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]

Core Viewpoint - The investment activities of private equity mogul Ge Weidong have garnered significant market attention, particularly his recent adjustments in stock holdings as revealed in the 2024 annual report and the 2025 Q1 report of listed companies [1]. Group 1: Ge Weidong's Stock Holdings - In Q1 2025, Ge Weidong initiated a new position in Su Da Wei Ge, acquiring 1.62 million shares valued at approximately 33 million yuan, making him the seventh-largest circulating shareholder [4][6]. - He maintained his holdings in Zhaoyi Innovation, with a market value of 2 billion yuan, and did not sell any shares of *ST Chengchang despite a decline in stock price [13][16]. - Ge Weidong also increased his stake in Zhongsheng High-Tech, raising his holdings to 2.36 million shares, valued at 41 million yuan [18][19]. Group 2: Financial Performance of Su Da Wei Ge - Su Da Wei Ge reported a revenue of 1.841 billion yuan for 2024, a year-on-year increase of 6.85%, but faced a net loss of 58.05 million yuan, marking a 27.06% decline [6]. - In Q1 2025, the company generated 453 million yuan in revenue, a decrease of 3.93%, while net profit was 17.34 million yuan, reflecting a 5.99% increase year-on-year [6]. Group 3: Other Notable Investments - Ge Weidong's portfolio includes new investments in China Satellite Communications, where he acquired 8.396 million shares valued at 171 million yuan, making him the ninth-largest circulating shareholder [8][9]. - He also increased his holdings in Zhenlei Technology, maintaining 412.19 million shares, which saw a price increase of 9.63% in Q1 2025 [10][12].

4月27日，省委副书记、省长周乃翔在青岛走访调研所联系的企业和项目，强调要认真学习贯彻习 近平总书记在4月25日中共中央政治局会议上的重要讲话精神和对山东工作的重要指示要求，贯彻落实 党中央、国务院决策部署，按照省委工作要求，营造一流营商环境，持续强化助企服务，着力稳就业、 稳企业、稳市场、稳预期，切实增强经济发展动能。 青岛清原作物科学有限公司是一家从事绿色农药创制和生物技术育种的高新技术企业。周乃翔来到 这里，与企业负责人亲切交流，对企业加强技术研发的做法和成效予以肯定，希望企业进一步加大人才 引育力度，强化核心技术攻关，提高科技成果转化和产业化水平，切实把品牌做强做优。在瑞源控股集 团有限公司，周乃翔详细了解企业生产经营、惠企政策落实等情况，希望企业持续做强实业，加大市场 开拓力度，不断增强核心竞争力。在青岛光电产业园，周乃翔实地察看融合新材料科技有限公司的生产 线和控制中心，指出要加快推进重点项目建设，促进已投产项目加速释放优质产能，加强项目招引，积 极培育重点产业链，推动产业提质升级，发展壮大新质生产力。 周乃翔强调，各级各有关部门要坚持有效市场和有为政府更好结合，纵深推进"高效办成一件事"， 充分 ...

□ 本报记者胡春春 当前，2025年一季报进入披露高峰期。据不完全统计，截至目前，约有近百家江苏上市公司，或在一季 报、或在与投资者交流过程中，明确表示订单充足、订单增长。从整体观察看，今年以来，新兴产业订 单增量较大，传统行业努力稳住营收，海外市场拓展成绩陆续落地，呈现出大单"亮眼"、海外订单占比 增加、高端制造占据盈利点C位等特点，尤其是许多企业海外订单营收占比超过了50%。 政策利好，手握大额订单 扬杰科技董秘范锋斌介绍，目前公司处于满产满销状态，越南二期项目也已启动，预计在2025年底实现 量产。未来公司有望凭借海外渠道和品牌优势加速海外市场渗透，全球化战略将进一步提升公司在国际 市场的综合实力。 无锡的德科立是光电子器件行业比较有代表性的江苏企业。光电子器件企业的发展，离不开国际市场锤 炼与竞争。和扬杰科技一样，德科立也非常重视海外市场的布局。去年，该公司实现营业总收入8.41亿 元，同比增长2.79%；归属净利润1亿元，同比增长9.07%，其中海外市场收入占比逾30%。德科立相关 负责人表示，随着泰国制造基地的投产运营，未来3—5年内，公司海外需求有望攀升，收益弹性或将远 超国内。 光通信行业龙头 ...

