截至6月30日，聚光科技股东户数2.03万，较上期增加10.45%；人均流通股22074股，较上期减少 9.46%。2025年1月-6月，聚光科技实现营业收入12.95亿元，同比减少8.23%；归母净利润-5050.12万 元，同比减少210.86%。 10月9日，聚光科技涨2.06%，成交额2.25亿元。两融数据显示，当日聚光科技获融资买入额3233.64万 元，融资偿还1660.96万元，融资净买入1572.68万元。截至10月9日，聚光科技融资融券余额合计4.98亿 元。 融资方面，聚光科技当日融资买入3233.64万元。当前融资余额4.98亿元，占流通市值的6.23%，融资余 额超过近一年60%分位水平，处于较高位。 融券方面，聚光科技10月9日融券偿还0.00股，融券卖出3800.00股，按当日收盘价计算，卖出金额6.76 万元；融券余量4.18万股，融券余额74.40万元，超过近一年60%分位水平，处于较高位。 资料显示，聚光科技(杭州)股份有限公司位于浙江省杭州市滨江区阡陌路459号，成立日期2002年1月4 日，上市日期2011年4月15日，公司主营业务涉及研发、生产和销售应用于环境监测、工业 ...

9月30日，聚光科技跌1.64%，成交额1.81亿元。两融数据显示，当日聚光科技获融资买入额2035.69万 元，融资偿还2849.03万元，融资净买入-813.34万元。截至9月30日，聚光科技融资融券余额合计4.83亿 元。 融资方面，聚光科技当日融资买入2035.69万元。当前融资余额4.82亿元，占流通市值的6.16%，融资余 额超过近一年60%分位水平，处于较高位。 融券方面，聚光科技9月30日融券偿还3700.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量3.80万股，融券余额66.27万元，低于近一年50%分位水平，处于较低位。 资料显示，聚光科技(杭州)股份有限公司位于浙江省杭州市滨江区阡陌路459号，成立日期2002年1月4 日，上市日期2011年4月15日，公司主营业务涉及研发、生产和销售应用于环境监测、工业过程分析、 实验室仪器等领域的仪器仪表。主营业务收入构成为：仪器、相关软件及耗材69.24%，运营服务、检 测服务及咨询服务16.42%，环境设备及工程10.46%，其他3.87%。 截至6月30日，聚光科技股东户数2.03万，较上期增加10.45%；人均 ...

Core Viewpoint - The founders of 聚光科技 (Juguang Technology) are facing significant challenges with their shareholdings being pledged and frozen, leading to concerns about control over the company [2][3][8]. Group 1: Shareholding Issues - 控股股东睿洋科技 holds 12.85% of 聚光科技's shares, with nearly 80% of these shares pledged or frozen [2][3]. - 另一控股股东普渡科技 holds 11.55% of shares, with approximately 73% of these shares pledged [2][4]. - The shareholding of 睿洋科技 has decreased from 25.51% at the time of listing to the current 12.85%, indicating a significant reduction over the years [4][8]. Group 2: Financial Challenges - 聚光科技 has experienced a decline in net profit since 2021, with losses of 2.32 billion yuan in 2021, 3.75 billion yuan in 2022, and 3.23 billion yuan in 2023 [8]. - The company is projected to incur a loss of 54 million to 42 million yuan in the first half of 2025 [8]. - The decline in performance is attributed to reduced revenue and impairments related to goodwill and PPP projects [8]. Group 3: Background of Founders - The founders of 聚光科技, 王健 and 姚纳新, were once a strong partnership, combining technical expertise and management experience [7]. - Both founders have impressive educational backgrounds, with 王健 holding a PhD from Stanford University and 姚纳新 having an MBA from Stanford [7]. - Their initial collaboration laid a strong foundation for the company's growth, but current circumstances have led to a potential loss of control over the company [7][8].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 25.90 CNY for the next six months, based on a current price of 20.95 CNY [1]. Core Insights - The company has turned profitable, with significant growth potential driven by domestic substitution and equipment upgrade policies. The report forecasts substantial increases in revenue and net profit over the next few years [6][24]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.61359 billion CNY, a year-on-year increase of 13.6%. The net profit attributable to the parent company was 206.86 million CNY, up 164.1% from the previous year. For Q1 2025, revenue was 550 million CNY, a 1.4% increase year-on-year, while the net profit was a loss of 21 million CNY, showing a reduction in losses compared to the previous year [6][14]. Business Model and Strategy - The company is a leader in high-end analytical instruments in China, focusing on core instrument business while reducing non-profitable segments. It has developed a "4+X" multi-business model covering various sectors including smart industry, smart environment, smart laboratory, and life sciences [7][12]. Profitability and Efficiency - The gross margins for the company's core instrument, operation services, and environmental governance businesses were 48.5%, 38.0%, and 27.3% respectively in 2024, showing improvements year-on-year. The company has implemented cost reduction and efficiency enhancement measures, leading to a significant decrease in expense ratios [6][17][19]. Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 332.24 million CNY, 413.02 million CNY, and 485.35 million CNY respectively, with corresponding EPS of 0.74 CNY, 0.92 CNY, and 1.08 CNY [24][26]. Valuation - The company is valued at a PE ratio of 35 times for 2025, which is lower than the average PE of comparable companies at 40.5 times. This reflects the company's potential to benefit from domestic substitution and equipment upgrade policies [24][27].

Core Viewpoint - The company, 聚光科技, has experienced limited growth in market value since its IPO in 2011, with a current market value of 107.02 billion, reflecting an increase of less than 13% from its initial value of 95.41 billion [1][4]. Financial Performance - In 2020, the company reported revenue of 41.01 billion and a net profit of 4.89 billion, marking a year-on-year revenue growth of 5.28% [1]. - The following years saw significant fluctuations in performance, with revenues dropping to 37.51 billion in 2021 and 34.51 billion in 2022, both years resulting in negative net profits of -2.32 billion and -3.75 billion respectively [1]. - In 2023, revenue further declined to 31.82 billion, with a net profit of -3.23 billion, despite a year-on-year improvement in net profit of 13.92% [2]. - In the first three quarters of 2024, the company achieved a net profit of 1.18 billion, indicating a return to profitability, although overall earnings have not yet recovered to previous high levels [2]. Market Position and Industry Impact - 聚光科技 is a leading player in the domestic scientific instrument industry, particularly in industrial process analysis instruments, with strong market influence in sectors such as refining, petrochemicals, and coal chemical industries [1]. - The company has expanded its business into emerging industries such as semiconductors, materials, and pharmaceuticals, driven by technological advancements and increasing domestic demand for high-end instruments [1].