Investment Rating - The investment rating for the company is "Buy" with a target price of 33.60 RMB [8][5]. Core Views - The company achieved a revenue of 1.034 billion RMB in 2024, representing a year-on-year increase of 37.08%, and a net profit of 221 million RMB, up 22.58% year-on-year. In Q1 2025, the revenue was 256 million RMB, showing a significant growth of 52.92% year-on-year, driven by opportunities in mobile optical innovation, automotive smart driving, and 5G optical communication [2][4]. - The company is expected to maintain strong performance in the second half of 2025, supported by demand for periscope lenses from major mobile clients and automotive optical/laser radar needs. The company is also collaborating with leading global manufacturers in various new fields, which may contribute to long-term performance growth [2][4]. Summary by Sections Financial Performance - In 2024, the optical prism product revenue reached 654 million RMB, a year-on-year increase of 59.01%, primarily due to increased shipments of micro prisms. The gross margin was 37.99%, down 5.15 percentage points year-on-year. The glass aspheric lens revenue was 251 million RMB, up 4.08% year-on-year, with a gross margin of 51.93%, up 5.36 percentage points year-on-year. The glass wafer revenue was 73 million RMB, up 38.91% year-on-year, with a gross margin of 16.01% [3][4]. - The company’s total revenue for 2023 was 754.46 million RMB, with a year-on-year growth of 98.35%. The net profit attributable to the parent company was 180.79 million RMB, up 87.27% year-on-year [7]. Business Outlook - The company is well-positioned to benefit from diverse product offerings and long-term customer relationships in consumer electronics, automotive smart driving, and optical communication sectors. The demand for micro prisms is expected to grow due to the introduction of new models by major clients [4][5]. - The company is actively cooperating with leading glass material manufacturers and semiconductor equipment suppliers, positioning itself to capture growth opportunities in the AR and semiconductor fields [4]. Valuation - The projected net profits for 2025-2027 are 339 million RMB, 425 million RMB, and 534 million RMB, respectively. The corresponding EPS for these years is expected to be 0.84 RMB, 1.05 RMB, and 1.32 RMB [5][7]. - The company is assigned a PE ratio of 40 times for 2025, reflecting its strong growth potential in new downstream markets and products [5][8].

证券代码：301238 证券简称：瑞泰新材 | 4、高管您好，请问您如何看待行业未来的发展前景？谢 | | | | --- | --- | --- | | | | 谢。 | | 答：投资者您好！报告期内，在动力及储能市场的强力 | | | | 拉动下，电池的产销量继续攀升，电池材料市场需求继续扩 | | | | 大；但同时行业竞争进一步加剧，主要产品价格持续下行， | | | | 新能源电池材料行业处于深度调整期。电池材料企业已放缓 | | | | 产能释放速度，但近期仍面临激烈竞争的压力。电池材料企 | | | | 业在市场开拓、成本控制和技术创新等方面将继续面临挑 | | | | 战。在光学材料方面，受益于 | | LCD 产能向国内的转移，消费 | | 电子产品的不断升级和政策支持，光学膜行业国产化将为细 | | | | 分板块的光学材料带来更多的机会。 | | | | 功能性硅烷行业整体正逐步迈入高质量发展的新阶段。 | | | | 进入该行业的门槛不断抬升，市场竞争也日益激烈，行业集 | | | | 中度也将进一步提高。随着新兴经济体的需求带动和新兴工 | | | | 业应用领域的不断开发，预计功能 ...

