关于苏州天禄光科技股份有限公司 首次公开发行股票并在创业板上市持续督导保荐总结报告书 根据中国证券监督管理委员会证监许可20212058 号文批复，并经深圳证 券交易所同意，苏州天禄光科技股份有限公司（以下简称"天禄科技""发行 人"或"公司"）由主承销商中泰证券股份有限公司于 2021 年 8 月 4 日在深圳证 券交易所采取网下向符合条件的投资者询价配售和网上向持有深圳市场非限售 A 股股份或非限售存托凭证市值的社会公众投资者定价发行相结合的方式向社 会公众公开发行人民币普通股（A 股）2,579.00 万股，发行价为每股人民币 用 4,573.69 万元后，募集资金净额为 36,200.30 万元。公司首次公开发行的股票 于 2021 年 8 月 13 日上市交易。 中泰证券股份有限公司 根据中国证监会的规定，保荐机构对天禄科技首次公开发行股票项目的持 续督导期为 2021 年 8 月 13 日至 2024 年 12 月 31 日。持续督导期间，保荐机构 及保荐代表人根据中国证监会的相关规定及深圳证券交易所等监管部门的有关 要求，认真履行持续督导职责，主要保荐工作具体如下： 人、其他关联方违规占用公司资 ...

Core Viewpoint - The company reported stable revenue from its main business, but losses from affiliated companies and legal fees negatively impacted overall performance [1][4]. Financial Performance - In 2024, the company achieved revenue of 2.419 billion yuan, a year-on-year increase of 9%, but net profit attributable to shareholders dropped by 73% to 28 million yuan [1]. - The fourth quarter of 2024 saw revenue of 699 million yuan, a 24% year-on-year growth, but a net loss of 15 million yuan [1]. - For Q1 2025, revenue was 461 million yuan, a 4% year-on-year increase, with a net loss of 21 million yuan [1]. Business Segments - The automotive optical business generated revenue of 638 million yuan in 2024, with a 64% increase in H1 2025 [2]. - The cinema business contributed nearly 570 million yuan in revenue in 2024, providing stable cash flow [2]. - The professional display segment achieved revenue of 392 million yuan in 2024, with overseas revenue nearing 140 million yuan, a 60.47% increase [2]. Research and Development - The company maintained a high R&D expense ratio of 13.66% in Q1 2025, focusing on core components and cutting-edge technology [3]. - A new ultra-compact full-color AR optical machine solution was announced, measuring only 0.8cc [3]. Shareholder Confidence - The company has implemented four share repurchase programs since 2024, totaling 139 million yuan, reflecting confidence in its operational performance and future prospects [3]. Investment Rating - The company maintains a "Buy" investment rating, with stable operations in cinema and professional display businesses, and anticipates profit contributions from the automotive sector as production matures [4]. - Profit forecasts for 2025-2026 have been slightly adjusted, with expected net profits of 199 million and 259 million yuan, respectively [4].

证券之星消息，根据市场公开信息及5月8日披露的机构调研信息，天弘基金近期对5家上市公司进行了调研，相关名单如下： 1)福昕软件(天弘基金管理股份有限公司参与公司特定对象调研) 调研纪要：福昕软件在智能文档处理赛道具备先发优势，订阅客户以中小企业为主，也有大型客户。公司通过深化产品云化转型和加强全球营销 网络布局来推动订阅收入增长。尽管大模型技术快速发展，公司在文档处理领域的技术壁垒依然稳定。公司推出了Smart Command功能，并计划 将现有产品进行MCP协议升级。公司以智能文档处理为战略重点，推出短链条、分布式gent产品。报告期内，公司应收账款与合同负债同步增 长，主要受订阅转型和并购影响。AI收入分布在多个产品分类中，AI将推动业务模式转型升级。国内市场对AI需求更踊跃，公司制定了差异化策 略。公司未建立专门渠道续费率考核机制，续费率维持在稳定较高水平。 2)莱绅通灵（603900）(天弘基金参与公司线上交流) 调研纪要：莱绅通灵2024年收入快速增长，2025年一季度延续增长势头并扭亏为盈。公司通过推出差异化黄金产品，强化品牌定位，加大研发投 入，优化业务结构和精细化运营管理，推动业绩增长。202 ...

