证 券 研 究 报 告 轻工制造行业跟踪报告 CES 举办在即，关注智能眼镜新品节奏 ❑ 投资建议：从需求端挖掘供应链稀缺卡位标的。 证券分析师：刘一怡 邮箱：liuyiyi@hcyjs.com 执业编号：S0360524070003 联系人：周星宇 邮箱：zhouxingyu1@hcyjs.com 行业基本数据 重点公司盈利预测、估值及投资评级 | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） | 2025E 2026E | | 2027E | 2025E | 2026E | 2027E 2025E | 评级 | | 康耐特光 学 | 02276.HK | 53.50 | 1.18 | 1.45 | 1.81 | 41.05 | 33.26 | 26.64 | 8.47 强推 | | 资料来源： | Wind ， | 华创证券预测 | | 注：股价为 | 2026 | 年 1 | 月 6 | 日收盘价， | 股价货币单 ...

Core Viewpoint - The stock price of Lixin Microelectronics has shown a significant increase, with a year-to-date rise of 12.61% and a recent 5-day increase of 9.40% [2] Group 1: Stock Performance - As of January 7, Lixin Microelectronics' stock rose by 2.02%, reaching 47.96 CNY per share, with a trading volume of 165 million CNY and a turnover rate of 2.60% [1] - The stock has experienced a 12.61% increase year-to-date, a 9.40% increase over the last 5 trading days, a 0.97% increase over the last 20 days, and a 12.08% increase over the last 60 days [2] Group 2: Company Overview - Lixin Microelectronics, established on May 28, 2002, and listed on June 28, 2021, specializes in the research and sales of analog chips, primarily in power management [2] - The company's revenue composition is 99.63% from integrated circuits and 0.37% from other sources [2] - The company operates within the semiconductor industry, specifically in the analog chip design sector, and is involved in various concept sectors including AI smartphones and smart wearable devices [2] Group 3: Financial Performance - For the period from January to September 2025, Lixin Microelectronics reported a revenue of 564 million CNY, a year-on-year decrease of 6.69%, and a net profit attributable to shareholders of 28.73 million CNY, down 71.40% year-on-year [2] - Since its A-share listing, the company has distributed a total of 252 million CNY in dividends, with 178 million CNY distributed over the past three years [3] Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Lixin Microelectronics increased to 12,600, a rise of 12.23%, while the average circulating shares per person decreased by 10.90% to 10,614 shares [2] - Notable institutional shareholders include Huaxia Industry Prosperity Mixed Fund, which increased its holdings by 1.33 million shares, and several new entrants among the top ten circulating shareholders [3]

Core Viewpoint - Huazhan Optoelectronics experienced a stock price decline of 2.02% on January 7, with a current price of 8.24 CNY per share and a total market capitalization of 13.374 billion CNY [1] Group 1: Stock Performance - As of January 7, Huazhan Optoelectronics' stock has increased by 3.26% year-to-date, with an 8.28% rise over the last five trading days and a 3.00% increase over the last 20 days, while it has decreased by 8.65% over the last 60 days [1] - The trading volume on January 7 was 1.20 billion CNY, with a turnover rate of 1.64% [1] Group 2: Financial Performance - For the period from January to September 2025, Huazhan Optoelectronics reported a revenue of 4.129 billion CNY, representing a year-on-year growth of 39.84%, while the net profit attributable to shareholders was -196 million CNY, showing a year-on-year increase of 45.58% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Huazhan Optoelectronics was 39,900, a decrease of 20.81% from the previous period, with an average of 22,054 circulating shares per shareholder, an increase of 26.27% [2] - The company has distributed a total of 214 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third largest, holding 25.2852 million shares, an increase of 18.9219 million shares from the previous period [3]