联创电子 20250126 摘要 • 联创电子 2025 年一季度光学业务营收突破 7 亿元，其中镜头销量 4.4 亿 元，模组 2.7 亿元，车载光学营收预计全年达 35-40 亿元，光学业务已占 总营收 50%以上，成为公司主业，触控显示业务同比下降，但应用终端代 工规模增长 20%。 • 公司 2025 年经营目标为营收 110 亿元，光学业务收入预计 55 亿元，力 争扭亏为盈。合肥工厂至 3 月份产能约 300 万颗，年底预计达四五百万颗， 全年规划产能 5,000 万颗，南昌和合肥车载镜头满负荷运转。 • 北美市场整车销量虽未大幅增加，但公司订单增长，可能受中美贸易及客 户缺口影响。消费类电子产品，特别是机器人和 AI 相关产品，被视为车载 后市场光学领域的第二大市场，预计三年后迎来爆发周期。 • 比亚迪车载镜头需求稳定，公司可满足其需求。去年四季度信用减值同比 减少，资产减值与 2023 年持平，存货减值周期较长但规模较大，已累计 减值七八个亿，大规模减值可能性降低。 • 一季度存货增加主要由于车载业务规模扩大，打通了从玻璃到镜头模组的 供应链，国内供应周期较长也导致存货同比增加。一季度海外客户 ...

本报记者 吴奕萱 4月27日晚间，嘉兴中润光学科技股份有限公司（以下简称"中润光学"）发布公告称，公司拟使用自有 资金和部分超募资金收购湖南戴斯光电有限公司（以下简称"戴斯光电"）51%的股权。本次交易合计所 需资金为1.58亿元，本次交易完成后，戴斯光电将成为公司的控股子公司。 据悉，中润光学是一家以视觉为核心的精密光学镜头产品和技术开发服务提供商，公司已在智慧监控、 智能检测、视频通信等多个领域形成系列化产品，并积累了核心技术。戴斯光电同样深耕光学光电子产 业链多年，产品主要包括各类精密光学元件、光学器件、光学模组及系统，主要应用于工业激光设备、 医疗设备、半导体设备、光通信、激光雷达等领域。 因此，此次交易是中润光学向综合性光学产品及技术服务提供商转型的关键一步。通过这次交易，中润 光学将进一步增强公司技术实力，为今后公司开发更多产品及提升产品性能奠定了基础，有利于提升公 司在光学领域的核心竞争力。 中国投资协会上市公司投资专业委员会副会长支培元向《证券日报》记者表示，此次交易中，戴斯光电 明确的业绩承诺意义重大。尽管从当前经营数据来看，距业绩兑现尚有差距，但这彰显了双方对其盈利 能力的信心。这向市场传 ...

