9月3日，茂莱光学涨0.72%，成交额5.15亿元。两融数据显示，当日茂莱光学获融资买入额4562.61万 元，融资偿还5582.27万元，融资净买入-1019.66万元。截至9月3日，茂莱光学融资融券余额合计3.16亿 元。 融资方面，茂莱光学当日融资买入4562.61万元。当前融资余额3.14亿元，占流通市值的4.43%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，茂莱光学9月3日融券偿还400.00股，融券卖出200.00股，按当日收盘价计算，卖出金额8.44 万元；融券余量4237.00股，融券余额178.81万元，超过近一年80%分位水平，处于高位。 资料显示，南京茂莱光学科技股份有限公司位于江苏省南京市江宁开发区铺岗街398号，成立日期1999 年8月24日，上市日期2023年3月9日，公司主营业务涉及精密光学器件、高端光学镜头和先进光学系统 的研发、设计、制造及销售。主营业务收入构成为：光学器件44.03%，光学镜头28.34%，光学系统 27.00%，服务0.61%，其他0.03%。 截至6月30日，茂莱光学股东户数6945.00，较上期增加13.63%；人均流通股2419股，较 ...

摘要显示，本发明提出一种变焦光学系统和成像装置，涉及光学技术领域，其中，所述变焦光学系统包 括由物侧到像侧依次布置的光焦度为负的第一透镜组、光焦度为正的第二透镜组、光焦度为负的第三透 镜组、光焦度为正的第四透镜组、滤光片和像面，其中，所述第二透镜组与所述第四透镜组沿所述光轴 延伸方向活动设置，以将所述变焦光学系统变焦，所述第三透镜组沿所述光轴方向协同移动，以将所述 变焦光学系统对焦。本发明采用四组元结构，使用十七枚透镜，通过合理设置四个透镜组和十七枚透镜 的光焦度以及形状配合关系，实现了体积小、靶面大、畸变小、对焦物距近和高低温共焦的8K变焦光 学系统。 经济观察网天眼查APP显示，近日，中山联合光电（300691）科技股份有限公司申请的"一种变焦光学 系统和成像装置"专利公布。 ...

编号：2025-014 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 电话会议 参与单位名称及 人员姓名 永赢基金：王昕妍、郑奇波 时间 2025 年 9 月 1 日 地点 电话会议 公司接待人员 姓名 董事会秘书林琼芸女士 证券事务代表钟倩文女士 投资者关系活动 主要内容介绍 一、介绍公司基本情况和 2025 年上半年经营情况 公司是一家专业从事光学镜头及摄像模组产品的研发、设计、 生产和销售的高新技术企业，公司主要产品包括智能汽车光学镜 头及摄像模组和新兴消费光学镜头及摄像模组，其中智能汽车产 品应用于智能座舱、智能驾驶等，新兴消费产品应用于智能家居、 全景/运动相机和其他产品。 2025 年上半年，公司实现营业收入 70,113.98 万元，同比增 长 55.72%；实现归属于母公司股东的净利润 7,552.43 万元，同 比增长 10.22%。其中全景/运动相机业务营业收入占比约 49.66%， 智能家居业务营业收入占比约 22.80%，智能汽车业务营业收入占 比约 18.90%，新业务营业收入占比约 7.55%。 1 二、互 ...

