2025 年 06 月 03 日 激光光学元器件一季度表现强劲，多元化产品矩 阵深耕光学赛道 告 买入(维持) 投资要点 分析师：高永豪 S1050524120001 gaoyh7@cfsc.com.cn 联系人：张璐 S1050123120019 zhanglu2@cfsc.com.cn | 基本数据 | 2 0 2 5-0 6-0 3 | | --- | --- | | 当前股价（元） | 68.05 | | 总市值（亿元） | 61 | | 总股本（百万股） | 90 | | 流通股本（百万股） | 90 | | 52 周价格范围（元） | 39.97-89.49 | | 日均成交额（百万元） | 205.74 | 市场表现 -60 -40 -20 0 20 40 60 (%) 炬光科技 沪深300 资料来源：Wind，华鑫证券研究 相关研究 ▌ 激光光学元器件一季度表现强劲，并购影响利润 端短期承压 公司激光光学元器件业务在一季度表现强劲，一方面得益于 泛半导体领域的市场需求提升，产品出货量显著增加；另一 方面，工业光纤激光器泵浦以及光通讯领域的市场需求也呈 现出增长趋势，一季度营收实现 1.70 亿 ...

研究报告 Research Report 3 Jun 2025 速腾聚创 RoboSense (2498 HK) 25Q1 业绩点评：ADAS 营收承压，泛机器人业务拉动盈利改善，看好新产品放量 25Q1 Results: ADAS Revenue Under Pressure, Robotics Drives Profit Improvement; Optimistic on New Product Volume Ramp-up [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$32.25 目标价 HK$42.54 HTI ESG 3.6-3.8-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$15.62bn / US$1.99bn 日交易额 (3 个月均值) US$85.12mn 发行股票数目 484.47mn 自由流通股 (%) 65% 1 年股价最高最低值 ...

【申万宏源通信】关注控制器低位修复，激光雷达机器人领域出货亮眼——申万宏源通信周专题（20250526- 20250530） 本期投资提示： 控制器板块此前超跌较为显著，且基本面边际向好显著，有望实现业绩修复和估值修复双击。 复盘历史十年控制器板块代表公司和而泰和拓邦股份股价表现（详见报告复盘图），我们认为： （1）控制器板块股价表现对业绩敏感度较高，业绩对原材料价格变动敏感度高 【申万宏源通信】关注控制器低位修复，激光雷达机器人领域出货亮眼——申万宏源通信周专题（20250526- 20250530） 本期投资提示： 控制器板块此前超跌较为显著，且基本面边际向好显著，有望实现业绩修复和估值修复双击。 复盘历史十年控制器板块代表公司和而泰和拓邦股份股价表现（详见报告复盘图），我们认为： （1）控制器板块股价表现对业绩敏感度较高，业绩对原材料价格变动敏感度高。 （2）近年较多外部因素影响，Q1业绩开始兑现修复 （3）主题催化下股价弹性较高。 近期禾赛科技和速腾聚创发布一季报，机器人领域是激光雷达的"第二增长曲线"，尤其是消费级的机器人规模上 量 （一）禾赛科技：一季度交付量近20万台，同比高增231% （二）速 ...

Core Viewpoint - Wuhan Yifei Laser Co., Ltd. received a warning letter from the Hubei Securities Regulatory Bureau due to significant discrepancies in its financial disclosures, particularly regarding its 2024 annual report and the previously released performance forecast [1][2][3]. Financial Discrepancies - The company reported a net profit attributable to shareholders of 24.32 million yuan for 2024, a decrease of 75.94% compared to 2023, without providing a performance forecast for 2024 [1][2]. - The initial performance announcement on February 28, 2025, indicated a net profit of 71.37 million yuan, which was later corrected to 2.43 million yuan in the annual report, highlighting a significant reporting error [2]. Regulatory Actions - The Hubei Securities Regulatory Bureau issued a warning letter to the company and its key executives, including the chairman and CFO, for failing to fulfill their disclosure obligations as per the regulations [2][3]. - The warning letter serves as an administrative regulatory measure and will be recorded in the securities and futures market integrity archives [3]. Internal Control Issues - The company's 2024 financial report received a negative opinion from the auditing firm, leading to the implementation of additional risk warnings on its stock starting May 6, 2025 [7][8]. - The company is required to disclose progress on resolving these issues at least once a month during the risk warning period [7][8]. Measures Taken - The company is actively cooperating with the auditing firm to provide additional evidence and is enhancing its internal control systems to prevent future discrepancies [9][10]. - Recent board meetings have led to the revision of governance and fundraising management policies to strengthen oversight and compliance [9][10]. Commitment to Compliance - The company emphasizes the importance of training its board members and key personnel on relevant laws and regulations to improve governance and operational standards [10]. - Ongoing communication with regulatory authorities is prioritized to ensure compliance and transparency in operations [10].

