行情速递 ①主板领涨，横店影视(+10.03%)/海能达(+10.03%)/立昂微(+10.02%)/久其软件(+10.02%)/国 睿科技(+10.01%)/ ②创业板领涨，恒锋信息(+20.03%)/贝仕达克(+19.98%)/汉得信息(+14.77%)/ ③科创板领涨，仕佳光子(+20.00%)/金橙子(+14.26%)/博睿数据(+13.59%)/ ④活跃子行业，SW影视动漫制作(+5.09%)/SW光学元件(+3.41%) 国内新闻 ①盖世汽车资讯，仰望汽车宣布/其累计销量突破10000台/创造了中国百万 级汽车新纪录/ ① 爱集微，市调机构Canalys在报告中指出/2025年第一季度/印度智能 手机出货量同比下降8%/总计3240万部/主要受持续疲软的需求和2024 年末渠道库存偏高的影响/高库存水平扰乱了新品发布节奏/厂商被迫重 新调整渠道策略/ 公司公告 ① 实益达，发布2025年一季度报告/本报告期内/公司实现总营业收入1.41 亿元/同比减少10.51%/利润总额达到0.18亿元/同比减少7.7%/实现归母净 利润0.13亿元/同比增长19.21%/ ② 歌尔股份，发布2025年一季度报 ...

以下文章来源于申万宏源策略 ，作者申万宏源策略 申万宏源策略 . 我们强调体系性、实战性 目录 一周回顾 素：关税的基本面影响逐步显现；中美在金融和科技领域可能还有后续扰动；能够凝聚市场共识的主线仍需等待。 市场对政策对冲的要求会逐步提高。讨论二季度市场预期总体平稳所需的政策条件：1. 保留后续政策适时加码的空间。2. 一季度累积的财政资源，在二季度要落实实物工作物量，消 本轮是对冲资产(新消费)明显占优，后续科技主题的权重会增加。 中期A股重拾上行趋势，大概率要以科技产业趋势重新凝聚共识为条件。中期继续推荐：国内AI算力和应用、具身智 光学光电子；PE\PB均在历史15%分位以下的行业：保险、小金属、交通运输（航运港口）、电池、中药、医疗服务 专题研究 进行梳理和探讨。 公告 -- 优质自身的保障 " 宋照 句广大外贸企业 责合作伙伴 F 加大外贸优品消费文 F端环的号召，盯焚资 F开放快捷通道，9章 F。 日前日第今产企 # 国外贸企业 驻通道 K关于提拔消费、扩大 C 集团 应商伙伴 id= l 胖】 l 船求发力点? !链观察系列1 @www—科技 ia" 9) 星光, 汇星座 列 三角系統合第二次 ...

Market Performance - A-shares experienced a slight increase, with the Shanghai Composite Index rising by 0.21% to 3282.82 points, the Shenzhen Component Index up by 0.42%, and the ChiNext Index increasing by 0.61% [1][2] - The total trading volume for A-shares reached 635.57 billion yuan [1] Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 245.5 billion yuan at a fixed rate of 1.50%, with a net injection of 179.6 billion yuan for the day [2] Government Initiatives - The Shanghai government introduced measures to promote high-quality development of the private economy, encouraging private enterprises to focus on mergers and acquisitions and traditional industry upgrades [3] - The China Securities Regulatory Commission is working on a new evaluation system for securities firms, focusing on contributions to key financial sectors [3] Sector Performance - Real estate stocks showed strong performance, with companies like Yuhua Development and Tianbao Infrastructure seeing significant price increases [4] - The semiconductor industry chain strengthened, particularly in the photolithography sector, with stocks like Xilong Science and Guofeng New Materials hitting the daily limit [4] Sector Trends - The photolithography machine sector led with an average increase of 3.55%, followed by dispersed dyes and polyurethane [5] - The photolithography machine market is characterized by high concentration, with a trend towards domestic supply chain independence [5] Company Highlights - Polyride focuses on "liquid coloring technology" and has developed advanced coloring agents for various industries [7] - Kangpeng Technology has built a competitive technology platform around fluorination and carbon-carbon coupling technologies [7] - Maolai Optical has mastered several core technologies in precision optical coating and system design, providing integrated service solutions [7] - Qicai Chemical's MXD6 project enhances its position in the new materials sector, promising future growth [8]

