Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company has shown significant growth in its aerial work platform business, contributing to a strong performance in 2024 and Q1 2025, with a revenue of 3.717 billion yuan in 2024, a 34.1% year-on-year increase, and a net profit of 258 million yuan, up 97.0% year-on-year [12][15]. - The company is expected to benefit from the high capital expenditure (CAPEX) of major tech firms, which is driving demand for copper connections and related infrastructure [2][27]. - The company is providing financial support to its affiliate, Wandeng Technology, to facilitate the procurement of core materials, which is anticipated to accelerate the growth of its copper connection business [3][45]. Summary by Sections Company Performance - In 2024, the company achieved a total revenue of 3.717 billion yuan, with a net profit of 258 million yuan, reflecting a 34.1% and 97.0% year-on-year growth respectively. The Q1 2025 results showed a revenue of 859 million yuan, a 10.4% increase year-on-year, and a net profit of 98 million yuan, up 22.0% year-on-year [12][15][20]. - The revenue breakdown for 2024 includes: 1) Enamelled wire: 1.868 billion yuan (50.3% of total revenue, +16.7% YoY), 2) Aerial work equipment: 1.057 billion yuan (28.4% of total revenue, +241.7% YoY), 3) Photovoltaic power generation: 708 million yuan (19.1% of total revenue, -3.7% YoY) [15][20]. Industry Trends - The aerial work platform sector is experiencing robust demand, driven by increased domestic infrastructure investment and equipment renewal policies, alongside a recovery in the machinery industry [16][17]. - The global market for aerial work platforms is projected to exceed 15 billion USD in 2024, with China accounting for 32 billion yuan, representing 35% of the global market [17]. Financial Projections - The company forecasts net profits of 516 million yuan, 586 million yuan, and 680 million yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 28, 24, and 21 [4][5]. - The expected revenue growth rates for the next few years are 30.5% in 2025, 16.0% in 2026, and 16.9% in 2027 [5][47].

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Viewpoints - The company has shown significant growth in its aerial work platform business, contributing to a substantial increase in overall revenue and net profit for 2024 and Q1 2025 [12][4]. - The company is strategically positioned to benefit from high demand in the AI and infrastructure sectors, driven by increased capital expenditures (CAPEX) from major tech companies [2][27]. - The partnership with the subsidiary, Wandeng Technology, has led to new breakthroughs in copper connection orders, indicating a promising growth trajectory for this segment [3][44]. Summary by Sections Company Performance - In 2024, the company achieved a revenue of 3.717 billion yuan, a year-on-year increase of 34.1%, and a net profit of 258 million yuan, up 97.0% [12][15]. - For Q1 2025, the company reported a revenue of 859 million yuan, a 10.4% increase year-on-year, and a net profit of 98 million yuan, reflecting a 22.0% growth [12][15]. - The revenue breakdown for 2024 shows that the enameled wire business generated 1.868 billion yuan (50.3% of total revenue), the aerial work platform business brought in 1.057 billion yuan (28.4%), and the photovoltaic power generation segment accounted for 708 million yuan (19.1%) [15][20]. Industry Trends - The aerial work platform market is experiencing robust demand, driven by domestic infrastructure investments and equipment renewal policies, with a global market size expected to exceed 15 billion USD in 2024 [16][17]. - Major tech companies are significantly increasing their CAPEX, with Amazon, Google, Microsoft, and Meta collectively spending approximately 76.5 billion USD in Q1 2025, indicating strong growth in AI and infrastructure needs [2][30]. Subsidiary Developments - Wandeng Technology has secured new orders in the copper connection field, including bulk orders for active copper cables for emerging data centers in North America [3][44]. - The company has announced financial support for Wandeng Technology to facilitate the large-scale procurement of core DSP chips, which is expected to accelerate the growth of its copper connection business [45][44]. Financial Projections - The company forecasts net profits of 516 million yuan in 2025, 586 million yuan in 2026, and 680 million yuan in 2027, with corresponding price-to-earnings (PE) ratios of 28, 24, and 21 [4][5]. - The projected revenue growth rates are 30.5% for 2025, 16.0% for 2026, and 16.9% for 2027, indicating a strong growth outlook [5][47].

