关于苏州天禄光科技股份有限公司 首次公开发行股票并在创业板上市持续督导保荐总结报告书 根据中国证券监督管理委员会证监许可20212058 号文批复，并经深圳证 券交易所同意，苏州天禄光科技股份有限公司（以下简称"天禄科技""发行 人"或"公司"）由主承销商中泰证券股份有限公司于 2021 年 8 月 4 日在深圳证 券交易所采取网下向符合条件的投资者询价配售和网上向持有深圳市场非限售 A 股股份或非限售存托凭证市值的社会公众投资者定价发行相结合的方式向社 会公众公开发行人民币普通股（A 股）2,579.00 万股，发行价为每股人民币 用 4,573.69 万元后，募集资金净额为 36,200.30 万元。公司首次公开发行的股票 于 2021 年 8 月 13 日上市交易。 中泰证券股份有限公司 根据中国证监会的规定，保荐机构对天禄科技首次公开发行股票项目的持 续督导期为 2021 年 8 月 13 日至 2024 年 12 月 31 日。持续督导期间，保荐机构 及保荐代表人根据中国证监会的相关规定及深圳证券交易所等监管部门的有关 要求，认真履行持续督导职责，主要保荐工作具体如下： 人、其他关联方违规占用公司资 ...

Group 1: Focusing on Companies - Tianhong Fund recently conducted research on five listed companies, including Foxit Software, which has a first-mover advantage in the intelligent document processing sector, primarily serving small and medium enterprises while also catering to large clients [1] - Foxit Software is enhancing its subscription revenue through cloud transformation and global marketing network expansion, with AI driving business model upgrades [1] - Laisentongling is expected to see rapid revenue growth in 2024, with a focus on differentiated gold products and brand positioning, aiming for a gross margin increase from 39.5% in 2024 to 41.7% in Q1 2025 [2] - Fuguang Co., Ltd. achieved a revenue of 621.39 million yuan in 2024, a year-on-year increase of 5.82%, and a net profit of 9.49 million yuan, marking a turnaround to profitability [3] - Zhongke Environmental Protection has a differentiated advantage in its heating business, with significant growth potential driven by stable heat demand and project location advantages [4] - Zhuhai Guanyu plans to enhance its product and market competitiveness by increasing R&D investment and improving process levels, while also focusing on key technologies in lithium-ion and sodium-ion batteries [5] Group 2: Financial Performance and Projections - Foxit Software's accounts receivable and contract liabilities grew in tandem, influenced by subscription transformation and acquisitions [1] - Laisentongling's gold-inlaid products are expected to account for 65% of revenue in 2024, increasing to 70%-75% in Q1 2025, with a focus on optimizing low-efficiency stores [2] - Fuguang Co., Ltd.'s customized product business saw a revenue increase of 113.26%, indicating strong market demand for high-end optical components [3] - Zhongke Environmental Protection's heating capacity is significantly greater than current demand, indicating potential for future growth [4] - Zhuhai Guanyu's investment cash flow is negative due to fixed asset investments, while financing cash flow is also negative due to loan repayments and interest payments [5]

Core Viewpoint - The company is actively adjusting its production bases and expanding its product offerings in the optical components sector, particularly focusing on laser radar and waveguide technologies, which are crucial for the development of smart driving and augmented reality applications [2][3][4][5]. Production Base Adjustments - The company has initiated adjustments to its four major production bases to better align with customer demands, with a timeline of one to two years for full implementation [2]. Laser Radar Business - The company is a key supplier of glass-based laser radar window components, which are essential for smart driving technology, and is experiencing increasing demand from various sectors, including humanoid robotics [3]. Waveguide Technology - The company is focusing on reflective waveguide technology, which offers advantages in color, resolution, and field of view, although mass production remains a global challenge [4][5]. Optical Components for AR Glasses - The company has a long-standing presence in the optical components market for AR glasses and is continuously developing new optical products to meet the evolving needs of clients [7][8]. Financial Performance - In Q1 2025, the company reported a revenue of 1.482 billion yuan, a year-on-year increase of 10.2%, and a net profit of 221 million yuan, up 23.67% year-on-year, indicating strong financial health [10]. Institutional Ratings - Over the past 90 days, 20 institutions have rated the stock, with 17 buy ratings and 3 hold ratings, reflecting positive market sentiment [10]. Profit Forecasts - Various institutions have provided profit forecasts for the company, with projected net profits for 2025 ranging from 1.209 billion yuan to 1.371 billion yuan, indicating expected growth in the coming years [11].

