%% %% %% %% research.95579.com 公司研究丨深度报告丨宇瞳光学（300790.SZ） [Table_Title] 安防行业隐形冠军，模造玻璃迈入新征程 1 丨证券研究报告丨 报告要点 [Table_Summary] 公司作为专业光学解决方案提供商，业务涵盖安防、新消费、汽车视觉、车载镜头、应用光学、 教育等领域，在安防镜头领域连续十年市场份额第一，是安防行业的隐形冠军。公司在过往安 防镜头与汽车镜头制造过程中积累了模造玻璃深厚经验，近年来以运动相机、全景相机、无人 机、AI 眼镜为代表的新兴消费快速增长，模造玻璃是其镜头中重要的环节，运动相机、全景相 机通常搭载 2-3 片模造玻璃以提升成像效果及耐用性，属于镜头皇冠上的明珠。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 2 / 30 %% %% %% %% research.95579.com 2 宇瞳光学（300790.SZ） cjzqdt11111 [Table_Title2] 安防行 ...

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]