2024年，乐凯胶片太阳能电池背板产品毛利率由正转负，光伏业务从"盈利"滑向"亏损"。尽管公司最初试图通过开发共线新产品来应对，但"产量越大亏损 越重"的现实让管理层最终决定止损退出。乐凯胶片内部人士坦言，虽然光伏业务量曾很大，但产业竞争激烈、价格下滑、需求下降，加之公司生产基地 与主要市场区域（江浙一带）距离较远导致运输成本偏高，使得该板块利润微薄，甚至陷入亏损。 告别光伏，乐凯胶片并未停下脚步。公告显示，乐凯胶片正加快布局光电显示和绿色双碳新业务。在光电显示领域，乐凯胶片已收购乐凯光电，并投建 TAC膜生产线，旨在打破中高端TAC光学膜依赖进口的局面，抓住国产化浪潮的机遇。在绿色双碳领域，公司进入分离膜领域，投建高性能分离膜及元件 项目，期望构建资源循环利用的新业务体系。 【环球网财经综合报道】曾经叱咤风云的"胶片王"乐凯胶片7月9日公告称，已停产亏损严重的太阳能电池背板产品，标志着其曾寄予厚望的光伏业务走向 终结。这家老牌企业正再次谋求转型，将目光投向光电显示和绿色双碳新领域。 乐凯胶片的故事始于胶片，也曾因成功转型光伏而一度风光。2011年，面对传统影像材料市场的萎缩，乐凯胶片将目光投向快速发展的光伏 ...

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating various companies experiencing notable gains due to specific events or developments. Hong Kong Market Highlights - Li Auto (02015) saw a rise of over 3% as the launch of the Li i8 is set for July 29 [1] - Chinese banks experienced gains, with Zhengzhou Bank (06196) up 6.06%, Minsheng Bank (01988) up 4.97%, CITIC Bank (00998) up 3.24%, and Industrial and Commercial Bank of China (01398) up 1.8% [1] - Jiuyuan Gene (02566) increased by over 6% following the approval of its drug by the National Medical Products Administration [1] - Conant Optical (02276) rose over 6% as its net profit is expected to increase by over 30% year-on-year [1] - Puxing Energy (00090) surged over 220% after acquiring equity in HashKey Holdings Limited, entering the digital asset finance sector [1] - Blucube (00325) saw a rise of over 8% as it faced its first share unlock, with an accelerated pace of new product launches [1] - InnoCare Pharma (02577) rose over 5% as TSMC exited the GaN business, prompting cornerstone investors to extend their lock-up period [2] - Jitu Express (01519) increased over 4% due to strong package volume performance in Southeast Asia [2] - Apple-related stocks saw gains, with Cowell (01478) up 5.14%, Sunny Optical (02382) up 4.99%, BYD Electronics (00285) up 4.67%, and AAC Technologies (02018) up 1.89% [2] - From Yuzhi Agriculture (00875) surged over 13% as the company aims to build a comprehensive modern agriculture flagship group [2] - Fenbi (02469) rose over 5% following an upgrade to its AI question-answering system, which is expected to drive performance growth [2] - E-Surfing (02550) increased over 16% after Barclays acquired a 280 million stake and partnered with Huawei Cloud [2] - Cryptocurrency ETF and related stocks rose, with New Fire Technology Holdings (01611) up 10.82%, Xiong'an Technology (01647) up 10.23%, and others [2] - Superstar Legend (06683) surged over 20% as Jay Chou joined Douyin, gaining over 10 million followers [3] - Cornerstone Pharmaceuticals (02616) rose over 4% after its drug production application was approved by NMPA [3] - Longguang Group (03380) opened over 4% higher as its debt restructuring plan was approved by creditors [3] - Saijing Technology (00580) opened over 8% after announcing a projected net profit of approximately 90 million, a 167% year-on-year increase [3] - Derin Holdings (01709) opened nearly 15% higher as it plans to tokenize up to 500 million HKD in assets for distribution to shareholders [3] US Market Highlights - Deutsche Bank (DB.US) rose over 3% as it restructures its wealth management business in Germany to improve profitability [4] - UnitedHealth (UNH.US) fell over 1% amid reports of a US Department of Justice investigation into its medical insurance billing [4] - Futu Holdings (FUTU.US) increased over 9% after Morgan Stanley raised its target price to 160 USD [4] - Boeing (BA.US) rose over 3% as June aircraft deliveries reached an 18-month high [4] - Meta (META.US) increased nearly 2% as it reportedly invested 3.5 billion USD to enhance its AI smart glasses business [4] - Nvidia (NVDA.US) rose nearly 2%, reaching a historic high with a market capitalization of 4 trillion USD [4] - Microsoft (MSFT.US) hit a historic high with a market capitalization of 3.74 trillion USD, following an upgrade from Oppenheimer [4]

