每经AI快讯，联创电子（SZ 002036，收盘价：11.59元）12月17日晚间发布公告称，公司近日收到控股 股东江西鑫盛的通知，获悉江西鑫盛正在筹划有关协议转让所持有的公司部分股权等事宜，该事项可能 导致公司控股股东、实际控制人发生变更。目前，各方主体正在就具体交易方案、协议等相关事项进行 论证和磋商。 每经头条（nbdtoutiao）——海南封关政策红利全解析：零关税、低个税、投资准入放宽、跨境资金自 由、创业扶持…… 为保证公平信息披露，维护投资者利益，避免公司股价异常波动，经公司向深圳证券交易所申请，公司 股票（股票简称：联创电子，股票代码：002036）自2025年12月18日（星期四）开市起停牌，预计停牌 时间不超过2个交易日。 （记者 王晓波） 2025年1至6月份，联创电子的营业收入构成为：光学元件占比54.27%，终端制造占比31.62%，触控显 示占比14.11%。 截至发稿，联创电子市值为122亿元。 ...

投资要点 研究员：吴文吉 机构：中邮证券 投资建议 我们预计公司2025/2026/2027 年分别实现收入206/235/267 亿元，归母净利润7.68/10.51/12.30 亿元，维 持"买入"评级。 风险提示 需求不及预期风险；市场竞争加剧风险；新产品推出不及预期风险。 无人机光学模组持续升级，激光雷达前景广阔。针对不同级别无人机，其配套的相机模组(拍摄功能)数 量有差异，旗舰无人机通常配备约3 颗相机模组，中端约2 颗，入门级约1 颗。视觉模组(机器视觉)方 面，旗舰无人机通常配备约9 颗视觉模组，中端约5 颗，入门级约3 颗。除光学模组外，公司还为无人 机提供激光雷达，为无人机提供感知、避障等功能，无人机单台配置1-2 颗激光雷达。根据Valuates Report 数据，2023 年全球航拍无人机市场规模约为71 亿美元，预计2030 年将达到122 亿美元。根据 Global Market InsightsInc.于2024 年8 月发布的报告显示，无人机越来越多地用于农业、建筑、能源和物 流等不同领域，用于执行作物监测、现场检查、送货服务和资产管理等任务，预计2024 年至2032 年的 ...

Group 1 - The core point of the article is that Lianchuang Electronics (SZ 002036) held its eighth meeting of the ninth board of directors on December 8, 2025, to review proposals including amendments to the company's articles of association and related rules [1] - For the first half of 2025, Lianchuang Electronics reported that its revenue composition was as follows: optical components accounted for 54.27%, terminal manufacturing for 31.62%, and touch display for 14.11% [1] - As of the time of reporting, Lianchuang Electronics had a market capitalization of 11.7 billion yuan [1]

Transaction Overview - The company approved a share exchange transaction involving its subsidiary, Goer Optical Technology Co., Ltd., to acquire 100% equity of two companies from Ningbo Shunyu Aolai Technology Co., Ltd. and an employee stock ownership platform through a capital increase of 529.511488 million yuan [2] - The company's shareholding in Goer Optical will decrease from 56.6560% to 37.7707% after the share exchange, and following a capital increase of 200 million yuan, the shareholding will rise to 38.5713% [2] - The registered capital of Goer Optical will increase from 1,059.022976 million yuan to 1,699.815664 million yuan after the completion of the transactions [2] Transaction Progress - As of the announcement date, all conditions for the share exchange have been met, and the parties have signed the Delivery Confirmation [3] - The company and Ningbo Aolai have completed the payment for the capital increase to Goer Optical, and the necessary business registration changes are being processed [3] Impact on the Company - Following the change in shareholding, Goer Optical will no longer be included in the company's consolidated financial statements, and the accounting method for the investment will shift from the cost method to the equity method [3] - This change is expected to result in an approximate increase of 2 billion yuan in investment income for the current year, which is considered a non-recurring gain and is not expected to have a long-term impact on the company's operating performance [3]

