QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的 品牌知名度。其权威认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 0 1 恒州博智的LED照明报告被深圳民爆光电公司中的年报引用 民爆光电（301362）2024年度管理层讨论与分析 据恒州博智发布的《2023年中国LED照明行业全景图谱》显示，2023年，全球LED防爆照明市场销售额达到 了49亿元，并预测在2028年将达到79亿元，期间的复合年增长率（CAGR）约为7.8%。这一增长可归因于 LED防爆灯在石油和采矿、军事基地、机场以及其他商业和工业领域的广泛应用，这些领域对于安全照明有着 极高的要求。 来源：证券之星 更多：https://stock.stockstar.com/RB2025040100020605.shtml 最新报告推荐：2025年全球及中国极端温度LED照明企业出海开展业务规划及策略研究报告 0 2 深圳思创策划咨询有限公司引用了恒州博智出版的外墙翻新服务市场分析报告 深圳建筑外立面改造项目可行性研究报告——市场分析 根据 QYR（恒州博智）的统计及预测，2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5][6]. Core Viewpoints - The company is expected to achieve a revenue of 934 million yuan in 2024, representing a year-on-year growth of 11.16%. However, the net profit attributable to shareholders is projected to be 77.16 million yuan, a decline of 27.27% year-on-year [2][4]. - In Q1 2025, the company reported a revenue of 246 million yuan, with a year-on-year increase of 10%, but the net profit decreased by 65.96% to 9.758 million yuan [2][4]. - The revenue performance is relatively stable, but profit performance is poor, mainly due to losses from certain subsidiaries. The company's VIP revenue for the year is expected to be 920 million yuan, with a 13% increase in sales volume [4][11]. - The company anticipates that new business segments will provide incremental growth by 2025, particularly in the ultra-thin VIP market for battery insulation in electric vehicles [11]. Summary by Sections Financial Performance - The company expects total revenue of 934 million yuan for 2024, with a gross profit margin of approximately 29% [4][15]. - The projected net profit for 2025 and 2026 is 132 million yuan and 173 million yuan, respectively, corresponding to PE ratios of 18 and 14 [5][15]. Market Dynamics - Domestic sales are expected to reach 530 million yuan in 2024, a 41% increase, while international sales are projected to decline by 13% to 400 million yuan due to geopolitical tensions affecting logistics and shipping costs [4][11]. - The company is seeing improved order signals driven by the "old-for-new" policy in China, particularly in the refrigerator segment [11]. Product Development - The company has successfully applied its VIP boards in the battery insulation sector for electric vehicles, with recognition from major automotive and battery manufacturers [11].