[Table_Title] 多元业务共振，新消费打造增长新动力 [Table_Title2] 宇瞳光学(300790) 证券研究报告|公司深度研究报告 [Table_Date] 2025 年 12 月 19 日 [Table_Summary] 宇瞳光学：全球领军的专业光学解决方案提供商。 宇瞳光学成立于 2011 年，2019 年 9 月于深交所成功上市。公司是 安防镜头全球出货量最大的生产供应商，市占率连续十年排名第 一，在安防领域已构建较为稳固的市场领先地位。2021 年，公司 成立全资子公司东莞宇瞳汽车视觉有限公司，正式涉足智能汽车市 场。2022 年，公司收购玖洲光学并逐步达成全资控股，将其更名 为宇瞳玖洲光学，显著提升公司在前装车载镜头市场的竞争力。 2025 年，公司攻克 HUD 玻璃自由曲面生产技术，达成高精度低畸 变的显示效果，推动车载显示技术达到行业领先水准。此外，公司 在机器视觉、运动相机、摄影器材、投影光机、AR/VR 镜头等新兴 产业加大投入，实现多应用领域的协同发展。 安防镜头龙头地位稳固，车载光学打造第二成长曲线，新 消费贡献新的增长动力 安防镜头：公司安防镜头产品矩阵丰富，是全球 ...

格隆汇12月18日丨福光股份(688010.SH)在互动平台表示，公司产品主要包含特种镜头、安防镜头、车 载镜头、红外镜头、机器视觉镜头、投影光机等，出售予摄像机、模组、系统等厂商，可应用于众多领 域，目前公司与"马斯克旗下太空公司"没有交易。 ...

Summary of Yutong Optical Conference Call Company Overview - Yutong Optical has maintained the leading position in the global security lens market for 10 consecutive years, with a market share of 38.1% in 2024, and together with Sunny Optical, they hold over 65% of the domestic market share [2][3][4] - The company is expected to achieve revenue of 1.85 billion RMB in 2025, with a stable gross margin of around 25% [2][4] Industry Insights - The overseas market is experiencing significant growth, driven by increasing demand for high-definition and intelligent security solutions [2][4] - The global market for aspheric optical glass molded lenses is projected to reach approximately $4.4 billion in 2024, with an expected compound annual growth rate (CAGR) of over 6% until 2030-2031 [9] Key Business Segments Security Lens Business - Security lenses are the core business of Yutong Optical, with a diverse product matrix including ultra-low light series, all-in-one series, 4K series, and zoom series [3] - The company has established long-term strategic partnerships with leading domestic security firms such as Hikvision and Dahua [2][3] Automotive Optical Sector - Yutong Optical is actively expanding into the automotive optical field, developing a product matrix that includes vehicle lenses, HUDs, and LiDAR systems [2][5] - The demand for vehicle cameras is significantly increasing due to advancements in autonomous driving technology, with the number of cameras required per vehicle rising from 3-5 for L1 to 15-18 for L5 levels [5] - The automotive business is expected to generate revenue of 334 million RMB in 2024, representing a year-on-year growth of 51.8% [5] New Consumption Optical Business - The new consumption optical business achieved revenue exceeding 300 million RMB in the first three quarters, with approximately 300 million RMB in the third quarter alone [3][11] - Yutong has a close partnership with DJI, providing molded glass for various camera and drone models, with an average selling price (ASP) of around 20 RMB [11] Technological Advancements - Yutong Optical has made significant advancements in molded glass technology, achieving mass production capabilities that enhance competitiveness and provide substantial growth potential [6][8] - The company has reduced production costs by over 30% compared to traditional grinding methods, while maintaining industry-leading yield rates [8] Strategic Partnerships and Future Growth - Yutong has established collaborations with major automotive manufacturers such as BYD, Geely, Toyota, and Volkswagen, integrating into their supply chains [5] - The company is also involved in projects with Apple, focusing on AI glasses camera components, which are expected to begin small-scale production in the second half of 2026 [12] Growth Drivers - Short-term growth will be driven by the rapid expansion of the automotive business and the realization of new consumption orders [13] - Long-term growth is anticipated across various business segments, including security, with a clear path for future expansion supported by robust R&D investments and a strong customer base [13]

Group 1: Acquisition Strategy - The acquisition of Changyi Optoelectronics is a strategic move to deepen the company's focus on its optical core business, leveraging Changyi's stable customer base in the consumer security lens market to complement its technical advantages in professional security [2][4] - The collaboration aims to enhance overall market share and profitability through the release of synergies in technology, products, and channels [3] Group 2: Capacity Expansion and Financial Planning - Post-acquisition, there are plans to expand Changyi Optoelectronics' production capacity, supported by funds raised through the issuance of shares for asset purchase [4] - The company has implemented a reasonable performance commitment and compensation mechanism to address uncertainties associated with the acquisition [5] Group 3: Research and Development Investment - High R&D expenditure is a proactive choice to maintain technological leadership and product competitiveness, focusing on advanced optical technologies in high-end security, automotive lenses, and AR/VR optics [6] - The increase in management and sales expenses is attributed to strategic expansion efforts, including market development for innovative businesses and continuous product iteration [8] Group 4: Subsidiary Operations and Challenges - The subsidiary Zhongshan United Optoelectronics Technology Co., Ltd. focuses on new display technologies, including AR/VR, AI glasses, projectors, and laser TVs [9] - The losses in the subsidiary United Automotive are due to high initial investment and certification costs in the automotive industry, alongside a strategic shift to focus on automotive optical products [10] Group 5: Future Performance and Investment Plans - The company aims to improve overall profitability through cost optimization and collaborative development across multiple business segments [12] - There are ongoing considerations for further investments or acquisitions aligned with the optical core business strategy, subject to company announcements [12]