Core Viewpoint - The company plans to acquire 28.2461% of Oufeiy Microelectronics through a combination of issuing shares and cash payment, which is expected to constitute a significant asset restructuring but will not lead to a change in control or a restructuring listing [1][3]. Group 1: Transaction Details - The company intends to purchase 28.2461% equity of Oufeiy Microelectronics and 48.9281% equity of Jiangxi Jinghao Optics, but the latter transaction has been halted due to disagreements on pricing [2]. - The share issuance price for the acquisition is set at 10.63 yuan per share, which is not less than 80% of the average trading price over the previous 60 trading days [2]. Group 2: Financial Performance - For the year 2024, the company reported total revenue of 20.437 billion yuan, a year-on-year increase of 21.19%, with a net profit attributable to shareholders of 5.8 million yuan [4]. - The company invested 1.591 billion yuan in R&D in 2024, representing a 10.08% increase and accounting for 7.79% of total revenue [4]. - Oufeiy Microelectronics reported net profits of 238 million yuan and 280 million yuan for the years 2023 and 2024, respectively [4]. Group 3: Strategic Implications - The acquisition will enhance the company's control over important business areas, allowing for better strategic alignment and implementation [5]. - Oufeiy Microelectronics possesses strong technical capabilities in fingerprint recognition modules, optical sensing modules, and PC touchpads, which will synergize with the company's strategic goals [5].

各位领导大家下午好我是华经新股理会感谢大家来参加我们第63期的新股探寻的先生汇报本期要给大家汇报三个标的宏景观点看守科技以及恒星生活那在具体汇报之前同样也提示各位就是我们在这里去提到的这些标的并不代表我们短期的一个投资建议 我们也欢迎大家在会后就投资建议的相关问题跟我们做更多的更为深入的交流开始我今天的汇报首先给大家介绍的标题是宏景观电宏景观电是全球领先的可以说是全景相机的观学镜头及摄像模组的供应商顾名思义这个公司主要的产品其实就是观学的镜头还有说摄像模组 增长率大概也是14.1%其实整体增速也是在一个比较快速增长的这么一个过程中那智能汽车就更不用说了那我们会看到根据第三方的数据全球平均每辆汽车搭载的摄像头从2018年的1.7颗是增长到了2023年的3颗 那前段时间比亚迪这个全民自驾的翻案发布大家也看到了目前比亚迪的天神之眼无论是ABC任何一个场景其实都是有12个的摄像头也就是说未来整个汽车搭载的摄像头的数量是有望是还是在一个很快速增长的这么一个车道上那从公司的这个特点来看的话首先我们会看到公司其实 这个创始人以及说他的这个核心管理团队其实都拥有比较丰富的这个产业的一个背景那我们看到公司的这个创始人是空然赵紫 ...

ZEROP 25 | 投资界 评委嘉宾发言:VENTURE50评委嘉宾分享评选故事 14:45-15:00 企业分享:VENTURE50优质上榜企业分享 15:00-16:00 昂坤视觉:专注于光学检测和测量设备的研发及制造 远触智能:国产数字化工业AI产品与服务提供商 中科宇航:研制中大型运载火箭的商业航天企业 踏歌智行:露天矿无人驾驶运输解决方案 中科驭数:专注于DPU研发的科技企业 万思医疗:专注于血管介入手术机器人研发生产 鉴智机器人:以视觉3D理解为核心的自动驾驶系统提供商 *更多企业资料,持续更新中 ..... 16:00-16:30 会后自由交流 6 组织单位 ::: 主办单位:清科创业、投资界 协办单位:沙丘投研院 VENTURE 59 ZEROZIPO 2025VENTURE50 " " 2025年4月22日 中国·北京 地点:北京市朝阳区霄云路40号国航世纪大厦21层 活动议程 | | | (最终议程安排以现场为准) 2025年4月22日(星期二)下午 14:40-14:45 主题分享:VENTURE50二十载,再启新程 (0) 14:00-14:30 果 上一篇： 主持人开场 14:30 ...

