浙江夜光明光电科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 □特定对象调研 证券代码：873527 证券简称：夜光明 公告编号：2025-046 活动时间：2025 年 5 月 16 日 活动地点：中证路演中心（https://www.cs.com.cn/roadshow/） 参会单位及人员：通过网络方式参加公司 2024 年年度报告业绩说明会的投 资者 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 上市公司接待人员：公司董事长陈国顺先生；公司董事、总经理王增友先生； 公司副总经理、董事会秘书王中东先生；公司财务总监李鹏飞先生；公司保荐代 表人吴彦栋先生。 三、 投资者关系活动主要内容 公司在 2024 年年度业绩说明会上就投资者普遍关注的问题进行了沟通与交 流，主要问题及回复情况如下： 问题 1：未来三到五年在反光材料国内和国际市场的目标？目前公司的产品 和技术能平替国 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is benefiting from optical innovation and the trends of AI and AR, leading to continuous performance improvement in Q1 2025 [1][4] - The company achieved significant revenue and net profit growth in 2024, with revenue reaching 6.278 billion yuan, a year-on-year increase of 23.67%, and net profit of 1.030 billion yuan, a year-on-year increase of 71.57% [4] - In Q1 2025, the company reported revenue of 1.48 billion yuan, a 10% year-on-year increase, and net profit of 220 million yuan, a 24% year-on-year increase, with a quarterly net profit margin of 15.11% [4] - The company is expected to continue its growth trajectory, with projected net profits of 1.216 billion yuan, 1.555 billion yuan, and 1.828 billion yuan for 2025, 2026, and 2027 respectively [4] Financial Summary - The company’s total revenue for 2023 was 5.076 billion yuan, with a projected increase to 6.278 billion yuan in 2024 and 7.404 billion yuan in 2025, reflecting a year-on-year growth of 16.0% and 23.7% respectively [6] - The net profit for 2023 was 600 million yuan, expected to rise to 1.030 billion yuan in 2024 and 1.216 billion yuan in 2025, indicating a year-on-year growth of 4.2% and 18.0% respectively [6] - The gross margin for 2024 is projected to be 31.1%, with a net margin of 16.4% [6] - The company’s P/E ratio is projected to decrease from 43.8 in 2023 to 21.6 in 2025, indicating improved valuation metrics [6] Segment Performance - In 2024, the optical components segment generated revenue of 2.884 billion yuan, growing by 17.92%, while the film optical panel segment reached 2.472 billion yuan, growing by 33.69% [4] - The automotive electronics segment (AR+) achieved revenue of 300 million yuan, with a growth of 3.04%, and the semiconductor optics segment reached 129 million yuan, growing by 19.50% [4] Strategic Initiatives - The company is enhancing its global capacity layout and strengthening cooperation with major North American and Korean clients, achieving supplier certification from multiple large clients in Vietnam [4][5] - The company is actively pursuing opportunities in the AI and AR sectors, with significant advancements in optical components and partnerships with leading firms [5]

Investment Rating - The report maintains a "Buy" rating for the company, Daoming Optics [1][7]. Core Insights - Daoming Optics has solidified its leading position in reflective materials, with a significant increase in revenue and profit in 2024. The company achieved a revenue of 1.441 billion yuan, representing a year-on-year growth of 8.96%, and a net profit of 170 million yuan, up 8.44% year-on-year. The company also plans to distribute a cash dividend of 1.3 yuan per 10 shares [4][5]. - The core business of reflective materials reached a record high in revenue, with a 25% increase in sales volume, contributing to 74.27% of total revenue. The domestic market share for license plate film has risen to 35%. The company has successfully broken the monopoly of 3M with its micro-prism reflective film technology, which has been applied in major projects [5][6]. - The new materials segment is poised for growth, with a revenue of 140 million yuan in 2024, reflecting an 8.36% increase. The company is also expanding its overseas market presence, particularly in the Middle East and South America, and is set to launch a new production line for micro-prism reflective film in 2025 [5][6]. Financial Summary - In 2024, the company reported a revenue of 1.441 billion yuan and a net profit of 170 million yuan. The projected revenues for 2025, 2026, and 2027 are 1.561 billion yuan, 1.705 billion yuan, and 1.863 billion yuan, respectively, with corresponding net profits of 206 million yuan, 231 million yuan, and 250 million yuan [9]. - The earnings per share (EPS) are projected to be 0.27 yuan for 2024, increasing to 0.33 yuan in 2025, 0.37 yuan in 2026, and 0.40 yuan in 2027 [9].

Summary of Crystal Optoelectronics Conference Call Company Overview - **Company**: Crystal Optoelectronics - **Date**: April 11, 2025 - **Key Financials**: - Net profit growth rate exceeded sales growth by 48% - Gross margin reached 31.1%, up 3.3 percentage points year-on-year - Net profit margin at 16.4%, up 4.6 percentage points year-on-year - Revenue for 2024 was 6.3 billion RMB, a 24% year-on-year increase [2][3] Core Business Segments - **Revenue Breakdown**: - Optical components: 4.7 billion RMB, 18% increase, 47% of total revenue - Optical panels: 2.5 billion RMB, 34% increase, 40% of total revenue - Semiconductor optics: 100 million RMB, 20-fold increase, 2% of total revenue - Automotive electronics L3: 300 million RMB, 3-fold increase, 5% of total revenue - Reflective materials: 400 million RMB, 37-fold increase, 6% of total revenue [2][5] Market Position and Strategy - **Export and Market Reach**: - 75% of sales are exports, with less than 0.1% directly to the U.S., minimizing tariff impact - Major export markets include Taiwan, Singapore, Vietnam, and other East Asian countries [2][7][8] - **Future Growth Plans**: - Targeting 10% revenue growth in 2025 through customer relationship deepening, strategic business layout, and cost reduction [2][10] - Capital expenditure expected to be 10%-15% of revenue, focusing on new projects and headquarters development [10] Competitive Advantages - **Unique Market Position**: - Positioned uniquely in the global market with significant price advantages, breaking North American market monopolies [2][12][13] - **Technological Leadership**: - Committed to becoming a leader in the optical solutions for the metaverse, focusing on AR/VR and AI applications [20][45] Financial Performance and Profitability - **Profitability Metrics**: - Non-GAAP net profit increased by 83% year-on-year [2][5] - Gross margins improved across all business segments, with optical components at 36.3% and semiconductor optics at 40% [6] Risk Management and External Factors - **Impact of Tariffs**: - Minimal direct impact from U.S. tariffs due to low export volume; no significant order fluctuations reported from key clients [8][17] - **Response to Macro Uncertainty**: - Implementing structural adjustments and cost reduction strategies to enhance resilience against market volatility [15][47] Future Outlook - **Growth Projections**: - Anticipating continued growth driven by high-demand sectors such as consumer electronics and automotive [14][45] - **Investment in Innovation**: - Focused on R&D in AR optics and automotive HUD technologies, with plans for mass production in emerging markets [23][25][30] Shareholder Returns - **Dividend Plans**: - Proposed cash dividend of 2 RMB per ten shares, with no stock bonuses or capital increases [11] Conclusion - **Vision for the Future**: - Aiming to solidify its position as a global leader in optical solutions for the metaverse while maintaining strong relationships with major clients and adapting to market changes [45][48]