证券研究报告 | 2025年09月04日 蓝黛科技（002765.SZ） 优于大市 二季度净利润同比增长 79%，机器人业务持续推进 产品线持续发力，公司业绩持续释放。蓝黛科技 2025 年上半年实现营收 17.5 亿元，同比+8.3%，归母净利润 1.1 亿元，同比+61.6%；扣非归母净利为 0.9 亿元，同比+138%；单二季度看，25Q2 营收 9.4 亿元，同比+8.5%，环比+15.3%， 归母利润 0.57 亿元，同比+79.1%，环比+9.4%，扣非净利润 0.46 亿元，同 比+159.3%，环比+3.9%。整体来看，得益于公司汽车零部件业务的订单释放 以及盈利能力的持续提升，公司业绩持续释放。 费用管控稳定，盈利能力同环比持续修复。费用层面，25Q2 蓝黛科技销售/ 管理/研发费用率分别为 1.2%/3.0%/3.4%，同比分别-0.3/+0.4/-0.4pct，环 比分别-0.7/-0.8/0.0pct，整体费用管控相对稳定；25Q2 公司毛利率 17.6%， 同比+4.2pct，环比+2.2pct，净利率 6.1%，同比+2.4pct，环比-0.3pct；预 计公司盈利能力的提升主要系 ...

Group 1 - The core viewpoint is that structural recovery continues, with AI and overseas expansion being the key indicators for the second quarter report [1] - The performance growth rate of the non-financial oil and petrochemical sectors in the A-share market has slowed down in Q2 2025, but the structural recovery characteristics persist [1][2] - The internal economic indicators of technology growth are accelerating, driven by global AI industry resonance and overseas expansion [1][3] Group 2 - Total performance recovery is slowing, with mid-cap growth showing outstanding performance; net profit for non-financial sectors in Q2 2025 increased by 1.59% year-on-year, while revenue grew by 0.66% [2] - The growth rate of various sectors is diverging, with the main board, ChiNext, and North Exchange experiencing a slowdown, while the growth rate of the Sci-Tech Innovation Board has rebounded significantly [2] - The return on equity (ROE) for non-financial sectors in Q2 2025 has marginally declined, primarily due to a decrease in gross profit margin [2] Group 3 - Hard technology and non-bank sectors are showing superior performance, while cyclical consumption is experiencing significant divergence [3] - The technology sector, including optical electronics, semiconductors, and communication equipment, continues to thrive due to overseas AI investment and domestic demand for replacement [3] - In the cyclical sector, upstream growth is under pressure, but precious and minor metals are still growing rapidly due to rising expectations of overseas interest rate cuts [3] Group 4 - Capacity operation shows that traditional cyclical resources and equipment manufacturing are still undergoing capacity clearance, while emerging industries and new materials are expanding [4] - In Q2 2025, traditional cyclical industries are showing strong willingness to reduce capacity, while emerging technology hardware and certain consumer sectors are experiencing high capacity utilization rates [4] - The capacity cycle is entering an expansion phase in emerging technology industries and new consumption sectors, indicating a positive outlook for these areas [4]

Core Viewpoint - The overall performance recovery is slowing down, with mid-cap growth stocks showing outstanding growth. The expansion of the AI trend and manufacturing overseas is expected to drive continued capacity cycle expansion, maintaining a differentiated structure of cyclical growth [1][2]. Group 1: Overall Performance - In H1 2025, the net profit of the entire A-share non-financial sector increased by 1.59% year-on-year, with revenue growth at 0.66%, indicating strong resilience despite rising operating costs leading to a narrowing of gross profit growth [2]. - The performance growth is differentiated across sectors, with the main board, ChiNext, and North Exchange showing a slowdown, while the growth of the Sci-Tech Innovation Board rebounded significantly [2]. - Mid-cap stocks outperformed in growth, while large-cap stocks showed resilience, and small-cap stocks experienced a noticeable decline [2]. Group 2: Sector Performance - The technology growth sector, including optical electronics, semiconductors, and communication equipment, continued to show high prosperity driven by overseas AI investments and domestic substitution demand [3]. - The cyclical sector faced pressure, but precious metals and minor metals still grew rapidly due to rising expectations of overseas interest rate cuts and tight supply [3]. - Essential consumption faced general pressure, but sectors like breeding, feed, and animal health showed significant growth due to capacity reduction and the expansion of the pet economy [3]. Group 3: Capacity Operation - In Q2 2025, traditional cyclical resources and equipment manufacturing industries are experiencing strong capacity decommissioning intentions, while emerging industries and new materials are showing expansion characteristics [4]. - The capacity utilization rate in emerging technology hardware and some consumer industries remains high, with marginal improvements observed [4]. - The capacity cycle is entering an expansion phase, particularly in emerging technology industries, new consumption, and certain cyclical materials [4].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock price in the next six months [4]. Core Insights - The company reported a revenue of 101.28 billion yuan for H1 2025, representing an 8.45% year-over-year increase, and a net profit of 3.25 billion yuan, up 42.15% year-over-year [1][2]. - The company's overall gross margin for H1 2025 was 14.41%, a decrease of 1.39 percentage points compared to the previous year [1]. - The company is expected to benefit from a recovery in the LCD market and an increase in demand for OLED products, particularly in the second half of 2025 [2]. Financial Performance Summary - For H1 2025, the company achieved a net cash flow from operating activities of 22.736 billion yuan, down 8.61% year-over-year [1]. - The company’s LCD TV panel shipments reached 33.2 million units in H1 2025, a 17% increase year-over-year, while the global LCD TV panel shipments grew by 2% [1]. - The flexible OLED shipments were approximately 71 million units in H1 2025, marking a 10.3% year-over-year increase, with a market share of 23.8% [2]. Future Projections - The company is projected to achieve revenues of 222.22 billion yuan, 244.37 billion yuan, and 268.51 billion yuan for the years 2025, 2026, and 2027, respectively [2]. - The expected net profits for the same years are 8.50 billion yuan, 12.35 billion yuan, and 14.95 billion yuan, with corresponding P/E ratios of 18.09, 12.45, and 10.29 [2].

