中邮证券研报指出，2025年前三季度，兆驰股份LED、光通信、互联网视频运营等新兴业务表现突出， 利润贡献占比超60%，成为业绩增长核心引擎，各细分赛道高端化突破态势明确：LED产业链全面推进 高端化转型，覆盖芯片、封装、终端应用全环节，Mini/MicroLED新型显示、车用LED、高端照明、家 庭影院、一体机等高端产品市场份额持续提升；公司依托芯片、灯板、整机全环节研发制造能力与产业 链协同优势，推出RGBMiniLED背光方案，凭借精准色彩管理为高端大屏提供核心背光支撑，完善高端 显示布局，以高附加值产品结构推动板块盈利持续优化。光通信领域，公司持续深化"光芯片-光器件- 光模块"产业链垂直整合，提升供应链自主可控性与成本竞争力，2025年下半年启动PCB生产线投建， 为光通信及Mini/MicroLED业务扩张提供配套支撑，助力产品性能与良率提升，增强光模块及高端显示 领域综合竞争力；产品技术迭代稳步推进，200G及以下低速光模块实现稳定量产、效益良好， 400G/800G高速光模块已进入国内头部客户送样测试阶段，预计2026年二季度实现小批量出货。首次覆 盖给予"买入"评级。 ...

证券研究报告：家用电器 | 公司点评报告 发布时间：2026-02-26 股票投资评级 买入 |首次覆盖 公司基本情况 | 最新收盘价（元） | 10.45 | | --- | --- | | 总股本/流通股本（亿股）45.27 | / 45.24 | | 总市值/流通市值（亿元）473 | / 473 | | 52 周内最高/最低价 | 11.50 / 4.17 | | 资产负债率(%) | 43.7% | | 市盈率 | 29.86 | | 第一大股东 | 南昌兆驰投资合伙企业 | | (有限合伙) | | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 研究助理:陈天瑜 SAC 登记编号:S1340125090015 Email:chentianyu@cnpsec.com 兆驰股份(002429) 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 个股表现 2025-02 2025-05 2025-07 2025-09 2025-12 2026-02 -24% -11% 2% 15% 28% 41% 54% 67% 80% ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters of 2025, but showed significant improvement in the third quarter due to strategic adjustments and expansion of overseas production capacity [4][5]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 13.896 billion yuan and net profit of 1.103 billion yuan, with a net profit attributable to shareholders of 1 billion yuan, indicating a decline compared to the same period last year [4]. - The third quarter saw a 13.72% increase in revenue compared to the second quarter and a 45.38% increase compared to the first quarter, demonstrating resilience in operations despite external challenges [5]. Business Strategy - The company is focusing on global expansion and smart manufacturing, with overseas production capacity reaching 11 million units by mid-2025, which is crucial for meeting seasonal demand [6]. - Plans for the fourth quarter include accelerating the smart transformation of overseas production bases to reduce costs and improve operational efficiency, which is expected to enhance the gross margin of the smart terminal business [6]. Emerging Business Segments - Emerging businesses, including the LED industry chain and optical communication, contributed over 60% of profits, serving as a core driver for growth amid pressures on traditional business [7]. - The LED segment is focusing on high-end products, with successful launches in Mini/Micro LED technology, enhancing the company's position in the high-end display market [7][8]. Future Outlook - The company is committed to long-term strategies, balancing stable operations with transformative initiatives, which are expected to solidify its competitive advantage and growth potential [10]. - The focus on building a robust supply chain and advancing smart manufacturing is anticipated to facilitate the commercialization of technological advancements and break through development bottlenecks [10].