导读： 舜宇光学科技公布2025年6月产品出货量，显微仪器等光学零件表现亮眼，车载镜头需求强劲增长44.6%。 本公告乃由舜宇光學科技(集團)有限公司(「本公司」)自願刊發。 本公司董事(「董事」,各為一名「董事」)會(「董事會」)謹此宣佈,本公司於2025 年6月各主要產品出貨量詳細如下: 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我们的推送。 7月10日，舜宇光学科技(集团)有限公司自愿刊发公布了2025年6月各主要产品的出货量。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表明概不會就本公告全部或任何部份内容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 舜宇光學科技(集團)有限公司 (於開曼群島註冊成立的有限公司) (股份代號:2382.HK) 目願公告 光學零件 | | 2025年6月 | 環比變化 | 同比變化 | | --- | --- | --- | --- ...

机构：申万宏源研究 研究员：屠亦婷/张海涛 公司发布2025H1 正面盈利预告。预计公司2025H1 股东应占净利润同比增长不少于30%，增加主要由于 高折射率产品及功能型产品销量增长强劲，有利产品组合带动平均售价提升。 公司制造能力突出，逐渐发力自主品牌及国内市场，带动收入稳健增长、盈利能力提升。1）产品：研 发能力突出，产品结构持续优化升级。公司与上游原材料供应商如三井等合作密切，自身具备模具自产 能力，SKU 超700 万个，满足客户差异化需求；注重产品研发，豪雅稳居第一大客户，高端产品受市场 认可，推动产品结构持续迭代升级；2）渠道：多元渠道布局，加速发力国内市场和自主品牌建设。公 司早期以海外代工业务为主，近年来公司国内市场发力迅猛，线上、线下双线推进品牌营销，2024 年 自主品牌业务实现收入11.50亿元，同比增长24.5%，收入占比55.8%，同比提升3.3pct；3）供应链：制 造优势显著，全球化产能布局保障增长。基于强大供应链，打造定制化生产能力，实现公司、小b 客户 和消费者的三方共赢；精益管理提升运营效率，人效及资产周转效率领先行业；三大基地布局保障生 产，后续泰国工厂投产，充分应对潜 ...

公司预告2025 上半年归母净利润同比增长不少于30%。增长主要得益于高折射率和功能型产品的强劲 销售，以及有利的产品组合推动平均售价提升，延续了21 年以来利润复合增速超30%的强劲势头。 传统主业结构升级，盈利能力持续兑现 高折射率产品壁垒高，份额稳固，公司是国内少数能够生产1.74 高折射率镜片的企业，深度绑定上游核 心原料供应商日本三井化学，技术壁垒和成本优势显著。随着国内高度近视人群的增长及消费升级，高 折镜片渗透率仍有较大提升空间，公司作为龙头将持续受益。C2M 模式提升盈利，公司C2M 定制化生 产模式提升客户服务能力和交付效率的同时，也将显著提高客单价和整体毛利率。定制镜片的毛利率显 著高于标准镜片，其收入占比的提升是驱动公司盈利提升的重要因素。 XR 业务蓄势待发，打开第二成长曲线 机构：华福证券 研究员：李宏鹏/汪浚哲 投资要点： 公司发布2025H1 正面盈利预告，利润高增 全球化布局规避风险，提供长期增长动能 公司积极推进全球化产能布局，2024 年宣布在泰国投建高折射率产品及XR 业务的自动化生产线。2025 年5 月，公司拟在日本投资建设自动化车房树脂镜片产线，专注高端定制化镜片的 ...

Core Viewpoint - The company expects a significant increase in net profit for the first half of 2025, driven by strong sales growth in high refractive index and functional products, leading to an increase in average selling prices [1] Group 1: Financial Performance - The company forecasts a net profit of no less than 271 million yuan for H1 2025, representing a year-on-year increase of at least 30% [1] - The revenue growth rates for standard lenses, functional lenses, and customized lenses in 2024 are projected to be 8.8%, 32.4%, and 11.8% respectively, indicating ongoing optimization of the product structure [2] Group 2: Product Development and Innovation - The company is one of the few manufacturers capable of producing 1.74 refractive index resin lenses, with a focus on high refractive and customized products [2] - The company is actively developing an XR (Extended Reality) R&D center and is engaged in collaborations with leading global technology and consumer electronics companies to prepare for potential mass production of AR or AI glasses [3] Group 3: Global Strategy and Supply Chain - The company plans to invest approximately 4 million USD in a new automated resin lens production line in Japan, aimed at enhancing supply chain resilience and production capacity for high-end customized lenses [2] - The establishment of the Japanese production line is expected to mitigate risks associated with US-China trade tensions and improve response times for customers in the Asia-Pacific region [3] - The diversified production base, including facilities in Japan, Jiangsu, and Shanghai, is anticipated to lower overall production costs and enhance the company's ability to navigate geopolitical uncertainties and currency fluctuations [3] Group 4: Earnings Forecast - The company has adjusted its profit forecast, projecting net profits of 560 million, 670 million, and 790 million yuan for 2025-2027, with corresponding P/E ratios of 31X, 26X, and 22X [4]

