Core Viewpoint - Shenzhen Pinyou Innovation Technology Co., Ltd. aims to become a world-class leader in the imaging industry, providing one-stop solutions for both front-end and aftermarket customers in China and abroad [3] Group 1: Company Overview - Established in 2014, Pinyou focuses on technological innovation and quality as its core principles, serving a wide range of applications including automotive, medical devices, and security systems [3] - Main products include automotive front-end imaging modules, dashcam modules, law enforcement camera modules, sports DV modules, drone video modules, and multi-purpose vehicle-mounted cameras [3] Group 2: Core Advantages - Technical Strength: The company has over 40 R&D personnel, with plans to increase to over 60 by 2026 and over 100 by 2027. 70% of the team has more than 5 years of experience, and 20% have 8-10 years [6] - Patent Portfolio: Pinyou holds over 30 patent certificates and has applied for more than 30 patents in the same year [6] - Laboratory Capabilities: The company possesses its own laboratory capable of conducting over 20 types of experimental tests including temperature extremes, salt spray, and waterproof testing [6] Group 3: Production Capacity - The company has undergone three factory relocations and expansions due to growth, achieving IATF16949 certification multiple times [7] - Production facilities include SMT production workshops, a cleanroom for lens modules, and two aging rooms, with a simultaneous capacity of 3,000 machines [7] - Monthly production capacity: 600,000 vehicle-mounted cameras, 1,000,000 lens modules, and 300,000 finished assemblies [7] Group 4: Quality Assurance - The company emphasizes continuous innovation and digital transformation in production, ensuring traceability from inventory to shipment through comprehensive management systems [7] - Collaborations with notable companies such as NISSAN, HITACHI, FOXCONN, GEELY, and others highlight its market presence [10]

Group 1 - The Hang Seng Index rose by 1.15%, gaining 266 points to close at 23,504 points, while the Hang Seng Tech Index increased by 0.71% [1] - The trading volume in Hong Kong's stock market reached HKD 92.9 billion in the morning session [1] - The LPR remained unchanged in June, with state-owned banks recommending Hong Kong stocks for their dividend value [1] Group 2 - Minsheng Bank increased by 3.62%, Industrial and Commercial Bank of China rose by 3.15%, and China Construction Bank gained 2.94% [1] - Hua Hong Semiconductor rose by 2.8%, with a new price increase cycle expected to enhance profitability [1] - Sunny Optical Technology surged by 3.91%, aiming to become one of the top three automotive lens module suppliers globally in the next 3 to 5 years [1] Group 3 - Eagle Vision Technology-B increased by over 10% after developing a new AI algorithm tool for skin disease diagnosis in collaboration with an international research team [1] - WuXi AppTec-B rose by 6% following the approval of its CAR-T product for sale in Macau, which is expected to boost revenue [1] - Sipai Health increased by 1.7% after forming a strategic partnership with Anruijia, focusing on commercial health insurance [1] Group 4 - Basilea Pharmaceutica-B rose by over 2% as long-term survival data for Sugliquide was published in The Lancet Oncology [1] - JD Logistics increased by 3.47% after launching a new self-operated B2C express brand "JoyExpress" in Saudi Arabia [1] Group 5 - Shangmei Co., Ltd. rose by 3%, with Han Shu's May GMV on Douyin achieving high year-on-year growth, and channel optimization expected to improve single-brand profitability [2] - Nanjing Panda Electronics fell by over 7% as it plans to sell ENC equity through public bidding [2] - Beisen Holdings dropped by over 12% post-earnings, despite a more than 10% year-on-year revenue increase and a 95% reduction in losses [2]

姚书桥 Barney Yao [Table_Title] 研究报告 Research Report 13 May 2025 [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件 中国政府以及美国政府发布日内瓦经贸会谈联合声明，双方承诺将于 2025 年 5 月 14 日前将降低关税。美国对中国 商品关税税率从 145%降至 30%，为期 90 天。中国对美国商品关税税率从 125% 降至 10%，为期 90 天。 点评 中国电子 China (Overseas) Technology 中美关税合理化，科技硬件估值修复 China-U.S. Tariff Easing Supports Valuation Recovery In Tech Hardware barney.sq.yao@htisec.com 半导体：短期降税红利与长期国产替代并行。美国半导体企业短期成本压力将显著缓解。德州仪器（TI）与 ADI 在 华收入占比分别为 18%和 15%，关税下调后模拟芯片出口 ...

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 ...