高伟电子（1415.HK）2025 年中期业绩点评 业绩持续增长，绑定大客户光学创新 2025 年 08 月 25 日 ➢ 事件：8 月 21 日，高伟电子发布 2025 年中期业绩，25H1 公司实现营收 13.60 亿美元，YOY+127.37%；实现净利润 0.67 亿美元，YOY+320.21%；毛 利率为 11.44%，YOY-0.77pcts；净利率为 4.96%，YOY+2.18pcts。 ➢ 客户加单，25H1 业绩持续增长。25H1，公司实现营收 13.60 亿美元， YOY+127.37%；实现净利润 0.67 亿美元，YOY+320.21%。公司持续深耕于精 密光学模组领域事业，专注于产品强化及技术创新，以满足客户及市场多变的需 求。尽管宏观经济环境复杂，市场对精密光学元件的需求依然旺盛，加上公司在 智能驾驶与高端移动终端领域的不断突破，各项业绩指标均呈现稳健增长，显示 出强大的市场竞争力与风险抵抗力。2025 年，公司持续聚焦技术创新与产品升 级，积极拓展新兴市场和多维应用场景，同时深化与合作伙伴间的战略协同，这 些举措使公司能够在竞争激烈的市场中保持稳健以及优势，从而实现业务的稳步 ...

机构：民生证券 研究员：方竞/卢瑞琪 事件：8 月19 日，舜宇光学科技发布2025 年中期业绩公告，公司25H1 实现营收196.52 亿元， YOY+3.56%；净利润16.46 亿元，YOY+52.56%；毛利率为19.8%，YOY+2.6pcts；净利率为8.8%， YOY+1.9pcts。 手机相关产品受益于手机摄像头高端化和公司前瞻布局及领先技术市占率蝉联全球第一。镜头方面， 25H1 公司在主流终端客户旗舰机型中的参与度持续提升，目前已通过采用多群组系统方案实现多种形 态的潜望产品量产。模组方面，25H1 公司已实现多折潜望模组及大底潜望内对焦模组在核心大客户旗 舰机型中的大规模量产；同时，凭借自研马达模组的整合优势，公司独创的大光圈低负载潜望模组已配 合头部客户进行深度研发与应用。 受益智驾下沉，全球车载镜头市场快速增长，公司车载相关产品亦有良好表现。镜头方面，25H1 公司 车载镜头市占率稳居全球第一；同时，公司完成了新一代除雾技术的研发，该技术可使车载镜头的水雾 消散效果更佳，并已应用在多个车厂项目上；此外，公司继续推进高像素玻塑混合车载镜头的研发创 新，以进一步夯实公司在ADAS 车载镜 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.80 RMB [7][4]. Core Views - The company achieved a revenue of 6.278 billion RMB in 2024, representing a year-on-year increase of 23.67%, with a net profit attributable to the parent company of 1.03 billion RMB, up 71.57% year-on-year [1][2]. - The growth in 2024 and Q1 2025 is attributed to a diversified strategy, with significant increases in new product shipments such as micro-prisms, and improvements in product structure and production efficiency [1][3]. - The optical industry is experiencing clear innovation trends, with upgrades in traditional products and a strong growth momentum in the AR business, supported by strategic partnerships with leading clients in North America [1][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.482 billion RMB, a year-on-year increase of 10.2%, and a net profit of 221 million RMB, up 23.67% year-on-year [1]. - The company’s revenue from optical components in 2024 was 2.88 billion RMB, up 17.9%, driven by accelerated new product promotion [2]. - The optical panel segment achieved a revenue of 2.47 billion RMB, a 33.7% increase, benefiting from market share gains in mobile and new applications [2]. Growth Drivers - The company is well-positioned in the optical industry, focusing on technological and new product-driven strategies, with multiple new projects in collaboration with mobile terminal manufacturers expected to contribute to future revenue growth [3]. - The AR business has significant long-term potential, with the company leading in global competitiveness for optical waveguide products [1][3]. Valuation and Forecast - The report predicts net profits for 2025, 2026, and 2027 to be 1.258 billion RMB, 1.514 billion RMB, and 1.782 billion RMB respectively, with slight downward adjustments from previous estimates [4]. - The target price is based on a 32x PE ratio for 2025, compared to a comparable company average of 22x [4].

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]

24 年业绩高增长主要系光学棱镜及玻璃晶圆业务带动，微棱镜需求大幅提升 。 2024 年公司实现营业收入 10.34 亿元，同比 +37.08% ；归母净利润 2.21 亿元，同比 +22.58% ；扣非归母净利润 2.15 亿元，同比 +33.21% 。分业务来看：① 光学棱镜业务： 2024 年收入 6.54 亿元，同比 +59.01% 。主要系 24Q3 发 布的 iPhone16 将潜望式模组由此前一款 Pro Max 机型下沉为两款 Pro+Pro Max 机型，应用于摄像头模 组的微棱镜需求进一步扩张。② 玻璃晶圆业务： 2024 年收入 0.73 亿元，同比 +38.91% ，应用于 AR/VR 、汽车 LOGO 投影、半导体等领域的显示玻璃晶圆、衬底玻璃晶圆、深加工玻璃晶圆业务实现了稳 健发展。③ 玻璃非球面透镜业务： 2024 年收入 2.51 亿元，同比 +4.08% 。面对激烈的行业竞争，公司加 强产能储备的同时采取积极的"降本增效"措施，营收规模提升的同时实现了成本规模的收窄。 24 年毛利率 39.85% ，同比 -2.22pcts ，净利率 21.4% ，同比 -2.57pcts ...

Investment Rating - The report maintains an "Accumulate" rating for the industry, consistent with the previous rating [1]. Core Insights - The GTC conference is leading advancements in computing power, with silicon photonic switches marking the beginning of a new era in CPO (Co-Packaged Optics) [3][8]. - The upcoming OFC 2025 conference is expected to showcase various technological innovations, with a focus on optical communication stocks that exhibit potential for innovation [3][9]. Summary by Sections GTC Conference Highlights - The GTC conference held on March 19, 2025, featured significant product launches from Nvidia, including the GB300, Rubin NVL144, and Rubin Ultra NVL576, which demonstrate substantial improvements in computing performance and cost-effectiveness [8][19]. - Nvidia introduced three CPO switches that incorporate advanced technologies such as micro-ring modulators and detachable optical interfaces, with plans for these switches to become standard options by 2028 [8][31]. OFC 2025 Preview - OFC 2025, scheduled for March 30 to April 3, 2025, is anticipated to be a major platform for showcasing new products from key players in the optical communication industry, focusing on innovations like CPO, 1.6T/3.2T optical modules, and liquid-cooled optical fiber connectors [39][40]. Investment Recommendations - The report recommends several optical communication stocks with innovation potential, including Taicheng Technology, Xinyi Technology, Huagong Technology, and others, as they are well-positioned to benefit from the upcoming industry trends [9][43]. Catalysts for Growth - Key catalysts for the industry include the successful delivery of orders and product samples, which are expected to drive growth in the optical communication sector [10].