Group 1 - Goldman Sachs maintains a sell rating on Dongfang Zhenxuan (01797.HK) and raises the target price to HKD 9, while adjusting the GMV forecast down by 1% to 3% for FY2026-2027 due to weak fundamentals and high valuation [1] - CITIC Securities maintains an outperform rating on Pop Mart (09992.HK) and raises the target price to HKD 368, expecting strong global demand with sales growth of 14%, 12%, and 12% for 2025-2027 [1] - CMB International maintains a buy rating on Kuaishou-W (01024.HK) and raises the target price to HKD 90, citing optimism about its multi-scenario e-commerce strategy and AI commercialization [1] Group 2 - Huazhang Securities maintains a buy rating on Xiaomi Group-W (01810.HK), forecasting revenue growth of RMB 478.1 billion, 618.2 billion, and 732 billion for 2025-2027, with adjusted net profit of RMB 41.1 billion, 59.3 billion, and 72.4 billion [2] - Morgan Stanley maintains an overweight rating on NIO-SW (09866.HK) with a target price of HKD 50.7, noting strong ES8 orders and expected monthly sales of 40,000 to 50,000 vehicles starting in October [3] - CICC maintains an outperform rating on Bruker (00325.HK) with a target price of HKD 135, reporting a 27.9% revenue growth to HKD 1.34 billion for the first half of 2025 [4] Group 3 - Haitong International maintains an outperform rating on Genscript Biotech (01548.HK) with a target price of HKD 24.62, reporting an 81.9% revenue growth to USD 519 million for the first half of 2025 [5] - Cathay Pacific maintains a buy rating on Sunny Optical Technology (02382.HK) with a target price of HKD 108.05, noting a 15% net profit beat and an 18.2% revenue growth in automotive electronics [6] - Cathay Pacific maintains an overweight rating on Baidu Group-SW (09888.HK) with a target price of HKD 104, reporting a 34% increase in non-advertising revenue driven by AI cloud services [8]

Core Viewpoint - Lumentum Holdings Inc. is expected to benefit from advancements in photonics intensity and the adoption of 200G/lane and 400G/lane optical links [1] Company Summary - Lumentum Holdings Inc. operates in the photonics industry, focusing on optical networking solutions [1] - The company is positioned to leverage new technologies that enhance data transmission capabilities [1] Industry Summary - The photonics industry is experiencing growth driven by the demand for higher bandwidth solutions, particularly in optical links [1] - The transition to 200G and 400G optical links indicates a trend towards increased data capacity and efficiency in telecommunications [1]

Summary of Sunny Optical Technology Group Co Ltd Conference Call Company Overview - **Company**: Sunny Optical Technology Group Co Ltd - **Ticker**: 2382.HK - **Industry**: Asia Tech Hardware Key Financial Results - **1H25 Performance**: - Total revenue increased by 4% YoY, aligning with consensus expectations [1][9] - Gross margin (GM) improved by 2.6 percentage points YoY to 19.8% [1][9] - Handset lens GM rose to 25-30% from 20-25% in 2024, driven by a higher mix of 6P+ lenses and a more than doubling of G+P lenses revenue [1][9] - Module GM reached the guided range of 8-10%, supported by over 20% YoY growth in periscope/large-CIS [1][9] - The auto segment, which has a higher GM, grew by 18% YoY, contributing positively to overall corporate GM [1][9] - XR revenue surged by 21% YoY due to momentum in AI glasses [1][9] Market Dynamics - **Handset Shipments**: Monthly shipment data is becoming less indicative of overall business strength. Despite a decline in handset shipments, the average selling price (ASP) for handsets increased by over 20% YoY [2][10] - **2025 Guidance**: Management expects a 5-10% YoY increase in handset revenue, with lens GM maintaining the 25-30% range and module GM remaining stable [2][10] Growth Drivers - **Auto Segment**: - Lens shipments in the auto segment increased by 22% YoY, driven by the adoption of ADAS cameras among major Chinese OEMs [3][11] - Modules are expected to be a key growth driver from a low base, with current overseas OEM sales (e.g., VW & Toyota) at 10% of product mix [3][11] - **XR Segment**: Although the revenue guidance for XR is single-digit growth this year, Sunny's leadership in smart glasses and early investments in AR are expected to contribute to double-digit growth in the future [3][11] Financial Projections - **EPS Growth**: The estimated EPS CAGR for 2024-2026 has been revised up to 28% [3][24] - **Revenue Projections**: Revenue is expected to grow at a CAGR of 12% from 2024 to 2026, driven by rapid growth in the auto and XR segments [24][33] - **Corporate GM**: Expected to stabilize above 20%, supported by a higher mix of high-margin auto products and premium handset products [3][24] Valuation and Price Target - **Price Target**: The price target has been raised to HK$110, using a P/E multiple of 25x against the 2026 EPS estimate of RMB4.0 [6][24] - **Current Price**: Closing price as of 20 August 2025 was HK$82.25, indicating a potential upside of 34% [4][45] Risks and Considerations - Potential risks include stronger-than-expected margin pressure from new iPhone products, a weaker Android phone market, and slower adoption rates for ADAS and AR/VR technologies [51] Conclusion Sunny Optical Technology Group Co Ltd is positioned for multi-year growth driven by its strong performance in the auto and XR segments, despite challenges in handset shipments. The company’s financial metrics indicate a solid outlook, with improved margins and a favorable EPS growth trajectory.