Group 1: Company Strategy and R&D Focus - The company emphasizes technological innovation and product upgrades, establishing the Daoming (Hangzhou) Research Institute to focus on optical key components and new functional film materials [2][3] - The research institute aims to provide customized optical solutions based on client needs and enhance existing optical products [3] - The company plans to leverage its advanced coating and film preparation technologies to develop special performance films and new display materials [3] Group 2: Market Position and Competition - The company has rapidly increased its market share in the license plate film sector, becoming a major supplier in China, with significant growth potential due to the rise of electric vehicles [4] - The transition from ink to hot stamping technology is expected to boost sales of license plate films and related thermal transfer films [4] - The company maintains strong competitive advantages through its production capacity, brand strength, and technological innovation [4] Group 3: Financial Performance - In 2024, the company achieved total revenue of CNY 1.44 billion, a year-on-year increase of 8.96% [5][9] - The net profit attributable to shareholders was CNY 169 million, up 8.44% year-on-year, while the net profit excluding non-recurring items was CNY 137 million, a 2.94% increase [5][9] Group 4: Future Growth Opportunities - The company anticipates accelerated domestic substitution of reflective materials, particularly in the automotive safety sector, driven by the growth of electric vehicles [8] - The company is positioned to expand its market share in regions such as the Middle East, South America, and Europe, leveraging its strong brand reputation [8] - The introduction of graphene heat dissipation films into flagship smartphone models is expected to drive future growth [8] Group 5: Talent and Management Development - The company prioritizes the development of its management team and talent cultivation, actively recruiting to enhance professional capabilities and technical skills [9] Group 6: Industry Outlook - The overall industry performance is stable, with the company maintaining a competitive edge compared to peers [9] - The company is exploring market expansion plans in emerging industries, particularly in the automotive sector, to meet increasing demand for reflective materials [9]

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company has shown robust growth in revenue and net profit for 2024, with a significant increase in Q1 2025, driven by investments in R&D and new product lines in automotive electronics [3][7] - The company is expected to benefit from the growing demand in consumer electronics and automotive electronics, with a focus on micro-prism and optical waveguide technologies [4][7] Financial Summary - The company’s revenue is projected to grow from RMB 754 million in 2023 to RMB 2,224 million by 2027, reflecting a compound annual growth rate (CAGR) of 41.4% from 2025 to 2026 [6][8] - The net profit is expected to increase from RMB 180 million in 2023 to RMB 572 million by 2027, with a notable growth rate of 66.2% in 2025 [6][8] - The company’s R&D expenses are anticipated to rise significantly, reaching RMB 132 million in 2025, which is 11.3% of revenue, indicating a strong commitment to innovation [7][8] Business Performance - In 2024, the optical prism segment is projected to generate RMB 650 million in revenue, a 59% increase year-on-year, primarily due to the demand for smartphone camera modules [7] - The glass aspheric lens segment is expected to achieve RMB 250 million in revenue, with a gross margin of 51.9%, reflecting a strategic adjustment in product and customer structure [7] - The company has increased its R&D personnel from 227 in 2023 to 353 in 2024, a growth of 55.5%, enhancing its competitive edge in the market [7]

Growth Drivers - The company has established three growth curves: consumer electronics as the first, automotive optics as the second, and AR/VR as the third, creating a diversified and sustainable development pattern [2][3] - The smartphone segment remains a stable growth curve, with significant potential for optical innovation and new product launches [3][4] - The automotive electronics segment has accumulated a stable customer base, with increasing shipments of products like HUD and Lidar window pieces [4] Financial Performance - In Q1 2025, the company achieved a revenue of CNY 1.482 billion, a year-on-year increase of 10.20% [3] - The net profit attributable to shareholders was CNY 221 million, reflecting a year-on-year growth of 23.67% [3] - The gross profit margin reached 27.95%, an increase of 3.95% compared to the same period last year, indicating high-quality growth [3] Internationalization Strategy - The company has initiated internationalization strategies for several years, establishing market windows around core customers in Japan, South Korea, Singapore, Taiwan, the USA, and Germany [3][4] - A second office has been set up in Seattle to better serve overseas clients, and a manufacturing base in Vietnam is expected to enter mass production this year [3][4] - Future plans include expanding into emerging markets in North America, Europe, and Southeast Asia, enhancing international influence [4][6] Industry Outlook - The optical industry is expected to experience significant growth due to increasing demand for optical hardware in smart terminals such as smartphones, smart homes, automotive optics, and AR glasses [5][6] - The company is well-positioned with a solid strategic layout, technical accumulation, and stable customer relationships, fostering confidence in future growth [3][4]

