智通财经APP获悉，摩根士丹利将Coherent(COHR.US)目标价从 97 美元下调至 89 美元，并维持"持股观 望"评级。据分析师称，第四季度每股收益好于华尔街预期，然而，该公司的前景却"令人失望"。尤其 是考虑到该公司股票上月上涨了 20%，且其他人工智能相关公司的业绩报告提升了市场预期，这一情 况就更显突出。摩根士丹利认为，该股票目前"可能仍会处于受冷落的状态"。 ...

Core Insights - The company, Appotronics, reported a significant decline in net profit for 2024, with a decrease of 72.91% year-on-year, while achieving a revenue of 2.41857 billion yuan, with over 600 million yuan coming from automotive business [1][3] - In Q1 2025, the company experienced a slight revenue growth of 3.67% year-on-year, totaling approximately 461.38 million yuan, but reported a net loss of approximately 21.36 million yuan, a decline of 147.95% year-on-year [2][3] - The company has been focusing on R&D, with a total investment of 248 million yuan in 2024, representing 10.24% of its revenue, and a further increase in R&D spending in Q1 2025 [4][5] Financial Performance - For 2024, the company reported a net profit of approximately 27.95 million yuan, down 72.91% year-on-year, with a basic earnings per share of 0.06 yuan, a decrease of 73.91% [1][3] - In Q1 2025, the company recorded a net loss of approximately 21.36 million yuan, with basic and diluted earnings per share both at -0.05 yuan, reflecting a 150% decline [2][3] - The operating cash flow for Q1 2025 was approximately 64.13 million yuan, showing a significant increase of 424.57% year-on-year [2][3] Business Developments - The automotive optical business has shown promising growth, achieving revenue of approximately 78.78 million yuan in Q1 2025, a year-on-year increase of 64.03% [2][3] - The company launched innovative products, including the "Lingjing" intelligent automotive optical system, which allows for various projection capabilities and AI voice control [2][4] - Appotronics has been actively participating in international exhibitions, showcasing its technology and products, including a new laser engraving machine and a compact AR light engine [4][5] ESG and Corporate Governance - In 2024, the company emphasized its commitment to environmental responsibility, reporting energy savings of approximately 6.82 billion kWh and a reduction of 586,800 tons of CO2 emissions through its ALPD® technology [5] - The company has a strong focus on employee development, providing over 16,824 hours of training and promoting diverse career paths [5] - Appotronics has established a transparent governance structure with multiple specialized committees to ensure effective decision-making [5]

Core Financial Data - Operating revenue for the first quarter of 2025 was RMB 461.38 million, representing a year-on-year increase of 3.67% compared to RMB 445.04 million in the prior period [2] - Net profit attributable to shareholders of the listed company was a loss of RMB 21.36 million, a decrease of 147.95% from a profit of RMB 44.54 million in the same period last year [2] - Basic and diluted earnings per share were both -0.05 RMB, down 150% from 0.10 RMB in the prior year [2] - Total R&D investments increased by 16.65% to RMB 63.02 million from RMB 54.02 million in the previous year [2] Business Performance - The automotive optics business achieved operating revenue of RMB 78.78 million, up 64.03% year-on-year, driven by new orders from well-known automobile manufacturers [5] - The company launched the "Lingjing" smart automotive optics system at Auto Shanghai 2025, enhancing vehicle optical features and user experience [5] - The dedicated display business showcased products at the World Expo 2025, indicating successful overseas market expansion [6] Non-Recurring Profit or Loss - Non-recurring profit or loss decreased by RMB 41.31 million compared to the first quarter of 2024, primarily due to lower investment incomes and gains from changes in fair values [8] - The company postponed shipments of certain orders for overseas cinema light sources, impacting operating revenue and profit [8] Financial Position - Total assets at the end of the reporting period were RMB 4.09 billion, down 3.86% from RMB 4.26 billion at the end of the prior year [2] - Owners' equity attributable to shareholders of the listed company decreased by 0.74% to RMB 2.72 billion from RMB 2.74 billion [2] Cash Flow - Net cash flow from operating activities was not explicitly stated, but cash receipts from the sale of goods and services totaled RMB 603.95 million, compared to RMB 458.06 million in the prior year [15]

Core Insights - A groundbreaking technology has been developed by the University of Oxford in collaboration with the Technical University of Munich and the Max Planck Institute for Quantum Optics, enabling the single-shot measurement of the entire structure of ultra-strong laser pulses [1][2] - This technology, known as RAVEN (Real-time Acquisition of Vector Electromagnetic Near-field), is expected to revolutionize the understanding of light-matter interactions and has significant implications for fields such as new physics and fusion energy [1][2] Group 1 - The RAVEN technology allows for high-precision measurement of the complete shape, temporal structure, and alignment of a single laser pulse, capturing its polarization state and internal complex structure [1] - This achievement provides unprecedented insights into laser-matter interactions and enables the optimization of high-power laser systems, overcoming previous technological limitations [1][2] Group 2 - The technology has been successfully tested on the ATLAS-3000 petawatt laser system in Germany, where the research team observed previously unmeasurable small distortions and wavefront shifts in real-time [2] - These space-time coupling effects significantly impact the stability and precision of ultra-strong laser experiments, and the RAVEN technology allows for precise calibration of the laser [2] - Furthermore, RAVEN offers a potential new pathway for inertial fusion energy devices, as the precision of laser focusing is critical in fusion experiments where ultra-strong laser pulses are used to heat plasma and ignite fusion fuel [2]

