核心观点 盈利预测与估值 公司深耕精密光学行业三十余年，布局玻璃非球面透镜、光学棱镜、玻璃晶圆三大产品条线，正处于快 速成长期。公司作为全球少数掌握高端玻璃非球面透镜工艺的厂商，将充分受益于玻璃非球面在车载、 光模块、智能手机以及手持影像设备等领域需求的快速增长；在光学棱镜方面，公司是A 客户核心棱镜 供应商，未来有望受益于潜望长焦的升级以及下沉趋势；公司在玻璃晶圆领域布局前瞻，未来随着AR 消费级产品放量、下一代半导体先进封装对玻璃基板的需求增加，玻璃晶圆业务有望进入高速成长期， 同时规模效应也将显著改善业务毛利率。 预计公司2025 年-2027 年营业收入分别为14.6 亿元、18.7 亿元和23.3 亿元，同比增长41%、28%和 25%，对应归母净利润分别为3.4 亿元、4.6 亿元和5.7 亿元，当下市值对应的PE 分别为37.9、28.2 和 22.8 倍，首次覆盖，给予买入评级。 摘要 公司深耕光学行业三十年，消费电子、汽车、AR 多领域布局公司深耕精密光学行业多年，掌握光学冷 加工、热模压等核心技术，已形成光学棱镜、玻璃非球面透镜和玻璃晶圆三大产品线，下游应用从智能 手机拓展到汽车、AR 等 ...

9月26日，蓝特光学跌5.18%，截至发稿，报32.05元/股，成交1.14亿元，换手率0.86%，总市值129.22亿 元。 资料显示，浙江蓝特光学股份有限公司位于浙江省嘉兴市秀洲区洪合镇洪福路1108号1幢，成立日期 2003年9月4日，上市日期2020年9月21日，公司主营业务涉及光学元件的研发、生产和销售。主营业务 收入构成为：光学棱镜59.54%，玻璃非球面透镜26.41%，玻璃晶圆8.20%，其他5.85%。 长安行业成长混合A（016345）成立日期2022年9月29日，最新规模1829.19万。今年以来收益48.29%， 同类排名1321/8171；近一年收益87.84%，同类排名878/8004；成立以来收益21.57%。 长安行业成长混合A（016345）基金经理为张云凯。 截至发稿，张云凯累计任职时间1年135天，现任基金资产总规模3.06亿元，任职期间最佳基金回报 79.91%， 任职期间最差基金回报33.21%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个 ...

Group 1 - The stock price of Lante Optics fell by 5.2% to 31.15 CNY per share, with a trading volume of 1.22 billion CNY and a turnover rate of 0.94%, resulting in a total market capitalization of 12.559 billion CNY [1] - Lante Optics, established on September 4, 2003, and listed on September 21, 2020, specializes in the research, production, and sales of optical components, with revenue composition as follows: optical prisms 59.54%, glass aspheric lenses 26.41%, glass wafers 8.20%, and others 5.85% [1] Group 2 - In the second quarter, the fund "Invesco Great Wall Research Selected Stocks A" reduced its holdings in Lante Optics by 1.8061 million shares, now holding 9.8873 million shares, which accounts for 2.45% of the circulating shares, resulting in an estimated floating loss of approximately 16.9073 million CNY [2] - The fund has a total scale of 2.606 billion CNY, with a year-to-date return of 62.01% and a one-year return of 119.55%, ranking 185th out of 4220 and 225th out of 3814 respectively [2] - The fund manager, Jiang Shan, has been in position for 4 years and 43 days, with the best fund return during this period being 188.88% and the worst being -16.09% [2] Group 3 - The fund "Invesco Great Wall Research Selected Stocks A" has Lante Optics as its sixth-largest holding, accounting for 3.95% of the fund's net value, with a floating loss of approximately 16.9073 million CNY due to the recent reduction in shares [3]