Core Viewpoint - Yutong Optical (300790) emphasizes its commitment to solid operational management and aims to enhance its business performance, company quality, and investment value [1] Company Summary - The company is focused on improving operational management to boost performance [1] - Yutong Optical is dedicated to increasing the overall quality of the company [1] - The company aims to enhance its investment value for stakeholders [1]

Core Insights - Su Dawei's stock increased by 11.00% with a turnover rate of 35.81% and a trading volume of 2.359 billion yuan, indicating strong market interest [2] - Institutional investors net bought 35.796 million yuan, while the Shenzhen Stock Connect saw a net purchase of 75.561 million yuan, reflecting significant institutional confidence [2] - The stock was highlighted on the Shenzhen Stock Exchange due to its high turnover rate, with major buying and selling activities recorded [2] Trading Activity - The top five trading departments accounted for a total transaction of 456 million yuan, with a net buying amount of 163 million yuan [2] - Specific trading departments included three institutional special seats, which collectively bought 80.511 million yuan and sold 44.714 million yuan, resulting in a net purchase of 35.796 million yuan [2] - The Shenzhen Stock Connect was the largest buying and selling department, with a buying amount of 106.815 million yuan and a selling amount of 30.120 million yuan, leading to a net purchase of 75.561 million yuan [2] Fund Flow - The stock experienced a net inflow of 253 million yuan from major funds, with a significant inflow of 304 million yuan from large orders, while smaller orders saw a net outflow of 51.096 million yuan [2] - Over the past five days, the net inflow of major funds totaled 279 million yuan, indicating sustained interest from institutional investors [2]

Market Overview - The optical optoelectronics sector experienced a decline of 1.41% on September 3, with Absen leading the drop [1] - The Shanghai Composite Index closed at 3813.56, down 1.16%, while the Shenzhen Component Index closed at 12472.0, down 0.65% [1] Stock Performance - Absen (300389) closed at 15.19, down 8.44% with a trading volume of 255,000 shares and a turnover of 397 million yuan [1] - Huaying Technology (000536) fell by 7.63% to 5.45, with a trading volume of 2.14 million shares and a turnover of 1.204 billion yuan [1] - Other notable declines include Linjie Sensor (300701) down 5.35%, Qianzhao Optoelectronics (300102) down 5.29%, and Fuguang Co., Ltd. (688010) down 4.60% [1] Capital Flow - The optical optoelectronics sector saw a net outflow of 764 million yuan from institutional investors, while retail investors contributed a net inflow of 513 million yuan [1] - The table of capital flow indicates that major stocks like Su Da Weige (300331) and O-film (002456) experienced significant net outflows from institutional and retail investors [2]

证券日报网讯9月2日晚间，聚飞光电（300303）发布公告称，截至2025年8月31日，公司通过股票回购 专用证券账户以集中竞价交易方式累计回购公司股份2，649，200股，占公司总股本的0.1871%。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company has achieved a significant milestone by securing a designated project for LCOS AR-HUD, which accelerates its layout in array waveguides [1] - The company reported a revenue of 3.02 billion yuan for H1 2025, representing a year-on-year growth of 13.8%, and a net profit of 501 million yuan, up 17.4% year-on-year [9] - The company is focusing on three growth curves: enhancing optical innovation in consumer electronics, leading in automotive optical components like AR-HUD, and strategic positioning in the AR/VR market [9] Financial Data and Profit Forecast - Total revenue is projected to reach 7.04 billion yuan in 2025, with a year-on-year growth rate of 12.2% [8] - The net profit attributable to the parent company is expected to be 1.25 billion yuan in 2025, reflecting a growth rate of 21.8% [8] - The company’s gross margin is forecasted to be 30.7% in 2025, with a return on equity (ROE) of 12.2% [8]

Core Viewpoint - The company, Zhejiang Crystal Optoelectronics Technology Co., Ltd., has announced its 2025 semi-annual profit distribution plan, which includes a cash dividend of 1 yuan per 10 shares for shareholders, totaling 137,589,966.60 yuan, based on the adjusted total share capital after accounting for repurchased shares [1][2][4]. Summary by Sections Shareholder Meeting Approval - The profit distribution plan was approved at the 2024 annual shareholder meeting on May 8, 2025, and subsequently reviewed by the board on August 27, 2025 [1]. Profit Distribution Plan - The total share capital is 1,390,632,221 shares, with 14,732,555 shares repurchased, resulting in an adjusted total of 1,375,899,666 shares for the dividend calculation [1][2]. - The cash dividend is set at 1 yuan per 10 shares, leading to a total cash distribution of 137,589,966.60 yuan (including tax) [1][2]. Shareholder Rights - Shares held in the repurchase account do not participate in profit distribution or capital increase rights [2][4]. - If the total share capital or the number of repurchased shares changes before the distribution, the distribution base will be adjusted accordingly while maintaining the distribution ratio [2]. Key Dates - The record date for the profit distribution is September 9, 2025, and the ex-dividend date is September 10, 2025 [3]. Distribution Method - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies [3]. Ex-Dividend Price Calculation - The ex-dividend price will be calculated as the previous day's closing price minus the cash dividend of 0.0989405 yuan per share, which is derived from the total cash dividend divided by the total share capital [4].