机构：民生证券 研究员：方竞/卢瑞琪 事件：8 月21 日，高伟电子发布2025 年中期业绩，25H1 公司实现营收13.60 亿美元，YOY+127.37%； 实现净利润0.67 亿美元，YOY+320.21%；毛利率为11.44%，YOY-0.77pcts；净利率为4.96%， YOY+2.18pcts。 客户加单，25H1 业绩持续增长。25H1，公司实现营收13.60 亿美元，YOY+127.37%；实现净利润0.67 亿美元，YOY+320.21%。公司持续深耕于精密光学模组领域事业，专注于产品强化及技术创新，以满 足客户及市场多变的需求。尽管宏观经济环境复杂，市场对精密光学元件的需求依然旺盛，加上公司在 智能驾驶与高端移动终端领域的不断突破，各项业绩指标均呈现稳健增长，显示出强大的市场竞争力与 风险抵抗力。2025 年，公司持续聚焦技术创新与产品升级，积极拓展新兴市场和多维应用场景，同时 深化与合作伙伴间的战略协同，这些举措使公司能够在竞争激烈的市场中保持稳健以及优势，从而实现 业务的稳步成长。对比24H1,25H1 公司营收和净利润都表现出大幅增长，主要是因为客户订单（包括新 型后置相机模组的订 ...

Core Viewpoint - Wentech Technology's stock price closed at 36.41 yuan on August 4, 2025, reflecting a decrease of 0.33% from the previous trading day, with a trading volume of 450 million yuan [1] Company Overview - Wentech Technology operates in the semiconductor, optical module, and consumer electronics sectors, positioning itself as one of the leading ODM manufacturers globally [1] - In the first quarter, the company reported revenue of 13.099 billion yuan and a net profit attributable to shareholders of 261 million yuan [1] Shareholder Activity - The shareholder Wentiantian recently lifted the pledge on 6.3 million shares, which accounts for 4.09% of its total holdings [1] - Currently, Wentiantian has a total of 69.5 million pledged shares, representing 45.15% of its ownership stake [1] Capital Flow - On August 4, the net outflow of main funds was 14.1883 million yuan, with a cumulative net outflow of 230 million yuan over the past five days [1]

Group 1 - The company signed an investment agreement with poLight, agreeing to subscribe for 63,743,112 shares at a price of 2.69 Norwegian Krone per share, totaling approximately 171,469,000 Norwegian Krone [1] - The private placement was completed on June 4, 2025, making the company the largest single shareholder of poLight, holding about 32.97% of the expanded share capital [1] - Two directors nominated by the company were appointed to poLight's board during the shareholders' meeting on May 21, 2025, representing two out of seven board seats post-placement [1] Group 2 - The completion of the private placement establishes a strategic partnership between the company and poLight, aiming to leverage their respective competitive advantages in technology development, product layout, and customer development [2] - The investment in poLight will enhance the company's vertical integration strategy and improve its core technology system, facilitating the expansion of optical module products into various applications including VR/AR/MR, robotics, drones, endoscopes, industrial cameras, and light field cameras [2] - This strategic move is expected to significantly boost the company's business scale and industry position in the optical module market, particularly in emerging markets such as XR and embodied robotics [2]