Core Viewpoint - The company has completed the main renovation of its micro-nano optical laboratory and has introduced some experimental equipment, focusing on the development of sub-wavelength structured optical components [1] Group 1: Company Developments - The company is engaged in the research and development of sub-wavelength structured optical components, including superlenses and metasurface devices [1] - The application scenarios for these developments include semiconductor optics, photovoltaics and new energy, AR/VR, and infrared fields [1]

Group 1: Semiconductor Optical Business - The company's semiconductor optical business revenue for 2024 is approximately 17.7 million yuan, with ongoing efforts to expand customer cooperation and enhance technical exchanges [1][2] - The semiconductor optical business includes applications in lithography, packaging testing, and measurement, focusing on both mature and advanced processes [2] Group 2: Precision Processing Equipment - The company has invested in advanced processing equipment such as ion beam and magnetorheological polishing to meet high precision requirements in semiconductor and aerospace applications [3] - The advanced manufacturing process center has been established to enhance precision processing capabilities, although current utilization rates of these advanced machines are low due to product size differences [3] Group 3: Talent Development - As of the end of 2024, the company has over 700 employees, with 151 technical personnel, accounting for 21.09% of the total workforce [4] - The company plans to continue building a talent pipeline to enhance personnel quality and develop a high-caliber talent team [4] Group 4: Micro-Nano Optical Laboratory - The micro-nano optical laboratory has completed its main construction and is focusing on developing sub-wavelength optical components for various applications, including semiconductor optics and AR/VR [5] - The laboratory aims to collaborate with external universities and research institutions to enhance its R&D capabilities [5] Group 5: International Business and Trade Impact - In 2024, the company's overseas business generated revenue of 12,750.37 million yuan, accounting for 30.66% of total revenue, primarily from its wholly-owned subsidiary in Singapore [6] - The company is monitoring international trade environments and tariff policy changes to mitigate potential impacts on its business [6] Group 6: Profit Margin Outlook - The company's gross margin has declined due to lower margins on infrared optical products influenced by raw material supply issues [7][8] - The company continues to focus on high-value-added products in the industrial sector to maintain relative stability in gross margins [8]

其他电子零组件Ⅲ 炬光科技（688167.SH） 增持-A(维持) 并购短期影响利润，看好转型阵痛期后的盈利能力回升 2025 年 5 月 21 日 公司研究/公司快报 公司近一年市场表现 投资要点： 公司发布 2024 年年报及 25Q1 业绩报。2024 年公司实现营收 6.20 亿元，同 比+10.49%；归母净利润-1.75 亿元，扣非后归母净利润-1.82 亿元。其中 24Q4 公司实现营收 1.62 亿元，同比-8.40%，环比+10.16%；归母净利润-1.23 亿元， 扣非后归母净利润-1.25 亿元。25Q1 公司实现 1.70 亿元，同比+23.75%，环比 +4.73%；归母净利润-0.32 亿元，扣非后归母净利润-0.33 亿元。 事件点评： 市场数据：2025 年 5 月 20 日 收盘价（元）： 68.50 总股本（亿股）： 0.90 流通股本（亿股）： 0.90 流通市值（亿元）： 61.90 基础数据：2025 年 3 月 31 日 每股净资产（元）： 23.29 每股资本公积（元）： 25.18 每股未分配利润（元）： -0.84 资料来源：最闻 分析师： 高宇洋 执业登记编 ...

公司发布 2024 年年报及 25Q1 业绩报。2024 年公司实现营收 6.20 亿元，同 比+10.49%；归母净利润-1.75 亿元，扣非后归母净利润-1.82 亿元。其中 24Q4 公司实现营收 1.62 亿元，同比-8.40%，环比+10.16%；归母净利润-1.23 亿元， 扣非后归母净利润-1.25 亿元。25Q1 公司实现 1.70 亿元，同比+23.75%，环比 +4.73%；归母净利润-0.32 亿元，扣非后归母净利润-0.33 亿元。 事件点评： 其他电子零组件Ⅲ 炬光科技（688167.SH） 增持-A(维持) 并购短期影响利润，看好转型阵痛期后的盈利能力回升 2025 年 5 月 21 日 公司研究/公司快报 投资要点： 基础数据：2025 年 3 月 31 日 分析师： 公司上游业务仍占比较高，中游业务增势迅猛。2024 年上游/中游业务营 收分别 4.41/1.76 亿元，同比分别+1.26%/+46.12%。2024 年公司先后完成了瑞 士炬光的并购和 Heptagon 资产的收购，瑞士炬光贡献的业绩增量明显。上 游业务：1）"产生光子"半导体激光元器件和原材料业务：营收 1. ...

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 ...