Core Viewpoint - The stock price of Baiwei Storage has shown a significant increase in recent trading periods, despite a slight decline on January 6, 2025, indicating a volatile but upward trend in the company's stock performance [1][2]. Group 1: Stock Performance - Baiwei Storage's stock price decreased by 2.01% on January 6, 2025, reaching 121.61 CNY per share, with a trading volume of 1.38 billion CNY and a turnover rate of 2.41% [1]. - Year-to-date, the stock has increased by 5.94%, with a 7.52% rise over the last five trading days, a 12.59% increase over the last 20 days, and a 26.02% rise over the last 60 days [2]. Group 2: Company Overview - Baiwei Storage, established on September 6, 2010, and listed on December 30, 2022, is located in Shenzhen, Guangdong Province, and specializes in the research, production, and sales of semiconductor storage devices [2]. - The company's main products include smart terminal storage chips, consumer-grade storage modules, industrial-grade storage modules, and advanced packaging and testing services [2]. - The revenue composition of Baiwei Storage is as follows: storage products account for 48.77%, embedded storage products 29.93%, PC storage products 18.12%, and others 3.18% [2]. Group 3: Financial Performance - As of September 30, 2025, Baiwei Storage reported a revenue of 6.575 billion CNY, representing a year-on-year growth of 30.84%, while the net profit attributable to shareholders was 30.41 million CNY, a decrease of 86.67% year-on-year [3]. - The number of shareholders increased to 41,700, up by 14.53%, while the average circulating shares per person decreased by 11.19% to 7,745 shares [3]. Group 4: Institutional Holdings - As of September 30, 2025, major institutional shareholders include E Fund's SSE STAR 50 ETF, holding 11.67 million shares, and Huaxia's SSE STAR 50 Component ETF, holding 11.39 million shares, both showing a decrease in holdings compared to the previous period [3].

Core Viewpoint - 麦捷科技 has shown a positive stock performance with a 4.45% increase year-to-date and a recent net inflow of funds, indicating investor interest and potential growth in the electronic components sector [1][2]. Financial Performance - For the period from January to September 2025, 麦捷科技 reported a revenue of 2.903 billion yuan, representing a year-on-year growth of 21.71%. The net profit attributable to shareholders was 245 million yuan, reflecting a 1.53% increase compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 444 million yuan, with 292 million yuan distributed over the last three years [3]. Shareholder Information - As of December 19, 2025, 麦捷科技 had 48,500 shareholders, a decrease of 2.46% from the previous period. The average number of circulating shares per shareholder increased by 2.52% to 17,095 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 10.6698 million shares, an increase of 627,400 shares from the previous period [3].

1月5日，广和通盘中上涨2.06%，截至13:44，报30.25元/股，成交15.33亿元，换手率9.69%，总市值 272.03亿元。 资金流向方面，主力资金净流出3841.63万元，特大单买入1.23亿元，占比8.01%，卖出1.51亿元，占比 9.84%；大单买入3.72亿元，占比24.29%，卖出3.83亿元，占比24.96%。 广和通今年以来股价涨2.06%，近5个交易日涨8.31%，近20日涨1.24%，近60日跌10.08%。 资料显示，深圳市广和通无线股份有限公司位于广东省深圳市南山区西丽街道西丽社区打石一路深圳国 际创新谷六栋A座10-14层,香港湾仔皇后大道东248号大新金融中心40楼，成立日期1999年11月11日，上 市日期2017年4月13日，公司主营业务涉及从事无线通信模块及其应用行业的通信解决方案的设计,研发 与销售服务。主营业务收入构成为：无线通信模块99.38%，其他(补充)0.62%。 广和通所属申万行业为：通信-通信设备-通信终端及配件。所属概念板块包括：AI玩具、智能眼镜、端 侧AI、具身智能、eSIM等。 截至9月30日，广和通股东户数7.95万，较上期减少3.54% ...

康耐特光学(02276)高开逾3%，截至发稿，涨3.47%，报53.6港元，成交额85.22万港元。 消息面上，12月30日，国家发改委、财政部印发《关于2026年实施大规模设备更新和消费品以旧换新政 策的通知》，落实优化实施"两新"政策的决策部署，明确2026年"两新"政策的支持范围、补贴标准和工 作要求。值得关注的是，数码和智能产品购新方面，2026年品类扩围，新增智能眼镜，补贴金额和比例 不变。中金认为，该政策将显著降低终端购置成本，推动智能眼镜渗透率进入快速提升通道，为产业链 各环节打开增量市场空间。 东吴证券指出，康耐特光学凭借三大优势深度布局XR产业链：1)公司为全球少数能规模化量产1.74超高 折射率镜片的厂商，该产品轻薄特性完美契合AR眼镜的轻量化刚需，同时具备领先的自由曲面技术， 可解决光波导带来的光学畸变痛点；2)依托成熟的C2M"小单快反"生产体系，公司能够高效响应智能眼 镜新零售业态下的个性化定制需求；3)歌尔股份（002241）作为公司第二大股东，在XR整机制造领域 占据全球领先地位。公司有望借助歌尔的客户渠道，快速切入全球头部科技巨头的智能眼镜供应链。公 司为阿里"夸克AI眼镜"独 ...