Company Overview - Lante Optics, established on September 4, 2003, is located in Jiaxing, Zhejiang Province, and specializes in the research, production, and sales of optical components [1] - The company was listed on September 21, 2020, and operates primarily in the optical components sector, with revenue composition as follows: optical prisms 59.54%, glass aspheric lenses 26.41%, glass wafers 8.20%, and others 5.85% [1] Financial Performance - For the first half of 2025, Lante Optics reported a revenue of 577 million yuan, representing a year-on-year growth of 52.54%, and a net profit attributable to shareholders of 103 million yuan, which is a 110.27% increase compared to the previous year [2] - Since its A-share listing, the company has distributed a total of 342 million yuan in dividends, with 221 million yuan distributed over the last three years [3] Stock Market Activity - As of September 3, Lante Optics' stock price was 31.69 yuan per share, with a market capitalization of 12.777 billion yuan [1] - The stock has seen a year-to-date increase of 17.81%, a decline of 3.88% over the last five trading days, a rise of 15.83% over the last 20 days, and a significant increase of 36.65% over the last 60 days [1] - On the same date, the company experienced a net outflow of 4.8441 million yuan in principal funds, with large orders showing a buy of 20.983 million yuan and a sell of 27.191 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 12.09% to 9,353, while the average circulating shares per person decreased by 10.79% to 43,108 shares [2] - Among the top ten circulating shareholders, Invesco Great Wall Research Selected Stock A is the third largest with 9.8873 million shares, having decreased by 1.8061 million shares from the previous period [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][19]. Core Insights - The company has demonstrated significant revenue growth in H1 2025, with a year-on-year increase of 52.54%, driven by the demand for micro-prisms and automotive optics [1][2]. - The overall gross margin for H1 2025 was 35.98%, reflecting a year-on-year improvement of 4.38 percentage points, while the net profit margin increased by 5.09 percentage points to 18.17% [2]. - The company is benefiting from a diversified product matrix, with key products such as optical prisms, glass wafers, and glass aspheric lenses seeing revenue growth due to expanding applications in consumer electronics, automotive intelligent driving, and optical communications [2][3]. Financial Performance Summary - Revenue projections show a strong upward trend, with expected revenues of 754 million yuan in 2023, increasing to 2,831 million yuan by 2027, representing a compound annual growth rate (CAGR) of 38.4% [1]. - The net profit is projected to grow from 180 million yuan in 2023 to 567 million yuan in 2027, with a CAGR of 30.6% [1]. - The company's return on equity (ROE) is expected to improve from 11.0% in 2023 to 19.3% in 2027, indicating enhanced profitability [1]. Business Expansion and Market Opportunities - The company is actively exploring demand in multiple downstream sectors, including consumer electronics, automotive intelligent driving, and optical communications, which are expected to drive growth [3]. - The demand for optical components is anticipated to continue expanding due to rapid developments in consumer electronics, automotive, and semiconductor sectors, as well as emerging fields like artificial intelligence and high-speed optical communication [3][8]. - The report highlights the company's strategic partnerships with major clients, which are expected to support stable growth in the glass wafer business as technology applications evolve [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 40.25 CNY [1][10]. Core Views - The company has shown significant growth in revenue and profit across multiple business lines, with a notable increase in gross margin [9]. - The optical prism business continues to grow, and there is substantial potential in the glass aspheric lens market [4][9]. - The company is expected to maintain high growth in its optical prism business and has developed new micro-prism products to enhance its product matrix [9]. Financial Performance Summary - The company achieved a revenue of 754 million CNY in 2023, with a year-on-year growth of 98.4%. Projections for 2024 and 2025 are 1,034 million CNY and 1,491 million CNY, respectively, indicating growth rates of 37.1% and 44.2% [7]. - The net profit attributable to the parent company is forecasted to be 180 million CNY in 2023, increasing to 221 million CNY in 2024 and 343 million CNY in 2025, with growth rates of 87.3% and 55.6% [7][10]. - The gross margin is expected to be 42.1% in 2023, slightly decreasing to 39.9% in 2024, and then stabilizing around 41.1% in 2025 [7]. Business Segment Performance - The optical prism segment saw a revenue increase of 69% to 3.4 million CNY, with a gross margin improvement of nearly 10 percentage points to 33.2% [9]. - The glass aspheric lens segment is experiencing accelerated demand, particularly in automotive and handheld devices, with a revenue increase of 24% [9]. - The company is positioned well with leading clients in the rapidly growing sectors of handheld devices, optical modules, and automotive lenses [9].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [5] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 577 million yuan, a year-on-year growth of 52.54%, and net profit of 103 million yuan, up 110.27% compared to the same period last year [1][2] - The demand for micro-prisms, automotive electronics, and glass wafers remains strong, contributing to the growth in sales across the company's main product lines [2] - The company is increasing its R&D investment, focusing on high-end products such as AR optical components and silicon carbide wafers, with R&D expenses rising by 22.28% year-on-year to approximately 56.23 million yuan [3] Summary by Sections Financial Performance - For the first half of 2025, the company achieved a revenue of 577 million yuan and a net profit of 103 million yuan, reflecting substantial growth compared to the previous year [1][2] - The projected revenues for 2025, 2026, and 2027 are estimated at 1.48 billion yuan, 1.89 billion yuan, and 2.42 billion yuan respectively, with net profits expected to be 366 million yuan, 516 million yuan, and 669 million yuan [4][9] Market Demand - The company is actively exploring demand in consumer electronics, automotive intelligent driving, and optical communication sectors, leading to increased sales in optical prisms, glass wafers, and aspherical glass lenses [2] - The strategic partnerships with major clients have supported the stable development of the glass wafer business [2] Research and Development - The company is enhancing its R&D capabilities, with a focus on AR products and high-precision optical components, and has expanded its R&D team to 334 personnel, accounting for 11.91% of total employees [3] - The company has obtained new patents, including 2 invention patents and 6 utility model patents, increasing its total to 17 invention patents and 76 utility model patents [3]