展望2025年，光学创新有望提升提振消费电子业务业绩，AR类业务具备长线空间。 公司指引 2025年营收增长0%-30%，展望未来几年仍有诸多看点：1）未来几年A客户仍有潜望新方案、可 变光圈等光学创新，公司作为核心光学零部件供应商大概率将受益；同时A客户滤光片、薄膜光学 面板业务份额仍有成长空间。2）吸收反射复合型滤光片等高端产品在安卓客户的渗透率不断提 升，单价及毛利率明显高于传统产品；3）车载光学份额及盈利能力有望提升，公司ARHUD业务居 于全球领先地位，当前国内客户的盈利能力较低，未来几年将大力拓展毛利率较高的海外客户； 5）前瞻布局AR技术及产品，通过投资Lumus及德国肖特、与Digilens合作等方式深化AR光学技术 积累。公司大力投入资源来突破核心技术难点，反射光波导作为公司一号工程，建设初步的NPI产 线，有望长线受益于AR浪潮。 风险提示： 宏观经济风险，新车推出不及预期，技术进展不及预期，市场竞争加剧风险 点击招商研究小程序查看PDF报告原文 事件 ： 公司发布2024年及25Q1业绩，24全年营收62.78亿元，同比+23.67%；归母净利润 10.30亿元，同比+71.57%。25 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9] Core Views - The company reported Q1 2025 earnings that exceeded expectations, with revenue of 1.48 billion yuan, a year-over-year increase of 10.2%, and a net profit of 220 million yuan, up 23.7% year-over-year. The gross margin improved to 27.95%, an increase of 3.95 percentage points year-over-year [6][4] - The company is expected to benefit from optical innovation in the fruit supply chain and the growth potential of AI and AR technologies. The company has seen an increase in market share for micro-prisms and coated optical components, and it is well-positioned to capitalize on new product launches in the future [6][4] - The forecast for the company's net profit for 2025-2027 is 1.3 billion, 1.6 billion, and 1.9 billion yuan, respectively, corresponding to P/E ratios of 20.0, 16.6, and 13.9 [6][4] Financial Summary - The company's revenue is projected to grow from 5.08 billion yuan in 2023 to 10.94 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 18% [2] - The net profit is expected to increase from 600 million yuan in 2023 to 1.87 billion yuan in 2027, reflecting a CAGR of around 20% [2] - The earnings per share (EPS) is forecasted to rise from 0.43 yuan in 2023 to 1.35 yuan in 2027 [2] Market Position - The company has a total market capitalization of approximately 26.02 billion yuan, with a circulating market value of about 25.41 billion yuan [4] - The company is focusing on the development of AR technologies and has established partnerships with key players in the industry, indicating a strong commitment to innovation and growth in this sector [6][4]

前十大流通股东累计持有： 7468.12万股，累计占流通股比： 21.81%，较上期变化： -820.50万股。 | 名称 | 持有数量(万股) | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 南京杰得创业投资合伙企业(有限合伙) | 4027.50 | 11.77 | 不变 | | 李漫铁 | 1362.86 | 3.98 | 不变 | | 王丽珊 | 961.95 | 2.81 | 不变 | | 南京希旭创业投资合伙企业(有限合伙) | 415.25 | 1.21 | 不变 | | 李跃宗 | 140.30 | 0.41 | 新进 | | 项蒂清 | 124.04 | 0.36 | 新进 | | 吕强 | 120.00 | 0.35 | 新进 | | 李琛 | 113.16 | 0.33 | 新进 | | 华夏磐利一年定开混合A | 107.73 | 0.31 | -78.19 | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | 95.33 | 0.28 | 新进 | | 较上个报告期 ...

Core Insights - The company reported a total revenue of 105 million yuan for Q1 2025, ranking 47th among disclosed peers, which represents a decrease of 37.96 million yuan or 26.48% year-on-year [1] - The net profit attributable to shareholders was -4.47 million yuan, ranking 43rd among peers, a decline of 2.20 million yuan compared to the same period last year [1] - The net cash flow from operating activities was -8.31 million yuan, ranking 34th among peers, a decrease of 26.13 million yuan or 146.60% year-on-year [1] Financial Ratios - The latest debt-to-asset ratio is 88.75%, ranking 53rd among peers, with an increase of 0.04 percentage points from the previous quarter [3] - The latest gross profit margin is 28.56%, which is a decrease of 0.55 percentage points from the previous quarter and a decline of 0.47 percentage points year-on-year [3] - The latest return on equity (ROE) is -5.31%, ranking 52nd among peers, a decrease of 2.49 percentage points compared to the same period last year [3] Earnings and Turnover - The diluted earnings per share is -0.01 yuan, ranking 43rd among peers [4] - The total asset turnover ratio is 0.14 times, a decrease of 0.01 times or 3.88% year-on-year [4] - The inventory turnover ratio is 0.50 times, ranking 43rd among peers, a decrease of 0.01 times or 1.17% year-on-year [4] Shareholder Information - The number of shareholders is 32,300, with the top ten shareholders holding 143 million shares, accounting for 26.04% of the total share capital [4] - The largest shareholder is Southeast Peak Investment Co., Ltd., holding 15.23% of the shares [4]