证券日报网讯12月12日，福光股份在互动平台回答投资者提问时表示，公司作为国内最重要的特种光学 镜头、光电系统提供商之一，具备精湛的光学设计和加工能力，并拥有一支稳定出色的技术创新团队。 公司持续看好航空航天领域发展，未来将坚持科技创新，推动高清晰度、高分辨率、高稳定性、高适应 性等特殊功能的光学镜头的升级，继续深化特种光学镜头在航空航天领域的产业布局。 ...

舜宇光学科技(02382)发布公告，于2025年11月，手机镜头出货量约1.19亿件，环比减少2.3%，同比增长 7.5%;车载镜头出货量为1263.4万件，环比增长3.4%，同比增加69.4%。手机摄像模组出货量为4149万 件，环比减少7.8%，同比增长10.9%。 ...

Core Viewpoint - Sunny Optical Technology (02382.HK) reported an increase in the shipment volume of glass spherical lenses and a mixed performance in mobile and automotive lens segments for November 2025, indicating varying demand across different product lines [1] Group 1: Shipment Volumes - Glass spherical lens shipments reached 2.535 million units, representing a quarter-on-quarter increase of 8.1% and a year-on-year increase of 13.8% [1] - Mobile lens shipments totaled approximately 119 million units, showing a quarter-on-quarter decline of 2.3% but a year-on-year increase of 7.5% [1] - Automotive lens shipments amounted to 12.634 million units, with a quarter-on-quarter increase of 3.4% and a significant year-on-year increase of 69.4% [1] - Mobile camera module shipments were 41.49 million units, reflecting a quarter-on-quarter decline of 7.8% but a year-on-year increase of 10.9% [1] Group 2: Demand Drivers - The year-on-year increase in automotive lens shipments by 69.4% was primarily driven by enhanced client demand [1] - The year-on-year increase in mobile camera module shipments by 10.9% was also attributed to increased client demand [1]

智通财经APP讯，舜宇光学科技(02382)发布公告，于2025年11月，手机镜头出货量约1.19亿件，环比减 少2.3%，同比增长7.5%;车载镜头出货量为1263.4万件，环比增长3.4%，同比增加69.4%。手机摄像模组 出货量为4149万件，环比减少7.8%，同比增长10.9%。 ...

主营业务陷入增收不增利困局，联合光电正将赌注押向一家去年刚扭亏为盈、且部分交易对手将表决权 委托给上市公司实控人的公司。 近日，联合光电发布交易报告书（草案），拟通过发行股份的方式购买东莞市长益光电股份有限公司 100%股份。 联合光电解释，长益光电与公司同属光学镜头行业，本次交易有助于增强公司的加工制造能力和成本管 控能力。按照方案，发行价格为16.18元/股，交易对方中有4名股东将与实控人结成一致行动关系，并 委托表决权。 这种安排虽然表面上没有改变实控人地位，但实质上增强了实控人对上市公司的控制力，将部分标的公 司原股东纳入了一致行动人范畴。 上市公司业绩困境VS标的公司盈亏不定 长益光电的财务表现呈现出明显的波动性。根据已披露的数据，2023年至2025年1-8月，长益光电的营 业收入分别为19，751.94万元、46，476.32万元、36，399.45万元。相比之下，净利润波动更为剧烈： 2023年亏损5，476万元，2024年则扭亏为盈，实现净利润137.77万元，2025年1-8月进一步实现净利润 2，578.74万元。 这宗交易发生在联合光电自身业绩承压的背景下。2025年前三季度，公司净利 ...

报告导读： 基于此，依托智研咨询旗下鱼眼镜头行业研究团队深厚的市场洞察力，并结合多年调研数据与一线实战需求，智研咨询推出《2026-2032年中国鱼眼镜头行 业市场分析研究及投资战略研判报告》。本报告立足鱼眼镜头新视角，聚焦行业核心议题——变化趋势（怎么变）、用户需求（要什么）、投放选择（投向 哪）、运营方法（如何投）及实践案例（看一看），期待携手行业伙伴，共谋行业发展新格局、新机遇，推动鱼眼镜头行业发展。 观点抢先知： 鱼眼镜头通过超广角成像与桶形畸变实现180°以上视角，2024年，中国鱼眼镜头行业市场规模达14.28亿元，同比增长6.49%。核心驱动力源于5G与AI技术 融合。竞争格局高度集中，福光股份实现4K超高清国产化替代并应用于航天工程，宇瞳光学作为安防镜头全球龙头，通过非球面镜片与自主算法实现高解 析力。未来，行业向8K超高清、消热差、自由曲面突破，采用玻塑混合系统与主动对准工艺实现微型化，镜头总长压缩至10mm以内等。 行业发展有利因素：5G与AI技术深度融合是核心驱动力。5G网络确保超广角图像实时无损传输，AI算法突破畸变校正、边缘画质增强瓶颈，提升鱼眼镜头 实际可用性。政策端，"十四五"智 ...

