我们预计公司2025-27 年营收分别为15.58、21.30、26.79 亿元， 同比+50.66% 、+36.67% 、+25.78% ； 归母净利润分别为3.33、4.60、5.86 亿元，同比+50.99%、+38.09%、+27.48%；EPS分别为0.83、1.14、 1.45 元。2025 年10 月15 日股价为29.71元，对应PE 分别为35.98x、26.05x、20.44x。首次覆盖，给 予"买入"评级。 风险提示 下游需求不及预期，消费电子创新力度及推出节奏不及预期，中美贸易摩擦。 微棱镜是潜望式摄像头的核心部件，公司的技术能力行业领先，并已成为苹果微棱镜的核心供应商之 一。展望未来，我们认为随着北美大客户新机潜望式镜头的下沉，以及安卓客户微棱镜业务的拓展，公 司微棱镜业务有望实现加速放量，助力业绩增长。 玻璃非球面透镜：下游领域需求旺盛，扩建产能迎增长与传统球面透镜相比，玻璃非球面透镜在保持优 异光学性能的同时，可减少系统透镜数量，实现光学系统的小型化和轻量化。因此，玻璃非球面透镜在 下游车载、光通信、智能手机、手持摄像等应用领域需求旺盛。与此同时，玻璃非球面透镜具备高技术 壁垒， ...

特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 在光学领域，滨松光子学株式会社（以下简称 "滨松"）是一个熠熠生辉的名字。自 1953年成立以来，这家源自日本 滨松市的企业，已成长为全球光子技术领域的巨擘。 从 神冈探测器实验 到引力波探测，从高端分析仪器到半导体检 测，滨松的光电产品在众多尖端领域发挥着重要作用。 近 日 ， 仪 器 信 息 网 编 辑 走 进 滨松中国 ， 对 滨 松 电 子 管 事 业 部 事 业 部 长 上 野 和 夫 进 行 了 专 访 。 从 35 年 的 滨 松 职 业 生 涯，到支撑企业持续创新的核心动力，再到对中国市场的洞察与未来技术展望，上野和夫以坦诚的分享，勾勒出滨松的 发展脉络与光学技术的前行方向。 与滨松的故事：从光的兴趣到三十五载的坚守与传承 上野和夫与滨松的缘分，始于对 "光"的好奇与对故乡的眷恋。这份缘分不仅贯穿了他35年的职业生涯，更塑造了他从 工程师到管理者的成长轨迹，也让他深刻烙印下滨松这座城市的 文化 特质。 结缘滨松：一场 "光"与故乡的双向选择 大学时期，上野和夫在东京一所高校的光 ...

Group 1 - Since August, the A-share market has seen a significant increase in public fund research activity, with 163 public institutions participating in company research, covering 771 companies across 30 industries, and a total of 8,338 research instances, representing a month-on-month increase of 144.73% [1] Group 2 - The pharmaceutical and biotechnology sector was the most researched, with a total of 1,373 research instances covering 100 stocks, making it the highest focus area for public institutions in August; the electronics sector followed with 1,312 research instances covering 108 stocks [2] - Key companies in the pharmaceutical sector, such as Mindray Medical (300760), BeiGene, and Aibo Medical, were frequently researched, with a focus on innovative drug development, medical equipment updates, and the impact of centralized procurement policies [2] Group 3 - In the electronics sector, companies like Crystal Optoelectronics (002273), Unisoc (002049), and Industrial Fulian (601138) were core focuses due to their advancements in optical components and smart terminal manufacturing [2] - In the telecommunications sector, Tianfu Communication (300394) was the most researched company with 87 instances, focusing on the expansion of high-speed optical module capacity and the commercialization of silicon photonics technology [3] Group 4 - Public fund research activities showed a significant head effect, with 134 out of 163 participating institutions conducting more than 10 research instances, indicating a concentration of interest among top institutions [4] - Notable institutions included Bosera Fund with 200 research instances, followed by Harvest Fund (177 instances), Huaxia Fund (149 instances), and Guotai Fund (147 instances) [4] Group 5 - Research in August indicated a clear policy direction, with the pharmaceutical sector's rising interest linked to policy implementation, focusing on equipment updates and accelerated approval of innovative drugs [4] - The electronics sector maintained interest in cutting-edge fields such as optical technology and AI chips, despite a slight decrease in total research instances [4] - Increased research frequency in the machinery and power equipment sectors suggests institutional attention on inventory cycles bottoming out and a recovery in capital expenditure [4]