Group 1 - The semiconductor industry is experiencing significant growth, with various indices showing substantial increases, such as the CPO index rising over 123% from April 8 to August 21 [3] - Longjing Technology has completed a strategic financing round, attracting investments from notable funds, indicating strong interest in the semiconductor sector [2] - Lante Optics reported a 52.54% increase in revenue and a 110.27% increase in net profit for the first half of 2025, driven by demand in consumer electronics and automotive sectors [3] Group 2 - The release of DeepSeek-V3.1, designed for next-generation domestic chips, highlights advancements in technology within the semiconductor field [2] - Open-source securities suggest that the uncertainty caused by the H20 embargo has led to a delay in procurement for internet companies, but this uncertainty is expected to dissipate, leading to a resurgence in project tenders and orders in the domestic computing industry [4] - The semiconductor materials ETF and its associated funds focus on semiconductor equipment and materials, which are crucial for domestic substitution and are expected to benefit from the expansion of semiconductor demand driven by the AI revolution [4]

Group 1 - The semiconductor industry is experiencing significant growth, with various indices showing substantial increases, such as the CPO index rising over 123% from April 8 to August 21 [3] - Longjing Technology has completed a strategic financing round, attracting investments from notable funds, indicating strong investor interest in the semiconductor sector [2] - Lante Optics reported a 52.54% increase in revenue and a 110.27% increase in net profit for the first half of 2025, driven by demand in consumer electronics and automotive sectors [3] Group 2 - The release of DeepSeek-V3.1, designed for next-generation domestic chips, highlights advancements in technology within the semiconductor industry [2] - Open-source securities suggest that the uncertainty caused by the H20 embargo has led to a temporary slowdown in capital expenditures for internet companies, but this is expected to recover as project tenders restart [4] - The semiconductor materials ETF and its related funds focus on companies in the semiconductor equipment and materials sectors, which are crucial for domestic substitution and are expected to benefit from the expansion of semiconductor demand driven by AI [4]

Core Viewpoint - Bluet Optical reported a significant increase in revenue and net profit for the first half of 2025, indicating strong growth in the optical components market driven by diverse applications and technological advancements [1][2][3] Group 1: Financial Performance - In the first half of 2025, Bluet Optical achieved a revenue of 577 million yuan, representing a year-on-year increase of 52.54% [1] - The net profit attributable to shareholders reached 103 million yuan, marking a year-on-year growth of 110.27% [1] Group 2: Product and Market Expansion - Bluet Optical has established itself as a leader in optical components, with three main product lines: optical prisms, glass aspheric lenses, and glass wafers, expanding applications from consumer electronics to AR/VR and automotive sectors [1][2] - The demand for optical components is driven by the upgrade in consumer electronics and the growth of the automotive market, particularly in advanced driver-assistance systems (ADAS) [2] Group 3: Research and Development - The company invested 56.23 million yuan in R&D during the reporting period, an increase of 22.28% compared to the same period last year [3] - The R&D team expanded to 334 members, accounting for 11.91% of the total workforce, ensuring stability and competitiveness in innovation [3] - Bluet Optical obtained 2 new invention patents and 6 utility model patents, reflecting its commitment to technological advancement [3]