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 | ...

Group 1 - Company announced that board member Wang Tao is currently under detention and cannot perform his duties, with the matter unrelated to the company [1] - Company received notification that supervisor Tao Qi is also under detention for investigation, but the matter is unrelated to the company and to Wang Tao's situation [1] - Company has a diversified product portfolio including high-power laser devices, high-temperature superconducting magnets, smart control components, backlight sources, and cables [3] Group 2 - Company announced a stock repurchase plan with a loan commitment from China Everbright Bank Nanchang Branch not exceeding RMB 130 million [3] - The planned stock repurchase will use self-owned or self-raised funds, with a minimum of RMB 100 million and a maximum of RMB 150 million allocated for the buyback, at a price not exceeding RMB 70.00 per share [3] - The repurchased shares will be fully canceled to reduce the company's registered capital, with a buyback period of 12 months from the approval date at the first extraordinary general meeting in 2025 [3]

| 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.4051 | 0.1360 | -397.87 | 0.1396 | | 每股净资产（元） | 4.62 | 4.99 | -7.41 | 4.9 | | 每股公积金(元) | 2.73 | 2.67 | 2.25 | 2.66 | | 每股未分配利润(元) | 0.71 | 1.17 | -39.32 | 1.11 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 12.97 | 22.01 | -41.07 | 25.13 | | 净利润(亿元) | -2.06 | 0.69 | -398.55 | 0.71 | | 净资产收益率(%) | -8.51 | 2.75 | -409.45 | 2.88 | 数据四舍五入，查看更多财务数据>> 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： 31689.62万股，累计占流通股比： 62.3%，较上期变化： ...

蓝特光学4月28日大宗交易平台共发生3笔成交，合计成交量130.00万股，成交金额2730.00万元。成交价 格均为21.00元，相对今日收盘价折价9.17%。 证券时报·数据宝统计显示，蓝特光学今日收盘价为23.12元，下跌2.20%，日换手率为1.71%，成交额为 1.60亿元，全天主力资金净流出615.85万元，近5日该股累计下跌1.53%，近5日资金合计净流入1164.00 万元。 两融数据显示，该股最新融资余额为1.32亿元，近5日减少1854.46万元，降幅为12.28%。 机构评级来看，近5日共有1家机构给予该股评级，预计目标价最高的是中金公司证券，4月25日中金公 司证券发布的研报预计公司目标价为32.00元。（数据宝） 4月28日蓝特光学大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 44.00 | 924.00 | 21.00 | -9.17 | 中国 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company has a strong foundation in optical glass processing and is experiencing a recovery in its main business due to the rebound in demand from downstream consumer electronics and structural updates from new technologies [1][2]. - The glass substrate business is expected to open a second growth curve for the company, with significant potential in both display and semiconductor fields, supported by rapid client adoption and solid technical accumulation [2][3]. Summary by Sections Company Overview - The company, established in 2009, has been a leader in optical glass processing for 15 years and is one of the first to industrialize technologies for thinning, coating, and cutting flat panel display glass [12]. - The ownership structure is stable, with the founder holding a significant share, ensuring efficient decision-making [16]. Business Layout - The company focuses on glass substrates, with its main business transitioning from traditional processing to products in the display and semiconductor sectors [22]. - It has developed a comprehensive business matrix covering various regions in China, enhancing its market presence [22]. Financial Analysis - Revenue is projected to grow significantly, with estimates of CNY 2.905 billion, CNY 3.741 billion, and CNY 4.988 billion for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 30.8%, 28.8%, and 33.3% [3][8]. - The company is expected to reach profitability with net profits of CNY 0.73 million, CNY 1.48 million, and CNY 2.35 million for the same years [3][8]. Glass Substrate Potential - Glass substrates are gaining traction in the display and semiconductor sectors due to their advantages in thermal stability, mechanical performance, and high transparency [65][76]. - The market for glass substrates is projected to grow at a CAGR of 30%, with penetration in IC packaging expected to reach 30% in three years and over 50% in five years [2][3]. Product Development - The company has made significant advancements in glass substrate technology, including TGV (Through Glass Via) technology, which has been successfully mass-produced [2][3]. - The introduction of glass-based MiniLED products has begun, with notable advantages in brightness, color accuracy, and thickness [2][3].

Core Viewpoint - Zhongrun Optical plans to acquire 51% of Hunan Dais Optical Co., Ltd. to enhance its optical technology research and product development platform, accelerating strategic implementation [1] Group 1: Acquisition Details - The total funding required for the acquisition is 158.10 million yuan, with part of the funds coming from over-raised capital and the rest from self-owned funds and acquisition loans [1] - Dais Optical's projected revenue and net profit for 2024 are 122 million yuan and 1.62 million yuan, respectively, while for Q1 2025, they are expected to be 28.61 million yuan and 1.07 million yuan [1] - The profit commitment for Dais Optical from 2025 to 2027 is a total of 90 million yuan, with specific annual commitments of 21 million yuan for 2025, 29 million yuan for 2026, and 40 million yuan for 2027 [1] Group 2: Dais Optical's Market Position - Dais Optical has established stable partnerships with well-known domestic and international clients across various sectors, including industrial lasers, optical communications, and biomedical applications [2] - The company’s products, such as high-power cylindrical lenses and polarization beam splitters, are widely used in industrial laser applications and automotive LiDAR markets, with major clients including Chuangxin Laser and KAPL [2] - Dais Optical collaborates with numerous research institutions, including Tsinghua University and the Chinese Academy of Sciences, in cutting-edge fields like quantum communication and biomedical applications [2] Group 3: Strategic Implications for Zhongrun Optical - The acquisition is expected to enhance Zhongrun Optical's technical capabilities and core competitiveness in the optical field, allowing for mutual support in product design and manufacturing [3] - The transaction aligns with the company's strategy to strengthen its supply chain and pursue external growth opportunities, which is in line with capital market trends [3] - Zhongrun Optical aims to leverage its platform and resources to seek complementary acquisition targets that can enhance operational efficiency and drive growth [4]

