证券日报网1月7日讯 ，茂莱光学在接受调研者提问时表示，公司始终定位于精密光学产品的研发、生 产和销售，采用定制化业务模式进行差异化竞争，主要根据客户需求定制化生产光学产品，结合对于市 场、客户情况的预判等综合考量后制定生产方案。作为一家在精密光学行业深耕了二十余年的光学公 司，公司一直坚持定制化服务+产业化落地的发展战略，在客户提出概念阶段就开始介入，提供技术协 助，同时根据客户需求变化以及市场发展情况不断提升商业化量产能力，以期在下游客户发展过程中更 好地承接订单需求。公司通过多年的积累，在国内外市场上树立了良好的品牌形象，积累了一批长期合 作、稳定优质的客户群体，深度绑定彼此的合作关系。 （文章来源：证券日报） ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in stock performance relative to the benchmark index [5][8]. Core Insights - The panoramic and action camera business is experiencing significant growth, driven by the explosion of social media content and the increasing demand for immersive experiences. The company achieved a revenue of 1.198 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 51.65% [3]. - The company is implementing a "3+N" product strategy, focusing on expanding its market share in smart automotive, smart home, and panoramic/action camera sectors, while also exploring emerging fields such as AI hardware and industrial inspection [4]. - The company has secured stable partnerships with major automotive manufacturers and high-end smart home brands, indicating a strong order backlog and market capacity to absorb new production [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 1.594 billion yuan, 2.177 billion yuan, and 2.800 billion yuan, respectively, with net profits expected to be 202 million yuan, 283 million yuan, and 368 million yuan [5][9]. - The company anticipates a revenue growth rate of 41.24% in 2024, 45.98% in 2025, and a gradual decline to 28.63% by 2027 [9][12]. - The projected earnings per share (EPS) for the same years are 2.27 yuan, 3.18 yuan, and 4.14 yuan, with a decreasing price-to-earnings (P/E) ratio from 46.20 in 2024 to 20.75 in 2027 [9][12].

Group 1 - The rapid evolution of artificial intelligence (AI) is transforming various industries, leading to changes in production efficiency, industry forms, and organizational models [2] - AI's impact on research is summarized by two keywords: "the future is here" and "embrace change," indicating that AI will replace much of the traditional labor of researchers [2] - In the financial sector, AI is reshaping services, risk control, operations, and ecosystems, moving from standardized services to personalized experiences [2] Group 2 - The investment methodology in the consumer sector is being re-evaluated under the AI wave, leading to the emergence of "super consumers" and "super entrepreneurs" [3] - AI technology is expected to drive a significant shift in consumer behavior, giving consumers more power and pushing product design to align with user needs [3] - The AI technology revolution is characterized by value, bubbles, and cycles, with 2025 being a pivotal year for AI industry value realization [3] Group 3 - The development of AI is supported by foundational hard technology, with domestic companies focusing on semiconductors and precision optics to build a self-controlled industrial ecosystem [4] - The demand for AI hardware is driving growth in the semiconductor industry, with companies like 茂莱光学 seeing over 50% of their business linked to this sector [4] - The complexity of optical technology in lithography machines requires long-term collaboration and investment, indicating a sustained development opportunity [4] Group 4 - The true barrier in AI development lies in the software ecosystem, with Chinese companies encouraged to pursue "compatible autonomy and open innovation" to create comprehensive solutions [5] - The AI narrative is far from over, with investment opportunities emerging in computing power, applications, and traditional industry transformations [6] - The A-share market is expected to experience a stable upward trend, with investment opportunities shifting towards mid-cap blue-chip stocks in sectors like cyclical consumption and biomedicine [6] Group 5 - Consumer demands will continue to evolve with AI technology, leading to new companies emerging in various niches, similar to 泡泡玛特 [7] - The investment strategy for 2026 should focus on "seeking progress while maintaining stability," with technology assets aimed at growth and financial assets for stability [7] - Long-term competitive companies still hold investment value, despite the changing landscape driven by AI [7]

上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 市场数据： 2025 年 12 月 12 日 收盘价（元） 378.00 一年内最高/最低（元） 490.09/183.00 市净率 16.6 股息率%（分红/股价） 0.09 上证指数/深证成指 3,889.35/13,258.33 注："股息率"以最近一年已公布分红计算 | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 22.80 | | 资产负债率% | 23.28 | | 总股本/流通 A 股（百万） | 53/17 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% 150% 12-12 01-12 02-12 03-12 04-12 05-12 06-12 07-12 08-12 09-12 10-12 11-12 12-12 茂莱光学 沪深300指数 (收益率) 相关研究 《茂莱光学（688502）点评：国产替代催 化核心标的，业绩增速触底回升》 2024/10/27 证券分析师 杨海晏 A023 ...

