 yuan per share, with a total of up to 3.66 million shares available, representing 0.85% of the company's total equity [1][2]. Group 1: Employee Stock Ownership Plan - The ESOP will be funded by shares repurchased by the company, and the plan requires approval from the shareholders' meeting [1]. - The plan has a duration of 36 months, and the total shares held under all effective employee stock ownership plans cannot exceed 10% of the company's total equity [1]. - Individual employees can hold a maximum of 1% of the company's total equity through this plan [1]. Group 2: Performance Assessment - The ESOP includes performance assessments at both the company and individual levels, with company performance targets set for 2025 and 2026 [2]. - For 2025, the revenue growth target is set at no less than 8% compared to 2024, while the net profit growth target is set at no less than 20% [2]. Group 3: Company Overview and Market Context - Jiemai Technology specializes in the research, production, and sales of electronic packaging materials and electronic-grade film materials, with products widely used in integrated circuits, semiconductor, and new energy sectors [2]. - The company is benefiting from the accelerated global digitalization process and policies such as "new infrastructure" and "old-for-new" electronic product exchanges, which are driving demand in various markets including 5G, cloud computing, and electric vehicles [2]. Group 4: Financial Performance - In the first half of 2025, Jiemai Technology reported total revenue of 962 million yuan, a year-on-year increase of 14.67%, while net profit attributable to shareholders decreased by 18.78% to 98.49 million yuan [3]. - The revenue from electronic-grade film materials reached 116 million yuan, marking a significant year-on-year growth of 61.29% [3].

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].