速腾聚创发布2025Q1业绩，机器人产品销量高增长【国信汽车旭霞团队】 公司发展近况：截至2025年3月底，公司已成功取得30家汽车整车厂及一级供应商的超过100款车型的量 产定点订单，并为其中12家客户的38款车型实现SOP。2025年1月，公司发布全球首款千线超远距数字 激光雷达EM4，具备1080线发射能力和最远600米探测距离，同时推出两款面向汽车与机器人市场的新 品激光雷达E1R与Airy，以及第二代灵巧手Papert 2.0，拥有20个自由度和14个力传感器。 2025年2月，公司在深圳举办第100万台激光雷达下线仪式，这台激光雷达已正式交付予人形机器人（上 海）有限公司。这标志着速腾聚创成为全球首家达成百万台高线数激光雷达下线的企业。 2025年3月，公司正式推出首款基于Active Camera平台打造的新型机器人视觉产品AC1及AI-Ready生态 系统，AC1是首款实现激光雷达、摄像头与IMU的硬件级融合的传感器，具备120°×60°超大FoV、70米 测距能力2025年4月，公司正式发布全新一代数字化激光雷达EMX，其具备真192线、每秒288万点的高 清点云输出、300米超远探测距离和 ...

周大生5月份接受机构调研的次数也超过10次。根据周大生披露的投资者关系活动记录表，5月27日，共 计33位投资者参与了周大生现场参观调研。对于"科技给行业带来哪些变化"的问题，周大生方面回复表 示，公司已经成立AI项目组，基于国内开源大模型，已经在做私有化的部署，目的是要提高行业认 知、企业认知，提升反应能力。在产品研发领域、营销领域、客服领域等，均已有所应用，提升效能。 同时，公司今年重点也要推进数智化升级，全面提升组织效率，以及产品配货效率。 汇川技术5月份接受机构调研的次数也居于前列，以现场调研，电话会议等多种形式接受机构调研。对 于在"人形机器人方面有什么布局"的问题，汇川技术方面回复表示，面向人形机器人产业，公司正在积 极开发电机、驱动、执行器模组等人形机器人相关的零部件产品。同时，基于制造业场景，基于工厂操 作类场景的价值闭环，从客户实际场景需求出发，为客户提供场景化的产品和解决方案。 刚刚过去的5月份，A股市场整体表现较好，主要指数不同程度上涨，逾七成个股上涨，机构调研活动 保持了较高的热度，相关机构通过积极调研上市公司寻找后市投资机会。 记者梳理发现，在2025年5月份接受机构调研的全部A股上 ...

本期投资提示： （一）禾赛科技：一季度交付量近20 万台，同比高增231%。禾赛科技公布2025 年第一季度财务数据， 数据显示第一季度实现营收5.3 亿元，同比增长46.3%。2025 年第一季度，禾赛激光雷达总交付量为 19.58 万台，同比增长231.3%。其中，ADAS 产品交付量为14.61 万台同比增长178.5%。机器人领域交 付量增长迅猛，在Robotaxi 领域和消费级机器人领域均加速市场渗透进程。在Robotaxi 市场，禾赛作为 百度ApolloGo、滴滴自动驾驶、小马智行和文远知行等头部Robotaxi 企业下一代车队的主激光雷达供应 商。在消费级机器人市场，公司将交付30 万颗JT 系列激光雷达加速渗透。 控制器板块此前超跌较为显著，且基本面边际向好显著，有望实现业绩修复和估值修复双击。就控制器 板块代表公司和而泰和拓邦股份来看，2025Q1 业绩已呈现修复态势，可乐观展望后续季度业绩表现。 复盘历史十年控制器板块代表公司和而泰和拓邦股份股价表现，我们认为： （1）控制器板块股价表现对业绩敏感度较高，业绩对原材料价格变动敏感度高。在18年、 21-23 年期 间，控制器部分原材料（包 ...