投资建议：公司是全球最大的安防镜头生产商，当前公司积极布局智能驾驶车载光学业务，有望打造第 二成长曲线。此外，公司发力新兴光学应用业务，积极推动模造工艺量产化道路，通过卡位关键成长赛 道为公司打开估值天花板。我们预计公司2025—2027 年营业收入分别为34.10 亿元/43.35 亿元/56.11 亿 元；毛利率分别为25.0%/27.5%/27.3%。归母净利润分别为2.87亿元/4.87 亿元/6.35 亿元。参考相对估值 法，首次覆盖，给予"买入"评级。 风险提示：下游产品需求不及预期，市场竞争加剧，宏观经济增长不及预期，数据陈旧风险。 基本面概况：安防镜头基石稳固，车载镜头第二成长曲线动能强。全球安防镜头行业竞争较为激烈且集 中度较高，宇瞳光学作为安防镜头出货量最大的生产供应商，市占率连续十年排名第一。此外，随着高 阶智驾加速渗透，车载光学元件市场需求量持续攀升，公司通过内生增长和外延并购，提前卡位车载镜 头市场。目前，公司产品涵盖车载镜头、车载 HUD 部件、激光雷达光学部件、非球面玻璃镜片等领 域。2025H1，车载业务实现营收1.64 亿元，同比+37.78%。车载业务有望成为公司的第二成长 ...

Group 1 - The core viewpoint of the news is that Zhongrun Optical has experienced a decline in stock price, dropping 5.01% to 36.80 CNY per share, with a total market value of 3.267 billion CNY and a cumulative drop of 4.11% over three days [1] - Zhongrun Optical, established on August 27, 2012, specializes in precision optical lens products and technology development services, focusing on high-quality imaging products to meet the growing demand for image and video acquisition in the era of intelligence and industrialization [1] - The company's main business revenue composition includes: smart monitoring and perception 67.36%, intelligent detection and recognition 11.40%, video communication and interaction 8.19%, high-definition shooting and display 5.34%, technology development 4.52%, and accessories and others 3.19% [1] Group 2 - From the perspective of fund holdings, one fund under Southern Fund has Zhongrun Optical as a top ten holding, with 163,000 shares held, accounting for 4.37% of the fund's net value, resulting in a floating loss of approximately 316,300 CNY today [2] - The Southern Semiconductor Industry Stock Initiation A fund (020553) has achieved a return of 48.92% this year, ranking 452 out of 4208 in its category, and a return of 47.38% over the past year, ranking 332 out of 3972 [2] - The fund manager, Zheng Xiaoxi, has been in position for 6 years and 158 days, with the fund's total asset size at 7.468 billion CNY and the best return during his tenure being 146.29% [3]

Group 1 - The company held its fourth board meeting on November 17, 2025, where several key resolutions were passed, including changes to investment projects and financial arrangements [2][4][6] - The board approved a significant change to the "Optical Lens and Module Capacity Expansion Project," increasing the total investment from 289.23 million RMB to 865.84 million RMB and extending the project timeline from 2 years to 3 years [3][10][14] - The company plans to use 106.07 million RMB of excess raised funds for additional investments in the project [3][10] Group 2 - The company will apply for a bank loan of up to 480 million RMB, with a term not exceeding 10 years, to fund the construction of the new R&D and manufacturing headquarters [5][32][36] - The board approved an increase in the independent director's allowance from 60,000 RMB to 72,000 RMB per year, effective upon approval at the upcoming shareholder meeting [7][38][39] - A temporary shareholder meeting is scheduled for December 5, 2025, to review the resolutions passed by the board [41][42][47] Group 3 - The project aims to establish a new R&D and manufacturing headquarters in Zhongshan, which will enhance production capacity and operational stability by moving away from leased facilities [10][12][17] - The project is expected to significantly increase production capacity, adding approximately 38.94 million units of optical lenses and modules, which aligns with the company's strategic growth plans [14][18][21] - The company has a strong customer base in high-growth markets such as smart homes and automotive, which will support the absorption of the new production capacity [22][23]

Core Viewpoint - Jianyin International maintains a target price of HKD 102 for Sunny Optical Technology (02382) and a "Outperform" rating, indicating a positive long-term investment outlook based on the company's leading technology and solid customer base [1] Group 1: Company Performance - Sunny Optical's 2025 shipment data shows mobile lens shipments of 122 million units, a year-on-year increase of 5.7% and a quarter-on-quarter increase of 4% [1] - The company reported mobile camera module shipments of 44.997 million units, reflecting a year-on-year increase of 33.2% [1] - Vehicle lens shipments reached 12.217 million units, with a year-on-year increase of 40.3% and a quarter-on-quarter increase of 4.8% [1] Group 2: Market Trends - The growth in mobile lens shipments is attributed to strong demand for the new iPhone series and a recovery in the Android market [1] - Non-mobile products are increasingly becoming the main growth and profit drivers for the company, with strong growth in vehicle lenses due to the company's dominant market position [1] - The introduction of higher specifications, such as the increasing proportion of 8-megapixel cameras, along with advanced products like ADAS and smart headlights, contributes to sales growth and profitability [1]