11月4日，联创光电盘中下跌2.05%，截至10:41，报60.32元/股，成交3.26亿元，换手率1.18%，总市值 273.56亿元。 资料显示，江西联创光电科技股份有限公司位于江西省南昌市高新技术产业开发区京东大道168号，成 立日期1999年6月30日，上市日期2001年3月29日，公司主营业务涉及半导体激光系列及微电子元器件系 列、高温超导感应设备系列产品、智能控制系列产品、背光源系列产品、光电通信与智能装备线缆及金 属材料产品的研发、生产和销售。主营业务收入构成为：智能控制49.81%，背光源及应用36.15%，激 光系列及传统LED芯片产品7.77%，光电通信与智能装备线缆及金属材料4.45%，其他(补充)1.83%。 联创光电所属申万行业为：电子-消费电子-消费电子零部件及组装。所属概念板块包括：核聚变、超导 概念、航天军工、光伏玻璃、增持回购等。 截至9月30日，联创光电股东户数4.87万，较上期增加9.19%；人均流通股9314股，较上期减少8.41%。 2025年1月-9月，联创光电实现营业收入25.03亿元，同比增长2.85%；归母净利润4.00亿元，同比增长 19.37%。 分红方面 ...

Core Viewpoint - Lianchuang Optoelectronics experienced a stock price decline of 2.01% on October 31, 2023, with a current price of 63.02 CNY per share and a total market capitalization of 28.58 billion CNY [1] Financial Performance - For the period from January to September 2025, Lianchuang Optoelectronics reported a revenue of 2.503 billion CNY, reflecting a year-on-year growth of 2.85%, and a net profit attributable to shareholders of 400 million CNY, which is a 19.37% increase compared to the previous year [2] - The company has distributed a total of 408 million CNY in dividends since its A-share listing, with 85.46 million CNY distributed over the past three years [3] Stock Market Activity - As of October 31, 2023, Lianchuang Optoelectronics saw a net outflow of 38.88 million CNY in principal funds, with large orders accounting for 23.98% of purchases and 25.04% of sales [1] - The stock has increased by 31.77% year-to-date, with a slight increase of 1.32% over the last five trading days, a minor decline of 0.11% over the last 20 days, and a 14.92% increase over the last 60 days [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Lianchuang Optoelectronics reached 48,700, an increase of 9.19% from the previous period, with an average of 9,314 circulating shares per shareholder, down by 8.41% [2] - Notable shareholders include the Southern CSI 500 ETF, which is the fourth largest shareholder, holding 5.2933 million shares, a decrease of 109,500 shares from the previous period [3]

Core Viewpoint - Lianchuang Optoelectronics has shown a positive stock performance with a year-to-date increase of 32.88% and a market capitalization of 28.82 billion yuan as of October 27 [1][2]. Financial Performance - For the first half of 2025, Lianchuang Optoelectronics reported a revenue of 1.648 billion yuan, representing a year-on-year growth of 6.51%, and a net profit attributable to shareholders of 263 million yuan, up 15.18% [2]. - The company has distributed a total of 408 million yuan in dividends since its A-share listing, with 85.45 million yuan distributed over the past three years [3]. Stock Market Activity - As of October 27, the stock price was 63.55 yuan per share, with a trading volume of 516 million yuan and a turnover rate of 1.82% [1]. - The stock has experienced a net outflow of 20.51 million yuan from major funds, with significant buying and selling activity from large orders [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders was 44,600, a slight decrease of 0.08%, with an average of 10,169 shares held per shareholder, an increase of 0.08% [2]. - Notable shareholders include the Southern CSI 500 ETF, which is the third-largest shareholder, and the Guotai CSI Military Industry ETF, which increased its holdings by 657,800 shares [3].

Core Viewpoint - Lianchuang Optoelectronics has shown a positive stock performance with a year-to-date increase of 26.86%, despite a recent decline over the past 20 days [1][2]. Group 1: Stock Performance - On September 22, Lianchuang Optoelectronics' stock rose by 2.02%, reaching 60.67 CNY per share, with a trading volume of 1.62 billion CNY and a turnover rate of 0.60% [1]. - The company has experienced a net inflow of main funds amounting to 25.97 million CNY, with significant buying from large orders [1]. - The stock has fluctuated with a 5-day increase of 1.86%, a 20-day decrease of 5.35%, and a 60-day increase of 4.01% [1]. Group 2: Financial Performance - For the first half of 2025, Lianchuang Optoelectronics reported a revenue of 1.648 billion CNY, reflecting a year-on-year growth of 6.51%, and a net profit attributable to shareholders of 263 million CNY, up by 15.18% [2]. - The company has distributed a total of 408 million CNY in dividends since its A-share listing, with 85.46 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Lianchuang Optoelectronics was 44,600, a slight decrease of 0.08% from the previous period [2]. - The top circulating shareholders include Southern CSI 500 ETF, which is the third-largest shareholder with 5.4028 million shares, and Guotai CSI Military Industry ETF, which increased its holdings by 657,800 shares [3].