港股恒生指数涨0.09%，涨22点，报23914点；恒生科技指数跌0.44%。港股早盘成交1257亿港元。 内银股再度走高，险资持续加仓H股银行，机构称存款非银化脱媒加速银行股重估。郑州银行 （002936）(06196)涨6.06%；民生银行（600016）(01988)涨3.98%；中信银行(00998)涨3.11%。 光伏股普遍走高，硅片厂商普遍调高报价，反内卷下行业供给侧改革有望提速。信义光能(00968)涨 4.23%；协鑫科技(03800)涨2.46%；新特能源(01799)涨5.85%。 钢铁股再度拉升，行业减产计划有望提速，机构看好行业盈利与估值逐步修复。重庆钢铁（601005）股 份(01053)涨8.76%；鞍钢股份（000898）(00347)涨4.8%。 京城机电股份(00187)涨超10%，氢能产业迎来催化，多地发布推动氢能发展政策。 舜宇光学(02382)涨超6%，大摩称公司新一轮增长周期即将启动，新兴业务有望成为第二成长引擎。 康耐特光学(02276)涨超7%破顶，上半年净利同比预增逾30%，机构看好公司盈利中枢延续向上。 比特币价格刷新历史新高，加密货币ETF及相关概念股集体走 ...

Summary of Key Points Core Viewpoint - Fujian Fuguang Co., Ltd. plans to utilize temporarily idle raised funds for cash management to enhance fund efficiency and generate returns for the company and its shareholders while ensuring the safety of the raised funds and not affecting future investment projects [1][6]. Fundraising Basic Situation - Fujian Fuguang was approved to publicly issue 38.8 million shares at a price of RMB 25.22 per share, raising a total of RMB 978.54 million, with a net amount of RMB 917.70 million after deducting issuance costs [1][2]. Fund Management and Investment Projects - The raised funds are stored in a special account with a regulatory agreement in place to monitor their usage [2]. The total investment amount for the projects is RMB 76,628.20 million, with RMB 65,734.64 million allocated for specific projects [3]. Cash Management Plan - The company intends to use up to RMB 200 million of temporarily idle funds for cash management, with a maximum investment period of 12 months [4]. The investment will focus on high-safety, high-liquidity products, and will not be used for pledging or securities investment [4][5]. Decision-Making and Implementation - The board of directors has authorized the chairman to make decisions regarding the cash management, with the finance department responsible for implementation [4]. The decision is valid for 12 months from the date of board approval [4]. Impact on Operations - The cash management plan will not affect the normal implementation of future investment projects or the regular use of raised funds, and it aims to improve fund efficiency and returns for shareholders [4][6]. Verification by Sponsor Institution - The sponsor institution, Industrial Securities, has verified that the cash management plan complies with relevant laws and regulations, ensuring no change in the purpose of raised funds or harm to shareholder interests [6][7].

点击注册小程序 查看完整报告 公司 6 月其他领域摄像模组出货量170 万颗，环比+10.2%、同比+99.3%，主要由于 IoT 和智能汽车领域摄 像模组出货量同比大幅上升。25H1 其他领域摄像模组出货量同比+47.9%，其中25Q1/25Q2 出货量分别同 比+16.6%/+86.3%，25Q2 出货量同比增速较 25Q1显著提升。公司在无人机及手持影像设备光学产品布局 广泛，涵盖相机模组、视觉模组、激光雷达等产品。根据潮电智库，公司摄像模组产品已交付大疆DJI Avata2 无人机、Osmo Pocket 3 手持相机等旗舰产品。我们预计，受益于全球消费级无人机及手持影像设 备市场规模高速增长，公司 IoT 摄像模组出货量将持续高速增长。 25H1 指纹识别模组出货量产品同比大幅上升，超声波指纹识别模组放量驱动产品规格提升 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expected to benefit from the continuous upgrade of product specifications and the growth of IoT modules, which may lead to better-than-expected performance [1][2]. - In June, the company's smartphone camera module shipments showed a year-on-year growth for the first time in the first half of 2025, driven by the launch of Huawei's flagship model [1]. - The company is focusing on high-end products, which is expected to significantly enhance the average selling price (ASP) and gross margin [1][4]. Summary by Sections Smartphone Camera Modules - In June, the company shipped 32.648 million smartphone camera modules, with a month-on-month increase of 0.8% and a year-on-year increase of 1.5% [1]. - For the first half of 2025, the total shipment was 183.866 million units, a year-on-year decrease of 14.8% due to a focus on high-end products [1]. - The proportion of shipments for modules with 32MP and above reached 53.4%, an increase of 5.5 percentage points year-on-year [1]. Other Camera Modules - The company saw a significant year-on-year increase of 99.3% in shipments of other camera modules in June, totaling 1.7 million units [2]. - The growth is attributed to the booming global market for consumer drones and handheld imaging devices [2]. - The company has a broad layout in optical products for drones and handheld devices, including camera modules and visual modules [2]. Fingerprint Recognition Modules - In June, the company shipped 13.9 million fingerprint recognition modules, with a year-on-year increase of 7.3% [3]. - The ultrasonic fingerprint recognition modules saw a remarkable year-on-year increase of 851.9% [3]. - The total shipment for the first half of 2025 was 94.357 million units, a year-on-year increase of 59.7% [3]. Financial Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been raised by 20%, 31%, and 40% to RMB 724 million, RMB 934 million, and RMB 1.171 billion respectively [4]. - The company is expected to benefit from the growth in IoT shipments and the improvement in product specifications across its product lines [4]. - Revenue projections for 2025 are set at RMB 19.706 billion, with a growth rate of 22% [5].

