（来源：君实财经） 3、# 看点和逻辑：1）持股45%瑞典Silex，Silex为全球长期领先MEMS公司，24年收入86亿，利润18 亿，# 典型客户包括全球AR/VR龙头、顶尖光刻机客户、DNA测序设备、知名硅光客户等；2）光为未 来高速互联终局路径，# 公司国内外产线除了提供硅光芯片晶圆和工艺开发。另外OCS全光交换在未来 空间巨大，谷歌成熟应用MEM-OCS多年，其中MEMS阵列价值量占比最高ASP为12-14万美金，# 国内 子公司赛莱克斯北京OCS-MEMS通过验证收到客户采购订单、并启动了首批MEMS-OCS8英寸晶圆试量 产，这个领域公司在A股具备唯一稀缺性，未来国产替代空间大；3）启动收购青岛展诚56%控股权为 EDA稀缺标的，25-27年收入对赌16亿、18亿和2亿元，业绩对赌600万、1800万和2000万元，# 主要客 户为华为海思、台积电、海光、联发科、瑞萨科技等全球知名半导体企业超300家； 4、# 估值：24年收入（盛科108亿、赛微12亿），利润两家均为亏损；稀缺性、产业空间、受益逻辑和 看点上述已分析，目前盛科570亿市值，今年一致预期41XPS，赛微175亿市值，今年一致预 ...

Summary of Conference Call Records Company Overview - The company is focused on machine vision, optical communication, and AI technology applications, with significant growth in various sectors. Key Points Industry and Company Performance - The company reported a significant revenue growth of 39% year-on-year in Q1 2025, with machine vision growing by 55% and optical communication by 5% [2][11] - The acquisition of Jai contributed approximately 55 million RMB to revenue, accounting for 10% of total income [2][11] - The consumer electronics sector showed substantial growth, while the printing and packaging sector grew steadily by 18% [2][11] AI Technology Applications - The company achieved a breakthrough in AI technology, with a defect classification accuracy of 99.56%, significantly enhancing quality management efficiency [2][6] - Continuous support from Apple and winning multiple industry awards have bolstered the company's AI capabilities [2][6] Strategic Transformation - The company has shifted from foreign camera agency business to self-replacement, acquiring JN Company to enhance its algorithm platform and image model penetration [2][8] - The company aims to expand its international business through the acquisition of Jai, leveraging its global market presence [2][4] Research and Development - The company maintained a high R&D investment of approximately 450 million RMB, representing 20% of revenue, to support strategic transitions and future capabilities [2][10] - The development of over 70 camera models across various applications, including semiconductor inspection, demonstrates the company's commitment to innovation [2][4][18] International Market Expansion - The company plans to optimize 11 camera models on the Japanese platform to meet higher quality standards for the European and Japanese markets, promising a 6-year warranty [2][12] - The international market strategy includes leveraging Jai's global presence to enhance product offerings [2][4] Future Directions - The company aims to integrate AI technology into its core capabilities, focusing on optical imaging sensors and software algorithms [2][13] - Plans to deepen visual services in industrial quality inspection and explore new business models beyond traditional hardware sales [2][49][50] Market Trends and Challenges - The company faces challenges in the macroeconomic environment and internal management, impacting performance in key areas like new energy technology and intelligent manufacturing [3] - Despite a cautious outlook on fixed asset investments affecting equipment demand, there are signs of gradual recovery in the consumer electronics sector [39] Customer Relationships and Market Dynamics - The company collaborates with major clients like Apple and Foxconn, adapting to their shifting production strategies in Southeast Asia [5][37][38] - The domestic market shows a strong demand for localization, with the company investing in local partnerships to meet these needs [52][53] Financial Outlook - The company projects a revenue target of approximately 200 million RMB for 2025, with expectations of a 20% growth in overall revenue and over 50% growth in profits [44][62] Conclusion - The company is well-positioned for future growth through strategic acquisitions, a strong focus on AI and R&D, and an expanding international presence, despite facing some market challenges and internal execution issues [2][3][57]