9月17日，部分人工智能（AI）眼镜概念股大幅飙升，波长光电、永新光学和科森科技涨停，汇成真 空、长盈精密等均涨超11%。 消息面上，美国科技巨头Meta官网显示，Meta Connect 2025定于太平洋标准时间9月17日至18日召开， 扎克伯格将在主题演讲中"分享关于AI眼镜的最新资讯，以及Meta对人工智能和元宇宙的愿景"。 扎克伯格认为，未来智能眼镜是人工智能领域不可或缺的一部分，Meta在智能眼镜中深度融合人工智 能，并不断拓宽智能眼镜的边界。 AI眼镜市场火爆 今年以来，科技股走势强劲，尤其是基于产业发展大逻辑的题材，表现尤为亮眼，包括AI、人形机器 人等。AI眼镜题材作为一个明显向好的产业，同时尤其是在巨头企业大力推动产业化、商业化的大背 景下，资本市场热度急剧攀升。 多家公司积极布局 A股市场中，布局智能眼镜产业链的公司也受到市场关注。这些公司在不同环节为AI眼镜的发展提供支 持。 豪鹏科技的半固态电池聚焦高安全与形态适配性需求突出的AI智能穿戴终端场景，可凭借950Wh/L的体 积能量密度与针刺安全认证，满足AI/AR/VR设备对轻薄化与长续航的刚性需求，目前已向多家国际头 部穿戴客户送样 ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 3.299 billion yuan, a year-on-year growth of 37.44% [1] - The net profit attributable to shareholders was 158 million yuan, reflecting a year-on-year increase of 51.84% [2] - The company is experiencing accelerated growth in overseas markets, with notable revenue increases in Europe and America [2] Revenue Breakdown - Revenue from China was 1.742 billion yuan, up 12.96% year-on-year [2] - Revenue from Europe and America reached 1.105 billion yuan, showing a remarkable increase of 151.11% [2] - Revenue from Japan was 279 million yuan, with a year-on-year growth of 11.11% [2] Business Segments Performance - Smart Automotive segment generated 1.189 billion yuan in revenue, a growth of 7.85%, accounting for 36.03% of total revenue, with a gross margin of 46.02% [2] - Smart Software segment achieved 841 million yuan in revenue, up 10.52%, with a gross margin of 37.14% [2] - Smart IoT segment saw revenue of 1.270 billion yuan, a significant increase of 136.14%, representing 38.49% of total revenue, with a gross margin of 18.48% [2] Cost Structure and Profitability - The company optimized its cost structure, leading to improved profitability, with sales, management, and R&D expense ratios at 3.38%, 8.42%, and 17.23%, respectively, all showing year-on-year decreases [2] Product Development and Innovation - The company launched the "滴水OS 1.0 Evo" for smart vehicles, integrating AI and cockpit technologies, and collaborating with major firms like Qualcomm [3] - In the industrial automation sector, the company introduced new autonomous mobile robots and forklifts, enhancing its product offerings [3] AIoT Platform and New Products - The company’s AIoT platform combines AI, software, computing architecture, and smart hardware, with new products like TurboX AI glasses and Blink II MINI video conferencing machine [4] Future Outlook - The company is expected to see continued growth in net profit, with projections of 512 million yuan, 579 million yuan, and 686 million yuan for 2025, 2026, and 2027, respectively [4]

1H25 业绩符合我们预期 盈利预测与估值 我们看好公司受益于AI 赋能带来的业务持续复苏，上调25E/26E 收入预测9.9%/13.9%至63.0/68.4 亿 元，维持25E 盈利预测基本不变，上调26E 盈利预测18.8%至5.6 亿元，叠加考虑行业估值中枢上行，上 调目标价24.3%至87 元（基于2026 SOTP），较当前股价有26.8%上行空间。 风险 汽车网联化不及预期；国际局势变化；汇率波动风险。 1H25 物联网驱动收入增长，订单端大幅优化。收入端，1H25 实现营业收入32.99 亿元，同比+8.99 亿 元，国内收入17.42 亿元，同比+13.0%，海外收入15.58 亿元，同比+81.4%，欧美汽车及物联网业务驱 动力强劲。收入高增源于公司2024 年底收购T2MOBILE 并表，IoT 业务也具备内生拉动。1）智能物联 网1H25 收入12.70 亿元，同比+136.1%；2）智能软件1H25 收入8.41 亿元，同比+10.5%；3）智能汽车 1H25 收入11.89 亿元，同比+7.9%。截至1H25 合同负债7.18 亿元，较2024 年末+23.4%；销售商品、提 供劳 ...

Market Overview - The main board saw significant gains with notable stocks such as China Merchants Industry (+10.03%), Jinzheng Co. (+10.02%), and Jida Zhengyuan (+10.00%) [1] - The ChiNext board led the gains with stocks like Guoao Technology (+20.04%) and Shanghai Steel Union (+19.99%) [1] - The Sci-Tech Innovation board also performed well, with stocks like Borui Data (+19.99%) and Shijia Photon (+14.85%) [1] - Active sub-industries included SW Vertical Application Software (+3.28%) and SW Robotics (+2.37%) [1] Domestic News - Puxi Guangjing, a provider of silicon carbide special chips and system solutions, completed over 100 million yuan in Series B and pre-B financing, focusing on R&D and production of silicon carbide chips and power systems [1] - Zhongke Chuangda launched its TurboX AI glasses globally, which significantly reduce power consumption by 30% during Bluetooth high-frequency use and 75% in standby mode [1] - Luxshare Precision successfully completed the acquisition of Leoni AG and its subsidiary Leoni Kabel GmbH, enhancing its automotive cable and harness business [1] - Acer reported June revenue of 28.685 billion New Taiwan dollars, a 49.7% increase month-on-month and a 1.8% increase year-on-year, with total revenue for the first half of the year at 127.87 billion New Taiwan dollars, up 1.5% year-on-year [1] Company Announcements - Haoshanghao projected a net profit of 28 million to 35 million yuan for the first half of 2025, representing a growth of 42.49% to 78.11% compared to the previous year [2] - Yongding Co. expects a net profit of 260 million to 320 million yuan for the first half of 2025, an increase of 228.7 million to 288.7 million yuan, with a growth rate of 731% to 922% [2] - Tianyu Digital Science forecasted a net profit of 18 million to 26 million yuan for the first half of 2025, a significant increase from a loss of 6.6786 million yuan in the previous year, representing a growth of 369.52% to 489.30% [2] - Guanghe Technology anticipates a net profit growth of 51.85% to 58.12% for the first half of 2025, with an expected profit range of 485 million to 505 million yuan [2] Industry Trends - Nanotronics is developing modular wafer fabs named Cubefabs, aiming to reshape global semiconductor manufacturing with small-scale, flexible, and AI-automated facilities, with the first fab expected to be operational in 18 months at a cost of approximately 30 to 40 million USD [3] - Meta invested 3.5 billion USD in EssilorLuxottica, acquiring less than 3% of the company, with potential plans to increase its stake to 5% [3] - MediaTek and NVIDIA are collaborating on the GB10 super chip, which will be the core component of the first personal AI supercomputer, set to launch this month [3] - S&S Tech's EUV blank masks are nearing approval for use by Samsung, which aims to procure these masks domestically by the end of the year [3]