近日，思创激光自主研发万瓦级单模光纤激光器在实地测试中取得重大突破——实测有效毁伤距离突破3公里，创下全球同类技术领域新纪录。这一成果充 分展现了思创激光在高端激光器领域的深厚技术积淀与创新能力，相关先进技术为工业精密加工、高端装备升级等场景提供了更具竞争力的激光解决方案。 硬核穿透力：实测3km击穿1mm碳钢板 钢板穿透测试数据： | | 环境参数 | | | --- | --- | --- | | 能见度 | 温度 | 相对湿度 | | 11km | 15°C | 40% | | 测试时间： 16:00~17:00 | | | | 打击距离 | | 击穿时长 | | 1800m | | 7s | | 2000m | | ૪૮ | | 2200m | | 15s | | 2400m | | 10s | | 2600m | | 16s | | 2800m | | 16s | | 3000m | | 16s | (击穿钢板测试) 定义下一代激光反无解决方案，从技术突破到体系革新 依托万瓦级单模光纤激光器的技术突破，思创激光正重塑行业技术标准，为新一代反无体系打造具备高能打击效能的激光解决方案： 从技术攻坚到行业 ...

2025 年 04 月 30 日 公司点评 买入/维持 光峰科技(688007) 目标价: 昨收盘:14.58 光峰科技：2025Q1 收入稳健增长，车载业务进入量产交付阶段 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 4.59/4.59 | | --- | --- | | 总市值/流通(亿元) | 66.96/66.96 | | 12 个月内最高/最低价 | 20.2/11.81 | | (元) | | 相关研究报告 <<光峰科技：2024Q1 利润迎来拐点增 速靓丽，车载业务收入实现从 0 到 1 突 破>>--2024-04-30 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 证券分析师：赵梦菲 E-MAIL：zhaomf@tpyzq.com 分析师登记编号：S1190525040001 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpy ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company achieved a total revenue of 2.419 billion yuan in 2024, representing a year-on-year growth of 9.27%, while the net profit attributable to shareholders was 28 million yuan, down 72.91% year-on-year [4][9] - In Q1 2025, the company reported total revenue of 461 million yuan, a year-on-year increase of 3.67%, but a net loss of 21 million yuan [4][5] - The automotive optical business has entered mass production, contributing to revenue growth [1][5] Financial Performance Summary - For Q4 2024, the company recorded revenue of 699 million yuan, up 24.21% year-on-year, with a reduced net loss of 15 million yuan compared to a loss of 25 million yuan in Q4 2023 [5][6] - The core components and complete machine business generated revenue of 2.240 billion yuan in 2024, reflecting an 11.48% year-on-year increase, primarily driven by the automotive optical business [5][6] - The gross profit margin for Q4 2024 and Q1 2025 was 22.15% and 25.21% respectively, both under pressure compared to previous periods [6][9] Business Segment Performance - The automotive optical business revenue reached 638 million yuan in 2024, while the cinema and professional display businesses generated nearly 570 million yuan and 392 million yuan respectively [5][6] - The overseas revenue for the professional display business was approximately 140 million yuan, showing a significant increase of 60.47% [5][6] Regional Performance - In 2024, domestic and overseas revenues were 2.141 billion yuan and 277 million yuan respectively, with domestic revenue growing by 14.93% and overseas revenue declining by 20.81% [5][6] Future Outlook - The company is expected to benefit from the recovery of the film industry and the growth of the intelligent cockpit market, with projected net profits of 120 million yuan, 180 million yuan, and 215 million yuan for 2025, 2026, and 2027 respectively [7][9] - The estimated earnings per share (EPS) for the same years are projected to be 0.26 yuan, 0.39 yuan, and 0.47 yuan, with corresponding price-to-earnings (PE) ratios of 55.91, 37.11, and 31.09 [7][9]