2025年11月28日，立景创新科技股份有限公司正式向港交所递交主板上市申请，中信证券与中金公司担 任联席保荐人。这家由立讯精密创始人王来春家族控制的精密光学解决方案提供商，凭借年收入近280 亿元、全球消费电子摄像头模组市场份额第二的亮眼成绩冲击资本市场。 来源：新浪证券 然而，在其高增长叙事背后，客户依赖症、资本开支高企、地缘政治风险等多重隐忧，为其IPO征程蒙 上了阴影。 家族化商业版图与资本扩张路径 立景创新的崛起深深烙刻着"立讯基因"。公司创始人王来喜作为立讯精密实控人王来春的胞弟，曾担任 立讯精密总经理长达14年，而王来春本人则出任立景创新董事长，形成"姐掌舵、弟冲锋"的家族协同模 式。 股权结构显示，王氏四兄妹通过立景有限公司共同控制公司48.06%的股权，资本运作手法与立讯精密 如出一辙——通过并购实现垂直整合：2021年收购苹果摄像头模组供应商高伟电子，切入苹果供应链； 2022年收购光宝集团影像事业部；2023年并购柯尼卡美能达上海工厂，拓展至上游光学镜头领域。 这种"资本+并购"的扩张模式吸引了红杉、高瓴、IDG等顶级机构加持，上市前估值已达225亿元。但激 进的资本运作也推高了财务风险 ...

2025年11月28日，立景创新科技股份有限公司正式向港交所递交主板上市申请，中信证券与中金公司担 任联席保荐人。这家由立讯精密创始人王来春家族控制的精密光学解决方案提供商，凭借年收入近280 亿元、全球消费电子摄像头模组市场份额第二的亮眼成绩冲击资本市场。 然而，在其高增长叙事背后，客户依赖症、资本开支高企、地缘政治风险等多重隐忧，为其IPO征程蒙 上了阴影。 家族化商业版图与资本扩张路径 立景创新的崛起深深烙刻着"立讯基因"。公司创始人王来喜作为立讯精密实控人王来春的胞弟，曾担任 立讯精密总经理长达14年，而王来春本人则出任立景创新董事长，形成"姐掌舵、弟冲锋"的家族协同模 式。 股权结构显示，王氏四兄妹通过立景有限公司共同控制公司48.06%的股权，资本运作手法与立讯精密 如出一辙——通过并购实现垂直整合：2021年收购苹果摄像头模组供应商高伟电子，切入苹果供应链； 2022年收购光宝集团影像事业部；2023年并购柯尼卡美能达上海工厂，拓展至上游光学镜头领域。 这种"资本+并购"的扩张模式吸引了红杉、高瓴、IDG等顶级机构加持，上市前估值已达225亿元。但激 进的资本运作也推高了财务风险：截至2025年 ...

Core Viewpoint - Lijing Innovation is set to achieve a significant IPO, driven by the success of its founder Wang Laichun and the strategic acquisitions that have positioned the company as a leader in the precision manufacturing sector [2][3]. Company Overview - Lijing Innovation, founded by Wang Laichun's brother Wang Laixi, has rapidly grown to nearly 28 billion yuan in annual revenue within seven years [2][3]. - The company has established itself as the only front camera supplier for Apple in mainland China, with over 60% of its revenue coming from this client [6][9]. Business Model and Growth Strategy - The initial team and assets of Lijing Innovation were acquired from the optical module division of Lite-On Technology, providing a strong foundation in terms of capacity and technology [5]. - The company has pursued a strategy of vertical integration through a series of acquisitions, including the purchase of Highwei Electronics, which has been a supplier for Apple since 2009 [5][6]. - Lijing Innovation has expanded its business into the optical lens sector and automotive electronics, indicating a diversification strategy beyond consumer electronics [6][18]. Financial Performance - Lijing Innovation's revenue has shown remarkable growth, increasing from 12.8 billion yuan in 2022 to 27.9 billion yuan in 2024, with a compound annual growth rate (CAGR) of 47.9% [17]. - The company's net profit has also increased, reaching 1.05 billion yuan in 2024, with a CAGR of approximately 23.5% [17]. - The revenue structure is heavily reliant on consumer electronics, particularly camera modules for smartphones, which accounted for 88.2% of total revenue in the first half of 2025 [18]. Investment and Market Position - Lijing Innovation has attracted significant investment from top-tier institutions, raising over 5.24 billion yuan prior to its IPO [7][9]. - The company is positioned as the second-largest player in the global high-end smartphone camera module market, with a strong focus on innovation [9][18]. Challenges and Risks - The company faces challenges related to high customer concentration, with over 67.6% of its revenue coming from a single client, widely believed to be Apple [19][20]. - Fluctuations in raw material prices and labor costs pose potential risks to profitability, as indicated by a slight decline in gross margin from 12.2% in 2022 to 10.8% in 2024 [17][18]. Future Outlook - The global market for consumer electronic camera modules is projected to grow significantly, providing a favorable environment for Lijing Innovation's continued expansion [20]. - The company plans to use IPO proceeds for R&D, upgrading manufacturing platforms, strategic investments, and operational funding, aiming to enhance its competitive edge [21].