Group 1: Financial Performance - In Q1 2025, the revenue growth was notably high in the panoramic/sports camera business and new business segments, while other businesses also showed good growth [1] - The gross margin in Q1 2025 decreased primarily due to lower margins in camera modules, attributed to high chip costs and unsatisfactory yield rates for new products [1] - The gross margin for smart automotive products declined due to a decrease in sales prices; the company plans to improve overall gross margin through better yield rates and raw material cost reductions [2] Group 2: Investment Projects - As of now, the optical lens and module capacity expansion project has an investment of 91.49 million CNY, with a progress rate of 31.63% [3] - The Zhongshan production base expansion project has an investment of 41.15 million CNY, with a progress rate of 31.20%, while the Xiantao production base expansion project has an investment of 50.34 million CNY, with a progress rate of 34.75% [3] - The R&D center construction project has an investment of 38.56 million CNY, with a progress rate of 52.52% [3] Group 3: Capacity and Demand - The company maintains a high capacity utilization rate and is actively progressing with the capacity expansion project, expecting gradual capacity release to meet customer shipping demands [3] Group 4: Strategic Partnerships - The strategic cooperation with InnoVision was established based on mutual recognition of product quality, performance, and rapid response to demands, with expectations for deepening collaboration in the future [3] Group 5: Market Impact - In 2024, overseas revenue accounted for approximately 27% of the main business income, with limited direct impact from U.S. tariff policies on the company's overseas business [5][6] - The company is exploring applications in AI glasses and robotics, with some projects entering the product verification and small batch stages [6] Group 6: Future Strategy - The company will implement a "3+N" product strategy to enhance market share in smart automotive, smart home, and panoramic/sports camera sectors, while also expanding into emerging fields like AI hardware, machine vision, industrial inspection, and medical applications [6]

Core Viewpoint - The company is actively adjusting its production bases and expanding its product offerings in the optical components sector, particularly focusing on laser radar and waveguide technologies, which are crucial for the development of smart driving and augmented reality applications [2][3][4][5]. Production Base Adjustments - The company has initiated adjustments to its four major production bases to better align with customer demands, with a timeline of one to two years for full implementation [2]. Laser Radar Business - The company is a key supplier of glass-based laser radar window components, which are essential for smart driving technology, and is experiencing increasing demand from various sectors, including humanoid robotics [3]. Waveguide Technology - The company is focusing on reflective waveguide technology, which offers advantages in color, resolution, and field of view, although mass production remains a global challenge [4][5]. Optical Components for AR Glasses - The company has a long-standing presence in the optical components market for AR glasses and is continuously developing new optical products to meet the evolving needs of clients [7][8]. Financial Performance - In Q1 2025, the company reported a revenue of 1.482 billion yuan, a year-on-year increase of 10.2%, and a net profit of 221 million yuan, up 23.67% year-on-year, indicating strong financial health [10]. Institutional Ratings - Over the past 90 days, 20 institutions have rated the stock, with 17 buy ratings and 3 hold ratings, reflecting positive market sentiment [10]. Profit Forecasts - Various institutions have provided profit forecasts for the company, with projected net profits for 2025 ranging from 1.209 billion yuan to 1.371 billion yuan, indicating expected growth in the coming years [11].

Group 1 - The company plans to acquire 51% of Hunan Dais Optical Co., Ltd. using its own funds and part of the raised funds, making Dais Optical a subsidiary after the transaction [2] - The assessed value of Dais Optical's total equity is 333 million yuan, with an appraisal increment of 172.54 million yuan, representing a 107.53% increase compared to the book value of the parent company's equity [2] - The total funds required for the transaction amount to 158.1 million yuan, with 16.9 million yuan from raised funds and 141.2 million yuan from self-funds and acquisition loans [2] Group 2 - Dais Optical specializes in the R&D, production, and sales of precision optical components and modules, serving various sectors including industrial lasers, optical communications, and biomedical applications [3] - The company has established stable partnerships with well-known clients in various fields, including industrial lasers and optical communications, as well as collaborations with prestigious institutions like Tsinghua University and the Chinese Academy of Sciences [3] - The acquisition is expected to enhance the company's technical capabilities and core competitiveness in the optical field, allowing for mutual support in product design and development between the two companies [4]

