Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 25.20% year-on-year increase in revenue for 2024, reaching 2.014 billion yuan, and a 14.40% increase in net profit, amounting to 528 million yuan [2][4] - The gross margin remains stable at 46.93%, although it has decreased by 1.45 percentage points year-on-year, while the net margin has decreased by 2.47 percentage points to 26.19% due to increased asset impairment losses [2] - The company is a leader in the photovoltaic laser equipment sector, with significant breakthroughs in packaging equipment and ongoing research in semiconductor and other new fields [4][5] Financial Performance Summary - For 2024, the company achieved a revenue of 2.014 billion yuan, with a gross margin of 46.93% and a net profit margin of 26.19% [2][8] - The fourth quarter of 2024 saw a revenue of 574 million yuan, a 25.59% increase year-on-year, and a net profit of 144 million yuan, an 18.46% increase year-on-year [2] - In the first quarter of 2025, the company reported a revenue of 561 million yuan, a 24.55% increase year-on-year, and a net profit of 163 million yuan, a 20.76% increase year-on-year [2] Product and Market Position - The company has a competitive advantage in various photovoltaic product lines, with 99.96% of its revenue coming from the photovoltaic industry in 2024 [4] - The company is actively developing laser processing equipment for consumer electronics, new displays, and integrated circuits, indicating a diversification strategy [4] - The company has secured significant orders, including a 1.229 billion yuan order from a leading photovoltaic enterprise for its back-contact battery laser micro-etching equipment [5][6] Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 2.415 billion yuan, 2.840 billion yuan, and 3.546 billion yuan, respectively, with corresponding net profits of 635 million yuan, 838 million yuan, and 1.110 billion yuan [6][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.32 yuan, 3.06 yuan, and 4.06 yuan, respectively [6][8] - The price-to-earnings (P/E) ratios for the same years are projected to be 25, 19, and 14, reflecting the company's strong market position and innovation capabilities [6][8]

丨证券研究报告丨 公司研究丨点评报告丨锐科激光（300747.SZ） [Table_Title] 锐科激光：静待格局改善，未来产业有望逐步发 力 报告要点 [Table_Summary] 公司发布 2025 一季报，2025Q1 实现营收 7.15 亿元，同比-10.72%；归母净利润 0.17 亿元， 同比-73.36%；扣非归母净利润 0.02 亿元，同比-94.02%。往后看，公司龙头格局基本稳固， 制造业需求有望修复，公司有望继续受益于高功率+激光出海大趋势。看好公司持续推进降本 增效，夯实核心业务优势，并通过战略业务、国际业务持续打开成长空间。 赵智勇 臧雄 SAC：S0490517110001 SAC：S0490518070005 SFC：BRP550 SFC：BVO790 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 锐科激光（300747.SZ） cjzqdt11111 分析师及联系人 [Table_Author] [Table_Title 锐科激光：静待格局改善，未来产业有望逐步发 2] 力 [Table_Summary2] 事件描述 公司发 ...

Group 1 - The core viewpoint of the articles highlights the recent patent acquisition by Haimuxing Laser Technology Group Co., Ltd., showcasing its innovation and technical strength in the laser and automation manufacturing sector [1][2] - The newly authorized utility model patent, titled "Reflective Film Attachment Mechanism and Reflective Film Attachment Equipment," was granted on April 4, 2025, under application number CN202420178705.1 [1] - The patent involves a reflective film attachment mechanism that includes feeding components, support blocks, cutting components, and pressing wheel components, designed to enhance the precision and efficiency of reflective film attachment [1] Group 2 - Since 2025, Haimuxing Group has achieved a remarkable performance in patent acquisition, with a total of 111 new patents authorized, representing a 12.12% increase compared to the same period last year [2] - The company invested 476 million yuan in research and development in 2024, reflecting its commitment to continuous innovation and development [2] - Haimuxing Group's products are widely used across various industries, including lithium batteries, photovoltaics, new displays, 3C, sheet metal, and semiconductor sectors, aiming to become a global leader in industrial laser and automation manufacturing [2]

2023年，光峰科技实现营业收入22.13亿元，同比下降12.90%；实现归属于上市公司股东的净利润1.03亿元，同比下降13.61%；实现归属于上 市公司股东的扣除非经常性损益的净利润4166.45万元，同比下降37.18%；经营活动产生的现金流量净额为3.64亿元，同比增长105.29%。 | | | | | 単位: 元 巾种:人民币 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2023年 | 2022年 | 本期比上年 同期增减(%) | 2021年 | | 营业收入 | | 2,213,356,977.95 2,541,144,635.15 | -12.90 | 2,498,228,401.78 | | 归属于上市公司股东的净利润 | 103,186,743.57 | 119,440,773.77 | -13.61 | 233,364,344.09 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 41,664,497.37 | 66,321,454.45 | -37.18 | 125.396.283.97 | | 经营活动产生的现金流量净额 | ...

