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光传输,迈向3.2T!
半导体芯闻· 2025-04-30 08:19
如果您希望可以时常见面,欢迎标星收藏哦~ 2025年,AI大模型赛道竞争白热化。以ChatGPT、Grok、DeepSeek与Gemini为代表的全球 四大主流通用语言模型,正经历一场前所未有的技术迭代与商业格局重塑。 ChatGPT依托封闭的MoE(Mixture of Experts)架构构建出领先的多模态生态体系,其成熟的 API服务体系已占营收的70%,展现出极强的变现能力;Grok则以动态推理网络为核心,主打实时 数据响应,并通过与X平台深度捆绑实现商业化突破;DeepSeek以开源模型为基础,针对中文场 景深度优化,广泛部署于政企私有化系统中,快速拓展本地市场;Gemini则依托Google Pathways 系统,具备强大的算力基座,且已深度集成至Workspace生态,打通了办公与AI应用的边界。 在这场大模型技术与生态竞速的背后,是AI巨头们在2025年持续加码的资本投入与算力争夺。而 AI应用对高速、低延迟数据交互的需求,也正成为推动光通信技术快速演进的关键驱动力。 4月23日,在第三届九峰山论坛暨化合物半导体产业博览会的下午论坛上, 华工正源光子技术有限 公司总经理胡长飞 发表了 《光速 ...
水晶光电(002273):Q1业绩同比稳健增长,看好光学创新与AR共驱成长
HTSC· 2025-04-30 08:08
证券研究报告 水晶光电 (002273 CH) Q1 业绩同比稳健增长,看好光学创新 与 AR 共驱成长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 消费电子 | 水晶光电 2024 年营收 62.78 亿元(yoy+23.67%),归母净利润 10.3 亿元 (yoy+71.57%),略低于我们此前预期(10.8 亿)。1Q25 单季度营收 14.82 亿元(yoy+10.2%),归母净利 2.21 亿元(yoy+23.67%)。我们认为 2024 及 1Q25 归母净利同比增长亮眼主要得益于:1)多元化战略成效凸显,基 本盘业务稳中有升,微棱镜等新品出货量同比快速增长;2)产品结构及生 产效率优化,1Q25 毛利率同比+3.95pct。我们看好水晶光电未来成长性, 主要来自:1)光学行业创新趋势明朗,滤光片等老产品迎来升级迭代,同 时卡位多个新品开发项目,主业成长动能强劲;2)AR 业务远期空间广阔, 水晶光波导产品全球竞争力领先,已与北美头部客户战略合作,共推行业发 展;3)管理体制逐步优化,深化全 ...
水晶光电(002273):公司信息更新报告:2025Q1业绩持续提升,受益光学创新、AI+AR大趋势
KAIYUAN SECURITIES· 2025-04-29 14:45
Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is benefiting from optical innovation and the trends of AI and AR, leading to continuous performance improvement in Q1 2025 [1][4] - The company achieved significant revenue and net profit growth in 2024, with revenue reaching 6.278 billion yuan, a year-on-year increase of 23.67%, and net profit of 1.030 billion yuan, a year-on-year increase of 71.57% [4] - In Q1 2025, the company reported revenue of 1.48 billion yuan, a 10% year-on-year increase, and net profit of 220 million yuan, a 24% year-on-year increase, with a quarterly net profit margin of 15.11% [4] - The company is expected to continue its growth trajectory, with projected net profits of 1.216 billion yuan, 1.555 billion yuan, and 1.828 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Summary - The company’s total revenue for 2023 was 5.076 billion yuan, with a projected increase to 6.278 billion yuan in 2024 and 7.404 billion yuan in 2025, reflecting a year-on-year growth of 16.0% and 23.7% respectively [6] - The net profit for 2023 was 600 million yuan, expected to rise to 1.030 billion yuan in 2024 and 1.216 billion yuan in 2025, indicating a year-on-year growth of 4.2% and 18.0% respectively [6] - The gross margin for 2024 is projected to be 31.1%, with a net margin of 16.4% [6] - The company’s P/E ratio is projected to decrease from 43.8 in 2023 to 21.6 in 2025, indicating improved valuation metrics [6] Segment Performance - In 2024, the optical components segment generated revenue of 2.884 billion yuan, growing by 17.92%, while the film optical panel segment reached 2.472 billion yuan, growing by 33.69% [4] - The automotive electronics segment (AR+) achieved revenue of 300 million yuan, with a growth of 3.04%, and the semiconductor optics segment reached 129 million yuan, growing by 19.50% [4] Strategic Initiatives - The company is enhancing its global capacity layout and strengthening cooperation with major North American and Korean clients, achieving supplier certification from multiple large clients in Vietnam [4][5] - The company is actively pursuing opportunities in the AI and AR sectors, with significant advancements in optical components and partnerships with leading firms [5]
光峰科技一季度营收4.61亿元,车载业务与新兴领域多点开花
Xin Lang Zheng Quan· 2025-04-29 13:41
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 ...
