卓兆点胶 20250917 摘要 今年中报显示卓兆点胶获得了很大的增长，存量项目验收主要集中在哪些领域？ 存量项目验收主要集中在消费电子领域，尤其是与苹果耳机（AirPods）相关 的项目。 公司预计 2025 年全年合并收入规模约 3-3.5 亿元，研发费用约 2,600 万元，净利润预计 5,000 万-6,000 万元，产能利用率约 50%，暂无扩 产计划，但子公司在潮州获得土地用于未来扩张。 卓兆点胶未来战略重点是成为行业龙头，专注于苹果、Meta 等国际大 客户，并计划突破三星，同时考虑通过收购并购扩充产品线和市场份额， 关注高端消费电子、半导体和新能源等领域。 能否详细拆分一下今年中报中的收入构成，包括传统消费电子和新兴领域如光 伏新能源等？ 以今年大致 3 亿到 3.5 亿的营收范围来看，其中约 1 亿元来自于广东公司的业 务，其余 2.5 亿元左右来自于卓兆原先的业务领域。其中 60%的收入来源于国 内市场，大约 20%来自 Meta 客户，另外 20%则来源于检测业务。光伏、半 导体等新兴领域目前占比较小，基本上还是个位数。 卓兆点胶的检测业务具体涉及哪些下游行业？未来的发展空间如何？ 卓兆 ...

Summary of Conference Call Records Industry Overview - The conference call discusses the consumer electronics industry, particularly focusing on the AR (Augmented Reality) and smart glasses market, with significant mentions of companies like Meta, Xiaomi, and Alibaba [1][4][5]. Key Points and Arguments 1. **Market Recovery and Stock Performance** The end-user market has shown significant recovery, particularly for stocks like Goer and Hengxuan, which have rebounded after a period of low performance. Key factors include improvements in fundamentals and increased upstream demand [2]. 2. **Product Launches and Innovations** The second half of the year is expected to be a traditional peak season for consumer electronics, with major product launches from Apple and Meta. Apple is anticipated to release the iPhone 17 series, new Apple Watch, and AirPods Pro 3, which could significantly impact the supply chain [5]. 3. **Meta's Strategic Focus** In 2025, Meta is concentrating on AR and smart glasses, launching new products including AR glasses paired with a mechatronic wristband and new Ray-Ban smart glasses. These products utilize LCoS and reflective waveguide technology, offering a unique single-color display [6]. 4. **AR Market Potential** The AR market is currently small, with only about 500,000 units sold globally in 2024. Meta's entry with its first AR product could stimulate interest and investment in AR technology, differentiating itself with a single-color display compared to existing green displays [7]. 5. **Goer Technology's Role** Goer Technology is a key supplier for AirPods Pro 3 and is involved in manufacturing Meta's smart glasses and AR glasses. The company is expected to see significant profit growth, potentially reaching 5 billion yuan by 2026 [3][9]. 6. **Emerging Competitors** Other companies to watch include Longqi Technology, Huajin, Crystal Optoelectronics, Lante, and Huacan, which are actively involved in various segments of the smart glasses supply chain [10]. 7. **Impact of New Technologies on Component Suppliers** Meta's new technologies, particularly the reflective waveguide, are expected to benefit component suppliers like Crystal Optoelectronics and Huacan, which are involved in critical manufacturing processes [11]. Additional Important Insights - Despite the positive trends, the market lacks explosive events that could drive significant consumer interest [4]. - Meta's smart glasses have seen a notable increase in monthly sales, with over 1 million units sold in the first half of 2025, although still short of the initial target of 10 million units [4]. - The upcoming product releases from major companies are likely to lead to unexpected performance in the consumer electronics sector [5].