Group 1 - The core conclusion of the report highlights that Yutong Optical (300790.SZ) is the world's largest producer of security lenses, with a stable security business and potential for growth in the automotive optical sector, which may create a second growth curve for the company [1][6] - The company is actively pursuing new optical applications and is pushing for mass production of molding technology, positioning itself in key growth areas to unlock valuation ceilings [1][6] - Revenue projections for Yutong Optical are estimated at 3.41 billion CNY, 4.34 billion CNY, and 5.61 billion CNY for 2025, 2026, and 2027 respectively, with corresponding gross margins of 25.0%, 27.5%, and 27.3% [6] Group 2 - The report indicates that the global market for molded aspheric optical glass lenses is expected to reach 4.366 billion USD in 2024 and is projected to exceed 6.224 billion USD by 2031, indicating significant market potential [7] - Yutong Optical has established itself as a leader in the security lens market, maintaining the largest market share for ten consecutive years, and is expanding into the automotive lens market, which is experiencing increasing demand due to advancements in high-level intelligent driving [8] - The company’s automotive business achieved revenue of 164 million CNY in the first half of 2025, reflecting a year-on-year growth of 37.78%, indicating strong momentum in this segment [8] Group 3 - The issuance of the "Management Measures for Financing Lease Business of Financial Leasing Companies" aims to promote high-quality development in the financial leasing industry, enhancing the role of financial leasing companies in serving the real economy and national strategies [3][17] - The new measures focus on the core functions of financial leasing companies, standardizing operational processes, and enhancing risk management systems to address key risk areas in financing leasing [18][19] - The report recommends leading companies in the financial leasing sector, such as Jiangsu Jinzheng and Far East Horizon, which have stable performance and attractive dividend yields [19] Group 4 - The adjustment of risk factors for insurance companies' equity investments is expected to expand the allocation space for insurance funds, with specific reductions in risk factors for long-term holdings of certain stocks [21][22] - The insurance sector is viewed as a highly growth-oriented direction in the financial industry, with a potential strong cycle for valuation recovery as inflation trends strengthen [21][22] - The report suggests focusing on companies with low stock costs and stable operations, such as China Pacific Insurance and China Life Insurance, which have competitive dividend yields [24]

投资建议：公司是全球最大的安防镜头生产商，当前公司积极布局智能驾驶车载光学业务，有望打造第 二成长曲线。此外，公司发力新兴光学应用业务，积极推动模造工艺量产化道路，通过卡位关键成长赛 道为公司打开估值天花板。我们预计公司2025—2027 年营业收入分别为34.10 亿元/43.35 亿元/56.11 亿 元；毛利率分别为25.0%/27.5%/27.3%。归母净利润分别为2.87亿元/4.87 亿元/6.35 亿元。参考相对估值 法，首次覆盖，给予"买入"评级。 风险提示：下游产品需求不及预期，市场竞争加剧，宏观经济增长不及预期，数据陈旧风险。 基本面概况：安防镜头基石稳固，车载镜头第二成长曲线动能强。全球安防镜头行业竞争较为激烈且集 中度较高，宇瞳光学作为安防镜头出货量最大的生产供应商，市占率连续十年排名第一。此外，随着高 阶智驾加速渗透，车载光学元件市场需求量持续攀升，公司通过内生增长和外延并购，提前卡位车载镜 头市场。目前，公司产品涵盖车载镜头、车载 HUD 部件、激光雷达光学部件、非球面玻璃镜片等领 域。2025H1，车载业务实现营收1.64 亿元，同比+37.78%。车载业务有望成为公司的第二成长 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 2.362 billion yuan for the first three quarters of 2025, representing a year-over-year increase of 18.49%. The net profit attributable to the parent company was 188 million yuan, up 40.99% year-over-year, while the net profit excluding non-recurring items was 186 million yuan, reflecting a 49.29% increase year-over-year. In Q3 alone, the revenue reached 946 million yuan, marking a year-over-year growth of 27.06% and a quarter-over-quarter increase of 18.22%. The net profit for Q3 was 80 million yuan, up 64.91% year-over-year and 36.96% quarter-over-quarter, with a net profit margin of 8.5% and a net profit margin excluding non-recurring items of 8.73% [5][12]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 2.362 billion yuan, with a year-over-year growth of 18.49%. The net profit attributable to the parent company was 188 million yuan, showing a year-over-year increase of 40.99%. The net profit excluding non-recurring items was 186 million yuan, up 49.29% year-over-year. In Q3, the revenue was 946 million yuan, reflecting a year-over-year growth of 27.06% and a quarter-over-quarter increase of 18.22%. The net profit for Q3 was 80 million yuan, with a year-over-year increase of 64.91% and a quarter-over-quarter increase of 36.96% [5][12]. Business Growth Drivers - The core growth driver for the company is the significant increase in revenue from the molded glass business, which benefited from the new consumer markets such as panoramic cameras and action cameras. The company expects continued growth in this segment, especially with new product launches from major clients like DJI [12]. Market Opportunities - The company is positioned as a hidden champion in the molded glass and security lens industries. There is a substantial opportunity in the external telephoto lens market for Android flagship phones, with expected releases from brands like vivo and OPPO. The company plans to introduce cost-effective versions to cater to mid-range models [12]. Long-term Outlook - The company has a stable cash flow and profit contribution from its security lens business, while the automotive optical business is on a growth trajectory due to rising industry demand and increased market share. The company is well-positioned to capitalize on the growth in the molded glass and automotive lens markets, with projected net profits for 2025-2027 of 294 million, 479 million, and 643 million yuan, respectively [12].

