2025 年 7 月 11 日 要点 6月手机摄像模组出货量同比增速转正、手机镜头出货量同比下降：1）6月手 机摄像模组出货量环比+11.1%、同比+0.7%，25H1首次同比增速转正，主要 由于客户项目周期因素。25H1手机摄像模组出货量同比-21.0%，低于25年全 年增速指引[+5%,10%]区间下限，主要由于聚焦中高端项目、去年同期基数较 高，鉴于下半年安卓传统旺季，预计25H2手机摄像模组出货量有望同比上升。 2）6月手机镜头出货量环比-3.1%、同比-12.7%，同比下降主要由于聚焦中高 端项目。1-6月手机镜头出货量同比-6.4%，低于25年全年增速指引+5%。鉴于 下半年A客户拉货旺季，预计25H2手机镜头出货量同比增速有望转正。3）6月 其他镜头出货量环比-1.1%、同比+37.4%，主要由于IoT领域镜头出货量大幅 上升、且公司份额上升。1-6月其他镜头出货量同比+45.5%。 25年光学规格持续提升，有望驱动手机摄像模组、手机镜头盈利能力超预期改 善：受益于小型化/超薄化以及对高性能视频需求，公司预计25年全球摄像模 组采购金额同比+7.1%，其中小型化/高端产品（主摄OIS+潜望）采购 ...

导读： 舜宇光学科技公布2025年6月产品出货量，显微仪器等光学零件表现亮眼，车载镜头需求强劲增长44.6%。 本公告乃由舜宇光學科技(集團)有限公司(「本公司」)自願刊發。 本公司董事(「董事」,各為一名「董事」)會(「董事會」)謹此宣佈,本公司於2025 年6月各主要產品出貨量詳細如下: 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 7月10日，舜宇光学科技(集团)有限公司自愿刊发公布了2025年6月各主要产品的出货量。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表明概不會就本公告全部或任何部份内容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 舜宇光學科技(集團)有限公司 (於開曼群島註冊成立的有限公司) (股份代號:2382.HK) 目願公告 光學零件 | | 2025年6月 | 環比變化 | 同比變化 | | --- | --- | --- | --- ...

Group 1: Macroeconomic Insights - The report discusses the potential acceleration of the Section 232 investigation by the Trump administration, particularly focusing on tariffs on copper and pharmaceuticals, with a higher likelihood of copper tariffs being implemented [1] - Core inflation is showing signs of recovery, with the Consumer Price Index (CPI) returning to positive year-on-year growth, driven by rising gold prices and policies promoting trade-in programs [2] - The Producer Price Index (PPI) has unexpectedly declined, indicating weakening prices in domestic energy, raw materials, and certain export sectors, necessitating policy measures to stimulate recovery [2] Group 2: Market Data - The A-share market indices showed slight declines, with the Shanghai Composite Index closing at 3493.05, down 0.13%, and the Shenzhen Component Index at 10581.8, down 0.06% [3] - In the commodity market, gold prices fell by 1.21% to 766.82, while copper prices decreased by 1.53% to 78400 [3] - The foreign exchange market saw the USD/CNY exchange rate at 7.1541, reflecting a slight increase of 0.01% [3] Group 3: Company Research - The report highlights that Q Technology (1478.HK) has upgraded its profit forecasts for 2025, 2026, and 2027 by 20%, 31%, and 40% respectively, due to higher-than-expected shipments of IoT modules [4] - Changchun High-tech (000661.SZ) received approval for its injection drug, marking a significant step in its innovation transformation, although profit forecasts for 2025-2027 have been revised downwards due to increased R&D and marketing expenses [5]

点击注册小程序 查看完整报告 公司 6 月其他领域摄像模组出货量170 万颗，环比+10.2%、同比+99.3%，主要由于 IoT 和智能汽车领域摄 像模组出货量同比大幅上升。25H1 其他领域摄像模组出货量同比+47.9%，其中25Q1/25Q2 出货量分别同 比+16.6%/+86.3%，25Q2 出货量同比增速较 25Q1显著提升。公司在无人机及手持影像设备光学产品布局 广泛，涵盖相机模组、视觉模组、激光雷达等产品。根据潮电智库，公司摄像模组产品已交付大疆DJI Avata2 无人机、Osmo Pocket 3 手持相机等旗舰产品。我们预计，受益于全球消费级无人机及手持影像设 备市场规模高速增长，公司 IoT 摄像模组出货量将持续高速增长。 25H1 指纹识别模组出货量产品同比大幅上升，超声波指纹识别模组放量驱动产品规格提升 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company is expected to benefit from the continuous upgrade of product specifications and the growth of IoT modules, which may lead to better-than-expected performance [1][2]. - In June, the company's smartphone camera module shipments showed a year-on-year growth for the first time in the first half of 2025, driven by the launch of Huawei's flagship model [1]. - The company is focusing on high-end products, which is expected to significantly enhance the average selling price (ASP) and gross margin [1][4]. Summary by Sections Smartphone Camera Modules - In June, the company shipped 32.648 million smartphone camera modules, with a month-on-month increase of 0.8% and a year-on-year increase of 1.5% [1]. - For the first half of 2025, the total shipment was 183.866 million units, a year-on-year decrease of 14.8% due to a focus on high-end products [1]. - The proportion of shipments for modules with 32MP and above reached 53.4%, an increase of 5.5 percentage points year-on-year [1]. Other Camera Modules - The company saw a significant year-on-year increase of 99.3% in shipments of other camera modules in June, totaling 1.7 million units [2]. - The growth is attributed to the booming global market for consumer drones and handheld imaging devices [2]. - The company has a broad layout in optical products for drones and handheld devices, including camera modules and visual modules [2]. Fingerprint Recognition Modules - In June, the company shipped 13.9 million fingerprint recognition modules, with a year-on-year increase of 7.3% [3]. - The ultrasonic fingerprint recognition modules saw a remarkable year-on-year increase of 851.9% [3]. - The total shipment for the first half of 2025 was 94.357 million units, a year-on-year increase of 59.7% [3]. Financial Forecast and Valuation - The net profit forecasts for 2025, 2026, and 2027 have been raised by 20%, 31%, and 40% to RMB 724 million, RMB 934 million, and RMB 1.171 billion respectively [4]. - The company is expected to benefit from the growth in IoT shipments and the improvement in product specifications across its product lines [4]. - Revenue projections for 2025 are set at RMB 19.706 billion, with a growth rate of 22% [5].

