2025 年 04 月 30 日 公司点评 买入/维持 光峰科技(688007) 目标价: 昨收盘:14.58 光峰科技：2025Q1 收入稳健增长，车载业务进入量产交付阶段 ◼ 走势比较 (40%) (28%) (16%) (4%) 8% 20% 24/4/30 24/7/11 24/9/21 24/12/2 25/2/12 25/4/25 ◼ 股票数据 | 总股本/流通(亿股) | 4.59/4.59 | | --- | --- | | 总市值/流通(亿元) | 66.96/66.96 | | 12 个月内最高/最低价 | 20.2/11.81 | | (元) | | 相关研究报告 <<光峰科技：2024Q1 利润迎来拐点增 速靓丽，车载业务收入实现从 0 到 1 突 破>>--2024-04-30 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 证券分析师：赵梦菲 E-MAIL：zhaomf@tpyzq.com 分析师登记编号：S1190525040001 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpy ...

Investment Rating - The report maintains a "Buy" rating for the company [1][7] Core Views - The company achieved a total revenue of 2.419 billion yuan in 2024, representing a year-on-year growth of 9.27%, while the net profit attributable to shareholders was 28 million yuan, down 72.91% year-on-year [4][9] - In Q1 2025, the company reported total revenue of 461 million yuan, a year-on-year increase of 3.67%, but a net loss of 21 million yuan [4][5] - The automotive optical business has entered mass production, contributing to revenue growth [1][5] Financial Performance Summary - For Q4 2024, the company recorded revenue of 699 million yuan, up 24.21% year-on-year, with a reduced net loss of 15 million yuan compared to a loss of 25 million yuan in Q4 2023 [5][6] - The core components and complete machine business generated revenue of 2.240 billion yuan in 2024, reflecting an 11.48% year-on-year increase, primarily driven by the automotive optical business [5][6] - The gross profit margin for Q4 2024 and Q1 2025 was 22.15% and 25.21% respectively, both under pressure compared to previous periods [6][9] Business Segment Performance - The automotive optical business revenue reached 638 million yuan in 2024, while the cinema and professional display businesses generated nearly 570 million yuan and 392 million yuan respectively [5][6] - The overseas revenue for the professional display business was approximately 140 million yuan, showing a significant increase of 60.47% [5][6] Regional Performance - In 2024, domestic and overseas revenues were 2.141 billion yuan and 277 million yuan respectively, with domestic revenue growing by 14.93% and overseas revenue declining by 20.81% [5][6] Future Outlook - The company is expected to benefit from the recovery of the film industry and the growth of the intelligent cockpit market, with projected net profits of 120 million yuan, 180 million yuan, and 215 million yuan for 2025, 2026, and 2027 respectively [7][9] - The estimated earnings per share (EPS) for the same years are projected to be 0.26 yuan, 0.39 yuan, and 0.47 yuan, with corresponding price-to-earnings (PE) ratios of 55.91, 37.11, and 31.09 [7][9]

证券研究报告 联创电子 (002036 CH) 1Q25 毛利率同环比提升，关注车载业 务放量节奏 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 28 日│中国内地 | 消费电子 | 2024 年公司实现营收 102.12 亿元（yoy+3.69%），归母净利-5.53 亿元 （yoy+44.29%），基本贴近此前业绩预告上限亏损 5.5 亿元。1Q25 实现营 收 21.77 亿元（yoy-11.71%，qoq-11.81%），归母净利 0.03 亿元，同比及 环比均实现扭亏。2024 年公司触控显示和集成电路的收入虽然同比有较大 降幅，但公司依靠在车载光学业务收入上的强劲增长（yoy+120%）保持整 体营收基本持平；触控显示业务计提的资产/信用减值约 4.2 亿元，导致 24 年全年亏损幅度较大。1Q25 营收同比下滑主因触控和终端制造客户需求疲 软，但车载光学依然保持较好收入增长。展望 2025 年，我们认为公司有望 在车载光学需求的高速增长下实现全年扭亏。目标价 11.13 元，维持"买入"。 2024&1Q25 回顾： ...