证券代码：002338 证券简称：奥普光电 长春奥普光电技术股份有限公司 投资者关系活动记录表 编号：2026-01-001 | 投资者关系活动 | 特定对象调研 □分析师会议 | | --- | --- | | 类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 | | 参与单位名称及 | 中金资管 顾柔刚 泓德基金 刘运昌 | | 人员姓名 | 长城财富 赵达 民生证券 周晓萌 | | | 国投证券 张天然 中信证券 张清源 | | | 东北证券 武芃睿 郭梦琳 孙启迪 | | | 富国基金 赵年珅 孙彬 徐斌 | | | 西部证券 徐凡 刘砚菲 | | 时间 | 2026 年 1 月 29 日 | | 地点 | 公司第一会议室 | | 上市公司接待人 | 董事会秘书：沈娟 | | 员姓名 | 证券事务代表：周健 问答环节： | | | 1.工业相机部分毛利率怎么样？竞争格局上面主要优势是哪 | | | 些？ | | 投资者关系活动 | | | | 目前公司相机产品主要是面向一些特殊应用领域及特殊需求 | | 主要内容介绍 | 的客户做定 ...

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Core Viewpoint - The article highlights the remarkable transformation of Hebi, a resource-dependent city, into a burgeoning hub for commercial aerospace within just four years, showcasing its strategic shift from coal mining to space exploration as a response to economic challenges and resource depletion [1][2]. Group 1: Transition from Coal to Aerospace - Hebi's historical reliance on coal, which constituted 90% of its industrial output, faced challenges due to resource depletion and rising extraction costs, necessitating a shift to a more sustainable economic model [2][4]. - The city identified commercial aerospace as a strategic emerging industry, aligning with national goals to transition from a "space power" to a "space strong nation," with projections indicating the market could reach 8 trillion RMB by 2030 [2][4]. Group 2: Industrial Foundation for Aerospace Development - Hebi leveraged its existing industrial base, particularly in high-end manufacturing and digital economy sectors, to support the development of commercial aerospace [5][6]. - The city has established a strong electronic and electrical industry, with companies like Tianhai Group leading in precision electronic components, providing a solid foundation for aerospace supply chains [6]. - Investments in semiconductor and industrial software sectors have created a self-sufficient ecosystem crucial for aerospace applications, including satellite payloads and control systems [7][10]. Group 3: Establishing a Complete Aerospace Ecosystem - The collaboration with Aerospace Hongtu, a leading remote sensing company, led to the establishment of a satellite operation center in Hebi, initiating the "Nüwa Constellation" project to launch 114 satellites [11][13]. - The construction of a satellite manufacturing base, capable of producing 100 satellites annually, supports the operational needs of the Nüwa Constellation and enhances local capabilities in satellite data collection [13][14]. - The establishment of a rocket assembly base in Hebi marks a significant milestone, enabling the production of 20 medium-sized launch vehicles annually, with the first flight expected in 2026 [14][15]. Group 4: Comprehensive Development Strategy - Hebi's strategy emphasizes the integration of satellite manufacturing, launch capabilities, and ground control systems, creating a complete aerospace service ecosystem [15][16]. - The city has attracted over 40 aerospace-related enterprises, forming a comprehensive industrial cluster recognized by the Ministry of Industry and Information Technology [16][21]. - The transformation from a resource-dependent economy to an innovation-driven model illustrates the potential for similar cities to break free from resource constraints through strategic industry positioning and technological advancement [19][21].

Group 1: Commercial Aerospace Industry - The commercial aerospace industry is on an upward trend, with a positive outlook for future market performance[5] - Key focus areas include stable or potentially increasing value in manufacturing and launch sectors, as well as communication terminal components like baseband and RF chips[22] - Significant growth expected in satellite constellations, with G60 planning to launch 1,296 satellites by the end of 2027 and 15,000 by 2030, while GW plans to launch an average of 1,800 satellites annually post-2030[18] Group 2: Space Photovoltaic Equipment - New technologies such as heterojunction and perovskite are accelerating advancements in space photovoltaic applications, providing new demand scenarios[37] - The global supply landscape may change due to emerging applications, creating new incremental demand for equipment companies[37] - P-type HJT batteries are identified as the optimal choice for space photovoltaic technology due to their lightweight, high power density, and resistance to extreme environments[30] Group 3: Wind Power Sector - Goldwind Technology is a leading global wind power manufacturer, with a projected revenue of CNY 566.99 billion in 2024, reflecting a 12.37% year-on-year growth[49] - Taisheng Wind Power is expanding into commercial aerospace, with plans to start rocket storage tank production by mid-2026[54] Group 4: AI and AR Glasses - Meta's AI glasses are expected to double production capacity, driving market growth and enhancing consumer demand for high-end optical products[5]