蓝特光学(688127):Q1业绩同比高增,受益于手机、车载光学升级机遇
HTSC· 2025-04-29 11:11
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].
菲利华(300395):24年业绩有所承压 25年Q1盈利能力明显改善
Xin Lang Cai Jing· 2025-04-29 06:49
Core Viewpoint - The company reported a revenue of 1.742 billion yuan in 2024, a decrease of 16.68%, and a net profit of 314 million yuan, down 41.56%. For Q1 2025, revenue was 406 million yuan, a slight decline of 0.97%, with a net profit of 105 million yuan, an increase of 35.72% [1] Group 1 - The aerospace industry's temporary demand slowdown has impacted the company's 2024 performance, while Q1 2025 revenue remained stable with improved profitability [1] - The company's gross margin for 2024 was 42.17%, down 7.31%, and the net margin was 18.73%, down 8.75%. In Q1 2025, gross margin improved to 49.96%, up 10.32 percentage points, and net margin increased to 23.63%, up 4.45 percentage points [1] - The company expects profitability to continue to recover with improved military demand and capacity expansion [1] Group 2 - As of the end of Q1 2025, the company's inventory balance was 739 million yuan, a decrease of 0.61% from the end of 2024, while the construction in progress balance was 385 million yuan, an increase of 44.90% from the end of 2024 and 186.81% from the end of 2023, indicating further capacity expansion [2] - The company is a leading manufacturer of quartz materials and fibers, with a multi-faceted approach extending upstream and downstream in the industry. It is expected to benefit from the recovery in aerospace and the rapid development of the domestic semiconductor market [2] - The company is leveraging its synthetic quartz material advantages to expand into precision processing for TFT-LCD and semiconductor photomasks, with projects in Hefei and Jinan expected to contribute to growth [2] Group 3 - Based on the 2024 annual report adjustments and Q1 2025 gross margin updates, the company's EPS for 2025 and 2026 has been revised to 1.23 yuan and 1.65 yuan, respectively, with a new EPS forecast for 2027 at 2.03 yuan. The target price is set at 52.89 yuan, maintaining a buy rating [3]
炬光科技(688167):全球微纳光学及光子应用解决方案领先厂商 外延并购开启成长新征程
Xin Lang Cai Jing· 2025-04-29 02:46
事件概述 炬光科技发布2024 年及2025 年一季报。 2024 年实现营业收入6.20 亿元,同比+10.49%;归母净利润-1.75 亿元,同比-293.17%;扣非归母净利 润-1.82 亿元,同比-355.94%。 25Q1 实现营业收入1.70 亿元,同比+23.75%;归母净利润-0.32 亿元,同比-97.38%;扣非归母净利 润-0.33 亿元,同比-73.75%。 其中: 1)激光光学元器件毛利率同比-10.39pct,主因:光纤激光器市场激烈竞争,快轴准直镜(FAC)受到 持续价格下行压力;同时对瑞士炬光资产评估增值带来成本压力和相对瑞士炬光相对较高的运营成本。 2)汽车应用解决方案毛利率同比大幅下降,主因:用于投影照明的压印光学器件之前由于在瑞士生 产,成本较高、处于负毛利状态,拉低汽车应用解决方案整体毛利率。截至 2024 年底,公司已将压印 光学器件的生产从瑞士纳沙泰尔转移至中国韶关,韶关基地目前已正式投入生产运营并于 2025 年 1 月 正式出货,此举预期将大幅降低压印光学器件的生产成本,提升毛利率。 3)全球光子工艺和制造服务业务毛利率为负:该业务为公司完成对 Heptago ...
