新兴消费电子时代，光学创新大有可为

3/25 证券研究报告 -48%-30%-11%8%26% 2/26证券研究报告2023年度，公司家用监控摄像机和可视门铃的光学镜头销量分别为328.81万颗、595.00万颗和1501.69万颗。每台家用监控摄像机或可视门铃通常使用一颗光学镜头，由此推算，2021年度至2023年度，公司在全球家用摄像机（含可视门铃）光学镜头领域的市场占有率分别为3.10%、4.70%和9.95%。⚫投资建议我们预计公司2025-2027年归母净利润分别为2.2、2.9、3.6亿元，对应EPS分别为2.5、3.3、4.1元/股，对应2025年6月24日收盘价PE为33.4、25.4、20.4倍。首次覆盖，给予“买入”评级。⚫风险提示客户集中风险，市场竞争加剧风险，国际贸易摩擦风险。[Table_Profit]重要财务指标单位:百万元主要财务指标2024A2025E2026E2027E营业收入1092145118742332收入同比（%）41.2%32.9%29.2%24.5%归属母公司净利润165221292363净利润同比（%）41.9%33.9%31.8%24.4%毛利率（%）29.8%29.5%29.2%29.0%ROE（%）28.0%15.8%17.3%17.8%每股收益（元）3.472.493.284.08P/E0.0033.4325.3620.38P/B0.005.294.403.64EV/EBITDA-0.3621.8116.9513.43资料来源：wind，华安证券研究所 ⚫ 3/26正文目录1新兴消费光学引领，车载光学稳步发展........................................................................................................................................62全景相机光学大有可为....................................................................................................................................................................113智能驾驶和智能家居持续成长.......................................................................................................................................................181.智能驾驶推动视觉需求增长.......................................................................................................................................................................182.智能家居视觉产品方兴未艾.......................................................................................................................................................................21投资建议.................................................................................................................................................................................................23风险提示：.............................................................................................................................................................................................24财务报表与盈利预测............................................................................................................................................................................25 敬请参阅末页重要声明及评级说明证券研究报告 4/26图表目录图表1公司产品和方案.............................................................................................................................................................................................6图表2公司客户拓展情况.........................................................................................................................................................................................7图表3公司收入表现..................................................................................................................................................................................................7图表4公司归母净利润表现情况...........................................................................................................................................................................7图表5公司收入构成情况（单位：%）.............................................................................................................................................................8图表6公司各业务条线收入情况（单位：百万元）......................................................................................................................................8图表7公司毛利率及净利率情况...........................................................................................................................................................................8图表8公司各业务条线毛利率变化（单位：%）...........................................................................................................................................8图表9公司各业务条线毛利额情况（单位：百万元）.................................................................................................................................9图表10公司期间费用率变化情况........................................................................................................................................................................9图表11公司前五大客户情况.................................................................................................................................................................................9图表12公司发行前股权情况..............................................................................................................................................................................10图表13公司前十大股东情况（发行后）.......................................................................................................................................................10图表14运动相机的部分户外场景.....................................................................................................................................................................11图表15运动相机的部分户外场景.....................................................................................................................................................................11图表16GOPRO收入变化情况.................................................................................................................................