Core Viewpoint - The Central Enterprise Innovation-Driven Index (000861) has shown a slight decline of 0.16% as of April 30, 2025, with mixed performance among constituent stocks, indicating a volatile market environment for central enterprises [3][4]. Group 1: Index and ETF Performance - The Central Enterprise Innovation-Driven ETF (515900) has decreased by 0.14%, with the latest price at 1.4 yuan, and has a trading volume of 413.75 million yuan, reflecting a turnover rate of 0.12% [3][4]. - Over the past year, the ETF has achieved an average daily trading volume of 38.99 million yuan, ranking first among comparable funds [3]. - The ETF has recorded a net value increase of 20.30% over the past three years, placing it in the top 16.57% among 1,744 index equity funds [5]. Group 2: Fund Characteristics - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5]. - The tracking error of the ETF over the past five years is 0.038%, indicating the highest tracking precision among similar funds [5]. - The current price-to-book ratio (PB) of the index is 1.37, which is below the historical average for over 84.64% of the past year, suggesting a favorable valuation [5]. Group 3: Key Holdings - As of March 31, 2025, the top ten weighted stocks in the index account for 34% of the total index, with notable companies including Hikvision (002415) and State Grid NARI (600406) [6][8]. - The performance of individual stocks within the top ten has varied, with Hikvision showing a slight increase of 0.36% and China Merchants Bank declining by 3.19% [8].

中国经济网北京4月30日讯逸飞激光(688646.SH)昨日晚间披露2024年年度报告和2025年第一季度报告。 2024年，公司实现营业收入6.92亿元，同比下降0.74%；归属于上市公司股东的净利润为2,432.62万元， 同比下降75.94%；归属于上市公司股东的扣除非经常性损益的净利润为941.23万元，同比下降87.57%； 经营活动产生的现金流量净额为-1.02亿元，上年同期为-3,728.02万元。 | | | | | 早位: 元 中科:人民中 | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年同 期增减(%) | 2022年 | | 营业收入 | 692, 068, 745. 41 | 697, 202, 587. 15 | -0. 74 | 538, 956, 078. 78 | | 归属于上市公司股 东的净利润 | 24, 326, 190. 71 | 101, 120, 349. 40 | -75.94 | 93,894, 228. 07 | | 归属于上市公司股 | 9.412.336.64 | 75. ...

炬光科技 20250429 摘要 • 聚光科技 2024 年利润大幅下降 356%，亏损 1.82 亿元，主要受工业激 光竞争、并购项目盈利不佳、并购贷款利息增加及一次性减值影响，其中 瑞士项目仍在扭亏阶段。 • 2025 年 Q1 营收同比增长 24%至 1.69 亿元，亏损同比大幅收窄，激光 光学元器件出货量显著增加，新兴领域订单有所突破，但管理费用、职工 薪酬及研发费用增加影响盈利。 • 2024 年公司计提约 8,944 万元一次性减值，涉及瑞士聚光商誉、 Nashville 车间关闭、新加坡资产出售等，对整体业绩产生显著负面影响。 • 公司持续整合，聚焦激光光学元器件、工业泵浦、半导体制程等优势领域， 积极拓展光子工艺与制造服务产业，优化费用控制，加大研发投入，提升 市场竞争力。 • 2025 年 Q1 销售费用有效控制，但管理费用和研发费用增加，毛利率从 2024 年的 28%回升至 34%，得益于产品结构优化、成本控制和收入增长 的规模效应。 • 剔除股份支付后，2025 年 Q1 净利润亏损幅度显著收窄，经营性现金流转 正，资产负债率保持稳定，表明公司经营状况逐步改善，财务风险可控。 • 公司 ...

Core Viewpoint - The laser medical equipment industry in China is experiencing rapid growth driven by national policy support, increasing market demand, and technological breakthroughs, with a projected market size of approximately 5.8 billion yuan in 2024 and expected to exceed 6 billion yuan in 2025 [1][5][9]. Industry Definition and Classification - Laser medical equipment refers to devices that utilize laser technology for disease diagnosis, treatment, or rehabilitation, characterized by precision, minimally invasive procedures, and high efficiency [1][3]. - The industry can be categorized into laser medical equipment manufacturing and laser medical services, with applications across various clinical departments [1][3]. Current Development Status - The application of laser technology in medicine has made significant progress, with a wide range of laser medical devices available for treating hundreds of diseases in various clinical settings [5][9]. - The domestic market for laser medical devices has entered a phase of "mid-end dominance and high-end breakthroughs," with the low-end market largely self-sufficient, while high-precision and ultra-fast laser fields require long-term technological accumulation [9][23]. Market Size and Growth - The market size for laser medical equipment in China is projected to be around 5.8 billion yuan in 2024, with expectations to surpass 6 billion yuan in 2025, indicating a positive long-term trend for the industry [1][9]. Domestic Production and Market Dynamics - The domestic production rate of laser medical equipment is expected to reach approximately 67.01% in 2024 and is projected to reach 70% in 2025, reflecting a rapid increase in domestic substitution [9][23]. - The industry is characterized by a competitive landscape where local companies are gradually gaining market share, particularly in the mid and low-end segments, while high-end markets remain dominated by international giants [13][15]. Key Companies - Major companies in the laser medical equipment sector include Qizhi Laser, Ruike Laser, United Imaging Healthcare, Pudong Medical, and others, with a focus on innovation and technology development [13][15]. - Qizhi Laser has achieved significant milestones with 22 medical device product registrations and 112 patents, focusing on various medical fields [15]. - Ruike Laser has expanded into the medical sector, developing solutions for aesthetic and dental applications, with reported revenues of 3.68 billion yuan in 2023 [19][21]. Industry Trends - The laser medical equipment industry is undergoing a transformation towards smart, high-end, compact, specialized, and environmentally friendly technologies, with advancements in various scientific fields enhancing the capabilities of laser medical technology [23]. - The future of laser medical technology is expected to benefit a broader audience, including public and private hospitals, beauty markets, and home-use devices, indicating a wide application and strong demand [23].

