点击注册小程序 查看完整报告 公司 6 月其他领域摄像模组出货量170 万颗，环比+10.2%、同比+99.3%，主要由于 IoT 和智能汽车领域摄 像模组出货量同比大幅上升。25H1 其他领域摄像模组出货量同比+47.9%，其中25Q1/25Q2 出货量分别同 比+16.6%/+86.3%，25Q2 出货量同比增速较 25Q1显著提升。公司在无人机及手持影像设备光学产品布局 广泛，涵盖相机模组、视觉模组、激光雷达等产品。根据潮电智库，公司摄像模组产品已交付大疆DJI Avata2 无人机、Osmo Pocket 3 手持相机等旗舰产品。我们预计，受益于全球消费级无人机及手持影像设 备市场规模高速增长，公司 IoT 摄像模组出货量将持续高速增长。 25H1 指纹识别模组出货量产品同比大幅上升，超声波指纹识别模组放量驱动产品规格提升 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expected to benefit from the continuous upgrade of product specifications and the growth of IoT modules, which may lead to better-than-expected performance [1][2]. - In June, the company's smartphone camera module shipments showed a year-on-year growth for the first time in the first half of 2025, driven by the launch of Huawei's flagship model [1]. - The company is focusing on high-end products, which is expected to significantly enhance the average selling price (ASP) and gross margin [1][4]. Summary by Sections Smartphone Camera Modules - In June, the company shipped 32.648 million smartphone camera modules, with a month-on-month increase of 0.8% and a year-on-year increase of 1.5% [1]. - For the first half of 2025, the total shipment was 183.866 million units, a year-on-year decrease of 14.8% due to a focus on high-end products [1]. - The proportion of shipments for modules with 32MP and above reached 53.4%, an increase of 5.5 percentage points year-on-year [1]. Other Camera Modules - The company saw a significant year-on-year increase of 99.3% in shipments of other camera modules in June, totaling 1.7 million units [2]. - The growth is attributed to the booming global market for consumer drones and handheld imaging devices [2]. - The company has a broad layout in optical products for drones and handheld devices, including camera modules and visual modules [2]. Fingerprint Recognition Modules - In June, the company shipped 13.9 million fingerprint recognition modules, with a year-on-year increase of 7.3% [3]. - The ultrasonic fingerprint recognition modules saw a remarkable year-on-year increase of 851.9% [3]. - The total shipment for the first half of 2025 was 94.357 million units, a year-on-year increase of 59.7% [3]. Financial Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been raised by 20%, 31%, and 40% to RMB 724 million, RMB 934 million, and RMB 1.171 billion respectively [4]. - The company is expected to benefit from the growth in IoT shipments and the improvement in product specifications across its product lines [4]. - Revenue projections for 2025 are set at RMB 19.706 billion, with a growth rate of 22% [5].

6月26日，胡润研究院发布《2025全球独角兽榜》，全球独角兽企业数量达到1523家，中国343家。 据人民网转载报道，近日因"苏超"网络热梗而"火了"的常州有4家企业上榜，其中3家属于新能源行业，而辰瑞光学是唯一一家上榜的光 学企业。 | 排名 | 企业名称 | 价值(亿元人民币) | 城市 | 行业 | | --- | --- | --- | --- | --- | | 96 | 京东产发 | 545 | 宿迁 | 物流 | | 123 | 蜂巢能源 | 460 | 常州 | 新能源 | | 259 | 艾博生物 | 270 | 苏州 | 生物科技 | | 331 | 先导电科 | 220 | 徐州 | 新材料 | | 384 | 清陶能源 | 210 | 苏州 | 新能源 | | 395 | 追觅科技 | 205 | 苏州 | 消费品 | | 395 | T3出行 | 205 | 南京 | 共享经济 | | 395 | 辰瑞光学 | 205 | 常州 | 光学电子 | | 395 | 盛合晶微 | 205 | 无锡 | 半导体 | | 455 | 星星充电 | 185 | 常州 | 新能源 | | 48 ...