智通财经APP获悉，康耐特光学(02276)高开逾3%，截至发稿，涨3.47%，报53.6港元，成交额85.22万港 元。 东吴证券指出，康耐特光学凭借三大优势深度布局XR产业链：1）公司为全球少数能规模化量产1.74超 高折射率镜片的厂商，该产品轻薄特性完美契合AR眼镜的轻量化刚需，同时具备领先的自由曲面技 术，可解决光波导带来的光学畸变痛点；2）依托成熟的C2M"小单快反"生产体系，公司能够高效响应 智能眼镜新零售业态下的个性化定制需求；3）歌尔股份作为公司第二大股东，在XR整机制造领域占据 全球领先地位。公司有望借助歌尔的客户渠道，快速切入全球头部科技巨头的智能眼镜供应链。公司为 阿里"夸克AI眼镜"独家镜片供应商，产品力获验后，有望加速拓展其他智能眼镜客户。 消息面上，12月30日，国家发改委、财政部印发《关于2026年实施大规模设备更新和消费品以旧换新政 策的通知》，落实优化实施"两新"政策的决策部署，明确2026年"两新"政策的支持范围、补贴标准和工 作要求。值得关注的是，数码和智能产品购新方面，2026年品类扩围，新增智能眼镜，补贴金额和比例 不变。中金认为，该政策将显著降低终端购置成本，推动智 ...

Company Overview - Guanghetong Wireless Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on November 11, 1999. The company went public on April 13, 2017. Its main business involves the design, research and development, and sales services of wireless communication modules and their applications [2]. - The company's revenue composition is primarily from wireless communication modules, accounting for 99.38%, with other sources contributing 0.62% [2]. - Guanghetong is classified under the communication industry, specifically in communication equipment, focusing on communication terminals and accessories. It is associated with concepts such as AI toys, embodied intelligence, edge AI, smart glasses, and eSIM [2]. Financial Performance - For the period from January to September 2025, Guanghetong reported a revenue of 5.366 billion yuan, representing a year-on-year decrease of 13.69%. The net profit attributable to shareholders was 316 million yuan, down 51.50% year-on-year [2]. - Since its A-share listing, Guanghetong has distributed a total of 869 million yuan in dividends, with 620 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Guanghetong was 79,500, a decrease of 3.54% from the previous period. The average number of circulating shares per person increased by 3.67% to 6,703 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 6.3011 million shares, an increase of 1.553 million shares from the previous period. The Southern CSI 1000 ETF is the seventh largest, holding 4.2008 million shares, a decrease of 50,000 shares [3]. Stock Performance - On December 30, Guanghetong's stock price increased by 2.30%, reaching 28.44 yuan per share, with a trading volume of 635 million yuan and a turnover rate of 4.25%. The total market capitalization stood at 25.611 billion yuan [1]. - Year-to-date, Guanghetong's stock price has risen by 43.63%, with a 6.32% increase over the last five trading days. However, it has seen a decline of 17.33% over the past 20 days and a 5.33% decrease over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on December 2, where it recorded a net buy of -92.5283 million yuan [1].

今年以来广和通已经3次登上龙虎榜，最近一次登上龙虎榜为12月2日，当日龙虎榜净买入-9252.83万 元；买入总计4.17亿元 ，占总成交额比6.73%；卖出总计5.09亿元 ，占总成交额比8.23%。 资料显示，深圳市广和通无线股份有限公司位于广东省深圳市南山区西丽街道西丽社区打石一路深圳国 际创新谷六栋A座10-14层,香港湾仔皇后大道东248号大新金融中心40楼，成立日期1999年11月11日，上 市日期2017年4月13日，公司主营业务涉及从事无线通信模块及其应用行业的通信解决方案的设计,研发 与销售服务。主营业务收入构成为：无线通信模块99.38%，其他(补充)0.62%。 12月29日，广和通盘中下跌2.02%，截至14:28，报27.68元/股，成交6.14亿元，换手率4.12%，总市值 249.27亿元。 资金流向方面，主力资金净流出9359.75万元，特大单买入2322.10万元，占比3.78%，卖出6381.55万 元，占比10.40%；大单买入1.19亿元，占比19.39%，卖出1.72亿元，占比28.03%。 广和通今年以来股价涨39.79%，近5个交易日涨1.54%，近20日跌14. ...