2025年4月29日晚，光峰科技（688007.SH）公布2025年第一季度财报，报告期内，公司实现营业收入 4.61亿元，同比增长3.67%；其中，车载光学业务表现突出，同比增长64.03%，实现营业收入7，878万 元。在面临诸多外部挑战的背景下，这一成绩凸显了公司在技术创新和市场拓展方面的卓越能力。 在技术创新方面，光峰科技不断突破。在2025年上海车展期间，公司与全球知名汽车零部件供应商法雷 奥达成战略合作，共同推出集成光峰科技ALL-in-ONE全能彩色激光大灯的新一代汽车照明解决方案。 上述创新解决方案不仅能增强车辆的自适应远光（ADB）功能，显著提升道路安全性，还能满足驾驶 员日益增长的舒适照明和娱乐功能需求，为全球市场提供更安全、智能且个性化的驾驶体验。 此外，光峰科技的产品在大阪世博会上得到了广泛应用。公司产品成功应用于中国馆、柬埔寨馆和非洲 加蓬馆，通过近百台激光工程投影设备完成了十余个展项的光影呈现任务。这一应用不仅展示了公司的 技术实力和品牌形象，也标志着公司工程业务成功打开海外市场。 在上游突破的推动下，光峰科技还在香港春季电子展上首次展示了激光雕刻机新品。公司主要提供激光 雕刻核心 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 33.60 RMB [8][5]. Core Views - The company achieved a revenue of 1.034 billion RMB in 2024, representing a year-on-year increase of 37.08%, and a net profit of 221 million RMB, up 22.58% year-on-year. In Q1 2025, the revenue was 256 million RMB, showing a significant growth of 52.92% year-on-year, driven by opportunities in mobile optical innovation, automotive smart driving, and 5G optical communication [2][4]. - The company is expected to maintain strong performance in the second half of 2025, supported by demand for periscope lenses from major mobile clients and automotive optical/laser radar needs. The company is also collaborating with leading global manufacturers in various new fields, which may contribute to long-term performance growth [2][4]. Summary by Sections Financial Performance - In 2024, the optical prism product revenue reached 654 million RMB, a year-on-year increase of 59.01%, primarily due to increased shipments of micro prisms. The gross margin was 37.99%, down 5.15 percentage points year-on-year. The glass aspheric lens revenue was 251 million RMB, up 4.08% year-on-year, with a gross margin of 51.93%, up 5.36 percentage points year-on-year. The glass wafer revenue was 73 million RMB, up 38.91% year-on-year, with a gross margin of 16.01% [3][4]. - The company’s total revenue for 2023 was 754.46 million RMB, with a year-on-year growth of 98.35%. The net profit attributable to the parent company was 180.79 million RMB, up 87.27% year-on-year [7]. Business Outlook - The company is well-positioned to benefit from diverse product offerings and long-term customer relationships in consumer electronics, automotive smart driving, and optical communication sectors. The demand for micro prisms is expected to grow due to the introduction of new models by major clients [4][5]. - The company is actively cooperating with leading glass material manufacturers and semiconductor equipment suppliers, positioning itself to capture growth opportunities in the AR and semiconductor fields [4]. Valuation - The projected net profits for 2025-2027 are 339 million RMB, 425 million RMB, and 534 million RMB, respectively. The corresponding EPS for these years is expected to be 0.84 RMB, 1.05 RMB, and 1.32 RMB [5][7]. - The company is assigned a PE ratio of 40 times for 2025, reflecting its strong growth potential in new downstream markets and products [5][8].

2025上海车展上，超百款新车全球首发，聚焦显示交互的智能座舱成为一大亮点。如今，车载显示"千亿赛道"逐渐明朗。天风证券预计，到2025年，我国的 车载显示市场规模将达1100亿元。据市场调研机构Omdia与DSCC预测，全球车载显示市场将在2024至2028年间以8%的年均复合增长率持续增长，其中 OLED渗透率预计从2023年的2.3%提升至2028年的12%以上。 近日，OLED产业领军企业维信诺（002387.SZ）全球首发多项车载显示解决方案，充分发挥AMOLED多形态、高分辨率、低功耗、高可靠性等优势，为智 能座舱内饰设计和驾乘体验带来更多可能。透明车窗变身高清屏幕，穹顶天窗变成"天幕影院"，车门饰板后的木纹内饰，"真身"是一块显示屏，在未激活时 保持隐形……全面提升了视觉及交互体验，推进AMOLED车载显示进入新拐点。 全球首款柔性AMOLED车载滑移中控屏 维信诺与红旗联合开发的14.2英寸AMOLED滑移中控屏，已搭载于"红旗·国雅"高端行政轿车。屏幕采用UTG超薄玻璃方案，厚度仅0.8mm，整体重量小于 250g，支持超20万次滑移卷曲。收纳时可作为中控屏，展开后扩展至14.2英寸。值得一 ...

