业绩稳健增长，至期光子营收大增 光学光电子 | 分析师：王芳 | | --- | | 执业证书编号：S0740521120002 | | Email：wangfang02@zts.com.cn | | 分析师：杨旭 | | 执业证书编号：S0740521120001 | | Email：yangxu01@zts.com.cn | | 分析师：张琼 | | 执业证书编号：S0740523070004 | | Email：zhangqiong@zts.com.cn | | 基本状况 | | | --- | --- | | 总股本(百万股) | 470.25 | | 流通股本(百万股) | 468.15 | | 市价(元) | 35.18 | | 市值(百万元) | 16,543.40 | | 流通市值(百万元) | 16,469.58 | 福晶科技（002222.SZ） 证券研究报告/公司点评报告 2025 年 05 月 07 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...

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].

2025 年 05 月 05 日 永新光学 (603297) 公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 87.12 | | 一年内最高/最低（元） | 118.00/49.62 | | 市净率 | 4.9 | | 股息率%（分红/股价） | 1.10 | | 流通 A 股市值（百万元） | 6,221 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 17.94 | | 资产负债率% | 13.92 | | 总股本/流通 A 股（百万） | 111/71 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04- ...

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 ...

其 他 报 告 2025年04月30日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3287 | -0.05 | 0.56 | | 深证成份指数 | 9850 | -0.05 | 1.38 | | 沪深300指数 | 3775 | -0.17 | 0.38 | | 创业板指数 | 1932 | -0.13 | 1.74 | | 上证国债指数 | 225 | 0.03 | 0.01 | | 上证基金指数 | 6758 | -0.06 | 0.71 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 22008 | 0.16 | 2.74 | | 中国香港国企指数 | 8068 | -0.15 | 2.32 | | 中国台湾加权指数 | 20233 | 0.99 | 2.46 | | 道琼斯指数 | 40528 | 0.75 ...

证券研究报告 TCL 科技 (000100 CH) 1Q25 显示业务盈利改善明显 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 光学光电子 | TCL 科技发布 2024&1Q25 业绩：2024 年实现营收 1,650 亿元（yoy：-5%）； 毛利率 11.7%（yoy：-3.0pp）；归母净利 15.6 亿元（yoy：-29%），低于我 们预期的 24.8 亿元（主要受新能源光伏业务拖累）。1Q25 实现营收 401 亿 元（yoy：+0.4%）；毛利率 13.3%（yoy：+1.7pp，qoq：2.8pp）；归母净 利 10.1 亿元（yoy：+322%）。我们认为公司 1Q25 业绩同比提升主因国补 政策推动下，LCD 面板"量价齐升"。维持目标价 5.80 元和"买入"评级。 1Q25 回顾：显示业务盈利同环比改善 公司显示业务 1Q25 实现营收 275 亿元（yoy：+18%），净利润 23.3 亿元 （yoy：+329%，qoq：+30%）。显示业务 1Q25 业绩同比改善主要原因是 来 ...

证券研究报告 水晶光电 (002273 CH) Q1 业绩同比稳健增长，看好光学创新 与 AR 共驱成长 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 30 日│中国内地 | 消费电子 | 水晶光电 2024 年营收 62.78 亿元（yoy+23.67%），归母净利润 10.3 亿元 （yoy+71.57%），略低于我们此前预期（10.8 亿）。1Q25 单季度营收 14.82 亿元（yoy+10.2%），归母净利 2.21 亿元（yoy+23.67%）。我们认为 2024 及 1Q25 归母净利同比增长亮眼主要得益于：1）多元化战略成效凸显，基 本盘业务稳中有升，微棱镜等新品出货量同比快速增长；2）产品结构及生 产效率优化，1Q25 毛利率同比+3.95pct。我们看好水晶光电未来成长性， 主要来自：1）光学行业创新趋势明朗，滤光片等老产品迎来升级迭代，同 时卡位多个新品开发项目，主业成长动能强劲；2）AR 业务远期空间广阔， 水晶光波导产品全球竞争力领先，已与北美头部客户战略合作，共推行业发 展；3）管理体制逐步优化，深化全 ...

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

Core Viewpoint - The company reported a revenue increase of 9.27% for the fiscal year 2024, driven by the commencement of mass production and delivery of its first designated vehicle model, the AITO M9, contributing to the growth of its automotive optical business [2][3]. Financial Performance - The total revenue for 2024 was 2.419 billion yuan, up from 2.213 billion yuan in 2023 [3]. - Net profit attributable to shareholders decreased by 72.91% to 27.95 million yuan compared to 103.19 million yuan in the previous year [3][4]. - The net profit after deducting non-recurring gains and losses was 32.13 million yuan, down 22.88% from 41.66 million yuan in 2023 [3][4]. - The net cash flow from operating activities was 87.22 million yuan, a decline of 76.04% year-on-year [4]. Business Strategy and Developments - The company has adjusted its C-end business strategy, leading to a decrease in revenue and gross margin from this segment, while the automotive business is gaining a larger share of revenue [4]. - The company has secured 13 automotive designations, including a significant contract for smart cockpit systems with a leading international automaker, indicating a shift towards global market expansion [4]. Research and Development - R&D expenditure accounted for 10.24% of total revenue, a decrease from 12.69% in the previous year [3]. - The company is focusing on technological upgrades and product diversification in its automotive segment to meet the needs of car manufacturers [4]. Q1 2025 Performance - For Q1 2025, the company reported a revenue of 461.38 million yuan, a 3.67% increase year-on-year [5]. - The net loss attributable to shareholders was 21.36 million yuan, a shift from profit to loss compared to the same period last year [5].