宇瞳光学 20250829.docx 华为 Mate 系列以及明年 1 月发布的新手机将大量应用磨砂玻璃，宇瞳 正与大立光合作为华为手机提供磨砂玻璃样品，已进入量产阶段，看好 磨砂玻璃在手机上的广泛应用。 手机行业出现超光人镜等新产品，模造玻璃将在长时间内供不应求，但 钨钢模具设备和非球面检测设备产能有限，成为制约大规模应用的瓶颈， 相关设备国产化需 3-5 年。 宇瞳光学为何投资赛灵思公司？ 宇瞳光学选择投资赛灵思公司主要因为其在低熔点材料和红外热成像领域具有 独特优势和专利技术。这些材料在生产成本中占比较高，例如红外玻璃成本占 比达 70%-80%，低熔点玻璃（模造玻璃）占比 30%。通过投资赛灵思，公司 希望降低材料成本并增强产品粘性。此外，目前低熔点玻璃原材料市场主要被 日本企业控制，中国企业如光明、新华光等普及率和产量较低。因此，与赛灵 思合作不仅能降低成本，还能提升中国在低熔点光学材料领域的竞争力，并实 现从原材料到最终产品的一体化生产，提高交付能力。 AceCamp AI 2025-08-30 摘要 宇瞳光学新消费市场显著增长，受益于与大疆合作的模造玻璃、萤石 360 无人机主摄镜头以及 viv ...

Group 1 - The core viewpoint of the news is that 联创电子 (Lianchuang Electronics) is focusing on the optical business while experiencing a decline in overall revenue, with a strategic shift towards specific markets such as automotive lenses and smart vision technologies [1][2]. Group 2 - In the first half of 2025, the company reported a net profit of 24.09 million yuan, a significant increase of 137.07% compared to the same period last year [1]. - The total revenue for the first half of 2025 was approximately 4.22 billion yuan, reflecting a decrease of 14.49% year-on-year [1][2]. - The company has completely divested its integrated circuit trading business and is now concentrating resources on the optical sector [2]. - The smart terminal manufacturing business remained stable with slight growth, and the customer base has diversified from being highly concentrated [2]. - Future strategic direction includes a focus on the optical business, particularly in the lens sector, with investments in automotive lenses and high-definition wide-angle lenses [2]. - The company has established a subsidiary in the United States and has a factory in Mexico, enhancing collaboration with clients [2]. - The automotive lens production capacity at the Hefei automotive industrial park is expected to reach 50 million lenses by the end of 2025, with a current monthly output exceeding 3 million lenses [2]. - The company is a leader in the production and technology of molded glass in China, with applications in various fields including panoramic cameras and drones [2]. - The humanoid robot vision market is a key area of focus for the company, which is expected to be one of the largest optical markets post-automotive [2].

证券代码：002036 证券简称：联创电子 债券代码：128101 债券简称：联创转债 联创电子科技股份有限公司 投资者关系活动记录表 编号：2025-005 | 投 资 | 者 关 | 系 活 | □特定对象调研 |  | 分析师会议 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 动类别 | | | 媒体采访 |  | 业绩说明会 | | | | | | | 新闻发布会 |  | 路演活动 | | | | | | | 现场参观 | | | | | | | | 其他 | | （请文字说明其他活动内容） | | | | | 参 与 | 单 位 | 序号 名 称 | 姓名 | 机构 | 序号 | 姓名 | 机构 | | 及人员姓名 | | 1 | 陈蓉芳 | 开源电子 | 9 | 崔敏慧 | 中信里昂证券科技 | | | | 2 | 仇方君 | 开源证券研究所 | 10 | 白昀宗 | | | | | 3 | 梁宏宇 | | 11 | 沈晓涵 | 国元电子研究 | | | | 4 | 温晗静 | 中金证券 | 12 | 钟琳 | ...

Group 1: Market Strategy and Outlook - The core driver behind the recent A-share market rally is the optimistic expectation of a rebound in corporate ROE, rather than mere speculation around policy themes [4][9] - The current valuation of A-shares, while having outpaced the recovery of fundamentals, is not extreme, indicating that the recovery in sectors like food and beverage, coal, and oil and petrochemicals is still in its early stages [4][9] - The "anti-involution" and demand-side policies are expected to show quicker effects compared to the comprehensive policies of 2024, with companies having undergone three quarters of self-purging [10][11] Group 2: Sector Recommendations - **Machinery**: Companies like Xugong Machinery and Yingliu Shares are recommended due to domestic demand stabilization and overseas market recovery [14][15] - **Non-ferrous Metals**: China Rare Earth is favored as export controls may lead to price increases in rare earths, supported by moderate quota growth [16] - **Non-bank Financials**: China Galaxy is highlighted for its strengthening brokerage business and potential for international expansion [17] - **Media and Internet**: Yao Cai Securities is positioned to benefit from increased trading volumes in Hong Kong and potential synergies from Ant Group's acquisition [18] - **Agriculture**: Muyuan Foods is recognized as a leading pig farming enterprise with expected stable profits amid rising pork prices [19] - **Defense and Military**: North Navigation is anticipated to benefit from a rising demand cycle for its products [20] - **Computing**: Kingsoft Office is seen as a leader in AI applications, with significant growth potential from its innovative products [21][22] - **Electronics**: Lante Optics is expected to see strong demand from various sectors, including automotive and AI [23] - **Pharmaceuticals**: Kelun-Botai is noted for its leading ADC technology and potential for international sales growth [24][25]