证券研究报告 | 公司动态点评 2025 年 08 月 25 日 蓝特光学（688127.SH） 25 年 H1 业绩同比高增，微棱镜与车载光学驱动成长 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 754 | 1,034 | 1,449 | 2,045 | 2,831 | | 增长率 yoy（%） | 98.4 | 37.1 | 40.1 | 41.1 | 38.4 | | 归母净利润（百万元） | 180 | 221 | 312 | 434 | 567 | | 增长率 yoy（%） | 87.3 | 22.6 | 41.4 | 39.1 | 30.6 | | ROE（%） | 11.0 | 12.1 | 15.2 | 17.9 | 19.3 | | EPS 最新摊薄（元） | 0.45 | 0.55 | 0.77 | 1.08 | 1.41 | | P/E（倍） | 72.4 | 59.0 | 41.7 | 30.0 | 23.0 | | P/B（倍） ...

蓝特光学 688127.SH 公司研究 | 中报点评 股价（2025年08月21日） 33.25 元 目标价格 40.25 元 52 周最高价/最低价 34.38/14.29 元 总股本/流通 A 股（万股） 40,319/40,319 A 股市值（百万元） 13,406 国家/地区 中国 行业 电子 报告发布日期 2025 年 08 月 24 日 买入 （维持） | | 1 周 | 1 月 | 3 月 | 12 月 | | --- | --- | --- | --- | --- | | 绝对表现% | 11.58 | 27.1 | 46.3 | 93.82 | | 相对表现% | 8.83 | 22.14 | 36.81 | 64.72 | | 沪深 300% | 2.75 | 4.96 | 9.49 | 29.1 | | 韩潇锐 | hanxiaorui@orientsec.com.cn | | --- | --- | | | 执业证书编号：S0860523080004 | | 蒯剑 | 021-63325888*8514 | | | kuaijian@orientsec.com.cn | | | 执业证 ...

2025 年 08 月 23 日 蓝特光学(688127.SH) 下游需求景气，业务规模持续提升 事件： 公司发布 2025 年半年度业绩报告，上半年营业收入 5.77 亿元，同比 增长 52.54%，归母净利润 1.03 亿元，比上年同期增长 110.27%。 微棱镜、汽车电子、玻璃晶圆等需求景气，销售规模提升： 中报披露，公司对下游消费电子、汽车智能驾驶、光通讯等领域的需 求保持积极发掘，2025 年 1-6 月公司主要产品光学棱镜、玻璃晶圆、 玻璃非球面透镜业务规模均有提升。光学棱镜业务中，微棱镜产品的 终端需求进一步提升，玻璃非球面透镜业务受益于下游车载电子、光 通讯、智能手机、手持影像创作设备多品类需求，销售规模获得了增 长；玻璃晶圆业务受益于公司与各大客户的战略合作关系，伴随着下 游需求随着前沿技术应用持续扩张，实现稳健发展。上半年公司实现 营业收入 5.77 亿元，同比增长 52.54%，归母净利润 1.03 亿元，比 上年同期增长 110.27%。 加大研发投入，布局 AR 光学元器件、碳化硅晶圆等高端产品： 资料来源：Wind 资讯 升幅% 1M 3M 12M 相对收益 16.3 29.6 ...

Group 1 - The core business of the company in recent years has been the micro-prism business, with a focus on "new micro-prism" products that are more complex in design and have a higher value compared to mainstream products in the market [2] - The company expects continued growth in market demand for micro-prism products, driven by customer upgrades and new model launches in 2024, with an anticipated increase in total market demand by 2025 [2] - The company has diversified its product offerings across multiple fields, leading to a strategic development pattern that supports growth potential across various business segments [2] Group 2 - The market demand for mobile telephoto micro-prisms is expanding, and the high-end glass-plastic hybrid lens project is gradually being implemented, with additional market growth expected in the automotive sector due to trends in intelligent driving [2] - There is a positive growth trend in market demand for consumer electronics, optical communications, and semiconductors, with the company actively expanding its business collaborations in these areas [2] - The maturation of AI technology is leading to the gradual mass production of consumer-grade AR headsets and AI glasses, with waveguide display components being a key focus for future market opportunities [2] Group 3 - In the molded glass sector, the company has seen rapid growth in demand for applications in automotive electronics and mobile glass-plastic hybrid lenses, which supports the stable development of its glass aspheric lens business [3]