Group 1 - The report highlights high-growth potential sectors for Q2 2025, including optical modules, diesel generators, innovative pharmaceuticals, and deep-sea technology, driven by increasing demand and supportive policies [2][22][23] - Key themes identified include anti-involution for high-quality industry development, deep-sea technology as a pillar of marine economic strategy, and the acceleration of global stablecoin regulatory frameworks [2][23] - The report notes that the central bank is enhancing financial support for the real economy and expanding the technical standard system for emerging industries [2][23] Group 2 - The report on interest rates indicates that the net issuance of government bonds will remain relatively high in the second half of the year, with a more uniform monthly issuance pattern expected [3][28] - It is anticipated that the central bank will continue to use various tools to stabilize the funding environment, with potential for a reserve requirement ratio cut in the third quarter [3][30] - The bond market is experiencing a shift from a bear to a bull market, with a notable correlation between stock and bond performance observed in the second quarter [5][31] Group 3 - The report on Chip Dynamics (688582) indicates that the company is a leader in MEMS sensors, with projected revenues of 4.05 billion yuan and a net profit of 2.22 billion yuan for 2024, maintaining a gross margin above 70% [9][35] - The company has achieved a 23.45% market share in MEMS gyroscopes, reflecting a 14 percentage point increase since 2019, and is positioned to benefit from the growth in smart driving and industrial automation [9][35][36] - The IMU segment is expected to grow rapidly, with a CAGR of 175.8% from 2021 to 2024, driven by demand in low-altitude economy, smart driving, and humanoid robots [9][36][37] Group 4 - The report on Kangnait Optical (02276) forecasts a net profit increase of no less than 30% for the first half of 2025, driven by global strategic expansion and product structure optimization [11] - The company is enhancing its supply chain resilience by establishing a new high-end lens production line in Japan, which will mitigate tariff risks and ensure stable supply to the U.S. market [11] - The report anticipates continued growth in the resin lens market, with a focus on functional and customized lenses, leading to improved profitability [11] Group 5 - The report on Jinhui Industrial (002597) highlights the approval of D-alloheptulose as a food ingredient, marking a significant step in aligning domestic applications with international standards [12][16] - The company is positioned as the second approved enzyme manufacturer for D-alloheptulose in China, showcasing its technological leadership in functional sweeteners [12][16] - The projected net profits for Jinhui Industrial are 1.171 billion yuan, 2.118 billion yuan, and 2.365 billion yuan for 2025-2027, maintaining a "buy" rating [12][16]

华福证券 公 司 研 究 公 司 康耐特光学（02276.HK） 25H1 利润高增，XR 业务兑现在即 投资要点： 公司发布 2025H1 正面盈利预告，利润高增 公司预告 2025 上半年归母净利润同比增长不少于 30%。增长主要得益于高 折射率和功能型产品的强劲销售，以及有利的产品组合推动平均售价提升， 延续了 21 年以来利润复合增速超 30%的强劲势头。 传统主业结构升级，盈利能力持续兑现 动 态 跟 踪 高折射率产品壁垒高，份额稳固，公司是国内少数能够生产 1.74 高折射率 镜片的企业，深度绑定上游核心原料供应商日本三井化学，技术壁垒和成 本优势显著。随着国内高度近视人群的增长及消费升级，高折镜片渗透率 仍有较大提升空间，公司作为龙头将持续受益。C2M 模式提升盈利，公司 C2M 定制化生产模式提升客户服务能力和交付效率的同时，也将显著提高 客单价和整体毛利率。定制镜片的毛利率显著高于标准镜片，其收入占比 的提升是驱动公司盈利提升的重要因素。 XR 业务蓄势待发，打开第二成长曲线 XR 业务方面，在与美国多家头部企业在内的多个全球领先的科技和消费电 子企业持续合作的同时，公司也积极拓展与其他国内 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Viewpoints - The company expects a year-on-year increase of no less than 30% in net profit attributable to shareholders for the first half of 2025, driven by strong sales growth of high refractive index and functional products, leading to an increase in average selling prices [1]. - The company is one of the few manufacturers capable of producing resin lenses with a refractive index of 1.74, and its C2M model effectively ensures the delivery efficiency of customized glasses [1]. - The company plans to invest approximately $4 million to build an automated resin lens production line in Japan, aimed at enhancing its production capacity for high-end customized lenses and improving supply chain resilience [2]. - The new production line is expected to increase annual production capacity by 20% compared to existing facilities and will help mitigate risks associated with trade tensions between China and the U.S. [2]. - The company is actively engaging with leading global technology and consumer electronics firms in its XR (Extended Reality) business, preparing for potential mass production of AR and AI glasses [3]. - The establishment of a national-level R&D center will further strengthen the company's innovation capabilities and project management [3]. Summary by Sections Financial Performance - The company forecasts a net profit of no less than 271 million yuan for the first half of 2025, reflecting a robust growth trajectory [1]. - Revised profit forecasts for 2025-2027 are 560 million, 670 million, and 790 million yuan, respectively, with corresponding P/E ratios of 31X, 26X, and 22X [4]. Production and Supply Chain - The new Japanese production line is expected to enhance the company's ability to respond to customer needs in the Asia-Pacific region and improve overall production cost efficiency [2]. - The diversified production base is anticipated to strengthen the company's resilience against geopolitical uncertainties and currency fluctuations [2]. Research and Development - The company is committed to continuous investment in R&D, focusing on innovative products with varying refractive indices and functionalities [3]. - The establishment of an XR R&D center is part of the company's strategy to enhance its technological capabilities and foster collaboration with industry leaders [3].

