3.公司未来是否有半导体产能扩产计划？资金方面是 否充足，是否有融资计划？ 应用于半导体等新兴应用领域的精密光学元件具有加 工精度要求高、加工难度大的特点。近年来，公司成立了先 进制造工艺中心，购置了磁流变、离子束抛光设备、IBS镀 膜机、三坐标测量仪等超光滑加工与检测设备，并配有"千 级""百级"洁净间，加工精度可以达到超精密级。从当前 公司的半导体业务体量来看，上述产能和现有资金可以满足 当前以及短期内业务小规模提升后的需求。由于上述产能相 关设备的单台套价值普遍较高，都属于相对重资产投入，公 司会审慎地考虑产能扩充计划，如果未来公司半导体业务发 展情况超出了短期产能规划，公司也会考虑通过资本市场的 融资工具解决资金需求，届时公司将按照规定履行审议程序 和披露义务。 4.公司去年产品毛利有所下滑，今年如何展望？ 投资者关系活动记录表 编号：2025-005 | | ☑特定对象调研□分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访□业绩说明会 □新闻发布会□路演活动 | | 类别 | | | | □现场参观 | | | □其他 | | 活动参与单位名 | 财通基金；银河基金；富 ...

Group 1 - The overall manufacturing industrial production index recorded a year-on-year increase of 0.7% in Q1 2025, following a 1.0% increase in Q4 2024 [1] - The producer price index (PPI) rose by 4.8% in Q1 2025 compared to the same quarter last year, after a 4.1% increase in Q4 2024 [1] - The industrial production index for wastewater treatment, waste management, and pollution prevention activities increased by 1.8% in Q1 2025, contrasting with a 0.7% decline in Q4 2024 [1] Group 2 - Key industries with production volume increases in Q1 2025 include paper products, printing, and recorded media copying (+2.9%), metals, computers, electronics, and optical products, machinery and equipment (+2.4%), and textiles and garments (+0.8%) [2] - The food, beverage, and tobacco products industry experienced a decline of 0.3% in production volume [2] Group 3 - The seasonally adjusted overall manufacturing industrial production index decreased by 0.5% in Q1 2025 compared to Q4 2024 [3] - The PPI for metals, computers, electronics, and optical products, machinery and equipment rose by 9.7% in Q1 2025 compared to the same quarter last year [3] - The textile products and garments industry saw a decline in PPI of 0.5% [3]

Core Viewpoint - Sunny Optical's May shipments included 98.1 million mobile phone lenses, 10.71 million automotive lenses, and 37.73 million mobile camera modules [1] Group 1: Company Performance - In May, Sunny Optical achieved a mobile phone lens shipment volume of 98.1 million units [1] - The company also reported automotive lens shipments totaling 10.71 million units [1] - Additionally, mobile camera module shipments reached 37.73 million units [1]

Core Insights - The company Sunyu Optical Technology reported a decline in mobile lens shipments for May 2025, with a total of 98.1 million units, representing a year-on-year decrease of 5.2% and a quarter-on-quarter decrease of 4.8% [1] - The automotive lens shipments reached 10.7 million units, showing a year-on-year increase of 28.4%, but a quarter-on-quarter decline of 7.4% [1] - Other lens shipments totaled 10.5 million units, reflecting a significant year-on-year growth of 51.3% and a quarter-on-quarter increase of 5.9% [1] - Mobile camera module shipments amounted to 37.7 million units, which is a year-on-year decline of 17.1% and a quarter-on-quarter decrease of 3.9% [1] - Shipments of other optical products reached 4.8 million units, indicating a year-on-year increase of 44.8% and a quarter-on-quarter growth of 31.3% [1]

个股表现 2024-06 2024-08 2024-11 2025-01 2025-03 2025-06 -16% 5% 26% 47% 68% 89% 110% 131% 152% 173% 福光股份 电子 证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |首次覆盖 | 最新收盘价（元） | 30.30 | | --- | --- | | 总股本/流通股本（亿股）1.61 | / 1.61 | | 总市值/流通市值（亿元）49 | / 49 | | 周内最高/最低价 52 | 44.30 / 12.95 | | 资产负债率(%) | 33.8% | | 市盈率 | 501.66 | | 第一大股东 | 中融(福建)投资有限公 | | 司 | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 福光股份(688010) 半导体精密光学持续推进，车载镜头加速成长 l 投资要点 定制产品与非定制产品双轮驱动，深化 ...

相关研究报告 【平安证券】量化行业比较系列报告之一：基于 资本开支周期的 PB-ROE 模型在行业比较运用 *20241105 证券分析师 | 郭子睿 | 投资咨询资格编号 | | --- | --- | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 任书康 | 投资咨询资格编号 | | | S1060525050001 | | | RENSHUKANG722@pingan.com.cn | | 陈瑶 | 投资咨询资格编号 | | | S1060524120003 | | | CHENYAO370@pingan.com.cn | 研究助理 胡心怡 一般证券从业资格编号 S1060124030069 HUXINYI184@pingan.com.cn 高越 一般证券从业资格编号 S1060124070014 GAOYUE384@pingan.com.cn 基金 2025 年 6 月 11 日 量化行业比较系列报告之二： 基于资本开支周期的行业比较与轮动策略 金 报 告 资本开支周期：供给侧视角下的行业比较。资本开支周期是中国行业周期的 主导驱动力，资 ...