Investment Rating - The investment rating for the company is "Buy" with a target price of 33.60 RMB [8][5]. Core Views - The company achieved a revenue of 1.034 billion RMB in 2024, representing a year-on-year increase of 37.08%, and a net profit of 221 million RMB, up 22.58% year-on-year. In Q1 2025, the revenue was 256 million RMB, showing a significant growth of 52.92% year-on-year, driven by opportunities in mobile optical innovation, automotive smart driving, and 5G optical communication [2][4]. - The company is expected to maintain strong performance in the second half of 2025, supported by demand for periscope lenses from major mobile clients and automotive optical/laser radar needs. The company is also collaborating with leading global manufacturers in various new fields, which may contribute to long-term performance growth [2][4]. Summary by Sections Financial Performance - In 2024, the optical prism product revenue reached 654 million RMB, a year-on-year increase of 59.01%, primarily due to increased shipments of micro prisms. The gross margin was 37.99%, down 5.15 percentage points year-on-year. The glass aspheric lens revenue was 251 million RMB, up 4.08% year-on-year, with a gross margin of 51.93%, up 5.36 percentage points year-on-year. The glass wafer revenue was 73 million RMB, up 38.91% year-on-year, with a gross margin of 16.01% [3][4]. - The company’s total revenue for 2023 was 754.46 million RMB, with a year-on-year growth of 98.35%. The net profit attributable to the parent company was 180.79 million RMB, up 87.27% year-on-year [7]. Business Outlook - The company is well-positioned to benefit from diverse product offerings and long-term customer relationships in consumer electronics, automotive smart driving, and optical communication sectors. The demand for micro prisms is expected to grow due to the introduction of new models by major clients [4][5]. - The company is actively cooperating with leading glass material manufacturers and semiconductor equipment suppliers, positioning itself to capture growth opportunities in the AR and semiconductor fields [4]. Valuation - The projected net profits for 2025-2027 are 339 million RMB, 425 million RMB, and 534 million RMB, respectively. The corresponding EPS for these years is expected to be 0.84 RMB, 1.05 RMB, and 1.32 RMB [5][7]. - The company is assigned a PE ratio of 40 times for 2025, reflecting its strong growth potential in new downstream markets and products [5][8].

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Views - The company has shown robust growth in revenue and net profit for 2024, with a significant increase in Q1 2025, driven by investments in R&D and new product lines in automotive electronics [3][7] - The company is expected to benefit from the growing demand in consumer electronics and automotive electronics, with a focus on micro-prism and optical waveguide technologies [4][7] Financial Summary - The company’s revenue is projected to grow from RMB 754 million in 2023 to RMB 2,224 million by 2027, reflecting a compound annual growth rate (CAGR) of 41.4% from 2025 to 2026 [6][8] - The net profit is expected to increase from RMB 180 million in 2023 to RMB 572 million by 2027, with a notable growth rate of 66.2% in 2025 [6][8] - The company’s R&D expenses are anticipated to rise significantly, reaching RMB 132 million in 2025, which is 11.3% of revenue, indicating a strong commitment to innovation [7][8] Business Performance - In 2024, the optical prism segment is projected to generate RMB 650 million in revenue, a 59% increase year-on-year, primarily due to the demand for smartphone camera modules [7] - The glass aspheric lens segment is expected to achieve RMB 250 million in revenue, with a gross margin of 51.9%, reflecting a strategic adjustment in product and customer structure [7] - The company has increased its R&D personnel from 227 in 2023 to 353 in 2024, a growth of 55.5%, enhancing its competitive edge in the market [7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company achieved a revenue of 1.034 billion RMB in 2024, representing a year-on-year growth of 37%. The net profit attributable to shareholders was 221 million RMB, up 23% year-on-year [3]. - The optical prism business saw significant growth, with revenues reaching 654 million RMB, a 59.01% increase year-on-year, driven by rising demand for micro-prism products in smartphone camera modules [4]. - The company is optimistic about the growth potential of its optical prism and glass aspheric lens businesses, supported by production advantages and capacity reserves [4]. - Profit forecasts for 2025-2027 project net profits of 355 million, 487 million, and 645 million RMB, reflecting growth rates of 61.14%, 37.04%, and 32.52% respectively [5]. Summary by Sections Performance Review - In Q4 2024, the company reported a revenue of 248 million RMB, a decrease of 6% year-on-year and a 39% decline quarter-on-quarter. For Q1 2025, revenue increased to 256 million RMB, a 53% year-on-year rise [3]. Operational Analysis - The glass wafer business generated 73 million RMB in revenue, marking a 38.91% year-on-year increase, with a focus on AR/VR and automotive applications [4]. - The company is developing AR waveguide modules and has established strong ties with leading downstream customers [4]. Profit Forecast and Valuation - The projected P/E ratios for 2025, 2026, and 2027 are 27, 20, and 15 times respectively, indicating a favorable valuation outlook [5]. - The company’s revenue is expected to grow from 1.501 billion RMB in 2025 to 2.275 billion RMB in 2027, with corresponding net profit growth [10].

24 年业绩高增长主要系光学棱镜及玻璃晶圆业务带动，微棱镜需求大幅提升 。 2024 年公司实现营业收入 10.34 亿元，同比 +37.08% ；归母净利润 2.21 亿元，同比 +22.58% ；扣非归母净利润 2.15 亿元，同比 +33.21% 。分业务来看：① 光学棱镜业务： 2024 年收入 6.54 亿元，同比 +59.01% 。主要系 24Q3 发 布的 iPhone16 将潜望式模组由此前一款 Pro Max 机型下沉为两款 Pro+Pro Max 机型，应用于摄像头模 组的微棱镜需求进一步扩张。② 玻璃晶圆业务： 2024 年收入 0.73 亿元，同比 +38.91% ，应用于 AR/VR 、汽车 LOGO 投影、半导体等领域的显示玻璃晶圆、衬底玻璃晶圆、深加工玻璃晶圆业务实现了稳 健发展。③ 玻璃非球面透镜业务： 2024 年收入 2.51 亿元，同比 +4.08% 。面对激烈的行业竞争，公司加 强产能储备的同时采取积极的"降本增效"措施，营收规模提升的同时实现了成本规模的收窄。 24 年毛利率 39.85% ，同比 -2.22pcts ，净利率 21.4% ，同比 -2.57pcts ...