孙悟空光学膜革命性首发 浦诺菲硬核技术全力支持
He Xun Wang· 2025-04-28 05:54
作为孙悟空精挑细选的产品技术合作伙伴,浦诺菲雄厚的技术研发实力毋庸置疑。浦诺菲以精密涂布、 磁控溅射、胶黏剂和特殊材料的核心技术平台为全世界的汽车、建筑、交通、家居等市场的广大客户提 供科技创新的产品和技术解决方案;拥有宁波、苏州两大行业先进生产线,以专业人才优势为研发输送 内驱力,构架了跨国研发、中国智造的技术格局。依托长期的技术积累,浦诺菲已获得30多项专利技 术,并因技术创新、产品研发领域上始终处于领先地位被认可,最快成为世界窗膜协会(IWFA)会 员。去年,浦诺菲凭借高功能膜材料领域的超绝专业力和研发创新力荣获工信部专精特新"小巨人"称 号。 孙悟空是专注于汽车个性化装饰与保护领域的国产车膜品牌,其产品矩阵,涵盖了隐形车衣、汽车改色 膜、窗膜等全品类车膜产品。孙悟空车膜旨在通过创新与匠心,将传统神话的奇幻色彩与现代科技的创 新精神相融合。此前发布的"七十二变系列"改色膜,以及"黄金甲系列"隐形车衣产品,一经上市便引起 行业和市场的热烈反馈。孙悟空也被冠以"硬核科技赋能"的产品标签,成为众多车膜品牌中高配低价的 国货代表。 4月23日,孙悟空车膜品牌携手技术合作伙伴浦诺菲在上海玻璃博物馆举办新品发布会, ...
中润光学拟收购戴斯光电51%股权 加速布局高端光学领域
Zheng Quan Ri Bao Zhi Sheng· 2025-04-27 13:08
本报记者 吴奕萱 4月27日晚间,嘉兴中润光学科技股份有限公司(以下简称"中润光学")发布公告称,公司拟使用自有 资金和部分超募资金收购湖南戴斯光电有限公司(以下简称"戴斯光电")51%的股权。本次交易合计所 需资金为1.58亿元,本次交易完成后,戴斯光电将成为公司的控股子公司。 据悉,中润光学是一家以视觉为核心的精密光学镜头产品和技术开发服务提供商,公司已在智慧监控、 智能检测、视频通信等多个领域形成系列化产品,并积累了核心技术。戴斯光电同样深耕光学光电子产 业链多年,产品主要包括各类精密光学元件、光学器件、光学模组及系统,主要应用于工业激光设备、 医疗设备、半导体设备、光通信、激光雷达等领域。 因此,此次交易是中润光学向综合性光学产品及技术服务提供商转型的关键一步。通过这次交易,中润 光学将进一步增强公司技术实力,为今后公司开发更多产品及提升产品性能奠定了基础,有利于提升公 司在光学领域的核心竞争力。 中国投资协会上市公司投资专业委员会副会长支培元向《证券日报》记者表示,此次交易中,戴斯光电 明确的业绩承诺意义重大。尽管从当前经营数据来看,距业绩兑现尚有差距,但这彰显了双方对其盈利 能力的信心。这向市场传 ...
【招商电子】水晶光电:24年及25Q1业绩同比提升,长线关注AR及车载业务空间
招商电子· 2025-04-27 12:51
展望2025年,光学创新有望提升提振消费电子业务业绩,AR类业务具备长线空间。 公司指引 2025年营收增长0%-30%,展望未来几年仍有诸多看点:1)未来几年A客户仍有潜望新方案、可 变光圈等光学创新,公司作为核心光学零部件供应商大概率将受益;同时A客户滤光片、薄膜光学 面板业务份额仍有成长空间。2)吸收反射复合型滤光片等高端产品在安卓客户的渗透率不断提 升,单价及毛利率明显高于传统产品;3)车载光学份额及盈利能力有望提升,公司ARHUD业务居 于全球领先地位,当前国内客户的盈利能力较低,未来几年将大力拓展毛利率较高的海外客户; 5)前瞻布局AR技术及产品,通过投资Lumus及德国肖特、与Digilens合作等方式深化AR光学技术 积累。公司大力投入资源来突破核心技术难点,反射光波导作为公司一号工程,建设初步的NPI产 线,有望长线受益于AR浪潮。 风险提示: 宏观经济风险,新车推出不及预期,技术进展不及预期,市场竞争加剧风险 点击招商研究小程序查看PDF报告原文 事件 : 公司发布2024年及25Q1业绩,24全年营收62.78亿元,同比+23.67%;归母净利润 10.30亿元,同比+71.57%。25 ...