智能汽车业务方面，公司车载镜头产品同样表现优异，拥有高清、广角、大光圈等核心优势，契合车规 级影像系统对高可靠性与高性能的严格要求。 9月5日，弘景光电在接受机构调研时表示，公司N业务主要包括工业检测与医疗、人工智能硬件、机器 视觉等新业务领域。2025 年上半年，该部分业务收入约5000万元，占总营收比例约 7.55%。公司积极 寻求合作机会，在机器视觉业务领域取得初步成效，实现了割草机器人、体感游戏机等项目的批量出 货。 作为国内较早采用玻塑混合技术的企业，弘景光电光学产品以高性能、高技术指标获得市场认可，并在 新兴消费电子与智能汽车领域持续拓展应用边界。 在新兴消费业务方面，公司智能家居光学镜头基于玻塑混合技术打造，具备广角、超薄和优质夜视性 能；全景及运动相机摄像模组则结合玻璃球面与非球面镜片，实现超高清、超广角、低眩光与无热化特 性。 2025年上半年，公司新兴消费摄像模组业务毛利率为15.48%，较去年同期出现一定程度下降。主要原 因包括新产品上市后良率仍处于爬升阶段、制造复杂度高导致返工成本增加，以及外购材料价值量高、 价格波动明显，对毛利形成挤压。 弘景光电表示，目前毛利率水平仍处于合理区间， ...

格隆汇9月5日丨弘景光电(301479.SZ)于近期投资者关系活动表示，公司N业务主要包括工业检测与医 疗、人工智能硬件、机器视觉等新业务领域。2025年上半年，该部分业务收入约5000万元，占总营收比 例约7.55%。公司积极寻求合作机会，在机器视觉业务领域取得初步成效，实现了割草机器人、体感游 戏机等项目的批量出货。 ...

Core Viewpoint - The company reported significant revenue growth in the first half of 2025, driven by strong demand in its core business areas, including panoramic/action cameras, smart home, and smart automotive sectors [1][2]. Financial Performance - The company achieved a revenue of 701 million yuan in the first half of 2025, representing a year-on-year increase of 55.72% [1][2]. - The net profit attributable to shareholders was 76 million yuan, up 10.22% year-on-year, while the net profit excluding non-recurring items was 73 million yuan, reflecting a 7.23% increase [1][2]. - In Q2 2025, the company recorded a revenue of 422 million yuan, marking a year-on-year growth of 67.12% and a quarter-on-quarter increase of 51.63% [1][2]. Business Segmentation - Revenue breakdown for the first half of 2025: panoramic/action camera business accounted for approximately 49.66%, smart home business for about 22.80%, smart automotive business for around 18.90%, and new business ventures for about 7.55% [2]. - The growth in revenue is attributed to the booming demand in the core downstream sectors, despite the net profit growth lagging behind revenue growth due to increased management expenses from IPO costs and a higher proportion of lower-margin products [2]. Market Outlook - The company is optimistic about the growth potential of the panoramic camera market, viewing it as a vital tool for content creators in the short video era [3]. - The competitive landscape is seen as favorable, with major players like DJI contributing positively to market education and product awareness, benefiting all manufacturers as the market expands [3]. - The potential market size for panoramic cameras is estimated to be significant, with a projected shipment volume nearing 10 million units if penetration rates reach 15% among content creators on platforms like YouTube [3]. Client Base and Partnerships - The company has established itself as a pioneer in smart home, smart automotive, and action camera sectors, building a robust client base over years of market development [4]. - In the smart automotive sector, the company has secured partnerships with major manufacturers such as Daimler-Benz, Nissan, and Geely, indicating strong market recognition [4]. - In the smart home sector, the company is a key supplier for high-end brands like Ring and Blink in the European and American markets [4]. - The company has also formed a long-term partnership with a leading player in the panoramic camera market, enhancing its competitive position [4]. Investment Outlook - The company is projected to achieve net profits of 220 million, 290 million, and 360 million yuan for the years 2025 to 2027, with corresponding EPS of 2.49, 3.28, and 4.08 yuan per share [5]. - The price-to-earnings ratio based on the stock price as of August 19, 2025, is estimated to be 43.2, 32.7, and 26.3 for the respective years, maintaining a "buy" rating for the company [5].

Group 1: Gaming Industry in Zhejiang - Zhejiang Province plans to create a gaming industry cluster centered around Hangzhou, integrating cities like Ningbo and Shaoxing, and establishing multiple cultural export platforms such as national cultural export bases and digital trade demonstration zones [1] - The initiative aims to support the development of high-quality original games, particularly AAA titles, and promote collaboration with smart hardware manufacturers to facilitate the international expansion of AR/VR devices [1] - The ultimate goal is to enhance industry aggregation, optimize the ecosystem, and increase policy support to position Zhejiang as a significant player in the global digital entertainment industry, thereby boosting the international competitiveness of Chinese gaming products [1] Group 2: Automotive Industry Developments - Major automotive companies, including GAC Group, FAW Group, Dongfeng Motor, BYD, Great Wall Motors, and Xiaomi, have announced a policy change to stabilize supply chains amid a challenging commercial environment and intense price competition [2][3] - The policy aims to alleviate the negative impacts of "involution" competition by shortening payment terms to ensure efficient capital turnover for suppliers, thereby enhancing the stability and collaboration within the industry [2] - The China Automobile Manufacturers Association reported that from January to May, sales of Chinese brand passenger cars reached 7.562 million units, a year-on-year increase of 26.3%, while traditional fuel vehicle sales declined by 10.1% [3] Group 3: Emotional Value in Consumer Products - Pop Mart's stock price has surged over 11 times since early 2024, highlighting the significant potential of the trendy toy industry and emotional consumption [4] - By deeply developing IPs like LABUBU, Pop Mart has created engaging toys that connect emotionally with consumers, establishing products with emotional value [4] - The blind box mechanism employed by Pop Mart generates uncertainty and anticipation, while limited and hidden editions enhance scarcity, driving strong consumer demand [4] Group 4: Impact of Autonomous Driving on Insurance - The current insurance system is based on driver behavior, but with autonomous driving, where vehicles are controlled by computers and humans are merely passengers, the issue of liability becomes complex [5] - Companies like Tesla, Alphabet, and Aurora Innovation are recommended for attention as beneficiaries of advancements in autonomous driving technology, along with insurance companies like Progressive that adapt to industry changes [5] - The technological progress in autonomous driving may provide long-term growth potential for related companies that embrace new technologies and industry shifts [5]