证券研究报告|公司点评报告 [Table_Date] 2025 年 10 月 27 日 [Table_Title] 业绩符合预期，三大板块齐头并进助力增长 [Table_Title2] 宸展光电(003019) [Table_Summary] 事件概述 宸展光电发布 2025 年三季报。25Q1-Q3 公司实现营收 18.65 亿 元，同比-0.04%，归母净利润 1.56 亿元，同比-4.16%；扣非归 母净利润 1.33 亿元，同比-12.43%。 业绩符合市场预期 单季度看：25Q3 公司实现营收 6.69 亿元，同比+20.17%，环比 +16.52%；归母净利润为 0.44 亿元，同比+34.49%，环比- 29.79%；扣非归母净利润为 0.43 亿元，同比+48.46%，环比- 15.01%。 毛利率相对稳定，期间费用率同比提升 毛利率：25Q1-Q3 公司毛利率为 23.66%，同比+0.20pct。其 中，25Q3 毛利率为 23.21%，同比+0.57pct。 期 间费 用率 ： 25Q1-Q3 公司期间费用率 为 14.07% ，同比 +2.17pct。 其中销 售、 管理 、研 发、 ...

Core Viewpoint - The report from Cinda Securities indicates that ChenZhan Optoelectronics achieved a net profit attributable to shareholders of 112 million yuan in the first half of 2025, representing a year-on-year decrease of 13.85% [1] Group 1: Company Overview - ChenZhan Optoelectronics is a provider of commercial human-machine interaction intelligent terminal solutions, with product offerings including touch all-in-one machines, touch displays, various smart self-service terminals, and embedded modules [1] - The company's ODM business model provides customized products and services to global clients, covering product design, hardware and software selection, manufacturing, and validation [1] Group 2: Business Development - Following the acquisition of MicroTouch™ in 2020, the company has been developing its own brand and has gradually established and improved its agent channels globally, leading to increased brand recognition [1] - MicroTouch™ is now independently developing under an overseas subsidiary model, enhancing the synergy with the group [1] Group 3: Strategic Partnerships - The company has invested in Hongtong Technology to enter the smart cockpit business, which has been providing high-quality touch display assembly solutions to automotive manufacturers in Europe, America, and China since 2017, demonstrating strong competitiveness in the mid-to-high-end market [1] - A partnership with Satogate has been established to explore new scenarios for encrypted payments [1]