丨证券研究报告丨 公司研究丨点评报告丨极米科技（688696.SH） [Table_Title] 海外&车载积极在拓，Q4 盈利表现大幅改善 报告要点 [Table_Summary] 公司发布 2024 年年报：2024 年公司实现营收 34.05 亿元，同比下滑 4.27%，实现归母净利润 1.20 亿元，同比下滑 0.30%，实现扣非归母净利润 0.92 亿元，同比增长 34.94%。其中 2024 年 Q4 公司实现营收 11.23 亿元，同比下滑 1.02%，实现归母净利润 1.60 亿元，同比增长 367.35%，实现扣非归母净利润 1.56 亿元，同比增长 499.03%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 极米科技（688696.SH） cjzqdt11111 [Table_Title2] 海外&车载积极在拓，Q4 盈利表现大幅改善 [Table_Summary2] 事件描述 公司发布 2024 年年报：2024 年公司实现 ...

2025上海车展正在进行中，科技公司Unity参展并带来基于数字孪生打造的工业操作系统以及对车载游戏的技术支持。 新京报贝壳财经：目前车辆的晃动、屏幕的位置、环境光等都很影响用户体验，这些现实问题要如何解决？ 张俊波：短期来看，车辆在行驶过程中仍然会有颠簸等情况发生，相对静止、不考验用户操作的游戏体验会更好。车内晃动问题确实是很大的痛点，一些企 业在研发底盘、座椅技术，通过反作用力降低晃动。其次，屏幕位置问题，或许需要随着技术发展，出现自动升降的屏幕，可以让乘员感受更好。最后，环 境光的影响，后排在防光玻璃或贴膜的帮助下会较快解决。 新京报贝壳财经：Unity中国如何从车载游戏中盈利？ Unity中国总裁张俊波向新京报贝壳财经记者表示，智能座舱将成为在电视、电脑、手机之后的第四大游戏场景，随着智能座舱逐步升级，未来2-3年车载游 戏赛道有望迎来爆发。 Unity中国总裁张俊波。 受访者供图 车载游戏不同场景需做不同设计 新京报贝壳财经：Unity中国对未来的车载游戏产业有什么判断？ 张俊波：当下，越来越多的新车产品上搭载了智能座舱，车内"屏幕"如三联屏、后排屏都已被用户作为重要的娱乐系统。随着搭载智能座舱的汽 ...

本报记者张文湘舒娅疆 2025年4月23日至5月2日，第二十一届上海国际汽车工业展览会举办。展会期间，极米科技股份有限公 司（以下简称"极米科技"）携全系列车载光影产品及解决方案亮相，展出产品涵盖车内与车外两大领 域，全面展现极米科技在光学领域的深厚技术积累与创新能力。 在展会现场，极米科技副总裁、车载事业部负责人田峰向《证券日报》记者详细介绍了公司车载业务的 布局。他表示，车载业务是公司未来几年发力的重点，2024年已经完成"从0到1"的突破，未来几年有望 实现"从1到100"的跨越。 "四大优势"构建车载护城河 如今，极米科技已经成长为全球投影设备行业的领军企业。极米科技发布的资料显示，截至2024年，公 司已连续七年保持中国投影机市场出货量第一，连续五年保持中国投影机市场出货量和销售额"双第 一"。2023年和2024年，极米科技连续两年蝉联全球家用投影市场出货量桂冠。 2024年，极米科技成立车载事业部，正式进军车载投影业务，涵盖智能座舱、智能大灯领域，并为客户 提供车载光学解决方案。其中，智能座舱产品指车内投影及幕布解决方案，智能大灯零部件指汽车大灯 中的光学模组。截至目前，极米累计已获得了8个车载 ...

在4月23日开幕的2025年上海车展上，跨国科技公司Yandex带来了其面向驾驶和乘客的车载信息娱乐平台Yandex Auto，可为中国车企提供无缝 进入俄罗斯和中亚俄语市场的途径。 "Yandex Auto来到中国，是与中国车企出海，尤其是到俄罗斯和中亚俄语区开拓业务息息相关的。俄罗斯和中亚市场需要智能且本地化的技术。47%的 俄罗斯人在考虑购买下一辆车时愿意购买中国汽车，67%的人希望了解更多中国汽车的信息。因此，Yandex有潜力吸引更多中国汽车买家。"周天指出， Yandex在俄罗斯用户超1亿，付费订阅用户近4000万，且用户多为城市白领、中高收入阶层，与中国车企出海的目标客户群体画像高度重合。 "在与中国车企合作时，一个非常重要的理念是，我们不仅仅提供产品，如果使用我们Yandex的服务，那么我们的4000万用户都可以成为车企的潜在客 户。这是Yandex最独具的价值。"周天强调。 针对中亚俄语市场的现成解决方案 可为车企提供4000万潜在用户 Yandex Auto中国区高级业务总监周天在接受《中国汽车报》等媒体采访时表示，Yandex是一家俄罗斯全场景生态系统科技企业，由搜索引擎起家，业 务覆盖 ...