据港交所11月28日披露，立景创新科技股份有限公司(简称：立景科技)递表港交所主板，中信证券和中金公司（601995）为联席保荐人。 | 「編纂]項下的[編纂]數目 : 「編纂]股H股(視乎[編纂]行使與 | | | | --- | --- | --- | | 否而定) | | | | [编纂]數目 | : | [編纂]股H股(可予重新分配) | | [编纂]數目 「編纂]股H股(可予重新分配及視乎[编 | ・・ | | | 與否而定) | | | | 最高[编纂] : 每股H股[編纂]港元,另加1.0%經紀佣 | | | | 0.0027%證監會交易徵費、0.00565% | | | | 交易費及0.00015%會財局交易徵費 | | | | 請時以港元繳足,多繳款項可予退 | | | | T HA Book 1111 working a promote | | | 招股书显示，立景科技是一家全球领先的精密光学解决方案提供商，专注于面向全球消费电子、汽 车电子、智慧办公应用以及智能机器人、XR智能终端、 智能眼镜等其他新兴领域的中高端光学模组及系统集成市场。根据弗若斯特沙利文的资料，公司是全球头部中高端品牌 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In the week from November 17 - 21, 2025, the stock market oscillated downward due to factors like geopolitical tensions, concerns about overseas AI bubbles, and weakening interest - rate cut expectations. The bond market had a narrow - range oscillation. The convertible bond market mostly declined, with the CSI Convertible Bond Index down 1.78% for the week, the price median down 1.89%, and the arithmetic average parity down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week [1][8][9]. - During the period from November 24 - 28, 2025, the convertible bond market showed strong resilience during the A - share adjustment. Fed officials' dovish signals may improve market sentiment, and the convertible bond asset prices have strong bottom support. Attention should be paid to sectors such as energy storage, power, semiconductor equipment and materials, photovoltaic, and chemical industries, and high - volatility underlying stocks in balanced convertible bonds or low - premium equity - biased individual bonds should be selected [2][18]. Summary by Relevant Catalogs Market Trends - **Stock Market**: In the week from November 17 - 21, 2025, the market oscillated downward. All Shenwan primary industries closed down. Banks (-0.89%), media (-1.25%), food and beverage (-1.44%), national defense and military industry (-1.72%), and household appliances (-2.30%) performed relatively well, while power equipment (-10.54%), comprehensive (-9.18%), basic chemicals (-7.47%), and commercial retail (-7.24%) performed poorly [8][9]. - **Bond Market**: At the beginning of the week, the capital was tight, and it became balanced and loose in the second half of the week. The bond market had a narrow - range oscillation, and the 10 - year Treasury bond rate closed at 1.82% on Friday, up 0.26bp from the previous week [1][9]. - **Convertible Bond Market**: Most convertible bond individual bonds declined. The CSI Convertible Bond Index was down 1.78% for the week, the price median was down 1.89%, and the arithmetic average parity was down 6.70%. The overall market conversion premium rate increased by 7.72% compared to the previous week. The total trading volume of the convertible bond market last week was 318.036 billion yuan, with an average daily trading volume of 63.607 billion yuan, a decrease from the previous week [1][9][16]. Valuation Overview - As of November 21, 2025, for equity - biased convertible bonds, the average conversion premium rates in different price ranges are at relatively high percentile values. For debt - biased convertible bonds, the average YTM of those with a parity below 70 yuan is -4.27%, at the 1%/4% percentile since 2010/2021. The average implied volatility of all convertible bonds is 46.1%, at the 93%/99% percentile since 2010/2021 [19]. Primary Market Tracking - **Last Week (November 17 - 21, 2025)**: Maolai Convertible Bond was announced for issuance, and Qizhong Convertible Bond was listed. Maolai Convertible Bond has a scale of 563 million yuan, and Qizhong Convertible Bond has a scale of 850 million yuan [27][28]. - **Next Week (November 24 - 28, 2025)**: Zhuomei Convertible Bond is expected to be listed, with a scale of 450 million yuan [29][30]. - **Approval Progress**: Last week, 2 companies including Aohong Electronics and Pulian Software got registration approval, 1 company including Chunfeng Power passed the listing committee review, 4 companies including Haoneng Co., Ltd. passed the general meeting of shareholders, and 1 company including Zhaomin Technology had a board of directors' plan. As of now, there are 95 convertible bonds to be issued, with a total scale of 143.93 billion yuan [31].

Core Viewpoint - The company plans to increase its investment in Shanghai Milai Chip Semiconductor Co., Ltd. by 200 million yuan to enhance its strategic development and competitiveness in the precision optics and semiconductor exposure machine industries [1] Group 1: Investment Details - The company will invest 200 million yuan in cash to subscribe for 5.314283 million yuan of newly registered capital in Milai Chip [1] - Following this investment, the company's ownership stake in Milai Chip will increase from 19.3548% to 37.2760% [1]