证券代码：301479 证券简称：弘景光电 广东弘景光电科技股份有限公司投资者关系活动记录表 编号：2025-008 投资者关系活动 类别 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 电话会议 参与单位名称及 人员姓名 国金基金：王小刚、边广洁、多飞帆； 开源证券：仇方君；中邮证券：吴文吉、翟一梦。 时间 2025 年 7 月 8 日 地点 公司会议室（电话会议） 公司接待人员 姓名 董事会秘书林琼芸女士 证券事务代表钟倩文女士 投资者关系活动 主要内容介绍 1、2025 年上半年各类业务的拓展情况如何？业务结构占比 有明显的变化吗？ 公司以智能汽车、智能家居、全景/运动相机三大业务领域为 业绩支撑，以人工智能硬件、机器视觉、工业检测与医疗等新兴 业务领域为业绩增长点。 2025 年，公司各类业务按照既定计划开展中，目前整体业务 结构未发生明显的变动，具体经营情况请关注公司后续披露的定 期报告。 2、公司的全景相机模组有什么特点？公司在这方面有什么 竞争优势。 公司全景相机摄像模组具有超高清、超广角、大光圈等特性， 1 4、公司对智能家居业务的未来展望如何 ...

6月24日，全球领先的综合光学零件及产品制造商——舜宇光学科技（02382.HK）发布公告称，公司董 事会已宣布任命倪文军为执行董事，并成为薪酬委员会和策略及发展委员会成员。该任命将于2025年7 月1日正式生效。 值得注意的是，倪文军不仅是制造业领域内经验丰富的管理者，同时还是舜宇精工的实控人，持股比例 达到40.48%。此次任命标志着他在跨企业治理方面迈出了重要的一步。 公司AGV机器人集成解决方案逐步成熟并应用于一汽红旗、北京奔驰、东风汽车、吉利汽车、延锋国 际座椅系统有限公司等知名厂商，同时与中国汽车工业工程有限公司、机械九院、东风设计研究院有限 公司等国内大型机械设计院以及和库卡机器人、柯马工程、杜尔工程等知名总包商建立了良好的合作关 系。 凭借同步开发及一体化开发能力，舜宇精工在细分市场拥有良好的品牌信誉度和稳定的客户群体，汽车 功能件业务服务客户包括延锋、Novem、新泉股份（603179）等国内外知名汽车零部件一级供应商，覆 盖的车企品牌包括一汽红旗、上汽通用、比亚迪（002594）、梅赛德斯奔驰、宝马、Stellantis、吉利、 沃尔沃等；同时也直接服务于包括一汽红旗、上汽集团（60010 ...

车载：智能驾驶发展迅速，驱动2025年车载镜头、摄像模组市场快速增长。车载镜头方面， 公司 预计2024-2025年全球新车单车镜头搭载量将从3.5颗增至超4.3颗，预计2025年全球车载镜头总 需求量超过4亿颗；看好公司凭借自身高技术、高质量、高性价比和快速反应优势，实现全球市占 率进一步提升。 车载摄像模组方面， 公司起步较晚，当前市占率距离全球第一仍有较大差距和成 长空间；公司将从产品结构升级拓展（如像素提升、从环境感知拓展到智能座舱产品线等）、从国 内拓展到欧洲、日韩等国际市场、技术创新引领等持续拓展，目标3-5年成长为全球前三的车载视 觉方案提供商。此外公司 激光雷达、HUD、智能大灯 等亦在快速发展，目前激光雷达项目已有20 多个量产定点、项目总金额超15亿人民币；多款智能车灯产品实现量产交付；新增多个AR-HUD PGU模组项目定点。 手机：高端机型光学影像创新趋势持续，驱动公司产品结构持续改善升级。 全球经济温和复苏，公 司预计25年全球智能手机出货量增速同比微增0.2%至11.75亿部，中国市场同比+2.2%至2.84亿 部；小型化/轻薄化/高性能视频等需求将驱动手机摄像头模组采购金额同比+ ...