Core Viewpoint - The company, Jiangxi Woge Optoelectronics Group Co., Ltd., has announced a cash dividend distribution plan, with a cash dividend of RMB 0.05 per share for its A-shares, approved at the 2024 annual shareholders' meeting on May 23, 2025 [1][2]. Dividend Distribution Details - The total number of shares eligible for the cash dividend distribution is 221,632,233 shares, after deducting 1,858,000 shares held in the company's repurchase account from the total share capital of 223,490,233 shares [2][3]. - The total cash dividend to be distributed amounts to RMB 11,081,611.65 (including tax) [2]. - The cash dividend distribution will occur on July 16, 2025, with the record date set for July 15, 2025 [1][3]. Taxation on Dividends - For individual shareholders holding unrestricted circulating shares, the tax treatment varies based on the holding period: - Holding period within 1 month: 20% tax on the full dividend amount - Holding period between 1 month and 1 year: 10% tax on 50% of the dividend - Holding period over 1 year: No tax [5][6]. - The actual cash dividend received by shareholders after tax will be RMB 0.045 per share for those with a holding period of less than 1 month and RMB 0.05 for other institutional investors [5][6]. Implementation of Dividend Distribution - The cash dividends will be distributed through the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, to shareholders registered as of the record date [3][4]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [4].

Investment Rating - The report maintains a "Buy" rating for BOE Technology Group Co., Ltd. (京东方 A) [5][7] Core Viewpoints - The company emphasizes that LCD will remain the mainstream display technology in the medium to long term, while the flexible OLED market is rapidly growing. The industry is transitioning from competition based on scale and market share to high-value-driven competition [2] - BOE is advancing its "N Curve" growth strategy, focusing on new business growth areas such as perovskite photovoltaic devices and glass-based packaging, which are expected to support future growth [3] - The company's profitability is expected to improve as it transitions its capital strategy towards value creation, with significant capital expenditures and depreciation peaks anticipated in 2025, leading to a more favorable environment for shareholder returns [4] Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at CNY 215.996 billion, CNY 239.566 billion, and CNY 264.058 billion, respectively. Corresponding net profits are projected to be CNY 9.415 billion, CNY 13.410 billion, and CNY 15.513 billion [5][6] - The report indicates a significant recovery in net profit growth rates, with expected year-on-year increases of 76.9% in 2025 and 42.4% in 2026 [6] Financial Metrics - The report provides key financial metrics, including a projected P/E ratio of 15.9 for 2025 and a P/B ratio of 1.0, indicating a favorable valuation relative to earnings and book value [6][7] - The company's return on equity (ROE) is expected to improve from 6.6% in 2025 to 9.6% in 2027, reflecting enhanced profitability [6]

证券代码：301479 证券简称：弘景光电 广东弘景光电科技股份有限公司投资者关系活动记录表 编号：2025-008 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 电话会议 参与单位名称及 人员姓名 国金基金：王小刚、边广洁、多飞帆； 开源证券：仇方君；中邮证券：吴文吉、翟一梦。 时间 2025 年 7 月 8 日 地点 公司会议室（电话会议） 公司接待人员 姓名 董事会秘书林琼芸女士 证券事务代表钟倩文女士 投资者关系活动 主要内容介绍 1、2025 年上半年各类业务的拓展情况如何？业务结构占比 有明显的变化吗？ 公司以智能汽车、智能家居、全景/运动相机三大业务领域为 业绩支撑，以人工智能硬件、机器视觉、工业检测与医疗等新兴 业务领域为业绩增长点。 2025 年，公司各类业务按照既定计划开展中，目前整体业务 结构未发生明显的变动，具体经营情况请关注公司后续披露的定 期报告。 2、公司的全景相机模组有什么特点？公司在这方面有什么 竞争优势。 公司全景相机摄像模组具有超高清、超广角、大光圈等特性， 1 4、公司对智能家居业务的未来展望如何 ...

华创证券：维持康耐特光学强烈推荐评级 上调目标价至54.5港元 智通财经7月8日电，华创证券就康耐特光学(02276.HK)发布研报称，近期智能眼镜产业链密集推新，该 公司作为镜片制造龙头企业，正积极培育智能眼镜第二成长曲线，目前已和多家头部3C龙头合作布局 智能眼镜。公司内外销齐头并进，产销结构升级有望带动盈利能力持续改善。维持"强烈推荐"评级，上 调目标价至54.5港元。 ...