Summary of Crystal Optoelectronics Conference Call Company Overview - **Company**: Crystal Optoelectronics - **Date**: April 11, 2025 - **Key Financials**: - Net profit growth rate exceeded sales growth by 48% - Gross margin reached 31.1%, up 3.3 percentage points year-on-year - Net profit margin at 16.4%, up 4.6 percentage points year-on-year - Revenue for 2024 was 6.3 billion RMB, a 24% year-on-year increase [2][3] Core Business Segments - **Revenue Breakdown**: - Optical components: 4.7 billion RMB, 18% increase, 47% of total revenue - Optical panels: 2.5 billion RMB, 34% increase, 40% of total revenue - Semiconductor optics: 100 million RMB, 20-fold increase, 2% of total revenue - Automotive electronics L3: 300 million RMB, 3-fold increase, 5% of total revenue - Reflective materials: 400 million RMB, 37-fold increase, 6% of total revenue [2][5] Market Position and Strategy - **Export and Market Reach**: - 75% of sales are exports, with less than 0.1% directly to the U.S., minimizing tariff impact - Major export markets include Taiwan, Singapore, Vietnam, and other East Asian countries [2][7][8] - **Future Growth Plans**: - Targeting 10% revenue growth in 2025 through customer relationship deepening, strategic business layout, and cost reduction [2][10] - Capital expenditure expected to be 10%-15% of revenue, focusing on new projects and headquarters development [10] Competitive Advantages - **Unique Market Position**: - Positioned uniquely in the global market with significant price advantages, breaking North American market monopolies [2][12][13] - **Technological Leadership**: - Committed to becoming a leader in the optical solutions for the metaverse, focusing on AR/VR and AI applications [20][45] Financial Performance and Profitability - **Profitability Metrics**: - Non-GAAP net profit increased by 83% year-on-year [2][5] - Gross margins improved across all business segments, with optical components at 36.3% and semiconductor optics at 40% [6] Risk Management and External Factors - **Impact of Tariffs**: - Minimal direct impact from U.S. tariffs due to low export volume; no significant order fluctuations reported from key clients [8][17] - **Response to Macro Uncertainty**: - Implementing structural adjustments and cost reduction strategies to enhance resilience against market volatility [15][47] Future Outlook - **Growth Projections**: - Anticipating continued growth driven by high-demand sectors such as consumer electronics and automotive [14][45] - **Investment in Innovation**: - Focused on R&D in AR optics and automotive HUD technologies, with plans for mass production in emerging markets [23][25][30] Shareholder Returns - **Dividend Plans**: - Proposed cash dividend of 2 RMB per ten shares, with no stock bonuses or capital increases [11] Conclusion - **Vision for the Future**: - Aiming to solidify its position as a global leader in optical solutions for the metaverse while maintaining strong relationships with major clients and adapting to market changes [45][48]

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved record high performance in 2024, with revenue reaching 6.278 billion yuan, a year-on-year increase of 23.67%, and a net profit of 1.03 billion yuan, up 71.57% year-on-year [1] - The company is focusing on three main sectors: consumer electronics, automotive optics, and AR/VR, enhancing collaboration with industry leaders and increasing customer stickiness [1][3] - The company has optimized its product and market structure, resulting in significant cost reduction and efficiency improvements, with gross margin increasing by 3.28 percentage points to 31.1% in 2024 [1][4] Summary by Sections Financial Performance - In 2024, the optical components business generated revenue of 2.88 billion yuan, up 17.9% year-on-year, with a gross margin of 36.3%, an increase of 5.7 percentage points [2] - The thin-film optical panel segment reported revenue of 2.47 billion yuan, a 33.7% increase, with a gross margin of 26.7% [2] - The semiconductor optics segment achieved revenue of 130 million yuan, a 19.5% increase, with a gross margin of 40.3% [2] Business Segments - The automotive electronics segment generated revenue of 300 million yuan, a 3.0% increase, with a gross margin of 13.5% [2] - The company secured over ten key projects in the automotive optics sector, with HUD shipments nearing 300,000 units, indicating steady market share growth [3] - In the AR/VR sector, the company has developed a one-stop optical solution capability and is addressing mass production challenges [3][4] Research and Development - The company has significantly increased its R&D investment, with expenses rising from 160 million yuan in 2019 to 420 million yuan in 2023, and a total of 1.165 billion yuan allocated from 2022 to 2024 [4] - The focus of R&D has shifted to AR reflective waveguides, with efforts to resolve mass production issues [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 7.593 billion yuan, 9.020 billion yuan, and 10.355 billion yuan, respectively, with corresponding net profits of 1.269 billion yuan, 1.574 billion yuan, and 1.829 billion yuan [5][4] - The current stock price corresponds to a PE ratio of 19, 15, and 13 for the years 2025, 2026, and 2027, respectively [4]

公募基金方面，本期较上一期持股增加的公募基金共计16个，主要包括东吴移动互联混合A、景顺长城 品质长青混合A、东吴嘉禾优势精选混合A、东吴新趋势价值线混合、兴业研究精选混合A等，持股增 加占比达0.66%。本期较上一季度持股减少的公募基金共计63个，主要包括睿远成长价值混合A、富国 长期成长混合A、景顺长城研究精选股票A、南方中证500ETF、兴全合兴混合A等，持股减少占比达 4.72%。本期较上一季度新披露的公募基金共计711个，主要包括景顺长城景气进取混合A、富国天惠成 长混合(LOF)A/B、大摩数字经济混合A、圆信永丰兴诺、兴业兴睿两年持有期混合A等。本期较上一季 未再披露的公募基金共计40个，主要包括兴全合润混合A、兴全合宜混合A、汇添富中盘积极成长混合 A、兴全全球视野股票、建信中小盘先锋股票A等。 2025年4月10日，水晶光电(002273.SZ)发布2024年年度报告。截至2025年4月09日，共有802个机构投资 者披露持有水晶光电A股股份，合计持股量达6.50亿股，占水晶光电总股本的46.76%。其中，前十大机 构投资者包括星星集团有限公司、香港中央结算有限公司、杭州深改哲新企业管理合伙 ...