波长光电 20251029 摘要 波长光电 2025 年前三季度营收 3.345 亿元，同比增长 24.66%，非经 常性损益同比下降 16.4%至 2,576 万元。第三季度单季营收 1.22 亿元， 归母净利润 1,150 万元，经营情况较上半年有所提升，利润降幅收窄。 第三季度，激光业务占总收入的 60%，其中半导体相关业务占比约 16%-17%，传统激光应用占比约 40%；红外业务接近 30%；消费类 光学及其他业务合计占比 10%。 毛利率环比改善主要得益于去年四季度毛利率低基数、红外业务产品设 计改进降低原材料波动影响，以及高毛利半导体业务营收占比提升。 利润下降主要原因是前期固定资产摊销和新业务人才储备导致成本和期 间费用增加，但这些投入为未来发展奠定基础。 第三季度存在资产减值，主要由于海外原材料价格下跌和生产工艺调整 导致产品返修及检测费用增加，检测费用共计 256 万元。 半导体业务收入显著增长，特别是老客户业务量增加明显，新客户订单 落地，光刻和量检测相关产品需求快速增长，收入同比增长超过 100%。公司将扩充产能近一倍以应对需求。 PCD 业务主要为设备厂家提供光学镜头，应用于 PCB ...

Group 1 - China's tightening of drone export controls since September 2022 has led to significant price increases for drone components exported to the U.S., with some prices rising by three times or more [1] - The new regulations, effective from September 2024, include controls on engines, motors, laser devices for target indication, and anti-drone electronic jamming equipment [1] - Exports of infrared imaging devices, which can detect heat radiation at night, have seen a 30% decrease in volume but a nearly 50% increase in total export value, indicating a doubling of unit prices due to supply-demand tensions [1] Group 2 - The global export volume of inertial measurement devices has dropped by 80%, while their unit prices have quadrupled [2] - Prices for drone DC motors have increased by approximately 30%, and AC motors have risen by 16% [2] - A French military drone manufacturer reported that the price for thermal imaging cameras from China has doubled, highlighting the dependency on Chinese components due to European manufacturers lagging in technology by about three years [4] Group 3 - Approximately 70% to 80% of commercial drones globally are manufactured in China, which dominates the production of key components such as sensors and speed controllers [4] - DJI is identified as the largest commercial drone manufacturer in the world, holding a 90% market share in the U.S. commercial drone market [4] - Chinese drones are noted for being cheaper and technologically superior compared to U.S. counterparts, despite facing political scrutiny in the U.S. [4][5]

Overview - The company has approved a proposal for shareholders, actual controllers, and subsidiaries to provide guarantees for the company, involving a total financing amount of up to 140 million yuan [1][2][8] Financing Details - The company will apply for a working capital loan of 100 million yuan from Hongta Bank, with a loan term not exceeding three years [1][12] - The company will pledge certain patent rights and real estate owned by its subsidiaries as collateral for the loan [1][12] - The financing includes a leasing business with Ping An Leasing for an amount not exceeding 40 million yuan, also with a three-year term [2][12] Related Parties - Yunnan Dongxing Industrial Group Co., Ltd., a major shareholder, and the actual controllers, Bao Wendong and Wu Kaihui, will provide joint liability guarantees for the financing [2][3] - Bao Wendong holds 69.70% and Wu Kaihui holds 30.30% of Dongxing Group [3][5] Transaction Nature - The guarantees provided by the related parties constitute related party transactions as defined by the Shenzhen Stock Exchange regulations [2][3] - The actual controllers have recused themselves from voting on the proposal due to their interest in the transaction [2][11] Impact on Company - The guarantees will not incur any fees for the company and do not require counter-guarantees, aligning with the interests of the company and all shareholders [8][11] - The company’s main business operations will not be dependent on these related transactions [8][11] Previous Related Transactions - The company has previously engaged in related transactions involving guarantees from the actual controllers and major shareholders, with various amounts and terms [8][9]