Group 1 - China's foreign trade maintains steady growth despite external shocks, showcasing strong resilience [1] - The general manager of Shandong Ruitu Laser Technology Co., Ltd., Ma Tongwei, emphasizes the continuous opportunities in international markets, highlighting successful participation in exhibitions and the establishment of overseas branches [1][2] - The price of laser cutting machines has significantly decreased from millions to 200,000-300,000 yuan, indicating a growing demand for high-precision and efficient machinery globally [2] Group 2 - Alibaba International Station's marketing head, Chen Tang, notes an unexpected surge in U.S. buyers following recent trade talks, leading to the launch of a special promotion for American buyers [3][4] - The first day of the U.S. promotion saw significant increases in order volumes across various categories, with automotive parts and machinery experiencing growth rates of 62% and 46% respectively [4] - European market orders have also surged, particularly in France, where order growth reached 150%, attributed to strengthening Sino-European trade relations [4] Group 3 - Liu Jie, deputy section chief of Jiangyin Customs, reports a diverse range of goods being exported through Jiangyin Port, reflecting the increasing complexity and volume of international trade [6][7] - Jiangyin Port has developed into the third-largest inland port in China, establishing direct shipping routes with over 600 ports globally, enhancing export efficiency [7] - New direct shipping lines to countries like Portugal and Cambodia have been opened, significantly reducing logistics times for exports to ASEAN markets [7]

速腾聚创实现总营收约3.3亿元，去年同期为3.61亿元；毛利增长至7701万元，同比大幅增长73.1%。速 腾聚创收入波动，很大程度由于其头部客户小鹏汽车的战略转向纯视觉方案。2021年发布小鹏P5时， 车身上还装有激光雷达，之后推出的多款车型也都搭载了激光雷达。然而3年后，2024年7月推出P7+车 型时，激光雷达就开始被去除，采用纯视觉方案。这些动作被视为小鹏从融合方案向纯视觉方案的全面 转向。 但得益于ADAS、机器人及其他产品应用毛利率的大幅提高，速腾聚创整体毛利率达23.5%，同比提升 11.2个百分点；同时净亏损显著收窄至9878.6万元，同比改善24.4%，表明运营效率的有效提升。 在AI机器人战略稳步推进、产品综合优势突出和产业加速发展等因素的共同推动下，一季度速腾聚创 机器人业务全面爆发，产品销量、收入等核心数据实现迅猛增长，为公司点燃业绩增长引擎注入强劲动 能。报告期内，在E1R及Airy销量的带动下，机器人业务激光雷达产品销量约11900台，同比增长 183.3%；同时实现收入7340.3万元，同比大幅增长87.0%。 在割草机器人领域，凭借高可靠性、高感知能力与高集成度等突出优势，速腾 ...

Group 1: Financial Performance - Bawang Tea Ji reported a net profit of 677 million yuan for Q1 2025, representing a year-on-year increase of 13.8% [1] - The company achieved a total net revenue of 3.39 billion yuan in Q1 2025, up 35.4% year-on-year, with a total GMV of 8.23 billion yuan, a 38% increase [1] - Sutech Ju Chuang's Q1 revenue was approximately 330 million yuan, with a gross profit of 77.01 million yuan, reflecting a 73.1% year-on-year growth [3] Group 2: Expansion and Strategic Initiatives - Bawang Tea Ji's global store count reached 6,681, with active user numbers hitting 44.9 million in the same quarter [1] - Zhonghong Medical plans to invest 557 million yuan in the first phase of its SEA2 production base, which will include 10 production lines for nitrile gloves [2] - Lemo announced a partnership with NIO to launch the Lemmo Zero smart folding electric bike, designed for compact storage and integration with NIO's vehicle systems [9] Group 3: Market Developments - Hong Kong's Legislative Council passed the Stablecoin Bill, allowing companies like JD to issue stablecoins to enhance cross-border payment capabilities [5] - The Hong Kong Stock Exchange has received significant inquiries following the launch of the "Tech Company Fast Track," indicating a growing interest in IPOs from mainland companies [12][13] - The National Foreign Exchange Administration reported that China's goods and services trade reached 43,706 billion yuan in April 2025, with a year-on-year growth of 6% [14]