加强研发投入，打破国外技术垄断。24 年研发投入9754 万元，同比+11.9%。在光通信领域，公司聚焦 中高端光学元件，尤其是WSS 核心光学元件衍射光栅；在激光行业，公司围绕超短脉冲激光、高功率 激光、深紫外激光，与国内外主要激光器厂家紧密合作，同步进行先进晶体、精密光学和激光器件的研 发投入和新品推出，打破了关键核心技术的国外垄断。 投资建议：考虑下游激光器市场仍处于缓慢复苏阶段，我们适当调整盈利预期，预计公司2025-27 年归 母净利润为2.7/3.3/4.1 亿元（此前对应2025-26 年为2.7/3.3 亿元），对应PE 估值61/50/41 倍，维持"买 入"评级。 风险提示事件：激光器市场景气度下行的风险；光通信行业增长不及预期；新品研发不及预期；研报使 用的信息更新不及时风险。 事件：公司发布2024 年及25Q1 业绩： 1）2024：收入8.8 亿元，同比+12.0%；归母净利润2.2 亿元，同比+4.7%；扣非归母净利润2.2 亿元，同 比+11.2%。毛利率53.8%，同比-2.4pct；净利率25.9%，同比-1.1pct。 2）25Q1：收入2.4 亿元，同比+15.2%；归 ...

海目星 20250507 摘要 • 海目星 2024 年新签订单约 50 亿元，同比增长 4.5%，截至 2025 年 3 月 31 日，在手订单含税超过 95 亿，一季度新增订单含税超过 30 亿，预计 2025 年上半年新增订单将接近 2024 年的全年订单。主要驱动力来自锂 离子电池领域，尤其是国内外头部企业的产能扩张。 • 公司 2024 年研发投入 4.8 亿元，占营收 10.7%，拥有 1978 人的研发团 队。在医疗板块，成功推出高功率长波长可调节中红外飞秒固体激光器， 并取得便携式紫外线光疗仪的二类医疗器械注册证。同时，全资收购莱丹 集团的塑料焊接业务，该技术在汽车、消费电子、医疗等领域应用前景广 阔。 • 海目星通过提高人效、调整人员结构，每年节约开支 2 亿元以上，并通过 开源节流改善现金流表现。预计今年上半年及全年经营性现金流将保持健 康状态，以稳健业绩增长回报投资人。 • 2025 年一季度新增订单中，锂电业务占比 75%-85%，光伏和 3C 业务占 比 15%-20%，其他领域占比约 10%。海外订单主要集中在锂电领域，占 比达 60%-70%，欧洲和东南亚市场需求显著增加。 Q& ...

武汉金运激光股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与金运激光（300220）2024年度网上业绩说明会的全体投资者 | | 时间 | 2025年05月07日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 董事长、总经理、财务总监 梁萍 | | | 副总经理兼董事会秘书 李丹 | | | 独立董事 喻景忠 | | | 独立董事 罗忆松 | | | 1.公司本期盈利水平如何？ 答:尊敬的投资者您好,2024年度公司实现营业总收入27,507.30万元，比上年 | | 投资者关系活动主要内容 | 同期上升0.03%；归属于上市公司股东的净利润211.30万元，较上年同期扭亏为 盈；归属于上市公司股东的扣除非经常性损益的净利润 ...

