Core Viewpoint - Xi'an Juguang Technology Co., Ltd. (hereinafter referred to as "Juguang Technology" or "the company") has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 report, prompting a detailed review of its acquisition of Swiss SUSS Micro Optics SA (SMO) and subsequent financial performance [1][2]. Group 1: Acquisition and Financial Performance - The company completed the acquisition of 100% equity in SMO for approximately RMB 455 million, with SMO contributing RMB 194 million in revenue during the reporting period, significantly below the profit forecast made during the acquisition assessment [1][2]. - Post-acquisition, revenue from laser optical components and automotive application solutions increased by 38.71% and 66.63% year-on-year, respectively, but gross margins decreased by 12.27 percentage points and 84.88 percentage points [1][2]. - The company recognized goodwill impairment of RMB 34.25 million for the automotive application solutions business line, while no impairment was recorded for the laser optical business line [1][2]. Group 2: Customer and Market Analysis - The company provided details on the top five customers of SMO, including their backgrounds, sales amounts, and reasons for changes in sales [3][4]. - The decline in gross margins for both laser optical components and automotive application solutions was attributed to industry development, channel inventory, product price changes, and competitive landscape [5][6]. Group 3: Future Projections and Market Trends - The data communication market is expected to grow significantly, driven by increased demand for optical modules, with projections indicating a compound annual growth rate (CAGR) of 17% from 2022 to 2033 [11][12]. - The semiconductor market is also projected to grow at a CAGR of 12.28% from 2023 to 2032, indicating strong demand for micro-nano optical components [11][12]. - The automotive lighting market, particularly for micro-lens array (MLA) technology, is anticipated to reach a market size of approximately RMB 1.18 billion by 2025, with a CAGR of 89% from 2021 to 2025 [14][15].

6月10日，炬光科技今日收盘73.9元，下跌2.38%，最新市净率3.17，总市值66.78亿元。 最新一期业绩显示，2025年一季报，公司实现营业收入1.70亿元，同比23.75%；净利润-31954633.0元， 同比-97.38%，销售毛利率33.39%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)43炬光科技-35.02-38.183.1766.78亿行业平均 107.29107.398.70270.73亿行业中值63.7466.304.05110.56亿1源杰科技-5221.97-1999.515.85122.65亿2江波 龙-811.6660.604.69302.20亿3晶丰明源-727.60-227.416.0575.16亿4博通集成-541.63-206.983.0351.17亿5中 科飞测-389.21-2050.759.62236.35亿6唯捷创芯-353.29-543.223.27128.88亿7盛科通信-326.76- 370.4510.86252.89亿8灿芯股份-313.91105.204.7964.22亿9宏微科技-299.78-241.763.3834.98亿10华 ...

序号股票简称PE(TTM)PE(静)市净率总市值(元)43炬光科技-33.49-36.513.0363.86亿行业平均 106.94107.058.67271.22亿行业中值78.2181.673.9859.37亿1源杰科技-4867.74-1863.875.46114.33亿2江波 龙-799.2759.684.62297.59亿3晶丰明源-764.58-238.976.3678.98亿4博通集成-501.51-191.642.8047.38亿5中 科飞测-393.32-2072.419.72238.85亿6唯捷创芯-352.34-541.773.26128.53亿7盛科通信-336.50- 381.5011.18260.43亿8灿芯股份-319.65107.134.8765.40亿9宏微科技-296.31-238.973.3434.57亿10华岭股 份-216.62-432.595.9564.82亿11敏芯股份-208.32-106.073.6337.37亿 西安炬光科技股份有限公司的主营业务是光子行业上游的高功率半导体激光元器件和原材料（"产生光 子"）、激光光学元器件（"调控光子"）的研发、生产和销售 ...

其他电子零组件Ⅲ 炬光科技（688167.SH） 增持-A(维持) 并购短期影响利润，看好转型阵痛期后的盈利能力回升 2025 年 5 月 21 日 公司研究/公司快报 公司近一年市场表现 投资要点： 公司发布 2024 年年报及 25Q1 业绩报。2024 年公司实现营收 6.20 亿元，同 比+10.49%；归母净利润-1.75 亿元，扣非后归母净利润-1.82 亿元。其中 24Q4 公司实现营收 1.62 亿元，同比-8.40%，环比+10.16%；归母净利润-1.23 亿元， 扣非后归母净利润-1.25 亿元。25Q1 公司实现 1.70 亿元，同比+23.75%，环比 +4.73%；归母净利润-0.32 亿元，扣非后归母净利润-0.33 亿元。 事件点评： 市场数据：2025 年 5 月 20 日 收盘价（元）： 68.50 总股本（亿股）： 0.90 流通股本（亿股）： 0.90 流通市值（亿元）： 61.90 基础数据：2025 年 3 月 31 日 每股净资产（元）： 23.29 每股资本公积（元）： 25.18 每股未分配利润（元）： -0.84 资料来源：最闻 分析师： 高宇洋 执业登记编 ...

公司发布 2024 年年报及 25Q1 业绩报。2024 年公司实现营收 6.20 亿元，同 比+10.49%；归母净利润-1.75 亿元，扣非后归母净利润-1.82 亿元。其中 24Q4 公司实现营收 1.62 亿元，同比-8.40%，环比+10.16%；归母净利润-1.23 亿元， 扣非后归母净利润-1.25 亿元。25Q1 公司实现 1.70 亿元，同比+23.75%，环比 +4.73%；归母净利润-0.32 亿元，扣非后归母净利润-0.33 亿元。 事件点评： 其他电子零组件Ⅲ 炬光科技（688167.SH） 增持-A(维持) 并购短期影响利润，看好转型阵痛期后的盈利能力回升 2025 年 5 月 21 日 公司研究/公司快报 投资要点： 基础数据：2025 年 3 月 31 日 分析师： 公司上游业务仍占比较高，中游业务增势迅猛。2024 年上游/中游业务营 收分别 4.41/1.76 亿元，同比分别+1.26%/+46.12%。2024 年公司先后完成了瑞 士炬光的并购和 Heptagon 资产的收购，瑞士炬光贡献的业绩增量明显。上 游业务：1）"产生光子"半导体激光元器件和原材料业务：营收 1. ...