（编辑 丛可心） 证券日报网讯 12月1日，联创电子在互动平台回答投资者提问时表示，公司主营光学和触控产业，主要 产品包括车载镜头及模组、手机镜头及模组，高清广角镜头及模组、各种尺寸触控显示模组等，主要产 品产能均根据市场需求动态优化产能配置，以确保及时响应客户需求并把握行业发展机遇。未来，公司 将根据战略规划以及市场状况对资本开支进行计划和管理。 ...

Core Viewpoint - The report highlights that Lianchuang Electronics is focusing its resources on the automotive optical sector, leading to a positive shift in its business structure despite a decline in overall revenue [1][2]. Financial Performance - In the first half of 2025, the company achieved total operating revenue of 4.22 billion yuan, a year-on-year decrease of 14% - The net profit attributable to shareholders was 24 million yuan, a year-on-year increase of 137% - The net profit after deducting non-recurring items was -32 million yuan, a year-on-year increase of 68% - In Q2 2025, revenue was 2.04 billion yuan, a year-on-year decrease of 17%, while net profit attributable to shareholders was 21 million yuan, a year-on-year increase of 425% [1][2]. Business Focus and Growth Areas - The company is concentrating on the automotive optical market, with significant growth in automotive lenses and modules, which have become the main contributors to its optical business - Collaborations with major domestic clients such as BYD, Huawei, NIO, and Geely are being expanded to create a comprehensive solution of "lens + module + automotive display + HUD" - The company is enhancing its global service and delivery capabilities with new production facilities in Mexico and Vietnam, aimed at serving North American and Southeast Asian markets respectively - The revenue growth rate for automotive optical products is expected to reach around 70% in 2025, becoming a key pillar of the company's business [2][3]. Other Business Segments - In the field of high-definition wide-angle lenses and modules, the company is expanding its advantages in professional areas such as action cameras, drones, and police monitoring, becoming a core supplier for leading domestic and international clients - The smartphone lens and module segment is expected to see a significant revenue decline in 2025 due to industry slowdown and intensified competition - The contract manufacturing segment experienced a revenue growth of 4.6% in the first half of the year, driven by new customer acquisition and product development - The display touch segment saw a revenue decline of 49%, with plans to gradually divest non-profitable non-automotive display parts and focus on automotive displays [2][3]. Profit Forecast - The company forecasts net profits attributable to shareholders of 86 million yuan in 2025 and 287 million yuan in 2026, maintaining an "overweight" investment rating [3].

Investment Rating - The report gives an "Accumulate" rating for the company [4][6]. Core Views - The company focuses on the optical sector and is a leading enterprise in high-end lenses and modules, with 41% of its revenue and 76% of its gross profit coming from optical products [2][15]. - The company is expected to benefit from the increasing penetration of smart vehicles and the rising number of cameras per vehicle, particularly from partnerships with major automotive clients like Tesla and BYD [2][30]. - The company has a competitive advantage in the molded glass process, which is essential for producing aspherical glass lenses, and is a major supplier in this field [3][66]. Summary by Sections Company Overview - The company was established in 2006 and has evolved from traditional optical lenses to focus on high-definition wide-angle lenses and automotive lenses, entering the smart vehicle sector around 2015 [12][15]. - The company has established strong partnerships with leading clients in various fields, including automotive and mobile devices [18][19]. Financial Data - The company is currently in a performance transition phase, with revenue expected to recover as the automotive optical business grows and consumer electronics demand rebounds [20][21]. - Revenue projections for 2025-2027 are estimated at 113 billion, 124 billion, and 134 billion yuan, with net profits of 1.1 billion, 3.2 billion, and 5.0 billion yuan respectively [4][74]. Production Capacity and Market Position - The company is expanding its production capacity for automotive optical products, with significant projects underway, including a 240 million high-end automotive lens project [61][64]. - The global automotive camera market is projected to grow significantly, with the company positioned to capture a share of this growth through its advanced technology and production capabilities [55][60]. Competitive Advantages - The molded glass process used by the company creates a technical moat, as it is one of the few companies capable of mass-producing aspherical glass lenses [3][66]. - The company has a strong focus on high-end mobile optical products, benefiting from a structural recovery in the global smartphone market [68][70]. Future Outlook - The automotive optical products are expected to be a key growth driver for the company, supported by the recovery in consumer electronics and the realization of automotive display orders [4][74]. - The company is also expanding its global footprint with new factories in Mexico and Vietnam to better serve North American and Southeast Asian markets [61][64].