业绩承压不改向上动力 近年来，受新能源行业产能供需错配影响，国内电池厂商产能扩张步伐变慢，产业链各公司均面临不同 程度的设备需求及验收回款压力。 据电池网统计，在73家已披露2024年年报或业绩快报的锂电产业上市公司中，17家出现亏损，37家净利 润出现下滑，占比过半，其中3家同比降逾10倍。光伏行业中，35家光伏设备公司里面有28家出现净利 润下滑。 作为新能源行业中游设备商，海目星也切实感受到了市场环境变化带来的压力。基于谨慎性原则，公司 对2024年度存在减值迹象的存货进行了减值测试并计提了存货跌价准备，同时新业务的培育依然需要投 入费用。因此，导致公司报告期内净利润同比呈现较大幅度下降。 2024年，在全球经济低迷与产业供需失衡的双重压力下，新能源产业也进入产业结构的调整和优化的阵 痛期。相关产业链企业普遍陷入利润收缩的困境，但制造业的业绩往往具有滞后性，订单突破和技术迭 代能力则代表了未来增长前景。 4月29日晚，激光及自动化智造企业海目星（688559.SH）发布2024年业绩报告及2025年一季报。报告 显示，公司2024年全年实现营业收入45.25亿元，2025年一季度实现营业收入5.39亿元 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 56.78 CNY per share [6][10]. Core Views - The company achieved a revenue of 1.454 billion CNY in 2024, representing a year-on-year increase of 18.62%, and a net profit of 133 million CNY, up 23.53% year-on-year [2][3]. - In Q1 2025, the company reported a revenue of 343 million CNY, a 34.07% increase year-on-year, and a net profit of 36 million CNY, up 37.11% year-on-year [2][3]. - The growth in revenue is attributed to increased sales of optical detection equipment related to mobile camera modules, laser processing systems for power batteries, and recognition of precision processing equipment in consumer electronics [3][4]. - The company is expected to continue its growth trajectory with projected revenues of 1.814 billion CNY, 2.159 billion CNY, and 2.559 billion CNY for 2025, 2026, and 2027 respectively [10][12]. Summary by Sections Financial Performance - The company’s overall gross margin for 2024 was 37.69%, a decrease of 3.42 percentage points year-on-year, while the net profit margin was 8.53%, an increase of 0.03 percentage points [3][12]. - The company’s operating expenses as a percentage of revenue have improved, with sales, management, and R&D expense ratios at 7.77%, 8.44%, and 11.53% respectively, showing slight decreases year-on-year [3][12]. Business Segments - The laser segment includes the development of a 500W high-power MOPA pulsed fiber laser for the power battery industry, enhancing efficiency in electrode cutting and cleaning processes [4]. - The detection segment has seen growth due to the rapid expansion of production lines for mobile camera modules, with several projects being exclusive supply contracts [4]. - The company has also made strides in the photovoltaic sector with its perovskite laser cutting equipment, which is now being utilized in large-scale production lines [4]. Future Outlook - The company is positioned as a leader in the domestic laser industry, particularly in the context of domestic substitution in the new energy lithium battery sector, which is expected to drive future growth [10][12]. - The projected earnings per share (EPS) for 2025 is estimated at 2.18 CNY, with a price-to-earnings (PE) ratio of 26 times [10][12].

逸飞激光公告，2025年第一季度营收为2.36亿元，同比增长97.61%；净利润为907.73万元，同比下降 42.70%。 ...