核心观点 2024年研发费用同比增长24%，电力设备+军工+电子材料多轮驱动 公司主营业务包含电力设备、军工以及电子材料业务，2024年电力设备、军工、电子材料业务分别占总营收的 54%/23%/5%。公司是真空灭弧室头部企业，分产品看，真空灭弧室营收占比最高，2024年占总营收的43%。 公司重视研发投入，2024年研发费用同比增长23.9%至0.74亿元。 1Q25公司归母净利润同比增长19%，毛利率同比改善 公司发布2024年年报及2025年一季报，2024年公司营收15.86亿元（YoY +20.5%），归母净利润1.02亿元 （YoY +10.5%），毛利率22.82%（YoY -3.87pct）。1Q25公司营收3.43亿元（YoY -11.4%，QoQ -26.8%），归 母净利润0.30元（YoY +19.3%，QoQ +39.3%），毛利率23.83%（YoY +3.6pct，QoQ -0.5pct）。 点击 关注我们 报告发布日期：2025年6月9日 报告名称: 《旭光电子（600353.SH）：电力设备+军工+电子材料多轮驱动，1Q25毛利率同比改善》 分析师：胡剑 S098052108 ...

证券研究报告 | 2025年06月11日 | 晨会纪要 | | --- | | 数据日期:2025-06-10 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3384.81 | 10162.18 | 3865.46 | 11539.63 | 2878.82 | 982.90 | | 涨跌幅度（%） | -0.43 | -0.85 | -0.50 | -0.71 | -0.97 | -1.47 | | 成交金额（亿元） | 5574.27 | 8579.31 | 2636.47 | 3050.34 | 4118.01 | 315.53 | 【常规内容】 宏观与策略 策略专题:海外镜鉴系列（二十五）——悦己经济：中日对比 行业与公司 行业月报:商贸零售行业 6 月投资策略-618 大促表现稳中有进，新消费 行情持续扩圈 旭光电子(600353.SH) 财报点评:旭光电子（600353.SH）-电力设备+军 工+电子材料多轮驱动，1Q25 毛利率同比 ...

Company Overview - The company is a leading domestic enterprise in vacuum electronic devices and electronic ceramic materials, with main businesses covering power equipment, military products, and electronic materials, while actively exploring controlled nuclear fusion, semiconductors, and CT tube fields [1] Power Equipment Sector - The company's vacuum electronic device business focuses on vacuum arc extinguishing chambers and high-power laser RF tubes, forming a complete industrial chain for vacuum switch tubes and sealed poles, with an annual production capacity exceeding 1.2 million vacuum arc extinguishing chambers [2] - The company has taken the lead in the domestic flexible DC field and has advanced technology performance in new power and renewable energy equipment, establishing a comprehensive power business system covering traditional, new, and ultimate energy [2] Military Products Sector - The company has a rich accumulation of customer resources in the military sector, covering a product matrix that includes "ammunition, aircraft, and ships," with significant advantages in collaborative development across the supply chain [3] - The military segment is projected to generate total revenue of 367 million yuan in 2024, reflecting a year-on-year growth of 11.9% [3] Electronic Materials Sector - The company has achieved mass production of aluminum nitride powder, with an annual capacity of 500 tons, and has established batch supply cooperation with over 400 customers, becoming a major supplier for more than 100 clients [4] - The company has developed ultra-high thermal conductivity substrates and is in the verification stage for high toughness and high bending resistance substrates, aiming to become the first domestic supplier [4] Financial Performance - In 2024, the company's total revenue is projected to be 1.586 billion yuan, a year-on-year increase of 20.48%, with a net profit attributable to shareholders of 102 million yuan, reflecting a growth of 10.53% [4] - The net profit margin is 6.46%, showing a slight decline of 0.6 percentage points, attributed to increased investments in new industries such as photolithography and controlled nuclear fusion [4] Profit Forecast - The company is expected to achieve net profits of 184 million yuan, 241 million yuan, and 308 million yuan from 2025 to 2027, with corresponding EPS of 0.22, 0.29, and 0.37 yuan, and PE ratios of 50.10, 38.24, and 29.87 times respectively [5]