Core Viewpoint - After a strategic adjustment period from 2022 to 2023, the company has reached a critical turning point, achieving significant revenue growth and profitability in 2024 [1][2]. Financial Performance - The company reported a total revenue of 302 million yuan in 2024, representing a year-on-year increase of 44.40% [1]. - The net profit attributable to shareholders was 11.639 million yuan, marking a successful turnaround from losses [1]. - Operating cash flow reached 29.2399 million yuan, up 8.52% year-on-year [2]. - Total assets increased to 736 million yuan, a 9.95% rise compared to the previous year [2]. - The gross margin for core products improved significantly, with the core component gross margin rising by 24.72 percentage points to 35.99% and the thermal imager gross margin increasing by 8.76 percentage points to 40.18% [2]. R&D and Technological Advancements - The company invested 50.6086 million yuan in R&D in 2024, accounting for 16.74% of its revenue, which is significantly higher than the industry average [4]. - The company has established a fully controllable industrial chain from non-cooled detectors to thermal imagers, enhancing its competitive edge [4]. - The company launched several new products, including quantum encrypted cameras and laser measurement technologies, indicating a shift towards multi-spectral solutions [5]. Market Opportunities - The global civilian infrared thermal imaging market is projected to reach 7.866 billion USD in 2024 and 8.533 billion USD in 2025, presenting significant growth opportunities [6]. - The domestic market for special equipment infrared is expected to exceed 30 billion yuan, indicating a robust demand for infrared thermal imaging technology [6]. - The company is actively expanding into overseas markets, signaling a global growth strategy [6]. Management and Operational Efficiency - The company has established a comprehensive internal control system to enhance client trust, which is crucial in the military supply sector [8]. - Management optimization efforts have led to a 19.87% reduction in management expenses and a 5.40% decrease in sales expenses in 2024 [9]. - The company plans to continue cost control measures and improve management efficiency across various operational aspects in 2025 [9].

Group 1 - The "20 Measures for Promoting High-Quality Development of the Private Economy in Wuhan" focuses on six key areas: innovation, talent, financing, enterprise cultivation, market, and environment [1][2] - The first measure emphasizes the development of "root enterprises," which are defined as companies with source innovation capabilities, ecological leadership, and long-term growth potential [1] - Wuhan aims to cultivate a batch of leading enterprises in their respective industries over the next ten years to participate in both domestic and international competition [1] Group 2 - The city will organize over 100 offline private capital promotion meetings annually, targeting sectors such as artificial intelligence, optoelectronics, fintech, digital economy, and biomedicine to broaden private capital investment channels [2] - The innovation support includes increasing special fund support ratios, promoting technology platform services, and implementing the "Technology Vice President" program [2] - Talent policies will prioritize the needs of enterprises, innovate evaluation mechanisms, and provide housing benefits for young talents [2] - Financing initiatives will include multiple loan pilot programs, support for fund establishment, and the development of patient capital [2] - The enterprise cultivation strategy involves the "Seedling Project," which focuses on selecting quality innovation and entrepreneurship "seedlings" [2] - Market development will see government project optimization in bidding processes and the opening of application scenarios to help enterprises integrate into national strategies [2] - The development environment will be improved through "immediate benefits without application" models, optimizing government services, and implementing sandbox regulation [2]

Financial Data and Indicators - The basic earnings per share for Q1 2025 is 0.1700 CNY, a decrease of 5.56% compared to Q1 2024, which was 0.1800 CNY, and an increase from 0.0700 CNY in Q1 2023 [1] - The operating revenue for Q1 2025 is 8.05 billion CNY, representing a significant increase of 48.52% from 5.42 billion CNY in Q1 2024 and up from 4.26 billion CNY in Q1 2023 [1] - The net profit for Q1 2025 is 0.3 billion CNY, a slight decrease of 3.23% from 0.31 billion CNY in Q1 2024, and an increase from 0.12 billion CNY in Q1 2023 [1] - The return on equity for Q1 2025 is 1.25%, down from 1.31% in Q1 2024, and an increase from 0.52% in Q1 2023 [1] Shareholder Information - The top ten unrestricted shareholders hold a total of 42.2264 million shares, accounting for 28.35% of the circulating shares, with a change of 215,100 shares from the previous period [1] - The largest shareholder, Tang Jiyu, holds 10.026 million shares, representing 6.73% of the total share capital, with no change [2] - The second-largest shareholder, Zhang Jianjun, holds 8.2245 million shares, accounting for 5.52% of the total share capital, also with no change [2] - Hong Kong Central Clearing Limited has decreased its holdings by 53.72%, while Shenzhen Sanlipu Optoelectronics Technology Co., Ltd. has exited the top ten shareholders [2] Dividend Distribution - The company has decided not to distribute dividends or transfer shares this time [3]