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【私募调研记录】宁泉资产调研欧菲光
Zheng Quan Zhi Xing· 2025-08-20 00:06
Core Viewpoint - Recent research by Ningquan Asset on OFILM shows significant progress in various business segments, including smartphone, smart automotive, new fields, handheld imaging devices, and endoscope products [1] Group 1: Smartphone Business - OFILM's revenue in the smartphone sector increased year-on-year, driven by advancements in multi-group lens alignment technology and miniaturized module packaging technology [1] - Innovative products such as floating macro modules and periscope long-focus macro modules have achieved mass production [1] - Future upgrade directions in the smartphone optical industry include larger optical sensors, widespread adoption of periscope long-focus modules, and the extensive use of glass-plastic hybrid lenses [1] Group 2: Smart Automotive Sector - The company's revenue in the smart automotive sector grew by 18.19% year-on-year [1] - Continuous innovation in onboard cameras, lenses, and system-level solutions is evident, covering various camera types and LiDAR receiving modules [1] Group 3: New Fields and Handheld Imaging Devices - Revenue from new fields increased by 9.73%, with a gross margin of 14.64%, indicating improved profitability [1] - In the handheld imaging device sector, the company has accumulated deep expertise in technology research and development, mass production processes, and quality management, leading to superior yield and reliability of camera module products [1] Group 4: Endoscope Products - The urinary system endoscope module has entered mass production, while modules for the digestive and respiratory systems are expected to begin mass production in the second half of the year [1] - These products are characterized by miniaturization, stable resolution, and high definition [1]