答：反射光波导在高分辨率、清晰度、色彩均匀性、漏光、光效利用率等指标上具 有非常明显的优势，这是底层的物理学原理决定的，但是其量产性也是全球难题。 反射光波导的显示效果优秀，公司也正在着力攻克反射光波导的量产难题，如果有 里程碑事件我们很愿意和大家交流一号工程的进展情况，欢迎保持持续关注。衍射 光波导纳米压印方案在小视场角、单色方案中，目前具有可量产性、性价比优势， 但是在全彩显示效果上还难以看到很好的方案；衍射光波导碳化硅方案，可以突破 视场角的限制，并且更加轻便，但是在大视场角的漏光、色彩均匀性等基本指标上 还未解决，并且其量产性也受制于材料端成本、供应链开发、工艺制程开发等因素。 两条技术路线各自有各自需要解决的问题，都会持续发展优化，我们认为两条技术 路线大概率会并行，在客户不同的产品定位、不同的应用场景中，各有落地。 5、问：请问反射光波导方案对光机是否有要求？ 浙江水晶光电科技股份有限公司投资者关系活动记录表 编号：2025013 | |  特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 类别 | 媒体采访 业绩说明会 | | | 新闻发布会 路演活动 | ...

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].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.80 RMB [7][4]. Core Views - The company achieved a revenue of 6.278 billion RMB in 2024, representing a year-on-year increase of 23.67%, with a net profit attributable to the parent company of 1.03 billion RMB, up 71.57% year-on-year [1][2]. - The growth in 2024 and Q1 2025 is attributed to a diversified strategy, with significant increases in new product shipments such as micro-prisms, and improvements in product structure and production efficiency [1][3]. - The optical industry is experiencing clear innovation trends, with upgrades in traditional products and a strong growth momentum in the AR business, supported by strategic partnerships with leading clients in North America [1][3]. Summary by Sections Financial Performance - In Q1 2025, the company reported a revenue of 1.482 billion RMB, a year-on-year increase of 10.2%, and a net profit of 221 million RMB, up 23.67% year-on-year [1]. - The company’s revenue from optical components in 2024 was 2.88 billion RMB, up 17.9%, driven by accelerated new product promotion [2]. - The optical panel segment achieved a revenue of 2.47 billion RMB, a 33.7% increase, benefiting from market share gains in mobile and new applications [2]. Growth Drivers - The company is well-positioned in the optical industry, focusing on technological and new product-driven strategies, with multiple new projects in collaboration with mobile terminal manufacturers expected to contribute to future revenue growth [3]. - The AR business has significant long-term potential, with the company leading in global competitiveness for optical waveguide products [1][3]. Valuation and Forecast - The report predicts net profits for 2025, 2026, and 2027 to be 1.258 billion RMB, 1.514 billion RMB, and 1.782 billion RMB respectively, with slight downward adjustments from previous estimates [4]. - The target price is based on a 32x PE ratio for 2025, compared to a comparable company average of 22x [4].

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].