Group 1: Production Base Adjustments - The company has initiated adjustments to its four major production bases to better align with customer needs, with an expected completion time of one to two years [2] - The Taizhou main plant will serve as the core practice base for North American clients, while the Jiangxi base will focus on domestic circulation [2] Group 2: Laser Radar Window Products - Laser radar is crucial for safe driving, especially in adverse weather conditions, and the trend of integrating laser radar into vehicles is increasing [2] - The company supplies glass-based laser radar windows and maintains a leading market share in this segment, collaborating with major domestic and international laser radar manufacturers [2] Group 3: Waveguide Technology - The company is focusing on reflective waveguide technology, which offers advantages in full color, high resolution, and wide field of view, but faces global mass production challenges [3][4] - Currently, there are no large-scale consumer market applications for full-color reflective waveguide AR glasses in China [3] Group 4: Competitive Analysis of Waveguide Technologies - Reflective waveguides excel in resolution, clarity, and color uniformity, but their mass production remains a global challenge [4] - Diffractive waveguides have advantages in cost-effectiveness and mass production for small field-of-view applications, but struggle with full-color display quality [4] Group 5: Optical Machine Layout for AR Glasses - The company has been involved in optical module development for AR glasses for over a decade and continues to follow advancements in optical machine solutions [6] - The focus is on developing optical components necessary for optical machines, aligning with the company's strategic resource allocation [6] Group 6: Client Collaboration and Market Dynamics - The company is currently in a technical research collaboration phase with major North American clients, focusing on optical innovations for smart devices [7] - Despite potential tariff impacts, the company has not yet faced price adjustment demands from clients, maintaining resilience through ongoing optical hardware upgrades [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown steady revenue growth, with significant increases in revenue from various optical components and devices, indicating a positive market response and effective product optimization strategies [7] - The company is focusing on high-end optical components in the optical communication sector and collaborating with major laser manufacturers to break foreign technology monopolies [7] - The earnings forecast for the company has been adjusted, with expected net profits for 2025-2027 projected at 270 million, 330 million, and 410 million respectively, reflecting a strong growth trajectory [7] Financial Performance Summary - For 2024, the company is expected to achieve revenue of 880 million, a year-on-year increase of 12%, and a net profit of 220 million, a year-on-year increase of 4.7% [6] - In Q1 2025, the company reported revenue of 240 million, a year-on-year increase of 15.2%, and a net profit of 50 million, a year-on-year increase of 3.4% [6] - The gross margin for 2024 is projected at 53.8%, with a net margin of 25.9%, indicating stable profitability despite slight declines in margins [6] Revenue Breakdown - Revenue from nonlinear optical crystal components, laser crystal components, precision optical components, and laser devices for 2024 is expected to be 230 million, 150 million, 310 million, and 160 million respectively, with year-on-year growth rates of 14.9%, 8.6%, 24.2%, and 5.4% [7] - The subsidiary Ruichuang Optoelectronics is projected to achieve revenue of 24.99 million, a year-on-year increase of 45.9% [7] R&D Investment - The company increased its R&D investment to 97.54 million in 2024, a year-on-year increase of 11.9%, focusing on advanced optical components and laser technologies [7] Valuation Metrics - The projected P/E ratios for 2025, 2026, and 2027 are 61.3, 49.8, and 40.9 respectively, indicating a favorable valuation outlook as earnings grow [5][8]

Core Insights - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 6.278 billion yuan, a year-on-year growth of 23.67%, and net profit of 1.030 billion yuan, a year-on-year increase of 71.57% [1] - The company is focusing on product development in optical components and has established strong partnerships with major clients to drive innovation [2] - The automotive electronics segment, particularly in HUD technology, is solidifying its leading position, while AR business is seen as a future growth point [3] Financial Performance - In 2024, the company achieved a record high revenue of 6.278 billion yuan, with a net profit of 1.030 billion yuan, reflecting a robust growth in profitability [1] - For Q1 2025, the company reported a revenue of 1.482 billion yuan, a year-on-year increase of 10.20%, and a net profit of 0.221 billion yuan, a year-on-year growth of 23.67% [1] Product Development and Market Position - Optical components generated revenue of 2.884 billion yuan in 2024, accounting for 45.9% of total revenue, with a gross margin of 36.31% [2] - The film optical panel segment saw revenue of 2.472 billion yuan, representing a year-on-year growth of 33.69%, and maintained a gross margin of 26.65% [2] - The automotive electronics segment, including HUD, generated revenue of 0.300 billion yuan, with a gross margin of 13.53% [3] Future Outlook - The company anticipates continued growth in revenue and net profit from 2025 to 2027, with projected revenues of 7.389 billion yuan, 8.614 billion yuan, and 9.990 billion yuan respectively [3] - The company maintains an "outperform" rating, highlighting the potential for collaboration with major clients and growth in consumer electronics, automotive optics, and AR/VR sectors [3]

Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company experienced significant revenue growth in Q1 2025, with a revenue of 0.94 billion RMB, representing an 80% year-on-year increase, primarily driven by high-power product sales and successful shipments in optical communication [1]. - The company is expected to enter a harvest period in its optical communication business, with continuous breakthroughs in the 100G EML and other optical communication chip sectors [4]. - The report anticipates an upward adjustment in revenue forecasts for 2025-2027, with projected revenues of 4.15 billion RMB, 5.10 billion RMB, and 6.02 billion RMB respectively [5][13]. Summary by Sections Financial Performance - In 2024, the company's revenue was 2.73 billion RMB, a decrease of 6% year-on-year, with a net loss of 1.00 billion RMB, an 8% increase in loss compared to the previous year [1]. - The gross margin for 2024 was 24%, down 10 percentage points year-on-year, while Q1 2025 saw a gross margin recovery to 29%, up 3 percentage points year-on-year [3]. - The company effectively controlled expenses, with sales, management, and R&D expense ratios improving in Q1 2025 compared to the previous year [3]. Business Segments - The high-power single-tube business faced challenges in 2024, with revenue declining by 15% to 2.13 billion RMB, while the high-power bar series saw a 31% increase in revenue [2]. - New products, particularly in optical communication chips, are expected to contribute significantly to revenue growth, with other business segments showing a 135% increase in revenue [2]. Strategic Initiatives - The company is focused on integrating platform resources and expanding its product and technology applications through strategic partnerships and investments in specialized fields [4]. - Collaborations with leading companies in the laser industry and investments in high-end crystal development are part of the company's growth strategy [4].

日久光电（003015）公告，公司全资子公司浙江日久新材料科技有限公司拟向供应商采购真空磁控溅镀 设备，采购合同总金额预计不超过2亿元。该设备将用于公司调光导电膜、光学膜等业务。交易金额占 公司最近一期经审计净资产的10%以上，已获董事会审议通过，无需提交股东大会审议。交易对方信息 因商业秘密及战略发展考虑未予披露。设备尚未交付，预计定金支付后8个月内交付。交易价格参考市 场价格并经双方协商确定，资金来源为公司自有资金及自筹资金。本次交易对公司本期和未来财务状况 和经营成果不存在重大影响。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 892 million yuan for 2024, a year-on-year increase of 4.4%, and a net profit attributable to shareholders of 209 million yuan, a decrease of 11.4%. In Q1 2025, the company achieved a revenue of 220 million yuan, a year-on-year increase of 1.8%, and a net profit of 56 million yuan, a year-on-year increase of 22.2% [4][6] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 892 million yuan, with a year-on-year growth rate of 4.4%. For Q1 2025, revenue is 220 million yuan, with a growth rate of 1.8%. The estimated revenues for 2025, 2026, and 2027 are 1,165 million yuan, 1,411 million yuan, and 1,673 million yuan respectively, with growth rates of 30.7%, 21.1%, and 18.5% [5][8] - The net profit attributable to shareholders for 2025 is estimated at 302 million yuan, with a growth rate of 45.0%. The projected net profits for 2026 and 2027 are 349 million yuan and 400 million yuan, with growth rates of 15.5% and 14.5% respectively [5][8] - The earnings per share for 2025 is estimated at 2.72 yuan, with a projected PE ratio of 32 [5][8] Business Performance Insights - The optical microscope business generated sales of 356 million yuan in 2024, a decline of 13.92%, while the optical components business achieved sales of 513 million yuan, an increase of 22.56%. The high-end microscope segment has seen significant growth, with over 5% domestic substitution achieved [6] - The company continues to invest in R&D, with expenditures reaching 98.5 million yuan in 2024, accounting for 11.33% of main business revenue. New microscope products priced between 200,000 and 3 million yuan have been launched, and the company has established long-term partnerships in the semiconductor sector [6] Profit Forecast Adjustments - The profit forecasts for 2025 and 2026 have been adjusted downwards, with new estimates for 2025 and 2026 net profits set at 302 million yuan and 349 million yuan respectively. The current stock price corresponds to PE ratios of 32, 28, and 24 for 2025, 2026, and 2027 respectively, indicating over 20% upside potential based on a target PE of 42 for 2025 [6]

近期清溢光电(688138)发布2025年一季报，证券之星财报模型分析如下： 其他关键指标 每股净资产为5.75元，同比增长9.39%；每股收益为0.2元，同比增长5.26%；每股经营性现金流为0.21 元，同比减少2.29%。 营收与利润 清溢光电(688138)在2025年一季度实现营业总收入2.99亿元，同比增长9.83%。归母净利润为5174.22万 元，同比增长4.34%；扣非净利润为4711.81万元，同比增长5.41%。这表明公司在报告期内保持了较为 稳定的盈利能力。 毛利率与净利率 公司的毛利率为31.85%，较去年同期增长3.81%，显示出公司在成本控制方面有所改善。然而，净利率 为17.34%，同比下降4.96%，这可能与费用增加有关。 费用情况 值得注意的是，清溢光电的三费(销售费用、管理费用、财务费用)占营收比例从去年同期的6.36%上升 至10.44%，增幅达64.02%。这表明公司在费用控制方面面临一定压力，需要进一步优化成本结构。 现金流与负债 截至报告期末，公司的货币资金为3.65亿元，较去年同期减少9.61%。同时，有息负债达到7.44亿元， 同比增长46.42%，有息资产负 ...