（原标题：影石创新(688775.SH)：弘景光电是公司采购原材料镜头模组的主要供应商） 格隆汇8月21日丨影石创新(688775.SH)在互动平台表示，弘景光电是公司采购原材料镜头模组的主要供 应商，公司对弘景光电的镜头模组采购占比由2023年度的23.44%下降至2024年度的19.04%，并不存在 严重依赖。 ...

格隆汇8月21日丨影石创新(688775.SH)在互动平台表示，弘景光电是公司采购原材料镜头模组的主要供 应商，公司对弘景光电的镜头模组采购占比由2023年度的23.44%下降至2024年度的19.04%，并不存在 严重依赖。 ...

Investment Rating - The report provides an overall positive outlook for the technology hardware sector, indicating a recovery in valuations due to tariff easing between China and the U.S. [1] Core Insights - The easing of tariffs is expected to stabilize costs for key components in the consumer electronics supply chain, particularly benefiting companies in the Apple supply chain [2][8] - The semiconductor sector will experience short-term cost relief, but domestic replacements in China are anticipated to grow, impacting market shares of U.S. companies like Texas Instruments and Intel in the long run [2][9] - Data center hardware costs are projected to decrease, enhancing profit margins for companies involved in AI server production and data center construction [2][11] - The tariff policy is moving towards a more rational level, reducing the risk of further escalation, although long-term uncertainties remain [2][12] Consumer Electronics - Supply chain pressures are expected to ease, with most products under a 90-day tariff exemption, leading to a stabilization of costs for iPhone and other hardware components [2][8] - Companies such as Sunny Optical, Q Tech, and Luxshare are likely to see margins recover to pre-tariff levels, with stable order flows from assemblers [2][8] Semiconductors - U.S. semiconductor companies will benefit from reduced export costs due to tariff cuts, particularly Texas Instruments and Analog Devices, which have significant sales in China [2][9] - Despite short-term benefits, the market share of U.S. chipmakers is expected to decline as domestic Chinese manufacturers continue to grow [2][10] Data Centers - The reduction in tariffs on GPU servers and optical modules will lower BOM costs, positively impacting profit margins for AI server manufacturers [2][11] - The overall construction costs for data centers in the U.S. are expected to decrease, potentially accelerating the construction timeline [2][11] Policy Outlook - The report suggests that tariff policies are trending towards rationalization, with ongoing negotiations expected to address various trade issues [2][12] - Future discussions may include topics such as fentanyl control and export restrictions on advanced technologies [2][12]

联创电子 20250126 摘要 • 联创电子 2025 年一季度光学业务营收突破 7 亿元，其中镜头销量 4.4 亿 元，模组 2.7 亿元，车载光学营收预计全年达 35-40 亿元，光学业务已占 总营收 50%以上，成为公司主业，触控显示业务同比下降，但应用终端代 工规模增长 20%。 • 公司 2025 年经营目标为营收 110 亿元，光学业务收入预计 55 亿元，力 争扭亏为盈。合肥工厂至 3 月份产能约 300 万颗，年底预计达四五百万颗， 全年规划产能 5,000 万颗，南昌和合肥车载镜头满负荷运转。 • 北美市场整车销量虽未大幅增加，但公司订单增长，可能受中美贸易及客 户缺口影响。消费类电子产品，特别是机器人和 AI 相关产品，被视为车载 后市场光学领域的第二大市场，预计三年后迎来爆发周期。 • 比亚迪车载镜头需求稳定，公司可满足其需求。去年四季度信用减值同比 减少，资产减值与 2023 年持平，存货减值周期较长但规模较大，已累计 减值七八个亿，大规模减值可能性降低。 • 一季度存货增加主要由于车载业务规模扩大，打通了从玻璃到镜头模组的 供应链，国内供应周期较长也导致存货同比增加。一季度海外客户 ...