Group 1: Nuclear Power Industry - The State Council approved the construction of 10 nuclear power units, indicating a positive long-term growth outlook for the nuclear power sector in China [2][4][6] - From 2022 to 2025, China has consistently approved at least 10 nuclear power units annually, with a total of 44 units under construction as of April 2025, representing a significant increase in installed capacity [3][4] - Nuclear power is recognized as a clean and stable baseload energy source, with high utilization hours and relatively stable electricity prices, which are expected to drive revenue and profit growth for related companies [4][5][6] Group 2: ASEAN Economic Cooperation - The visit of President Xi Jinping to ASEAN countries marks a significant moment for deepening cooperation in trade, investment, and industry, contributing positively to regional and global economic development [8][9] - China and ASEAN are focusing on high-end manufacturing, mineral resource development, infrastructure cooperation, and agricultural consumption, aiming for mutual benefits and deeper integration of industrial chains [10][9] - The cooperation framework includes enhancing policy coordination, leveraging complementary advantages in technology and market, and improving trade and investment facilitation to stimulate regional growth [10][9] Group 3: Precious Metals Market - Recent signals from the U.S. government regarding easing trade tensions with China have led to a temporary decline in gold prices, but medium-term prospects for gold prices remain bullish due to ongoing geopolitical risks and potential economic downturns in the U.S. [13][15] - Global gold ETF holdings and central bank purchases, particularly from emerging markets, indicate significant room for further accumulation of gold, supporting price increases [15][13] - The copper and aluminum sectors are expected to rebound due to favorable macroeconomic policies and a shift in market sentiment following the easing of trade tensions [15][16] Group 4: Agricultural Sector - He Feng Co. - He Feng Co. reported a significant turnaround in profitability for 2024, with a net profit of 3.42 billion yuan, compared to a loss in the previous year, driven by cost reduction and efficiency improvements [18][19] - The company’s feed business faced challenges with a decline in sales volume and price, but the meat and poultry segments showed resilience and growth potential [19][20] - The company plans to achieve over 10% growth in feed sales in 2025, focusing on strategic transformations across product, channel, and management aspects [19][22] Group 5: Medical Devices - Yuyue Medical - Yuyue Medical's revenue for 2024 decreased by 5.09%, but the company is focusing on strategic investments to accelerate international expansion, particularly in the blood glucose management sector [24][25] - The Continuous Glucose Monitoring (CGM) technology is identified as a key growth driver, with new products expected to significantly increase market penetration [27][29] - The company has made a strategic investment in Inogen to enhance its presence in the U.S. and European markets, indicating a commitment to long-term growth and shareholder returns [28][29]

Core Viewpoint - The company reported a decline in net profit for 2024 and Q1 2025, primarily due to the impact of recent acquisitions and integration challenges, which were in line with market expectations [1][2]. Financial Performance - In 2024, the company achieved revenue of 620 million yuan, a year-on-year increase of 10.49%, but reported a net loss of 175 million yuan, a significant decline of 293.17% [1]. - For Q1 2025, revenue was 170 million yuan, up 23.75% year-on-year, while the net loss was 32 million yuan, down 97.38% year-on-year [1]. Business Segments Upstream Business - Revenue from semiconductor laser components and materials in 2024 was 150 million yuan, down 34.42% year-on-year due to increased competition and price pressure [3]. - Revenue from laser optical components was 287 million yuan, up 38.71% year-on-year, driven by the acquisition of Swiss Light [3]. Midstream Applications - Automotive applications generated revenue of 77 million yuan, a significant increase of 66.63% year-on-year, attributed to new projects from the Swiss Light acquisition [4]. - Revenue from semiconductor processing was 69 million yuan, up 10.19% year-on-year, supported by growth in wafer annealing and new product developments [4]. - Revenue from healthcare applications was 17 million yuan, up 44.65% year-on-year, as more clients adopted the company's laser skin treatment modules [4]. Gross Margin and Cost Structure - The overall gross margin for 2024 was 28.11%, a decrease of 19.85 percentage points year-on-year, while Q1 2025 saw a recovery to 33.39% [5]. - The gross margin for laser optical components was down 10.39 percentage points year-on-year due to competitive pricing pressures [6]. - The automotive application solutions experienced a significant drop in gross margin due to high production costs from Switzerland, which are expected to improve following the relocation of production to China [6]. Strategic Outlook - The company aims to enhance its core competitiveness through acquisitions and is focusing on expanding into new fields, including optical communication, consumer electronics, and healthcare [8]. - Ongoing R&D efforts are directed towards developing high-power, reliable laser devices and optimizing manufacturing processes to reduce costs [9][10]. Earnings Forecast - The company adjusted its revenue forecasts for 2025-2026 to 832 million and 1.095 billion yuan, respectively, with expected net profits of 46 million and 153 million yuan [11].