Group 1: Commercial Aerospace - China has submitted applications for over 200,000 satellite constellations, with the largest being CTC-1 and CTC-2, each comprising 96,714 satellites[6] - The commercial aerospace sector is expected to see significant growth, with a focus on satellite payloads, platforms, and application terminals[3] - Key companies to watch include Xinke Mobile, Fenghuo Communication, and China Satellite Communications[21] Group 2: Space Photovoltaics - The focus from 2024 to 2026 will be on P-type HJT and perovskite tandem batteries, with companies like Dongfang Risen and Junda Co. highlighted for their capabilities[33] - P-type HJT batteries are expected to penetrate low Earth orbit applications due to their superior radiation resistance and cost advantages[40] - The global photovoltaic market is dominated by China, which holds over 90% of the production capacity in polysilicon, wafers, and battery cells[46] Group 3: Controlled Nuclear Fusion - 2025 is projected to be a pivotal year for nuclear fusion development in China, marking the start of significant capital expenditure[51] - Key players in the nuclear fusion sector include Hezhong Intelligent and Lianchuang Optoelectronics, focusing on core components and supporting technologies[51] - The BEST project in Anhui has made significant progress, with key components successfully installed, indicating a shift towards engineering validation[50] Group 4: Robotics and Automation - The CES 2026 showcased advancements in cleaning robots and intelligent lawn mowers, indicating a trend towards embodied intelligence in consumer products[54] - The cleaning robot market is experiencing rapid growth, benefiting from government subsidies, with major players like Ecovacs and Roborock leading the market[60]

Group 1: Satellite Industry Overview - The satellite internal structure is divided into satellite platforms and payloads, with platforms providing necessary support for payloads to achieve mission objectives[4] - Effective payloads are the instruments and systems that perform specific tasks on satellites, primarily including antenna subsystems and transponder subsystems for communication satellites[5] - The satellite attitude control system consists of sensors, controllers, and actuators to maintain the satellite's orientation and stability[24] Group 2: Investment Opportunities - Key beneficiaries in the satellite industry include companies involved in attitude control (e.g., Tianyin Electromechanical, Aerospace Zhizhuang) and TR components (e.g., Zhenlei Technology, Chengchang Technology)[5] - The market performance of small-cap indices like the CSI 1000 and CSI 500 has outperformed large-cap indices such as the SSE 50 and CSI 300 this week[6] - New shares listed this week include 1 company on A-shares and 6 companies on the Hong Kong Stock Exchange, indicating a vibrant IPO market[6] Group 3: Market Trends and Recommendations - The report highlights investment themes in smart vehicles and high-end manufacturing, recommending stocks such as Hu Guang Co., Ruihu Mould, and Aopute[7] - The satellite industry is expected to benefit from advancements in low-orbit satellite payloads, particularly in transponders and phased array antennas, which are crucial for communication satellites[70] - The cost structure of low-orbit communication satellites shows that payloads account for approximately 75% of costs, with antennas and TR components being the major contributors[51]

Group 1: Commercial Aerospace Insights - The Shanghai Stock Exchange has introduced policies to support quality commercial rocket companies for listing, focusing on reusable rocket payloads as a core standard[6] - The commercial aerospace sector is expected to maintain stable or potentially increasing value under cost reduction trends, with key targets identified in satellite payloads and platforms[3] - Significant growth is anticipated in the satellite constellation deployment, with the G60 constellation aiming to launch 1,296 satellites by the end of 2027 and 15,000 by 2030[19] Group 2: Consumer-Level Engraving Machines - xTool plans to go public in Hong Kong, with revenue projected to grow from CNY 14.6 billion in 2023 to CNY 24.8 billion in 2024, reflecting a 70% year-on-year increase[29] - The company holds a 35.1% market share in the consumer-level laser engraving tool market, positioning it as a leading player[48] - The business model of xTool includes a closed loop of "equipment + consumables + software + ecosystem," enhancing customer retention and engagement[32] Group 3: Zhengli New Energy Developments - Zhengli New Energy reported a revenue of CNY 31.7 billion in the first half of 2025, a 71.9% increase year-on-year, with a net profit of CNY 2.2 billion, marking a successful turnaround[55] - The company is positioned to benefit from the growing demand in the electric vehicle and energy storage markets, with a projected increase in global energy storage battery shipments from 530 GWh in 2025 to 1,343 GWh by 2028[55]

Group 1: Commercial Aerospace - The commercial rocket industry is entering a capital acceleration phase with new listing channels opening up[6] - Key targets include satellite payloads and platforms, with companies like Aerospace Electronics and Shanghai Hanhua highlighted[3] - The domestic low-orbit satellite constellation is in a critical phase of large-scale networking, with plans to launch 12,960 satellites by 2027 and 15,000 by 2030[19] Group 2: Liquid Cooling and AI - In liquid cooling, Invec is positioned as a core supplier in the AI computing supply chain, with significant orders expected to materialize by 2026[26] - The company has established itself in the core supply chain for NVIDIA, with high-value products set to increase performance significantly[29] Group 3: Photovoltaics - The report recommends focusing on low-position battery and component companies like JinkoSolar and Trina Solar due to rising silicon prices[46] - There is a push towards silver-free technology to reduce reliance on silver, with companies like LONGi Green Energy highlighted[46] Group 4: Consumer Electronics - Smartphone shipments remain high, with a strong demand for emerging smart devices like AR/MR/VR, driven by technological advancements[51] - The global AI glasses market is expected to see significant growth, with Meta projected to capture 70% of the market share[51] Group 5: Risks - Risks include intensified market competition, fluctuations in raw material prices, and potential impacts from economic cycles[63][64]