Core Insights - The company reported a revenue increase of 18.4% year-on-year for H1 2025, reaching 13.318 billion RMB [1] - The gross margin slightly decreased to 20.7%, down 0.8 percentage points, attributed to changes in product mix [1] - Net profit surged by 63.1% year-on-year to 876 million RMB, with adjusted net profit at 619 million RMB after excluding other income [1] Revenue Breakdown - Acoustic business revenue grew by 1.8% year-on-year to 3.523 billion RMB, with a gross margin of 27.2%, down 2.7 percentage points due to new product ramp-up [1] - Automotive acoustic revenue increased by 14.2% year-on-year to 1.738 billion RMB, with a gross margin of 23.9%, down 1.1 percentage points [2] - Optical business revenue rose by 19.7% year-on-year to 2.648 billion RMB, with a gross margin of 10.2%, up 5.5 percentage points [2] - Electromagnetic transmission and precision structural components revenue increased by 27.4% year-on-year to 4.634 billion RMB, with a gross margin of 22.9%, down 0.1 percentage points [3] - Sensor and semiconductor revenue surged by 56.2% year-on-year to 608 million RMB, with a gross margin of 12.1%, down 4.3 percentage points [3] Product Innovations and Developments - The company launched the industry's thinnest speaker at 1.4mm and introduced a master-level coaxial symmetrical dual speaker [1] - A full-stack automotive acoustic system was showcased at the Shanghai Auto Show, featuring high-performance speakers and self-developed amplifiers [2] - The company made a strategic acquisition of Hebei Chuguang, enhancing its automotive acoustic system solutions [2] Profitability and Forecast - The company adjusted its 2025 net profit forecast down by 5% to 2.406 billion RMB due to unexpected declines in acoustic gross margins [3] - The net profit forecasts for 2026 and 2027 were raised by 3% and 4% respectively, reflecting improvements in optical business profitability and growth potential in automotive and robotics sectors [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 130.36 HKD [6][12] Core Insights - The company's revenue for the first half of 2025 was 19.65 billion CNY, representing a year-on-year growth of 4%. The gross margin improved to 19.8%, up by 2.6 percentage points. The net profit attributable to shareholders was 1.65 billion CNY, showing a significant year-on-year increase of 53% [1] - The company is expected to achieve earnings per share of 3.16 CNY, 3.61 CNY, and 4.11 CNY for the years 2025, 2026, and 2027 respectively, with a projected average PE ratio of 33 times for comparable companies in 2026 [2][12] Financial Performance Summary - **Revenue Forecast**: The company is projected to generate revenues of 31.83 billion CNY in 2023, increasing to 51.79 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 10% from 2025 to 2027 [4][14] - **Net Profit**: The net profit attributable to shareholders is forecasted to rise from 1.10 billion CNY in 2023 to 4.51 billion CNY in 2027, reflecting a strong recovery trajectory [4][14] - **Gross Margin**: The gross margin is expected to improve from 14.5% in 2023 to 19.3% in 2027, indicating enhanced profitability [4][14] - **Earnings Per Share (EPS)**: The EPS is anticipated to grow from 1.00 CNY in 2023 to 4.11 CNY in 2027, showcasing robust earnings growth [4][14] Business Segment Insights - **Mobile Business**: The mobile segment generated 13.25 billion CNY in revenue for the first half of 2025, with a year-on-year growth of 1.7%. The shift towards high-end products is expected to drive higher average prices and gross margins [11] - **Automotive Business**: The automotive segment reported revenue of 3.4 billion CNY in the first half of 2025, marking an 18% year-on-year increase. The company is capitalizing on the growing demand for advanced driver-assistance systems (ADAS) [11] - **XR and IoT Business**: The XR segment achieved revenue of 1.2 billion CNY in the first half of 2025, growing by 21% year-on-year. The company is expanding its presence in the IoT market, particularly in handheld photography devices [11]

Company Overview - Shenzhen Zhongke Feice Technology Co., Ltd. was established in 2014 and is located in Shenzhen, primarily engaged in the manufacturing of instruments and meters [2] - The company has a registered capital of 32 million RMB [2] - It has made investments in 12 companies and participated in 263 bidding projects [2] Patent Application - The company has applied for a patent titled "Optical Detection Device and Optical Equipment," with publication number CN120446155A, filed on March 2024 [1] - The patent describes an optical detection device that includes a first frame with a light collector and a second frame with a light detector, along with a first control component [1] - The light collector is designed to collect signal light from the object under test, while the light detector receives the signal light transmitted by the light collector [1] - The first control component is configured to adjust the position of the light detector along the axial direction of the light collector, ensuring precise matching between the light collector and the light detector [1]

Group 1 - DJI has launched a new 8K ultra-flagship panoramic camera, Osmo 360, which supports native 8K panoramic video recording and 120 million pixel panoramic photos [1] - The camera has a battery life that allows for 100 minutes of 8K/30fps video recording, extendable to 120 minutes in long endurance mode [1] - The core camera module for this flagship model is supplied by O-Film, a leading domestic optical company [1] Group 2 - O-Film has over 20 years of experience in the optical and optoelectronic field, providing a comprehensive range of optical products and services [4] - The company specializes in optical camera modules, optical lenses, fingerprint recognition modules, 3D ToF, and smart driving technologies [4] - O-Film aims to leverage international market opportunities and enhance its global sales network while ensuring stable cooperation with strategic clients [5]