显微镜需求底部复苏，国产替代迎战略契机。2024 年行业需求承压，导致公司显微镜收入同比下滑 14%至3.56 亿元，但随着需求复苏以及设备更新政策资金逐步落地，4Q24 显微镜销售环比增长8.5%， 我们预计2025 年显微镜收入有望恢复同比增长。长期来看，我们认为近期外部宏观环境变化或使得技 术壁垒高、进口依赖强的高端科学仪器迎来战略契机，而公司持续在高端显微镜领域投入研发并取得技 术突破，例如公司于2024 年再次牵头国家重大仪器专项"多模态纳米分辨率显微镜"，长期国产替代空 间广阔。 光学元件多元布局，扫描模组、激光雷达、医疗贡献增量。条码扫描方面，得益于客户去库及海外需求 修复，24 年公司条码业务大幅增长，并与Zebra、Honeywell 等客户推进了复杂模组业务，我们预计模 组放量或为贡献可观增量。激光雷达方面，公司与禾赛、图达通、法雷奥等头部客户紧密合作，24 年 收入突破"亿元"，我们认为智驾平权背景下激光雷达渗透率有望快速提升，带动公司收入延续高增态 势，同时规模效应或有助于盈利能力改善。医疗光学方面，公司内窥镜光学元组件收入快速增长、手术 显微镜光学部组件取得技术突破，我们看好公司不断 ...

前十大流通股东累计持有： 9552.53万股，累计占流通股比： 39.84%，较上期变化： -513.98万股。 | 名称 持有数量(万股) | | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 富联裕展科技(深圳)有限公司 | 2031.33 | 8.47 | 不变 | | 深圳市达晨财智创业投资管理有限公司-深圳市达晨创通股 | | | | | 权投资企业(有限合伙) | 1578.45 | 6.58 | -54.68 | | 王文涛 | 1368.37 | 5.71 | 不变 | | 国家制造业转型升级基金股份有限公司 | 911.99 | 3.80 | 不变 | | 卢源远 | 868.54 | 3.62 | 不变 | | 赵严 | 608.79 | 2.54 | 不变 | | 杨影 | 581.48 | 2.43 | 不变 | | 东台凌杰企业管理合伙企业(有限合伙) | 551.61 | 2.30 | -45.71 | | 印永强 | 529.14 | 2.21 | 不变 | | 东台凌光企业管理合伙企业(有限合伙) ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 33139.08万股，累计占流通股比： 65.15%，较上期变化： 1449.46万股。 | 持有数量(万股) 名称 | | 占总股本比例 | 增减情况 | | --- | --- | --- | --- | | | | (%) | (万股) | | 北方光电集团有限公司 | 11948.25 | 23.49 | 不变 | | 中兵投资管理有限责任公司 | 10676.53 | 20.99 | 不变 | | 湖北华光新材料有限公司 | 6300.38 | 12.38 | 不变 | | 嘉实基金-中兵投资管理有限责任公司-嘉实基金-天璇单 一资产管理计划 | 1017.00 | 2.00 | 不变 | | 南方军工改革灵活配置混合A | 962.43 | 1.89 | 新进 | | 国投瑞银国家安全混合A | 797.07 | 1.57 | 新进 | | 广发基金-中兵投资管理有限责任公司-广发基金-天枢单 | | | | | 一资产管理计划 | 507.59 | 1.00 | 不变 | | 余斌 | 407.52 | 0.80 | 35.54 | ...