Core Viewpoint - The competition in the smart automotive sector is shifting from power systems to interactive experiences, with laser projection technology emerging as the next battleground [1]. Group 1: Industry Trends - The automotive projection technology forum held in Beijing attracted major manufacturers and core suppliers, indicating a growing interest in interactive automotive technologies [1]. - The trend towards automotive intelligence is driving the development of various product lines in the vehicle optical field [3]. Group 2: Company Innovations - Light Peak Technology (光峰科技) is redefining human-vehicle interaction with its ALPD® semiconductor laser technology, which offers advantages such as compact size, high brightness, and long lifespan [3]. - The company has developed a full-domain cockpit projection system that includes features like a transparent display on the roof, rear entertainment screens, and smart surface displays, enhancing the in-car entertainment and interaction logic [4]. - Light Peak Technology has created the automotive industry's first vehicle-grade projection giant screen system, measuring up to 32 inches, which has been successfully implemented in models like the Wenjie M9 and M8, serving over 160,000 users [4]. - The smart laser headlights integrate various lighting functions and can display colored images and dynamic patterns, enhancing driving safety and user experience [5]. - The dynamic ground projection lights, featuring a compact optical engine, provide personalized content display and safety information, contributing to user experience and safety [7]. - Since entering the vehicle optical market in 2022, Light Peak Technology has secured 13 vehicle designations, collaborating with major industry players like Huawei and BYD [7].

公司报告 | 年报点评报告 光峰科技（688007） 证券研究报告 车载业务快速增长，积极拓展激光新兴应用领域 事件：公司 2024 年全年实现营业收入 24.19 亿元，同比+9.27%，归母净利润 0.28 亿元，同比-72.91%； 其中 2024Q4 实现营业收入 6.99 亿元，同比+24.21%，归母净利润-0.15 亿元（23Q4 为-0.25 亿元）。 公司 2025 年 Q1 全年实现营业收入 4.61 亿元，同比+3.67%，归母净利润-0.21 亿元（24Q1 为 0.45 亿元）。公司拟向全体股东每 10 股派发现金红利 0.25 元（含税），分红比例 40.86%。 车载业务快速增长，拓展激光新兴应用领域 分业务看，24A 公司影院业务实现营业收入近 5.7 亿元，整体发展稳健。专业显示业务实现营业收 入 3.92 亿元；其中，海外市场实现营业收入近 1.4 亿元，同比增长 60.47%。24A 车载光学业务进入 密集量产交付阶段，实现营业收入 6.38 亿元。自进入车载业务以来，公司持续推动车载产品的技 术升级、创新突破及差异化发展，丰富产品矩阵以满足车企需求。截至 24 年底，公 ...

Core Viewpoint - The company reported a revenue increase of 9.27% for the fiscal year 2024, driven by the commencement of mass production and delivery of its first designated vehicle model, the AITO M9, contributing to the growth of its automotive optical business [2][3]. Financial Performance - The total revenue for 2024 was 2.419 billion yuan, up from 2.213 billion yuan in 2023 [3]. - Net profit attributable to shareholders decreased by 72.91% to 27.95 million yuan compared to 103.19 million yuan in the previous year [3][4]. - The net profit after deducting non-recurring gains and losses was 32.13 million yuan, down 22.88% from 41.66 million yuan in 2023 [3][4]. - The net cash flow from operating activities was 87.22 million yuan, a decline of 76.04% year-on-year [4]. Business Strategy and Developments - The company has adjusted its C-end business strategy, leading to a decrease in revenue and gross margin from this segment, while the automotive business is gaining a larger share of revenue [4]. - The company has secured 13 automotive designations, including a significant contract for smart cockpit systems with a leading international automaker, indicating a shift towards global market expansion [4]. Research and Development - R&D expenditure accounted for 10.24% of total revenue, a decrease from 12.69% in the previous year [3]. - The company is focusing on technological upgrades and product diversification in its automotive segment to meet the needs of car manufacturers [4]. Q1 2025 Performance - For Q1 2025, the company reported a revenue of 461.38 million yuan, a 3.67% increase year-on-year [5]. - The net loss attributable to shareholders was 21.36 million yuan, a shift from profit to loss compared to the same period last year [5].