（卢策吾、王世全、杨植麟、张峻彬） 敢闯敢拼，早年间潮汕人驰骋华人世界，涌现出无数白手起家的商界英雄。但不同以往印象，如今我们看到一个新群 体悄然崛起——众多名校出身的潮汕青年，正在排队完成融资。 潮汕青年，批量诞生独角兽 打破印象。 作者 I 吴琼 杨文静 报道 I 投资界PEdaily "我是潮汕人，创业是一个必选题。" 4月底，云鲸智能创始人张峻彬跟投资界聊起创业初衷。此时他所创立的扫地机器人云鲸宣布完成1亿美元融资，由腾 讯投资与北京机器人产业发展投资基金联合领投。"我们民风彪悍。"张峻彬微信签名上的一句话令人印象深刻。 无独有偶，最近具身智能公司穹彻智能完成数亿元融资，身后两位创始人同样来自潮汕——卢策吾与王世全。从汕头 走出来，他们日后机缘巧合成了斯坦福大学校友，最终在上海开始创业之旅，成为风投机构争抢的对象。 "他来自潮汕。"上一次听到投资人这样评价，是聊起月之暗面创始人杨植麟。这位清华90后带队创立国内大模型现 象级产品Kimi，一度席卷创投圈。 2022年底Cha tGPT掀起全球风暴，杨植麟随即回国创业。后面的故事我们都知道了——2023年月之暗面诞生，随后 推出了现象级大模型产品Kimi ...

Core Viewpoint - Beijing University, celebrating its 127th anniversary, has played a pivotal role in China's intellectual and technological advancements, producing numerous influential figures in various fields, including technology, medicine, and investment [1][2][4]. Group 1: Historical Contributions - Beijing University has been a beacon of enlightenment and national rejuvenation since its inception, promoting values of patriotism, progress, democracy, and science [1]. - The university has been instrumental in significant historical movements, such as the May Fourth Movement and the development of key technologies like nuclear physics and space exploration [1]. - Notable alumni include pioneers in various fields, such as nuclear physicist Yu Min, and Nobel laureate Tu Youyou, showcasing the university's impact on global scientific advancements [1]. Group 2: Influence in the Digital Age - In the digital era, Beijing University has produced influential entrepreneurs like Baidu's founder Robin Li and NIO's founder Li Bin, who have made significant contributions to their respective industries [2][3]. - The university's alumni are also prominent in the venture capital sector, with figures like Li Wei and Wang Qiang leading investment firms that support innovation and entrepreneurship [2]. Group 3: IPO and Investment Activities - The university's alumni continue to make waves in the stock market, with notable IPOs such as Shengke Nano, led by alumnus Li Xiaomin, marking significant milestones for Jiangsu province [4][6]. - Other alumni-led companies, like Tudatong and Naxin Micro, are also pursuing IPOs, indicating a strong presence of Beijing University graduates in the capital markets [7][8]. Group 4: Venture Capital Initiatives - Beijing University has established various funds and initiatives to support technology transfer and innovation, including the Yuanpei Fund and Yan Yuan Venture Capital, aimed at fostering early-stage startups [15][16][17]. - The university's efforts in creating a robust innovation ecosystem are evident through partnerships with local governments and the establishment of incubators to support tech startups [20][21]. Group 5: Future Directions - The university is focused on enhancing its role in national modernization and innovation, with plans to further integrate research and commercialization efforts [18][22]. - The upcoming Yan Yuan International Innovation Competition and other initiatives aim to strengthen the university's position in the tech innovation landscape [21][22].

本次制度修订主要是针对内控审计报告涉及的募集资金等重点事项，在对公司内控制度进行全面梳理的 基础上，进行的系统修订，以优化相关内控流程与内控制度，提升公司治理水平，保证公司持续稳定健 康发展。 其中，《募集资金管理制度》主要是结合相关法律法规进一步规范募集资金管理，建立从募投项目合同 专有审批、募集资金使用专有审批到募集资金的存放与使用情况专项审计的全过程重点内控机制，确保 严格按照募投项目规划、募投合同签署进行募集资金使用，同时进一步细化明确了相关责任部门和具体 审批流程，完善公司各部门对募集资金管理和使用的权限，全面规范募集的存放与使用；《内部审计制 度》主要进一步明确了审计部对审计委员会负责，提高审计部的独立性，并增加审计部专职审计人员的 人数，提高审计力量与审计水平，同时扩大审计部的职权，突出对募集资金等关键事项的过程检查与专 项审计，并全面加强对各类财务报告的审计职责；《财务报告管理制度》主要新增了财务报告内部控制 的基本原则，并将业绩预告、业绩快报纳入财务报告管理范畴，明确审计部在财务报告披露前进行独立 审计，明确审计委员会在审计机构出具审计报告前的以及聘请审计机构中职权。 关于《募集资金管理制度 ...