舜宇光学科技2026年二季度财报电话会议纪要

发布时间：2026-08-27 一、AI总结内容 一、核心要点 1. 2026年上半年舜宇光学实现营收219亿元，同比增11.5%；归母净利润18.1亿元，同比增9.9%，全年营收及净利润指导增长不低于7%。2. 上半年其他产品板块（泛物联网）营收占比从去年同期10.9%升至18.4%，毛利占比从18.2%升至32.6%，成为第二大毛利来源，同比增长约50%。3. 手机业务上半年营收同比微降0.8%，全球手机出货量预计全年降13.9%，结构性机会为高端化，海外核心客户相关营收预计2026年增超100%。4. 车载业务上半年营收同比增10.6%，受益于自动驾驶升级、L3法规落地、RoboTaxi商业化带来的摄像头需求增长。5. XR业务上半年相关产品营收增超50%，智能眼镜需求转向显示款，公司掌握光波导、显示光学引擎等核心技术，获头部品牌大额AR订单，2026年Excel业务营收预计超20亿元。6. 泛物联网业务成果显著，AGV、AMR等场景解决方案落地海外龙头，工业双目深度相机拓展至机械臂等场景；半导体晶圆缺陷检测设备获头部客户突破，向玻璃晶圆等横向扩展。7. 2026年ESG进展：富时罗素ESG评分从4.0升至4.5，2025年碳排放强度较2021年降32%，超额完成20%目标。 二、投资线索 1. 手机领域：深耕高端市场，强化致动器、多组AOE等核心技术，拓展手持影像、扩展镜头等新场景，海外客户贡献大幅增长。 2. 车载领域：把握自动驾驶升级机遇，布局多传感器融合方案，关联公司舜宇智能光学处于IPO静默期，车载产品前景向好。3. XR领域：聚焦智能眼镜赛道，提前备显示款技术布局，垂直整合全价值链能力，AR订单贡献增长。4. 新赛道：布局光互连核心光学组件、具身智能全维度感知产品矩阵，延伸核心能力边界。三、风险与关注 1. 手机行业：需求承压，上游存储芯片涨价，整机及上游模组出货量下滑，手机ASP承压。2. 业务进展：半导体晶圆检测等新领域进展未过多披露，光互连等新技术落地进度需跟踪。3. 汇率影响：上半年汇兑损失1.26亿元，下半年及新产品定价需应对汇率波动。 四、后续关注点 1. 手机业务下半年是否走出下滑，海外客户增长能否抵消行业压力。2. 车载业务产品落地及IPO进展，XR业务显示款量产推进情况。3. 新赛道光互连、具身智能的商业化进度，泛物联网业务规模增长空间。 二、音频原文（转写） The full recognition solution has covered scenarios such as AGV, AMR and warehouse management and has been applied in the logistic scenarios of leading overseas companies. The active binoculardepth camera has been extended to industrial scenarios such as robot arm positioning and grafting. High end microscopy in the German market isshowing strong growth momentum. AI medical microscopy products have achieved breakthrough in pathological testing, gene diagnosis and other scenarios, resulting in significant increase in orders semiconductor wafer defect detection equipment has achieved major breakthrough with leading industry clients and has expanded horizontally tofields such as glass wafers the concentrated implementation of these achievements strongly demonstrates our integrated earth's configuration capabilities leveraging our technological accumulation and continuous innovation in the broader iot field our advantages in combining software andhardware and in optics plus intelligent manufacturing of complete systems will continue to be strengthened so that solidifying the foundation for multi scenario expansion and complete systembusiness. This summarizes the achievements and progress of our various business units in the first half. of the year feel 住 儿 陆 全部。 So this is so about handset. Products. 咁你。我们讲。rising memory prices 不用客气，谢谢。And also there is a shortage of capacities. So there is delay and return of semiconductors. So all these factors continue. to impact the handset industry with overall shipments expected to decline 13.9% year-on-year for the year. This is an estimate. So perhaps. it will be even bigger. and continued pressureexpected. next year However, amidst this pressure, structural opportunities are also clear. Thetrend towards high end products continues to strengthen, and the direction of obstacle upgradesremains definite. For our company, the fundamentals of our handset business remain solid. willcontinue to cultivate the high end market strength and core capabilities such as actuator techno logy and multi group aoe technology delve deeperinto radically integrated module solutions andfurther enhance product coverage and supply share with core customers. At the same time, more and more handset customers are extending into newareas. such as handheld imaging and extended lenses The demand for optical capabilities in thesenew scenarios is highly compatible. with our underlying capabilities. which will bring more growth opportunities to us. Furthermore, revenue from major overseas clients is projected to grow by over 100 in 2026. I mentioned this point earlier. So this brings substantial revenue and profit increase to our handset business. Full year handset product business revenue is expected to remain flat year-on-year. In the vehicle businesssector, the trend of autonomous driving upgradesremains clear. In 2026, the global L3 regulatory framework will be implemented more rapidly. And RoboTaxi will launch commercial operations inmultiple cities. And that would be an increase in the number of cameras in vehicles. And then There is a faster iteration in functions, and thenmulti sensor fusion solutions combining visionand rider are gradually becoming mainstream, which will be an opportunity for our vehicle product business to grow in the future. Leveraging ourlong standing market proven innovation capabilities, diversified product portfolio and cross business synergy advantages, we have established deep partnership with global customers. So when it comes to Sunny Smart Octotech Company Limited,we are now in the quiet period of. IPO process.and 啊 we are not able to provide specific revenue and growth margin guidance at this time, butoverall speaking for vehicle products that wouldbe very good Prospects. So apart from handsets.呃，人。 and also uh a r. so that would be quite. a goodenhancement in prospects. for neither and so on. So all these needs are obstacle core capabilities and other U