Group 1 - The core point of the news is that Jiangxi Electronic Group has pledged a total of 1.4286 million shares of Lianchuang Optoelectronics, accounting for 0.31% of the total share capital, with a cumulative pledge of 74.3502 million shares, representing 78.48% of its total holdings [1][3] - The financial performance of Lianchuang Optoelectronics for the first half of 2025 shows a revenue of 1.648 billion yuan, an increase of 6.51% year-on-year, and a net profit attributable to shareholders of 263 million yuan, up 15.18% year-on-year [3] - The company reported a second-quarter revenue of 847 million yuan, reflecting a year-on-year increase of 2.16%, and a net profit of 147 million yuan, which is a 19.1% increase year-on-year [3] Group 2 - Lianchuang Optoelectronics specializes in the research, production, and sales of laser series and traditional LED chip products, smart control series products, backlight sources and application products, optoelectronic communication, and intelligent equipment cables and metal materials [4]

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [1][23]. Core Insights - The company achieved a year-on-year growth of 19% in net profit attributable to shareholders in Q2 2025, driven by advancements in laser technology and high-temperature superconductors, which open up future growth opportunities [1][6]. - The company reported a total revenue of 1.65 billion yuan in the first half of 2025, reflecting a 6.5% increase year-on-year, with a net profit of 260 million yuan, up 15.2% year-on-year [6][7]. - The laser segment saw significant growth, with revenue from laser products increasing by 176.87% in H1 2025, while the smart control series faced a decline due to export tariff impacts [6][7]. Financial Performance Summary - **Revenue Forecasts**: Projected total revenues for 2025, 2026, and 2027 are 3.596 billion yuan, 4.002 billion yuan, and 4.506 billion yuan, respectively, with year-on-year growth rates of 15.8%, 11.3%, and 12.6% [2][6]. - **Net Profit Forecasts**: Expected net profits for the same years are 583 million yuan, 721 million yuan, and 875 million yuan, with growth rates of 141.6%, 23.7%, and 21.3% [2][6]. - **Earnings Per Share (EPS)**: Forecasted EPS for 2025, 2026, and 2027 are 1.29 yuan, 1.59 yuan, and 1.93 yuan, respectively [2][6]. Business Segment Analysis - **Laser and LED Chips**: The company achieved a revenue of 128 million yuan in H1 2025, marking a substantial increase of 176.87% year-on-year, with significant contributions from its subsidiary [6]. - **Smart Control Series**: Revenue decreased by 7.07% year-on-year to 821 million yuan in H1 2025, primarily due to export challenges [6]. - **Backlight and Application Products**: This segment saw a revenue increase of 17.95% year-on-year, reaching 596 million yuan, with a focus on industrial control and automotive applications [6]. Industry Outlook - The high-temperature superconducting industry is expected to grow significantly, with the global nuclear fusion equipment market projected to reach 217.2 billion yuan annually by 2031-2035, growing at a compound annual growth rate of 35% from 2023 to 2028 [6]. - The company is positioned to benefit from advancements in commercial aerospace and nuclear fusion technologies, which are anticipated to drive future orders and growth [6].

Core Insights - Lianchuang Optoelectronics (SH600363) reported a decline in revenue and net profit for the year 2024, with total revenue at 3.10 billion yuan, down 4.17% year-on-year, and net profit attributable to shareholders at 241.19 million yuan, down 27.86% year-on-year [1][2] Financial Performance - The company's operating income for 2024 was 3,104,397,590.88 yuan, a decrease from 3,239,646,728.54 yuan in 2023 [1] - Net profit attributable to shareholders was 241,190,045.32 yuan, down from 334,326,097.80 yuan in 2023, marking a 27.86% decline [1] - The net profit after deducting non-recurring gains and losses was 190,833,624.65 yuan, a significant drop of 41.19% compared to the previous year [1] - Basic earnings per share were reported at 0.53 yuan [1] Profitability Metrics - The gross profit margin for 2024 was 18.17%, showing a slight increase of 0.02% year-on-year [2] - The net profit margin was 9.29%, which represents a decrease of 3.11% from the previous year [2] Expense Management - Total operating expenses for 2024 were 503 million yuan, a reduction of 6.1 million yuan compared to the previous year [2] - The expense ratio increased to 16.19%, up by 0.49% year-on-year [2] - Sales expenses decreased by 4.78%, while management expenses increased by 1.81%, R&D expenses decreased by 1.25%, and financial expenses decreased by 8.38% [2] Shareholder Information - The total remuneration for directors, supervisors, and senior management in 2024 was 5.99 million yuan, with the chairman and president receiving the highest salary of 2.90 million yuan, accounting for 48.40% of the total remuneration [3]