Core Insights - Dolby Laboratories showcased its next-generation in-cabin entertainment experience featuring Dolby Vision HDR imaging and Dolby Atmos immersive audio at the 2025 Shanghai Auto Show [1] - Over 25 automotive brands have adopted Dolby experiences, doubling the number from 12 months ago [8] Group 1: Industry Trends - The automotive industry is evolving from a mere transportation tool to a diversified mobile living space, with increasing consumer demand for high-quality in-cabin entertainment experiences [3] - Dolby is strategically positioning itself in the in-car entertainment market by collaborating with automotive manufacturers and streaming content platforms to enhance the in-car entertainment experience [3] Group 2: Consumer Insights - A survey by Counterpoint revealed that 97% of Chinese car owners are aware of Dolby's innovative technology, with 80% recognizing its significant enhancement of entertainment content quality [7] - Among consumers planning to purchase a vehicle in the next six months, 90% expressed interest in models equipped with Dolby Vision and Dolby Atmos, with 20% considering these features as crucial decision factors and willing to pay a premium [7] Group 3: Product Launches - Several automotive brands introduced new models supporting Dolby experiences at the auto show, including Li Auto's MEGA Ultra and MEGA Home, which are the first to offer both Dolby Vision and Dolby Atmos [8][10] - Zeekr, WEY, and other brands also announced models featuring Dolby Atmos, highlighting the growing trend of integrating Dolby technology into various vehicle types [10] Group 4: Future Collaborations - Dolby aims to deepen partnerships with automotive manufacturers and streaming content platforms to provide car owners with a diverse and high-quality entertainment experience comparable to home and mobile settings [10]

而出现在今年上海车展上的环视投影屏系统，就是这样一项新技术。据称，其已经被国内外多家车企的智能化新车型瞄上。 提供"沉浸式"全景视域 环视投影屏系统之所以被看好，是因为其技术含量更高。在比拼技术的时代，技术含量决定前程命运，似乎已经成为一个规律。 据介绍，环视投影屏系统是3D全景影像与AR技术深度融合的产物。其通过车身四周的多颗广角摄像头采集实时影像，经图像拼接算法消除光学影像畸 变后，以1:1比例投射到前挡风玻璃或驾驶舱环绕式屏幕上，形成360°无死角的鸟瞰视图。其有别于传统的2D分割屏，新的系统引入了3D建模技术，可动态 标注障碍物距离、预判车辆轨迹，还可以通过AR叠加导航箭头与路况信息，使驾驶员无需低头即可在前方的投影中看清全场景路况。可以将车速、续驶里 程等关键数据集成于前挡风玻璃下方的弧形投影区，视线移动幅度较传统仪表盘降低60%，显著提升驾驶专注度，这无疑大为提高了安全性。 "这一技术系统尤其需要算力的支持，因此需要足够算力的车载算力芯片。"西安工业大学微电子技术实验室工程师魏冬向记者介绍，在这一技术系统的 发展过程中，随着智能汽车硬件架构的轻量化与算力升级、以及车载芯片性能提升，环视投影屏系统将 ...

Financial Performance Overview - The total revenue of the company reached 9.559 billion yuan in 2024, a year-on-year increase of 12.27% from 8.514 billion yuan in 2023 [1] - However, the net profit attributable to shareholders decreased from 48.0016 million yuan in 2023 to 32.5146 million yuan in 2024, a decline of 32.26% [1] - The non-recurring net profit also fell from 21.3833 million yuan to 16.2348 million yuan, down 24.08% [1] Quarterly Performance - In the fourth quarter, total revenue was 2.597 billion yuan, an increase of 4.83% year-on-year [2] - The net profit attributable to shareholders showed a loss of -39.9401 million yuan, a decline of 232.06% [2] - The non-recurring net profit was also negative at -48.4746 million yuan, down 247.95% year-on-year [2] Key Financial Indicators - Gross margin was 6.9%, a decrease of 14.75% year-on-year [7] - Net margin was 0.28%, down 49.69% year-on-year [7] - Operating expenses accounted for 3.83% of revenue, an increase of 11.73% [7] - Earnings per share were 0.1 yuan, a decrease of 33.33% [7] Accounts Receivable and Cash Flow - As of the end of 2024, accounts receivable stood at 3.164 billion yuan, representing 9730.78% of the latest annual net profit [4] - Cash and cash equivalents amounted to 1.173 billion yuan, an increase of 30.24% year-on-year [4] - The ratio of cash to current liabilities was only 36.47%, indicating potential liquidity risk [4] Main Business Composition - The revenue from liquid crystal display modules was 6.374 billion yuan, accounting for 66.69% of total revenue, with a gross margin of 8.69% [8] - Revenue from camera-related products was 2.82 billion yuan, making up 29.50% of total revenue, with a gross margin of 4.42% [8] - Other revenues totaled 365 million yuan, representing 3.82% of total revenue, with a gross margin of -5.07% [8] Industry Outlook - Despite global inflation and geopolitical uncertainties, the consumer electronics market is gradually recovering [5] - Global smartphone shipments reached 1.22 billion units in 2024, a year-on-year increase of 7% [5] - The company aims to enhance its core competitiveness through technological innovation and expand its semiconductor packaging and testing projects [5]