Core Viewpoint - The company plans to establish a wholly-owned subsidiary in Vietnam, Phoenix Optical (Vietnam) Co., Ltd., to invest in a manufacturing base for optoelectronic products with a total investment of $8.5 million [1] Group 1: Investment Details - The investment will be used for factory renovation, equipment procurement, and working capital [1] - The board of directors approved the investment plan on June 11, 2025, and authorized the management team to handle related matters [1] Group 2: Regulatory Requirements - The investment is subject to domestic approval or filing procedures for overseas investment, as well as local investment permits and business registration in Vietnam [1]

Core Insights - Ningbo has become a focal point for other developed cities in China, particularly in technology innovation, attracting delegations from major cities like Shanghai, Beijing, and Shenzhen for learning exchanges [1][2] - The city's GDP has significantly increased from 0.76 trillion to 1.81 trillion from 2014 to 2024, marking a growth of 10,545 billion [3] - Ningbo is recognized as the first "Champion City" in China, with 104 manufacturing champion enterprises, maintaining the top position for seven consecutive years [4] Economic Growth - Ningbo's GDP growth from 2014 to 2024 is notable, with an increase of 10,545 billion, positioning it as the second city in Zhejiang and aiming for the top ten in the "trillion club" [3] - The city has a strong manufacturing base, with a focus on specialized and high-quality production, contributing to its economic resilience [11][12] Manufacturing Excellence - Ningbo is home to several global leaders in niche manufacturing, such as Sunyu Optical, which supplies one-third of the world's Android phone lenses, and Bode High-Tech, which provides 40% of the world's precision cutting wire [9][10] - The city has made significant strides in critical technology sectors, including semiconductor materials and aerospace components, showcasing its role in national strategic projects [10] Business Environment - The historical business culture in Ningbo, characterized by a strong entrepreneurial spirit and a focus on specialized sectors, has fostered a vibrant private economy, with 97% of businesses being privately owned [11][12] - The government plays an active role in supporting champion enterprises, providing financial incentives and a favorable business environment, ranking fifth nationally for its business climate [19][20] Innovation and Collaboration - Ningbo has established a "big cluster + small specialty" model, promoting collaboration among enterprises within industrial chains, enhancing competitiveness and innovation [17][18] - The city has identified 100 industrial chains, with 18 leading enterprises acting as "chain masters" to drive development and innovation within their sectors [18] Champion Enterprises - The concept of "single champion" enterprises is central to Ningbo's strategy for high-quality development, with significant rewards and support for those achieving this status [22][23] - The city offers substantial financial rewards for national and local champion enterprises, with amounts reaching up to 500 million for national recognition [21]

Group 1 - The company North Electro-Optic Co., Ltd. is planning to issue A-shares to specific investors, having obtained necessary approvals from relevant authorities including the China Securities Regulatory Commission [2][3][4] - The total number of shares to be issued will not exceed 88 million, accounting for no more than 30% of the company's total share capital prior to the issuance [4][5] - The funds raised will be allocated to projects such as the digital R&D and manufacturing capacity for precision-guided products, with a total investment of 107 million yuan [4][8] Group 2 - The company has faced financial challenges, reporting a net profit of 71.02 million yuan, 69.17 million yuan, a loss of 206.09 million yuan, and a profit of 1.21 million yuan over the past four reporting periods [6][7] - The company’s revenue from defense products is influenced by national policies, international security situations, and the specific procurement plans of military clients, which can lead to fluctuations in orders [5][6] - The company has a significant amount of accounts receivable, with values of 248.18 million yuan, 269.97 million yuan, 973.00 million yuan, and 784.86 million yuan at the end of each reporting period, indicating potential cash flow risks [7][8] Group 3 - The defense industry is characterized by high technical barriers and stringent qualification requirements for manufacturers, which can limit new entrants [24][25] - The company operates primarily in the defense and optoelectronic materials sectors, with its defense business focusing on the R&D, design, production, and sales of optical defense products [14][15] - The global market for optoelectronic devices is expected to grow, with the military optoelectronic equipment market projected to increase from 9.7 billion USD to 13 billion USD from 2020 to 2025, reflecting a compound annual growth rate of 6.03% [22][23]

品实现营业收入 2,944.78 万元，同比增长 104.19%。3、OCA 光 学胶在客户端口碑良好，出货量和市场份额都有了较大提升，报 告期内，OCA 光学胶实现营业收入 1.58 亿元，同比增长 21.3%。 Q2、去年调光导电膜收入增长显著，今年对 IT0 导电膜和调光 导电膜的收入增长有何预期? 答：内嵌式 in-cell 技术通过将触控功能集成至显示面板内部， 相较外挂薄膜式方案在厚度减少 0.3mm、透光率提升 15%的同时， 良品率已从三年前的 65%攀升至 2024 年的 88%，驱动其在 LCD 手机渗透率突破 75%。受技术迭代的影响以手机为主要应用场景 的外挂薄膜式 ITO 导电膜发展还是比较受限。调光导电膜目前公 司建立了 PDLC（聚合物分散液晶）、SPD（悬浮粒子）、EC（电 致变色）及 LC（染料液晶）四大技术平台。目前在售的产品以 汽车天幕、侧窗、后视镜为主要应用场景。同时，公司也积极配 合客户在智能穿戴、建筑等其他应用场景提供调光导电膜的技术 支持，目前已完成了前期样品认证。公司也会尽快完成该类产品 的效益转换。 江苏日久光电股份有限公司投资者关系活动记录表 编号：2025 ...