证 券 研 究 报 告 康耐特光学（02276.HK）跟踪分析报告 强推（维持） Meta 收购依视路约 3%股份，重视智能眼镜 产业链机会 事项： ❖ 根据 Wind 资讯，Meta 以当前市价购入依视路近 3%的股份，价值约 30 亿欧 元（约 252 亿人民币）；而且之后可能考虑追加投资，将持股比例提升至 5%左 右。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 2,061 | 2,498 | 2,982 | 3,554 | | 同比增速(%) | 16.1% | 21.2% | 19.4% | 19.2% | | 归母净利润(百万) | 428 | 556 | 695 | 862 | | 同比增速(%) | 31.0% | 29.9% | 24.9% | 24.1% | | 每股盈利(元) | 1.00 | 1.16 | 1.45 | 1.80 | | 市盈率(倍) | 36.2 | 31.4 | 25.1 | 20 ...

机构：国金证券 研究员：赵中平/张杨桓/尹新悦 风险提示 汇率波动风险；智能眼镜镜片业务发展不及预期；定制镜片、自有品牌推进不及预期；行业竞争加剧风 险。 智能眼镜行业加速发展，公司XR 布局深化。智能眼镜行业加速发展，25Q1 全球智能眼镜市场出货量 148.7 万台（同比+82.3%）。近期小米、Rokid 等AI/AR 眼镜陆续发布、Meta Oakley 发布新品，我们认 为眼镜制造的舒适性与非标属性凸显行业稀缺性。公司目前积极加码XR 领域，已经建立光学研发中 心，歌尔股份战略入股+泰国产能布局落地，未来XR 业务有望贡献业绩。 定制化能力&技术先发有望带动量价齐升。公司边际能力改善，凭借三合一、卡扣式等方案全覆盖，定 制化能力与技术先发优势显著，有望实现量价齐升。歌尔入股后逐步强化触点连接，国内新客户拓展可 期。此外，日本自动化车房树脂镜片产线预计2025 年7月底投产，将进一步提升高端定制化产能，优化 全球供应链布局。 盈利预测、估值与评级 我们预测公司25-27 年归母净利润5.4/6.6/8.2 亿元，同比+25.5%/+22.64%/+23.76%。考虑到公司传统业 务稳中有进，AI 新兴 ...

寻找下一个明星——港股通 2025 年 9 月调整名单预测 20250708 摘要 港股市场整体呈现震荡但缓慢上升的格局，盈利预期稳定、无风险利率 下降及高股息板块投资者增加是主要驱动因素。当前市场隐含股权风险 溢价约为 5.4%，情绪指标略有上行空间。 港股通对港股市场影响显著，港股通投资者贡献的成交量已达总成交量 的 25%，未来需重视港股通纳入标的带来的投资机会。低成本资金通过 港股通抬高指数估值，压低隐含 ERP 波动区间。 无风险利率环境下降将推动港股市场，美联储降息预期最早可能在 2025 年 9 月或第四季度实现。HIBOR 波动主要受短期 IPO 活动和派息 影响，对主流投资者资金成本影响相对间接。 公司被剔除出港股通通常对其股价产生较大压力，而被纳入港股通的公 司，其股价平均涨幅通常为正。关注哪些公司可能入通或出通，对投资 具有重要指导意义。 周六福受益于金价上涨和滞后需求释放，黄金珠宝销售额在社零全品类 中排名靠前，并保持双位数增长。公司聚焦下沉市场，全国性布局完善， 产品矩阵丰富，线上收入占比高。 Q&A 申万宏源对 2025 年下半年港股市场的策略观点是什么？ 根据申万宏源的半年度策略 ...