公共安全和新型3D印材业务通过拓展卡游、潮玩及烟酒包装新客户对冲消费下行影响，反光材料业务下滑趋势显著改善，亏损持续收 窄。 业绩改善得益于多重积极因素，一方面公司资产减值损失同比大幅减少，核心业务盈利能力稳步提升；另一方面，公司聚焦战略发展， 持续加大AR光波导、光栅尺、微透镜及光刻设备等领域研发投入，推进半导体相关光学设备及材料领域的对外投资与并购。 （校对/黄仁贵） 报告期内，公司核心业务表现亮眼，微纳光学材料业务收入稳步增长，超薄高亮导光膜在笔记本电脑及AIPC领域拓展顺利，纳米纹理 膜受益于下游量产实现营收利润双升。 1月28日，苏大维格发布2025年度业绩预告，公司全年归属于上市公司股东的净利润亏损1700万元-2500万元，较上年同期5805万元的亏 损额大幅收窄，扣非后净利润亏损也较上年9441.91万元明显改善。 ...

格隆汇1月28日丨苏大维格(300331.SZ)公布，预计2025年亏损1,700万元–2,500万元，扣非亏损7,100万 元–8,400万元。1、报告期内，公司微纳光学材料业务收入保持稳定增长。其中，导光/前光材料产品结 构不断优化，大力拓展超薄高亮导光膜等高附加值产品在笔记本电脑及 AIPC 等领域的应用，带动相关 业务收入有所增长，盈利能力得到改善；纳米纹理膜业务受益于下游客户产品的量产，收入与利润水平 持续提升；柔性透明导电膜及柔性电极在闺蜜机等消费电子终端中大批量应用，带动该业务收入实现较 大幅度同比增长，但受产线改造等短期投入增加影响，仍然亏损；公共安全和新型 3D 印材业务积极拓 展卡游、潮玩类新产品及烟酒包装新客户，对冲了酒类等消费下行的影响，收入略有增长。报告期内， 公司反光材料业务下滑趋势得到显著改善，报告期收入虽有小幅下滑，但亏损幅度有所收窄。2、报告 期内，公司相关资产减值损失同比大幅减少；同时，公司基于战略发展规划，持续加大 AR 光波导、光 栅尺、微透镜及光刻设备等领域的研发投入，研发费用增长较快；收入增长，以及因落实公司向半导体 相关光学设备及光学材料扩张而进行的持续对外投资、 ...

Group 1 - The company has signed a final agreement to acquire Finnish AR diffraction waveguide technology leader Dispelix Oy, aiming to accelerate the commercialization of AR waveguide technology in consumer and enterprise wearable devices [1] - The acquisition is expected to be completed in the first half of 2026, with Dispelix becoming a wholly-owned subsidiary, enhancing the company's capabilities in optical, precision manufacturing, and system-level integration [1] - The collaboration with Dispelix, established since 2022, aims to leverage both parties' strengths to develop next-generation AR devices and support global commercialization efforts [1] Group 2 - The company has partnered with ZTE to launch the "Doubao AI Phone," which features advanced voice interaction capabilities, marking a shift from a "tool" to an "intelligent agent" [2] - The Doubao AI Phone utilizes self-developed high-performance X-axis linear motors and dual speaker systems to enhance user interaction experiences [2] - The company is also collaborating with leading firms to provide diverse perception solutions for next-generation AI phones and wearable devices, focusing on "AI + perception" innovations [2] Group 3 - The company has co-created a high-precision pickup system for Alibaba's Quark AI glasses S1, featuring a 5-microphone array and bone conduction technology to improve voice interaction [2] - The Quark AI glasses S1 are designed to offer a lightweight experience and advanced features, enhancing user interaction in various environments [2] - The innovative audio solution reduces size by 25% and power consumption by 50%, ensuring clear communication even in noisy settings [2] Group 4 - The company projects revenues of 32.2 billion, 36 billion, and 40 billion yuan for 2025, 2026, and 2027, respectively, with net profits of 2.5 billion, 3 billion, and 3.3 billion yuan for the same years [2]

Company Overview - Sunny Optical Technology announced September shipment data: 1) Mobile optics: Camera module shipments reached 48.524 million units, up 32.0% YoY and 15.3% MoM, driven by increased customer demand. Lens shipments totaled 118 million units, down 1.0% YoY but up 1.9% MoM, mainly due to product structure adjustments. 2) Automotive-related products: Automotive lens shipments reached 11.66 million units, up 25.2% YoY and 15.8% MoM. 3) Other fields: Shipments of other lenses and optical products decreased by 20.6% YoY and 12.2% MoM, primarily related to VR demand [1]. Market Commentary - The upcoming Android stocking season has led to improved year-on-year trends in mobile optical product sales. The significant YoY increase of 32.0% in camera module shipments in September indicates a notable improvement compared to the first eight months of the year, attributed to a low base last year and earlier stocking schedules from Android customers, including Xiaomi's early launch of new models. Competitor Q Technology also reported a 40.5% YoY increase in shipments in September, likely influenced by similar factors. The YoY trend for lens shipments improved in September, mainly due to the Android stocking season and the launch of new Apple models, although the focus on high-end products has resulted in a slight YoY decline [1]. Product Strategy and Outlook - Given the company's ongoing product structure optimization strategy, it is expected that the average selling price (ASP) and gross margin for mobile optical products will improve YoY. The automotive optical market is steadily expanding, with a 23% YoY increase in automotive lens shipments from January to September, aligning with trends in the intelligent driving industry. The company is well-positioned to benefit from the increasing number of cameras per vehicle and enhanced specifications. In the AR sector, a partnership with GoerTek has been established, which, if completed, will make Shanghai Aolai a wholly-owned subsidiary of GoerTek Optical, with Ningbo Aolai holding a 31.31% stake in GoerTek Optical, making it the second-largest shareholder. This collaboration is expected to leverage resources and accelerate the mass production of etched diffraction waveguides [2]. Profit Forecast and Valuation - Due to better-than-expected sales of mobile optical products, the company's net profit forecasts for 2025 and 2026 have been raised by 4% and 6% to 3.77 billion and 4.50 billion CNY, respectively. The current stock price corresponds to a P/E ratio of 21.3x for 2025 and 17.6x for 2026. The company maintains an outperform rating with a target price of 99.2 HKD, which corresponds to a P/E of 26.4x and 21.8x for 2025 and 2026, indicating a potential upside of 24.1% from the current stock price [2].