Group 1 - The core viewpoint of the article emphasizes the importance of timely and relevant research reports in identifying investment opportunities and risks in the market [1] Group 2 - Gold prices have surpassed $3,500, enhancing the expectation of gold jewelry as a means of preserving value; the market, valued at nearly 1 trillion, has a 5-year CAGR of only 5.2%, while ancient gold can achieve a growth rate of 21.8% [1] - The security camera lens industry has achieved a global ten consecutive years of leadership; it is entering the automotive sector and forming deep partnerships with BYD and Toyota, opening up a second growth curve with a target net profit of 643 million by 2027 [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its initial coverage [11]. Core Viewpoints - The company is a leading provider of optical solutions, maintaining the top market share in the security lens sector for ten consecutive years, establishing itself as an "invisible champion" in the security industry [3][7]. - The company is strategically expanding into the automotive optical sector, which is expected to become a significant growth driver alongside its established security business [7][9]. - The company has a robust customer base, including major players like Hikvision and Dahua, ensuring stable revenue streams and competitive advantages [8][10]. Summary by Sections Company Overview - The company has a diverse business portfolio covering security, new consumption, automotive vision, and educational sectors, with a strong focus on security lenses [3][20]. - It has established a solid foundation in the security lens market, which is expected to continue growing due to increasing public safety investments [54][56]. Security Lens Business - The company has maintained a global market share of approximately 43% in security lenses, significantly outpacing its competitors [37]. - The security lens market is projected to grow, driven by advancements in technology and increasing demand for smart security solutions [47][51]. Automotive Optical Business - The company is proactively entering the automotive optical market, benefiting from the dual push of domestic production and smart vehicle trends, with a market share of about 4.7% in the global front-mounted automotive lens market [9][37]. - The automotive lens segment is expected to become a strong growth engine, with increasing demand for advanced driver-assistance systems (ADAS) and other applications [9][11]. Competitive Advantages - The company's core competitiveness lies in its scale and cost advantages in the security sector, along with technological innovations and vertical integration in the supply chain [10][40]. - The company has established long-term partnerships with leading clients, ensuring a diversified and stable revenue structure [10][37]. Financial Projections - The company is expected to generate net profits of 294 million, 478 million, and 643 million yuan for the years 2025, 2026, and 2027, respectively, indicating strong growth potential [11].

Core Viewpoint - Company maintains a leading position in the global security lens market while strategically expanding into the automotive optical sector, creating a dual growth engine driven by security and automotive optics [1][2] Group 1: Security Lens Business - Company is the absolute leader in the global security monitoring lens market, holding the number one market share for ten consecutive years [1] - The core business of security monitoring lenses has a solid customer base, with strong relationships with major clients like Hikvision and Dahua, ensuring stable revenue and competitive advantage [1][2] Group 2: Automotive Optical Business - Company is proactively entering the automotive optical field, benefiting from the dual push of "localization + intelligence" in the automotive industry, leading to rapid growth in demand for automotive lenses [2] - The automotive lens business is expanding quickly, with access to mainstream automakers' supply chains such as BYD, Toyota, and Changan, positioning it as a strong growth engine for the company [2] Group 3: Competitive Advantages - Company's core competitiveness lies in its scale cost advantages and technological innovation, with significant cost advantages and market barriers established through automation in production [2] - Vertical integration of the supply chain, including self-built production lines for glass aspheric lenses, enhances the company's ability to control costs and processes in high-end lens manufacturing [2] Group 4: Profit Forecast and Investment Outlook - The security lens business provides stable cash flow and profit contributions, while the automotive optical business is in a growth phase with significant market potential [3] - Company forecasts net profits of 294 million, 478 million, and 643 million yuan for 2025-2027, indicating strong long-term growth prospects [3]