证券研究报告·北交所公司点评报告·光学光电子 戈碧迦（920438） 2025 年三季报点评：业绩反转基本确立，玻 璃载板获订单超亿元 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 808.34 | 566.20 | 606.38 | 814.29 | 1,183.19 | | 同比（%） | 88.26 | (29.95) | 7.10 | 34.29 | 45.30 | | 归母净利润（百万元） | 104.21 | 70.25 | 54.07 | 96.36 | 185.30 | | 同比（%） | 127.37 | (32.59) | (23.03) | 78.22 | 92.30 | | EPS-最新摊薄（元/股） | 0.72 | 0.49 | 0.37 | 0.67 | 1.28 | | P/E（现价&最新摊薄） | 56.10 | 83.21 | 108.12 | 60.67 | 31.55 | ...

Group 1: Achievements in Manufacturing and Shipbuilding - During the "14th Five-Year Plan" period, China's manufacturing industry has shown significant growth, with total industrial added value increasing from 31.3 trillion yuan to 40.5 trillion yuan, and manufacturing added value rising from 26.6 trillion yuan to 33.6 trillion yuan [3][4] - The construction of large cruise ships is a comprehensive test of a country's shipbuilding capabilities, with China forming a design and construction capability for large cruise ships and establishing a Chinese standard system for the cruise industry [2] - The successful launch of the domestically produced electromagnetic aircraft carrier Fujian marks a new height in China's naval equipment capabilities, while large LNG carriers have gained a leading position in the global market [2] Group 2: Innovation and Transformation in Manufacturing - Innovation is the primary driving force for China's manufacturing transformation, with R&D expenditure in large-scale manufacturing enterprises exceeding 1.6% of operating income [5] - The transition from "manufacturing" to "intelligent manufacturing" is evident, with over 50% of new industrial robot installations globally occurring in China [8] - The integration of digital and physical economies is a notable feature of high-quality development during the "14th Five-Year Plan," with over 459.8 million 5G base stations established [7][8] Group 3: Role of SMEs and Specialized Enterprises - Over 10,000 specialized and innovative SMEs have been added since the "14th Five-Year Plan," contributing significantly to employment, with over 128 million workers in scale SMEs [11] - Specialized and innovative enterprises are crucial for industrial development and are seen as the backbone of the economy, enhancing the stability and safety of industrial and supply chains [10][11] - The number of registered SMEs in China has exceeded 60 million, with an average annual increase of over 4 million since 2021, indicating a robust growth in this sector [10]

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company's semiconductor layout has shown initial success, while the special glass segment is yet to take off [1] - The company has experienced a decline in overall business, particularly in the sales of nano-microcrystalline glass and special functional glass, which needs improvement [7] - The optical glass segment has seen significant revenue growth, with a 17.19% increase year-on-year, and an improvement in gross margin [7] - The company is expanding into the semiconductor industry, leveraging its optical glass as a foundational material for emerging applications [7] - Research and development efforts are being intensified, with significant progress in semiconductor applications and the establishment of a new subsidiary to enhance R&D capabilities [7] Financial Summary - Revenue projections for 2025 and 2026 are estimated at 631.33 million and 832.19 million respectively, with a forecasted net profit of 74.13 million and 127.19 million [1][8] - The company's earnings per share (EPS) is projected to be 0.51 in 2025 and 0.88 in 2026, with a price-to-earnings (P/E) ratio of 87.80 and 51.17 respectively [1][8] - The company has a total market capitalization of 6,508.35 million and a circulating A-share market value of 6,300.57 million [5]

Core Viewpoint - The North Exchange 50 index reached a historical high of 1637.50 points on August 19, 2025, marking the first time it surpassed the 1600-point threshold, with a cumulative increase of approximately 12.21% in August 2025 [1][2]. Company Summaries HaiNeng Technology - HaiNeng Technology reported a total revenue of approximately 1.36 million yuan for the first half of 2025, representing a year-on-year growth of 34.87%, and a net profit of approximately 547.15 thousand yuan, marking a year-on-year increase of 139.03% [3][6]. - The company specializes in the manufacturing of scientific instruments, with a gross margin of 75.45%. The organic element analysis series contributed over 30% of its revenue, amounting to approximately 0.46 billion yuan [3][5]. - HaiNeng Technology is developing an instrument control system based on the domestic "Hongmeng" operating system, with initial tests conducted in June 2025 and plans for broader implementation within the year [6][7]. GeBiJia - GeBiJia, a national-level specialized "little giant" enterprise, focuses on the research, manufacturing, and sales of optical glass and special functional glass, with a total revenue of approximately 5.66 billion yuan in 2024 [10][11]. - The company's optical glass products accounted for about 66% of its revenue, while revenue from special functional glass products saw a significant decline of 67.63% [10][11]. - GeBiJia's products are widely used in various applications, including security monitoring, consumer electronics, and automotive lenses, with a focus on the consumer electronics sector for future development [10][12]. Market Performance - Both HaiNeng Technology and GeBiJia experienced significant stock price increases in August 2025, with HaiNeng Technology's stock reaching a historical high of 46.98 yuan and a trading volume of 11.22 billion yuan [7][9]. - GeBiJia's stock also saw a notable increase, with a cumulative price deviation of 44.54% from August 15 to August 18, 2025 [13].

