联创电子营收规模同比缩减 50%，但光学业务总营收同比增长 6%，达 23 亿元，主要得益于高清广角和车载光学业务的增长，其中车载光学上 半年营收达 16 亿元，同比增长超 100%，车载镜头收入接近 10 亿元， 同比增长超 100%，而手机光学则缩减了 50%。 联创电子车载光学业务主要客户包括比亚迪、极氪和蔚来等国内自主品 牌，其中为蔚来、极氪等品牌提供的单车价值量约为 2000 元以上，比 亚迪主要供应镜头，单车价值量相对较低。预计 2025 年全年车载业务 收入约 35 亿元，2026 年有望冲击 50 亿元。 高清广角业务方面，联创电子最初主要服务 GoPro、大疆和影石三大客 户，但目前影石已转向其他供应商，GoPro 仍是最大镜头供应商，大疆 主要提供避障镜头。预计今年高清广角整体体量为 4 至 5 亿左右。 联创电子在北美市场与英伟达等研发团队保持密切交流，并在墨西哥设 有配套工厂，以便更好地配合北美客户需求。虽然今年上半年进展未达 预期，但镜头出货量仍有所增长，且与马斯克的自驾和机器人逻辑一致， 延续性较好。 Q&A 2025 年上半年联创电子的整体营收情况如何？ 2025 年上半年，联创 ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 联创电子(002036)公司点评报告 2025 年 08 月 26 日 [Table_Invest]增持|维持 [Table_Title] 集中资源聚焦车载光学，业务结构向好 ——联创电子半年报点评 [Table_Summary] 报告要点： 公司 25H1 实现总营业收入 42.20 亿元，同比-14%；实现归母净利润 0.24 亿元，同比增长 137%；扣非后归母净利润-0.32 亿元，同比增长 68%。 25Q2 收入 20.44 亿元，同比-17%；Q2 归母净利润 0.21 亿元，同比+425%。 公司上半年主要业绩增量来源于车载光学镜头/模组和高清广角镜头的高速 增长，手机光学产品及触控显示业务则有比较明显的收缩。 公司集中资源持续聚焦车载光学赛道。受益于产能的快速爬坡及订单 的持续性，2025 年上半年公司车载光学业务高速增长，车载镜头及模组已 贡献了光学业务的主要份额。在国内客户方面，公司将继续扩大与比亚迪、 华为、蔚来、吉利等国内知名终端车厂的合作，逐步形成"镜头+模组+车载 屏+HUD"的完整解决方案，在车载光学领 ...

Investment Rating - The report gives an "Accumulate" rating for the company [4][6]. Core Views - The company focuses on the optical sector and is a leading enterprise in high-end lenses and modules, with 41% of its revenue and 76% of its gross profit coming from optical products [2][15]. - The company is expected to benefit from the increasing penetration of smart vehicles and the rising number of cameras per vehicle, particularly from partnerships with major automotive clients like Tesla and BYD [2][30]. - The company has a competitive advantage in the molded glass process, which is essential for producing aspherical glass lenses, and is a major supplier in this field [3][66]. Summary by Sections Company Overview - The company was established in 2006 and has evolved from traditional optical lenses to focus on high-definition wide-angle lenses and automotive lenses, entering the smart vehicle sector around 2015 [12][15]. - The company has established strong partnerships with leading clients in various fields, including automotive and mobile devices [18][19]. Financial Data - The company is currently in a performance transition phase, with revenue expected to recover as the automotive optical business grows and consumer electronics demand rebounds [20][21]. - Revenue projections for 2025-2027 are estimated at 113 billion, 124 billion, and 134 billion yuan, with net profits of 1.1 billion, 3.2 billion, and 5.0 billion yuan respectively [4][74]. Production Capacity and Market Position - The company is expanding its production capacity for automotive optical products, with significant projects underway, including a 240 million high-end automotive lens project [61][64]. - The global automotive camera market is projected to grow significantly, with the company positioned to capture a share of this growth through its advanced technology and production capabilities [55][60]. Competitive Advantages - The molded glass process used by the company creates a technical moat, as it is one of the few companies capable of mass-producing aspherical glass lenses [3][66]. - The company has a strong focus on high-end mobile optical products, benefiting from a structural recovery in the global smartphone market [68][70]. Future Outlook - The automotive optical products are expected to be a key growth driver for the company, supported by the recovery in consumer electronics and the realization of automotive display orders [4][74]. - The company is also expanding its global footprint with new factories in Mexico and Vietnam to better serve North American and Southeast Asian markets [61][64].