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and net profit growth driven by advancements in mobile camera technology and strategic positioning in emerging markets [1][2][3] Group 1: Financial Performance - In H1 2025, the company achieved revenue of 19.652 billion yuan, representing a year-over-year increase of 3.56% [1] - The net profit for the same period was 1.646 billion yuan, showing a significant year-over-year growth of 52.56% [1] - The gross margin was reported at 19.8%, up by 2.6 percentage points year-over-year, while the net profit margin reached 8.8%, an increase of 1.9 percentage points year-over-year [1] Group 2: Mobile and Automotive Lens Market - The company maintained its position as the global leader in mobile camera products, benefiting from the high-endization of smartphone cameras and its advanced technology [1] - In the automotive sector, the company also held the top market share for vehicle-mounted lenses, with successful development of a new de-fogging technology [2] - The company is expanding its product matrix in the automotive module sector through strategic partnerships with major players in the smart driving platform market [2] Group 3: Emerging Markets and Innovations - The rapid growth of the AI/AR glasses market presents significant opportunities for the company's XR-related products, maintaining its leading position in the smart glasses imaging module sector [2] - The demand for optical components and optoelectronic products in the IoT market is increasing, with the company expanding its business in handheld photography devices and robotics [3] - The company is well-positioned to benefit from the ongoing optical innovation cycle, with projected revenues of 43.724 billion yuan, 48.699 billion yuan, and 53.279 billion yuan for 2025-2027 [3]

格隆汇8月20日丨智立方(301312.SZ)于投资者互动平台表示，公司在光学领域主要布局于机器视觉检测 与光学测量相关产品，涵盖光学感应、光学成像、测量模组及检测设备，广泛应用于消费电子、半导体 等精密制造环节。 ...

水晶光电（002273.SZ）8月20日在投资者互动平台表示，公司的光学元件类产品广泛应用于各类摄像头 产品内，各大终端厂商均有公司产品应用。鉴于商业保密条款的约束，不方便披露具体客户情况，请您 谅解。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问一下贵公司与影石创新公司之间有无供货关系？ ...

Group 1 - 康耐特光学 (02276) shares increased by over 5%, reaching 44.34 HKD with a trading volume of 61.4 million HKD [1] - Meta is preparing to launch its first AI smart glasses, Hypernova, with a reduced starting price of approximately 800 USD, down from an initial plan of at least 1000 USD [1] - The AI smart glasses market is expected to see strong growth driven by new product launches from major tech companies like Alibaba, Google, and Meta in the second half of the year [1] Group 2 - 康耐特光学 is a leading lens manufacturer with a comprehensive product SKU matrix and strong upstream and downstream partnerships, providing significant supply chain advantages [1] - The company has been actively expanding its domestic market presence and developing its own brand, which has created new growth momentum [1] - The increasing proportion of differentiated products has led to continuous improvement in profitability, and the booming smart glasses market presents a first-mover advantage for 康耐特光学 [1]