Core Viewpoint - Swiss Federal Institute of Technology in Lausanne and Norwegian University of Science and Technology have developed a new type of laser that combines high performance with low cost, which may have significant applications in fields such as autonomous vehicles and fiber-optic internet [1] Group 1 - The new laser technology is described as "small and beautiful," indicating its compact design and efficiency [1] - The research findings have been published in the latest issue of the journal Nature Photonics, highlighting the academic recognition of this innovation [1]

Core Viewpoint - The University of Michigan has developed the world's most powerful laser device, named ZEUS, with a peak power of 2 petawatts (PW), which is capable of releasing energy equivalent to over 100 times the total power output of all global power plants [1][3][24] Group 1: Laser Technology and Capabilities - ZEUS laser can release energy in extremely short bursts (on the order of femtoseconds), achieving a power density close to 10²² watts per square centimeter [5][6] - The system can create plasma storms and simulate conditions near black holes, pushing the boundaries of human understanding of energy and vacuum [8][12] - The laser's primary goal is to explore strong-field quantum electrodynamics (QED), allowing for the observation of phenomena that were previously nearly impossible to detect [8][10] Group 2: Applications and Future Prospects - ZEUS aims to revolutionize particle acceleration, potentially replacing traditional large-scale accelerators with compact plasma wave acceleration techniques [10] - The ultimate goal includes using the laser for controlled nuclear fusion, providing a key to breakthroughs in energy generation [10][12] - Future plans for ZEUS involve simulating extreme physical environments from the early universe, such as gamma-ray bursts and quark plasma [12][24] Group 3: Technical Specifications and Funding - The ZEUS system is designed using chirped pulse amplification (CPA) technology, which allows for significant power output without damaging the equipment [14][16] - The project has received over $180 million in funding from the U.S. Department of Energy and is considered a national strategic scientific facility [16] - The core laser chamber is compact, comparable to a classroom, but is heavily fortified to maintain operational integrity [16][19]

Group 1 - The 2025 South China International Industrial Expo has opened in Shenzhen, covering over 100,000 square meters and featuring more than 1,200 companies, with an expected attendance of over 100,000 professional visitors [1] - The expo showcases innovations in various fields including industrial automation, machine vision, laser technology, CNC machine tools, robotics, new information technology, testing and measurement, electronic manufacturing, and new materials, creating a "smart manufacturing ecosystem" [1] - Omron Group presents innovative solutions focusing on AI, digitalization, and intelligent technology, targeting key industries in South China such as 3C electronics, semiconductors, and new energy [1] Group 2 - Hikvision showcases digital products for quality inspection and equipment management, leveraging its expertise in IoT perception, AI, and big data [2] - Leading companies in the laser sector, including Han's Laser and Lead Laser, present a comprehensive array of equipment covering industrial processing scenarios such as cutting, welding, and cleaning [2] - The expo features nearly 30 forums, technical training sessions, and procurement matchmaking events, enhancing industry collaboration and technical exchange [2]

Fundraising Overview - The company raised a total of RMB 176,973.81 million from the issuance of 22.49 million shares at a price of RMB 78.69 per share, with a net amount of RMB 163,264.76 million after deducting issuance costs [1] - As of December 31, 2024, the company has used RMB 409,537,239.30 of the raised funds in the current year, with a cumulative total of RMB 1,270,529,404.59 used, leaving a balance of RMB 362,118,148.50, which includes bank interest received [2] Fund Management - The company has implemented a special account storage system for the management and use of raised funds, in compliance with relevant laws and regulations, and has signed tripartite supervision agreements with various banks and sponsors [3] - As of December 31, 2024, the company has not used idle raised funds to temporarily supplement working capital [6] Fund Usage and Adjustments - The company has approved the use of its own funds to pay for fundraising project expenses, with plans to replace these with raised funds on a quarterly basis, although no such replacements have occurred as of the reporting date [5] - The company has also approved the use of idle raised funds for cash management, with a maximum of RMB 85 million and later RMB 50 million allocated for investments in low-risk, high-liquidity products [7][8] - The company has permanently supplemented working capital with surplus funds from completed projects, totaling RMB 117,264,077.86, which includes surplus funds and interest income [12] Project Adjustments - The company has postponed the expected completion dates for certain projects due to various factors, including government approvals and geological challenges, extending timelines for the "Smart Driving Car Application Photon Technology Industrialization Project" and the "R&D Center Construction Project" to 2026 [13] - The company has adjusted the internal investment structure of the "Smart Driving Car Application Photon Technology Industrialization Project" while maintaining the overall investment amount [14] Compliance and Reporting - The company received a regulatory notice regarding past irregularities in the management and use of raised funds, committing to rectify these issues and improve compliance moving forward [16] - The company's fundraising management and usage have been verified by auditors and sponsors, confirming adherence to regulatory requirements and proper disclosure practices [17][18]