杰普特 20250723 摘要 公司二季度营收和利润创新高，传统业务仍是主要驱动力，同时受益于 C 公司扩产项目带来的激光器订单，以及被动元件设备和苹果设备的部 分增量。 消费级激光器市场需求旺盛，6 月下旬开始密集出货，大客户追加订单， 预计 7 月订单达 5,000-6,000 万，年化出货额可达 6-7 亿，高端 MOPA 激光器渗透率提升空间大。 软板激光盲孔设备研发取得突破，与国内龙头企业及台系客户合作，为 海外 GPU 大厂定制设备，预计明年开始贡献订单，该设备自 2018 年开 始投入研发，每年投入 1,000-2000 万。 光通信器件业务以数据中心光连接产品为核心，获得北美方案解决商 V 客户认证，下半年开始起量，预计全年收入约 1 亿元，惠州和泰国工厂 预计三季度末完成建设。 独家供应核心客户折叠屏 Face ID Meta Lens 检测设备，明年将大批量 出货，市场空间预计达 20-30 亿，并独家服务该客户 AR/MR 产品的光 学视觉及对焦设备。 Q&A 公司上半年（2025 年）的整体经营情况如何？ 上半年，公司在多个业务领域取得了显著的收入增长。首先，工业激光器的渗 透率持续提 ...

证券研究报告 点评报告 2025 年 7 月 23 日 晨会纪要 核[心Ta观bl点e_：Summary] 一、产业综合组： 7 月 22 日，特朗普宣布与日本、菲律宾、印尼等达成贸易协议，日本对等关税为 15%，低于此前透露的 25%，并且日本将向美国投资 5500 亿美元，并开放包括汽车 和大米在内的市场。美国将对菲律宾征收 19%的关税，对印尼商品征收 19%的关税， 并且都将向美国开放市场。目前主要经济体还剩欧盟没有确定和美国的关税，因此 在美国与这些国家和地区完成关税谈判后，中国最终关税税率和他们的差异可能会 成为后续市场的关注点和风险点。 杰普特，主要从事功率激光器部件，公布了 2025 年半年度业绩预增公告，预计 2025 年半年度实现营业收入 84,000 万元至 92,000 万元，同比增长约 41.50%至 54.98%； 预计实现归母净利润 8,600 万元至 10,000 万元，同比增长约 57.03%至 82.60%；业 绩变化的主要原因在于全球范围内激光器需求提升，尤其在新能源动力电池精密加 工及消费级激光器领域实现销售收入的较快增长，同时在激光/光学智能装备领域 受益于下游需求复 ...

Core Viewpoint - The 2025 Government Work Report emphasizes the development of new productive forces, the enhancement of consumption, and the investment in human resources to improve people's livelihoods [1][2]. Group 1: Development of New Productive Forces - The report calls for the development of new productive forces tailored to local conditions and the acceleration of a modern industrial system [2]. - It highlights the importance of nurturing emerging and future industries, promoting the transformation and upgrading of traditional industries, and stimulating innovation in the digital economy [2][5]. - Companies are seen as crucial micro-level entities in the development of new productive forces and the enhancement of people's livelihoods [3]. Group 2: Nurturing Emerging and Future Industries - The report advocates for the integrated cluster development of strategic emerging industries and large-scale application demonstrations of new technologies and products [5]. - Companies like De Fang Nano Technology emphasize the need for technological innovation and the importance of addressing the high failure rates of overseas projects for Chinese new energy companies [6]. - Yao Lijun from Ningbo Jiangfeng Electronic Materials highlights the significance of independent research and development in creating a diversified product system centered on semiconductor materials [6]. Group 3: Upgrading Traditional Industries - The report stresses the need for high-quality development of key manufacturing industry chains and the digital transformation of manufacturing [8]. - Companies like Midea Group are transitioning from appliance manufacturers to technology groups, focusing on diversification and innovation [9]. - Suggestions include leveraging AI and digital technologies to transform traditional mining and textile industries, as proposed by industry leaders [10][11]. Group 4: Investment in People and Livelihood Services - The report emphasizes a people-centered approach, shifting economic policies to focus on improving livelihoods and stimulating consumption [12]. - Representatives from various industries, including TCL and Jinfei Holdings, advocate for policies that support flexible employment and promote motorcycle consumption to enhance domestic demand [12].