Group 1: Investor Relations Activities - The company participated in the "2025 Investor Online Collective Reception Day" on June 12, 2025, from 14:00 to 16:40 [3] - The event was conducted remotely, with participation from investors and company representatives including Chairman Wu Linhai, Financial Officer Li Jinrong, and Securities Affairs Representative Zhang Li [3] Group 2: Key Questions and Responses - The semiconductor glass substrate and glass carrier board business is in the initial stage, with some material research at the pilot testing phase; specific scale and production details will be available in future reports [4] - The company has not disclosed any financing plans but will comply with legal and exchange regulations if such plans arise [4] - Over the past year, the company established a complete R&D system and achieved results in specialty glass materials, particularly in nano-microcrystalline glass, which has entered some end-user supply chains [4] - The company aims to enhance its core competitiveness by focusing on its main business, improving management, and increasing R&D and innovation capabilities [4] - The establishment of a subsidiary in Shanghai is intended to strengthen R&D capabilities and explore new market applications [5] Group 3: Strategic Partnerships and Market Position - The company has not established a direct partnership with Huawei HiSilicon in the semiconductor chip and terminal product sectors [5] - The appreciation of platinum prices will not be reflected in the financial statements [5] - Some radiation-proof glass products have been applied in the nuclear power industry [6] - If the company decides to introduce strategic investors, it will follow relevant legal and exchange disclosure obligations [6]

Investment Rating - The report gives a "Buy" rating for the company, Gobi Jia (戈碧迦) [3]. Core Views - Gobi Jia is positioned as a leading domestic manufacturer in the optical and specialty glass sectors, with a strong focus on cost control and operational efficiency. The company has shown significant revenue growth driven by its specialty glass segment, which has expanded rapidly in recent years [6][10]. - The company is expected to face short-term performance pressure due to the completion of orders with Chongqing Xinjing, but its long-term prospects remain strong due to its proprietary technology and market position [6][14]. Financial Forecasts - The projected financial metrics for Gobi Jia are as follows: - Revenue (in million CNY): 808.34 in 2023, expected to decline to 566.49 in 2024, then recover to 736.12 in 2025, and reach 926.89 in 2026 [2]. - Net profit (in million CNY): 104.21 in 2023, declining to 70.99 in 2024, then increasing to 86.95 in 2025, and 109.89 in 2026 [2]. - EPS (in CNY): 0.74 in 2023, expected to drop to 0.50 in 2024, then rise to 0.62 in 2025, and 0.78 in 2026 [2]. - The report anticipates a PE ratio of 45-50 for 2025, suggesting a fair value range for the stock between 27.9 and 31 CNY per share [6]. Company Overview - Gobi Jia has been in the glass manufacturing industry for over 15 years, focusing on optical and specialty glass products. The company has developed a wide range of products used in various applications, including security monitoring, automotive lenses, optical instruments, and smart projection [10][25]. - The company has a relatively dispersed ownership structure, with significant stakes held by institutional investors, which aligns the interests of management and key technical personnel with those of shareholders [22]. Industry Insights - The optical glass market in China is projected to grow, with a market size of approximately 3.76 billion CNY in 2023, reflecting a 4.4% increase. The demand for high-quality optical products is expected to rise due to advancements in technology and consumer electronics [6][30]. - The specialty glass segment is characterized by a diverse range of applications and a lack of domestic products, presenting opportunities for growth as the industry evolves [30][38]. Production Capabilities - Gobi Jia has made significant advancements in its melting and forming processes, allowing for continuous production and high-quality output. The company has developed proprietary technologies that enhance production efficiency and product quality [40][41]. - The company is expanding its production capacity with a new investment project aimed at increasing specialty glass output, which is expected to contribute significantly to future profits [6][40].