谋划产业转型，盘锦市重点发展石化及精细化工等3个传统优势产业，培育壮大光学电子等4个特色 产业，做精做优食品加工等4个消费品工业，前瞻布局新型储能等2个未来产业，加快构建"3442"现代化 产业体系。围绕华锦集团、锦城石化等头部企业强链补链延链提高化工精细化率，出台"十个新赛道"三 年行动计划及工作方案培育发展新动能，纵深推进国家中小企业数字化转型、北斗规模应用"两个试 点"，抓实大盘绿色石化先进制造业集群，以科技创新引领新质生产力发展。前5个月，全市新注册科技 型中小企业120家、雏鹰瞪羚企业13家，技术合同成交额增长12.4%。盘锦精细化工中试基地纳入工业 和信息化部首批重点培育中试平台，化工精细化率提升至46.2%。 项目攻坚年，盘锦市铆足干劲抓招商、推项目、促落地。前5个月，全市谋划储备项目814个；新签 约注册项目147个；实际到位内资增长15.2%；固定资产投资增长17%，增速全省第一。备受瞩目的华锦 阿美项目，32套主装置地下工程全部完成，200吨以上大型设备吊装完成率超过97%，项目总体进度完 成65%。 今年以来，盘锦市按照在打造新时代"六地"、经济高质量发展、改革开放、区域协调发展、生态文 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The controlling shareholder has signed a framework agreement with Japan's TDK to acquire its micro motor business, which includes over 2,000 patents, more than 2,000 employees, and a well-experienced R&D team [1] - The acquisition is expected to enhance the controlling shareholder's high-end micro motor product line, positioning it as a global leader covering the entire product range from high to low-end micro motors [1] - The company's vertical integration capabilities in the camera module supply chain are expected to improve, enhancing long-term profitability [2] - The company has initiated the "Apollo" plan to promote vertical integration of core components in camera modules through partnerships and resources from the controlling shareholder [2] Summary by Sections Camera Module Shipment and Product Structure - From January to April, the shipment volume of camera modules decreased by 16.5% year-on-year, but the proportion of 32MP and above camera modules increased by 9.1 percentage points to 56.5%, indicating a significant optimization in product structure [3] - The fingerprint recognition module shipment increased by 83.1% year-on-year, driven by improved supply-demand dynamics and product structure optimization [3] Financial Forecasts and Valuation - The net profit forecasts for 2025 and 2026 have been raised by 24% and 17% to RMB 602 million and RMB 713 million, respectively, with a new forecast for 2027 at RMB 840 million [3] - Revenue projections for 2023 to 2027 are as follows: RMB 12,530.8 million in 2023, RMB 16,151.3 million in 2024, RMB 19,377.2 million in 2025, RMB 21,701.0 million in 2026, and RMB 23,936.3 million in 2027 [4][10]

国产GKJ板块：更多公开线索进一步确认国产高端GKJ机台正进入量产拐点的产业阶段，最好的买点就是当下【国 金电子】 重大事件：长春奥普光电技术股份有限公司（以下简称"公司"）于近日与客户签订某型光学系统研制合同（以下 简称"合同"），合同金额为2.97亿元人民币；我们根据该合同测算此次大单落地代表产业端或迎来重大突破进展 同时，我们预计#奥普的大单不会是个例而是产业加速下的板块性beta！展望后续，年内产业端和个股经营端 国产GKJ板块：更多公开线索进一步确认国产高端GKJ机台正进入量产拐点的产业阶段，最好的买点就是当下【国 金电子】 重大事件：长春奥普光电技术股份有限公司（以下简称"公司"）于近日与客户签订某型光学系统研制合同（以下 简称"合同"），合同金额为2.97亿元人民币；我们根据该合同测算此次大单落地代表产业端或迎来重大突破进展 同时，我们预计#奥普的大单不会是个例而是产业加速下的板块性beta！展望后续，年内产业端和个股经营端预计 催化不断，能够持续驱动国内市场容量扩容，同时个股的业务层面在量、价两个维度能够持续扩张！ ...

| 税金及附加 | 21,866,216,27 | 16,504,732.65 | | --- | --- | --- | | 销售费用 | 36.698.801.28 | 37,970,937.42 | | 管理费用 | 172,822,628.49 | 161,749,455.61 | | 研发费用 | 240,241,229,77 | 258,028,771.91 | | 财务费用 | 104.557.152.13 | 92,238 393 16 | | 其中:利息费用 | 79,683,699,10 | 74,705,887,82 | | 利息收入 | 1,431,551,24 | 5,705,529.84 | | 加:其他收益 | 57,424,344,13 | 92,611,492.99 | | 投资收益(损失以"一"号填列) | -42 314,633,44 | 2,430,230.19 | | 其中:对联星处都相号星处非时轻 资收益 | -40.774.768.76 | 2,328,910,98 | | 以摊余成本计量的金融资产 终止确认收益 | -2,546,914.70 | -2.280. ...