Core Viewpoint - SIRUI Optical has withdrawn its IPO application after nearly a year of inquiries, raising concerns about its governance, financial practices, and aggressive expansion plans [1][10][22]. Company Overview - SIRUI Optical, founded in July 2006, specializes in interchangeable optical lenses and camera equipment, with a significant market presence under the brand "SIRUI" [1][3]. - The founder, Li Jie, holds over 80% of the shares, giving him substantial control over the company [3][6]. Governance and Control Risks - Li Jie serves as both Chairman and General Manager, which raises concerns about potential misuse of control [6]. - The company has faced regulatory warnings due to improper use of raised funds and governance issues [9][10]. Financial Performance - SIRUI Optical's revenue fluctuated, with figures of 189 million, 183 million, and 262 million yuan over three years, and a notable profit increase of 65.82% in 2023 [18][19]. - The company reported a significant increase in overseas revenue, accounting for over 75% of total income, primarily from the Americas and Europe [20][21]. Expansion Plans - The company plans to increase production capacity significantly, with a proposed addition of 150,000 interchangeable optical lenses and 3.5 million optical components, raising questions about the necessity and feasibility of such expansion [10][12]. - The production capacity utilization rates for interchangeable optical lenses have been high, but the company faces scrutiny over whether the planned expansion is excessive [10][11]. Research and Development - SIRUI Optical's R&D expenditure has been below industry averages, with rates of 9.24%, 11.34%, and 10.09% over three years, compared to competitors like Maolai Optical [12][14]. - The company intends to allocate a significant portion of its IPO proceeds to upgrade its R&D center, which has raised questions about the adequacy of its current R&D efforts [12][18]. Sales and Marketing Expenses - The sales expense ratio for SIRUI Optical has been significantly higher than industry peers, with rates of 11.3%, 14.86%, and 16.89% over three years, attributed to its focus on direct-to-consumer sales [15][16]. - The company has seen substantial growth in online sales, particularly through B2C channels, indicating a shift in its sales strategy [19][20]. Inventory Concerns - SIRUI Optical's inventory levels have surged, with amounts of 68.87% to 73.40% of current assets, while the provision for inventory depreciation has been notably low compared to industry standards [22][23]. - The company has been questioned about the adequacy of its inventory valuation and depreciation provisions, especially in light of rising inventory levels [22][23].

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 | ...

业绩稳健增长，至期光子营收大增 光学光电子 | 分析师：王芳 | | --- | | 执业证书编号：S0740521120002 | | Email：wangfang02@zts.com.cn | | 分析师：杨旭 | | 执业证书编号：S0740521120001 | | Email：yangxu01@zts.com.cn | | 分析师：张琼 | | 执业证书编号：S0740523070004 | | Email：zhangqiong@zts.com.cn | | 基本状况 | | | --- | --- | | 总股本(百万股) | 470.25 | | 流通股本(百万股) | 468.15 | | 市价(元) | 35.18 | | 市值(百万元) | 16,543.40 | | 流通市值(百万元) | 16,469.58 | 福晶科技（002222.SZ） 证券研究报告/公司点评报告 2025 年 05 月 07 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | - ...

今日小段子汇总20250507 1、脑机接口：央视新闻《面对面》栏目深度探访强脑科技（BrainCo），其为非侵入式脑机接口技术。 嘉事堂、狄耐克、麒盛科技 2、锦好医疗：网传公司AI助听器通过非侵入式脑机接口技术，能够实时采集用户的注意力、听觉疲劳度等脑电数 据，并结合深度神经网络算法优化语音信号处理。 （未证实） 3、军工(印巴)：当地时间5月7日5时10 今日小段子汇总20250507 1、脑机接口：央视新闻《面对面》栏目深度探访强脑科技（BrainCo），其为非侵入式脑机接口技术。 嘉事堂、狄耐克、麒盛科技 2、锦好医疗：网传公司AI助听器通过非侵入式脑机接口技术，能够实时采集用户的注意力、听觉疲劳度等脑电数 据，并结合深度神经网络算法优化语音信号处理。 （未证实） 3、军工(印巴)：当地时间5月7日5时10分左右，巴基斯坦三军新闻局发言人确认，迄今巴方击落5架印度战机，分 别为3架阵风、1架米格、1架苏-30。 中航成飞、通易航天、爱乐达 4、晨曦航空：公司长期以来专注于航空机电产品的研发、生产和销售，主要为国有大型军工企业及其他厂商配 套，最终用户主要为军方。 5、华伍股份：公司军工领域旗下有安德 ...