电子掘金：AI 算力需求火热，PCB 量价齐升 20250622 摘要 PCB 行业受益于算力需求提升，高端板材需求稳步复苏。2024 年全球 PCB 市场产值同比增长 5.8%，预计 2025 年增长 6.8%。高多层和 HDI 产品类别预计在 2025 年分别同比增长 40%和 10%以上，反映了 对 AI 算力需求的乐观预期。 AI 产业投入增加，数据中心 TAM 上修 29%至 554 亿美元。海外四大 FSP 厂商一季度资本开支同比增长 60%，Meta 上调 2025 年资本支出 至 640~720 亿美元，亚马逊增加对定制芯片的投资，国内阿里巴巴和 腾讯资本开支也显著增长。 高多层级 HDI 产品在 AI 服务器中竞争优势显著，需满足低成本、高良率 和稳定批量交付的要求。高阶 HDI 产品需控制每层误差在 20 微米以内， 生产工序复杂，对技术研发和团队经验要求高。 CCL 材料如 PTFE 适用于高速互联应用，其低介电常数和低损耗因子能 保持信号完整性，尤其适合 GPU 高速互联及高速接口。上游覆铜板市场 高端材料紧缺，建涛等 CCL 龙头已发布涨价函，玻纤布企业也发布调价 通知。 Q&A P ...

Market Overview - The Middle East geopolitical risks have escalated, leading to a decline in the Asia-Pacific stock markets, with Hong Kong's three major indices falling collectively. The Hang Seng Index closed down 0.59% at 23,892.56 points, with a total turnover of HKD 294.29 billion [1] - Despite short-term impacts from Trump's tariff policies and potential liquidity fluctuations due to U.S. debt ceiling issues, the overall influence is diminishing, maintaining a long-term upward trend for Hong Kong stocks. High-quality dividend sectors remain a stable investment choice in the short term, while technological innovation is seen as a new growth driver for China's economy and Hong Kong stocks in the medium to long term [1] Blue Chip Performance - Chow Tai Fook (01929) led blue-chip gains, rising 5.37% to HKD 12.94, contributing 2.07 points to the Hang Seng Index. The company reported a revenue of HKD 89.656 billion for the fiscal year ending March 31, 2025, a decrease of 17.53% year-on-year, with a net profit of HKD 5.916 billion, down 8.97% year-on-year, and a final dividend of HKD 0.32 per share, corresponding to a payout ratio of 87.8% [2] - Other notable blue-chip movements included Orient Overseas International (00316) up 4.18%, Hang Lung Properties (00101) up 3.03%, while Sunny Optical Technology (02382) fell 5.01%, dragging the index down by 3.74 points [2] Sector Performance - Large technology stocks experienced declines, with Alibaba down over 2% and Xiaomi down 0.48%. In contrast, oil and gas stocks, gold stocks, and shipping stocks saw increased demand as safe-haven assets due to heightened market risk aversion. Shandong Molong surged 160%, and Chifeng Jilong Gold rose over 10% [3] - Oil stocks saw significant gains, with Shandong Molong (00568) up 75.65%, Sinopec Oilfield Service (01033) up 25%, and CNOOC (00883) up 2.07%. Reports of Israeli airstrikes on Iranian nuclear facilities led to a spike in international oil prices, which rose by 13% [3] - Gold stocks also performed strongly, with Chifeng Jilong Gold (06693) up 10.55% and Lingbao Gold (03330) up 6.06%. The rise in geopolitical tensions has driven gold prices higher, with spot gold surpassing USD 3,440 [4] - Defense stocks were active, with AVIC (02357) up 5.21% and China Shipbuilding Defense (00317) up 3.27%, as increased military spending is anticipated due to escalating geopolitical conflicts [4][5] Automotive Sector - The automotive sector continued its downward trend, with XPeng Motors (09868) down 5.17% and Great Wall Motors (02333) down 3.07%. A recent controversial statement regarding fuel vehicles over electric vehicles sparked discussions, impacting market sentiment [6] Notable Stocks - Derlin International (01126) reached a historical high, closing up 17.08% at HKD 10.42, attributed to its position as a leading plush toy manufacturer [7] - Television Broadcasts (00511) rose 7.48% to HKD 3.45, following a collaboration with Tencent Music and others to enhance AIGC technology applications in the Greater Bay Area [8] - Jianbei Miao Miao (02161) saw a post-earnings increase of 5.79%, reporting a revenue of HKD 782 million, up 20.65% year-on-year, and a net profit of HKD 197 million, up 51.2% [9] - Junshi Biosciences (01877) faced a significant drop of 10.47% after announcing a share placement at a discount, raising approximately HKD 1.026 billion for R&D and operational funding [10] - Sunny Optical Technology (02382) reported a decline in mobile lens shipments, with a 5.2% year-on-year drop in May [11]