Core Viewpoint - The article emphasizes the potential investment opportunities in the commercial aerospace sector, particularly focusing on the satellite and rocket industries, which are expected to experience significant growth due to advancements in technology and increasing demand for satellite launches [5][27]. Satellite Industry - The satellite industry is likened to "smartphones in space," with core hardware configurations being crucial for communication and remote sensing functions [7]. - The core payload system accounts for approximately 60% of the satellite's value, estimated at around 17.5 million, with the RF communication payload being a significant contributor [8]. - Key segments within the payload system include RF communication payloads (28% of value), onboard routing/processing (20%), and inter-satellite laser communication (11%) [8]. - The satellite platform system represents about 40% of the value, estimated at 13 million, with structural and thermal control systems being the largest components [8]. - The payload's importance is underscored as it constitutes 50%-70% of the total satellite cost, with communication payloads making up over 75% of the payload cost [11]. Rocket Industry - The rocket industry is characterized by a "national team-led, private enterprise collaboration" structure, with the propulsion system being the heart of the rocket, accounting for 30%-40% of the total cost [20][21]. - The propulsion system's demand is expected to grow with the increase in rocket launches, similar to how inverters benefit from the growth in photovoltaic installations [21]. - The estimated value of the rocket propulsion system is around 65 million, with significant components including the engine assembly and thrust chamber [22]. - The rocket's structure system accounts for 25% of the value, while the electrical system represents 10% [22]. Key Companies - Key players in the satellite payload segment include Zhenray Technology, which specializes in RF chips and payload components, and Shanghai Huanxun, a leader in communication payloads [13][17]. - In the rocket propulsion sector, Aerospace Power is noted as the only listed platform providing liquid engines for national rockets, benefiting from increased commercial rocket launches [23]. - Other notable companies include Srey New Materials, which supplies critical components for rocket engines, and High-tech Electronics, a leader in servo and flight control systems [24][25]. Market Outlook - The commercial aerospace sector is viewed as a long-term technology track, with the core logic being "launch volume → demand explosion → core segment performance realization" [27]. - The article suggests that as the three major satellite constellations enter a phase of intensive networking, the efficiency and quantity of satellite launches will significantly increase, leading to performance inflection points for key companies [27]. - Investors are advised to monitor order situations and performance forecasts of relevant companies to capitalize on market opportunities [28].

Core Insights - The commercial aerospace industry is on the brink of a significant boom, with China's plans for satellite constellations and advancements in rocket technology indicating a surge in satellite launches in the coming years [1][17] - Identifying the core segments of the aerospace infrastructure that can replicate the success of previous high-growth sectors like solar inverters and AI computing modules is crucial for investors [1] Satellite Industry - The satellite payload is a critical component, accounting for 50%-70% of the total satellite cost, with communication payloads making up over 75% of the payload cost [4] - The industry exhibits high technical barriers and a concentrated market structure, with a few dominant players [5] - Key companies in the satellite payload segment include: - Zhenray Technology, a leader in RF chips and payload components, breaking foreign monopolies and meeting the demand for miniaturization and low power consumption [6] - Shanghai Hanxun, a leading communication payload provider with a strong market share, benefiting from its relationship with major clients like Qianfan Constellation [6] - Fudan Microelectronics, known for its versatile FPGA chips used in satellites and rockets [7] TR Chip Segment - The TR chip, responsible for signal amplification in satellites, is vital, representing 15%-20% of the total satellite cost, with a market dominated by Chengchang Technology, holding over 80% market share [9] - Key companies in the TR chip segment include: - Zhenray Technology, a significant player in TR components [10] - Chengchang Technology, the only domestic company producing mass-market star-mounted phased array TR chips, with a substantial client base [10] - Guobang Electronics, a leading supplier of TR components and RF chips [11] Rocket Industry - The rocket propulsion system is the heart of the rocket industry, accounting for 30%-40% of total rocket costs, similar to the role of inverters in the solar industry [13] - The industry is characterized by a "state-owned enterprise leading, private enterprise collaborating" structure [14] - Key companies in the rocket propulsion segment include: - Aerospace Power, the only listed platform under the Aerospace Science and Technology Group, providing liquid engines for national rockets [15] - Sry New Materials, supplying critical components for rocket engines [16] Market Dynamics - The commercial aerospace sector is positioned as a long-term technology-driven market, with a focus on increasing launch volumes leading to demand surges and performance improvements in core segments [17] - Continuous monitoring of rocket launches, industry developments, and market funding trends is essential for identifying investment opportunities [17]