Company Dynamics - Sunny Optical Technology announced October shipment data: 1) Mobile optics: mobile camera module shipments reached 44.997 million units, with a year-on-year increase of 33.2% and a month-on-month decrease of 7.3%, driven by increased customer demand. Mobile lens shipments totaled 122 million units, with a year-on-year increase of 5.7% and a month-on-month increase of 4.0%, showing a positive growth trend for the month [1][2] - 2) Automotive-related products: automotive lens shipments reached 12.217 million units, with a year-on-year increase of 40.3% and a month-on-month increase of 4.8%, also driven by increased customer demand [1] - 3) Other fields: shipments of other lenses and optoelectronic products decreased by 6.7% year-on-year and 5.4% month-on-month [1] Comments - The sales growth of mobile optical products continues to recover, with shipments of mobile camera modules and lenses down 8% and 6% year-on-year respectively from January to October, but showing a year-on-year increase of 33% and 6% in October, indicating a monthly improvement trend that aligns with previous expectations due to a lower base last year and the Android peak season inventory rhythm [1] - Considering the ongoing product structure optimization, it is expected that the ASP and gross margin of mobile optical products in the second half of 2025 will show year-on-year increases and stable month-on-month performance [1] - Looking ahead to 2026, despite short-term storage price increases, the company primarily targets the mid-to-high-end terminal market, which is relatively resilient to raw material fluctuations [1] Automotive Optical Growth - In the automotive sector, the company’s automotive lens shipments from January to October increased by 24% year-on-year, in line with expectations, with optimism regarding the growth in the number of cameras per vehicle and specifications due to the increased penetration of advanced driving assistance systems [2] - In the XR sector, with the market's upward revision of expected shipments for Meta AI glasses in 2026, it is anticipated that AI glasses camera modules will contribute stable incremental revenue to the company [2] - The recently launched Meta Ray-Ban Display AR glasses received a positive market response, indicating strong long-term growth potential for AR glasses as an important human-computer interaction interface, with the company’s subsidiary showing strong potential in the field of diffractive waveguides [2] Profit Forecast and Valuation - The company maintains its net profit forecast for 2025 and 2026 at 3.77 billion and 4.50 billion respectively, with the current stock price corresponding to P/E ratios of 18.5x and 15.3x for 2025 and 2026 [2] - The company maintains an outperform rating and a target price of 99.2 HKD, corresponding to P/E ratios of 26.4x and 21.8x for 2025 and 2026, indicating a potential upside of 42% from the current stock price [2]

Group 1: Business Expansion - The company achieved a revenue of 119,752.13 million yuan in the first three quarters of 2025, representing a year-on-year growth of 51.65% due to increased demand from key customers and successful new product launches [1] - The panoramic/sports camera business saw a significant revenue increase of over 50% year-on-year, with a focus on capacity release and customer development to strengthen its leading position in this niche market [1] Group 2: Machine Vision Business - The company made initial progress in the machine vision sector, successfully entering the supply chains of well-known domestic brands, with applications in lawn mowing robots and motion-sensing gaming devices [1] - Machine vision products feature high resolution, stability, and modular design, leveraging the company's core technological advantages for innovation and development in this field [2] Group 3: Smart Automotive Business - The smart automotive business has experienced rapid growth due to the company's efforts in providing complete lens solutions for vehicles, aligning with the promotion of the "smart driving equality" concept [2] - The advancement of high-level smart driving functions into lower-priced models is driving a new high-growth cycle in the automotive camera industry [2] Group 4: Profitability and Future Outlook - The company's overall gross margin for the first three quarters of 2025 was 24.23%, remaining stable compared to the first half of 2025 [2] - Future strategies to maintain and enhance gross margin include adjusting product structure, improving production processes, and reducing material costs [2]

Core Insights - Sun Xu Limited increased its stake in Sunny Optical Technology (02382) by purchasing 720,000 shares at a price of HKD 74.009 per share, totaling approximately HKD 53.2865 million [1] - Following this transaction, Sun Xu Limited's total shareholding in Sunny Optical Technology reached approximately 390 million shares, representing a holding percentage of 35.61% [1] Company Summary - The recent acquisition by Sun Xu Limited indicates a strategic move to consolidate its position in Sunny Optical Technology, reflecting confidence in the company's future prospects [1] - The transaction highlights the ongoing interest and investment activity in the optical technology sector, which may suggest potential growth opportunities within the industry [1]

Group 1 - The company has announced a series of key personnel changes in its board, marking a successful leadership transition [1][3] - Mr. Ye Lianong will retire on November 1, 2025, and has stepped down as Chairman and Executive Director, while also resigning from the Strategy and Development Committee [1][3] - The board expressed gratitude for Mr. Ye's outstanding contributions during his tenure [3] Group 2 - Mr. Wang Tanjiong has been appointed as the new Chairman of the Board and has transitioned from a non-executive director to an executive director [3] - Mr. Wang, aged 49, has a long-standing relationship with the company, having joined in 1996 and gained extensive experience in marketing and overseas market development [3] - His executive director term is set for three years with an annual salary of RMB 3.1 million, determined by the board based on his responsibilities and market practices [3]

Core Viewpoint - Hongjing Optoelectronics reported a significant increase in revenue for the first three quarters of 2025, driven by strong growth in its machine vision and other new business segments [1] Revenue Performance - The company achieved operating revenue of 1,197.52 million yuan, representing a year-on-year growth of 51.65% [1] - The new business focused on machine vision saw the highest growth, with related revenue increasing by over 400% compared to the same period last year [1] - The panoramic/sports camera and smart automotive businesses also performed well, with revenue growth exceeding 50% year-on-year [1] - The smart home business maintained a stable revenue scale, showing no significant change compared to the previous year [1]

Core Insights - Hongjing Optoelectronics announced that its comprehensive gross margin for the first three quarters of 2025 is 24.23%, remaining stable compared to the first half of 2025 [1] - The improvement in gross margin for the panoramic/sports camera business is attributed to enhanced product yield [1] - The gross margins for the smart home and smart automotive businesses have slightly decreased due to changes in the product shipment structure in the first three quarters [1]