高德红外(002414)10月27日晚间发布三季报，今年第三季度，公司实现营业收入11.34亿元，同比增长 71.07%；归母净利润4.01亿元，同比增长1143.72%；前三季度营业收入30.68亿元，同比增长69.27%； 归母净利润5.82亿元，同比增长1058.95%。 另外，财报显示，由于销售商品收到的现金增加，报告期内公司经营活动产生的现金流量净额同比增长 近55倍；另外，公司本期归还银行贷款金额较上期增加，所以筹资活动产生的现金流量净额同比大幅下 降。 今年7月以来，高德红外股价加速上涨，累计涨幅约31%，机构股东高位减持。 截至第三季度末，公司前十大股东中，长信国防军工量化灵活配置混合型证券投资基金新晋成为第七大 股东，持股比例0.56%；陆股通、中证500交易型开放式指数证券投资基金、广东恒健国际投资有限公 司、高德红外-2022年员工持股计划以及国泰中证军工交易型开放式指数证券投资基金进行了减持。 （文章来源：证券时报） 对于前三季度营业收入增长，公司归因于原延期的型号项目类产品恢复交付，且与某贸易公司签订的完 整装备系统总体外贸产品合同已完成国外验收交付，同时公司大力扩展民品领域，红外芯 ...

Core Viewpoint - Recent IPO progress has been observed for several companies from Wuhan, including Juxin Microelectronics, which has submitted its prospectus to the Hong Kong Stock Exchange and is backed by major investors like Xiaomi and Huawei [1][4]. Company Overview - Juxin Microelectronics, founded in January 2016, specializes in intelligent perception, machine vision, and imaging technology solutions, operating under a fabless model. The company has raised over 1.1 billion RMB and has a post-investment valuation of approximately 5.3 billion RMB as of June 2025 [4][7]. - The company has a diverse product matrix covering 11 product lines, with 8 products already commercialized and 3 in the design phase [7]. Financial Performance - Revenue growth has been noted, with figures of 127.4 million RMB in 2022, 242.0 million RMB in 2023, and projected revenues of 666.6 million RMB in 2024 [12][14]. - The net profit has shown improvement, transitioning from a loss of 137.2 million RMB in 2022 to a projected profit of 2.1 million RMB in the first half of 2025 [12][14]. - The gross margin has declined from 27.6% in 2022 to 23.3% in the first half of 2025, primarily due to decreasing average selling prices across product lines [16]. Market Position - Juxin Microelectronics holds significant market shares in various segments, ranking third in the global optical sensor market with an 11.2% share, and also ranks third in the global smart audio amplifier market with an 8.3% share [29]. - The company faces intense competition from domestic and international manufacturers, with a noted decline in average selling prices for its main products [2][29]. Product and Technology - The company’s main revenue source is from intelligent perception products, which accounted for 97.3% of total revenue in 2022, although this percentage is projected to decrease to 78.7% by the first half of 2025 [14]. - The product lines include optical sensing, smart audio, and vibration sensing, with significant shipment volumes reported for each category [8][12]. Research and Development - As of June 2025, Juxin Microelectronics has a research and development team comprising 175 employees, representing 60.1% of the total workforce, with R&D expenditures of approximately 99.7 million RMB in 2022 [18]. Customer Base and Supply Chain - The company’s customer base primarily consists of direct sales clients and distributors in the smartphone and electronic device sectors, with a high concentration of revenue from the top five customers [19][20]. - The procurement strategy relies heavily on a few suppliers, with over 90% of purchases coming from the top five suppliers, indicating potential supply chain risks [18].

Core Insights - Jiangsu Fulehua Semiconductor Technology Co., Ltd., a subsidiary of Fulede (301297), has been awarded the "Excellent Supplier" title by Onsemi due to its outstanding performance in quality management, product delivery, technical support, and supply chain resilience [1][2] - Fulehua has established multiple production bases in China and is actively expanding its overseas capacity, ensuring stable supply to Onsemi even in a complex global trade environment [1] - The company has implemented an internationally recognized quality management system, maintaining a leading product yield in the industry, and has shown high professionalism and collaboration in its partnership with Onsemi [1] Company Strategy - Fulehua plans to optimize its processes for resolving quality issues and will actively participate in key project development alongside Onsemi to explore more industry opportunities [2] - The partnership aims to elevate the strategic cooperation between Fulehua and Onsemi to new heights, focusing on innovation in smart power and smart sensing technologies [2] Industry Context - Onsemi is a leading player in the global semiconductor industry, focusing on innovations in smart power and sensing technologies, and plays a crucial role in the development of major industries such as automotive electrification and sustainable energy networks [2] - Fulede has successfully completed a significant asset restructuring and raised supporting funds, indicating its strong position in the market [2]

Core Viewpoint - Changchun University of Science and Technology collaborates with Changchun Jingyue High-tech Zone to establish the "Changchun Chip and Optoelectronics Industry Park," aiming to integrate Jilin Province's scientific and educational resources with high-quality innovation resources to promote the innovation resource integration of emerging industries, industrial ecosystem aggregation, technology achievement transformation, innovation and entrepreneurship talent cultivation, and open collaborative development [1] Group 1 - The park has attracted enterprises and project teams in fields such as spectral chips, semiconductor lasers, precision medicine, and optoelectronic medical equipment [1] - The park includes a digital technology enterprise accelerator, a public technology service platform cluster, and specialized incubators in the optoelectronic field [1] - Currently, there are 69 enterprises in the park, including 21 high-tech enterprises, 16 specialized and innovative enterprises, 1 seed unicorn enterprise, 2 fledgling enterprises, and 4 gazelle enterprises [1] Group 2 - The projected operating income of the park's enterprises for 2024 is 527 million yuan [1] - In the future, the Changchun Chip and Optoelectronics Industry Park will continue to strengthen its aggregation effect and enhance communication and cooperation with advanced domestic parks [1] - The goal is to build a high ground for intelligent perception technology and an industrial aggregation area [1]

Core Viewpoint - The company is expected to achieve significant revenue growth in 2024, driven primarily by the expansion of mobile phone rear cameras and the introduction of new iPad models [2] Group 1: 2024 Performance Overview - Revenue for 2024 is projected to reach $2.494 billion, representing a substantial year-on-year increase of 170.0%, mainly due to breakthroughs in ultra-wide and telephoto rear cameras, new iPad models, and LiDAR technology [2] - The gross margin for 2024 is expected to be 11.7%, a decrease of 2.2 percentage points year-on-year, primarily due to pricing pressure from major clients [2] - The net profit for 2024 is forecasted to be $119 million, a year-on-year increase of 155.5%, with a net profit margin of 4.8% [2] Group 2: Production Efficiency and Automation - The company has signed a procurement agreement with Luxshare Precision to purchase automation production equipment worth up to RMB 98 million, aimed at enhancing production capacity and process precision [3] Group 3: 2025 Growth Prospects - In the first half of 2025, the rear camera module business is expected to continue its growth momentum, with further market share gains in the iPad segment [4] - The second half of 2025 will see the launch of the iPhone 17 series, with anticipated upgrades in ultra-wide and telephoto capabilities, potentially increasing average selling prices (ASP) [4] Group 4: Long-term Strategic Outlook - The company plans to expand into foldable screen camera modules and flashlights, and aims to penetrate the main camera segment for iPhones [5] - In the wearable technology sector, the company is positioned to become a core supplier of camera components for AI wearable products, including smart glasses and AR/VR headsets [5] - The company is also looking to deepen its collaboration in the lidar field for autonomous driving and robotics, leveraging its optical packaging technology for enhanced interaction in smart environments [5]