Summary of the Conference Call for LuXiao Technology Company Overview - LuXiao Technology has invested in WanDeTai, a leader in active copper cable technology, particularly in the 800G AEC product line, which has begun small-scale shipments and is actively developing the next-generation 1.6T products [2][3] - The company primarily sources DSP chips from Marvell and MaxLinear for its 800G AEC products, with initial orders of approximately 1,960 units and an expected total of over 100,000 units for the year, amounting to an estimated $40 million in total orders [2][4] Financial Performance and Projections - The revenue target for 2025 is set at 500 million yuan, with profits exceeding 80 million yuan; the 2026 revenue plan aims for 1 billion yuan and profits close to 200 million yuan [2][6] - As of the first half of 2025, the company has secured orders exceeding 70 million yuan, surpassing the total shipment volume of the previous year [5] Market Dynamics - The primary growth driver is the North American market for AEC products, especially those aligned with Ethernet developments, such as 800G and 400G products [2][7] - The company’s market presence is predominantly international, with key clients including a new AI chip company and a long-established telecommunications firm transitioning to data center solutions [2][8] Production Capacity and Supply Chain - WanDeTai has established two automated production lines capable of producing nearly 500,000 units annually, with the potential for increased output through additional testing equipment and shifts [10][11] - There are no current shortages of DSP chips, and the company has secured supply through partnerships with original manufacturers and agents [9][11] Product Pricing and Margins - AEC products are priced higher than ACC products due to the inclusion of DSP chips, with 400G AEC priced between $200 and $300, and 800G AEC priced between $400 and $550 [12] - The demand for 800G products is expected to rise significantly, potentially leading to price reductions for both 800G AEC and 400G products in the future [12] Domestic Market Challenges - The domestic market is heavily impacted by chip supply issues, and the application of AEC products remains uncertain for 2025, with many clients still in the testing phase [12][13] Future Opportunities - The company is exploring potential collaborations with additional chip manufacturers and equipment suppliers, which may accelerate in 2025 and 2026 [23] - There is a growing demand for customized data center solutions in the North American market, with ongoing sample development to meet these needs [18] Strategic Partnerships - LuXiao Technology has established a partnership with AMD, providing various products including 800G and 400G DAC products, which have begun to contribute to annual sales [22] Conclusion - LuXiao Technology is positioned for significant growth in the active copper cable market, particularly in North America, with strong financial targets and a robust production capacity. However, challenges in the domestic market and supply chain dynamics remain critical factors to monitor moving forward [2][6][12]

国泰海通证券股份有限公司 关于露笑科技股份有限公司 使用部分闲置募集资金进行现金管理的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为露 笑科技股份有限公司（以下简称"公司"或"发行人"）非公开发行股票的保荐 人，根据《证券发行上市保荐业务管理办法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》 等有关规定，就发行人使用部分闲置募集资金进行现金管理的相关事项进行了审 慎核查，核查情况及核查意见如下： 一、公司募集资金及使用情况 经中国证券监督管理委员会 2022 年 5 月 31 日《关于核准露笑科技股份有限 公司非公开发行股票的批复》（证监许可[2022]1132 号）核准，公司向特定投 资者非公开发行普通股（A 股）319,334,577 股，发行价格为 8.04 元/股，募集资 金总额为 2,567,449,999.08 元，减除发行费用后，募集资金净额为人民币 2,512,526,098.54 元。上述募集资金已于 2022 年 6 月 30 日到位，并经致同会计 师事务所（特殊普通合伙）致同验字（2022）第 332 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、对外提供财务资助事项概述 露笑科技股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日召开的第六 届董事会第十四次会议，审议通过了《关于对参股公司提供财务资助的议案》，为满 足参股公司深圳万德溙光电科技有限公司（以下简称"万德溙"）快速经营发展中 的资金需求，公司同意向其提供不超过人民币 3,700 万元的财务资助，具体形式为 公司接受万德溙委托向独立第三方供应商采购芯片并提供万德溙生产经营使用，同 时公司给予万德溙一定账期，回款期限为 2025 年 12 月 31 日前，芯片具体采购情 况如下： | DSP 品号 | 物料名称 | 采购金额（元） | | --- | --- | --- | | 3020300047 | MPN:MxL93683-PV-T;IC,MxL93683,800G PAM4 DSP SoC without Integrated Driver | 9,095,680 | | 3020300068 | IC ， MV-CHA180C0C-B0-FF140AC-C000 ， ...

证券代码：002617 证券简称：露笑科技 公告编号：2025-028 截至 2025 年 4 月 30 日，公司非公开发行募集资金的投资及使用情况如下： | 序号 | 项目名称 | 募集资金拟投入 金额（万元） | 截止 2025 年 4 月 投入金额（万元） | 30 日累计 | | --- | --- | --- | --- | --- | | 1 | 第三代功率半导体（碳化硅）产业 园项目 | 194,000.00 | | 11,707.16 | | 2 | 大尺寸碳化硅衬底片研发中心项目 | 44,507.61 | | 6,071.38 | | 3 | 补充流动资金 | 12,745.00 | | 12,745.00 | | | 合计 | 251,252.61 | | 30,523.54 | 公司于 2024 年 11 月 20 日召开的第六届董事会第十一次会议和第六届监事会 第十次会议，审议通过了《关于使用部分闲置募集资金暂时补充流动资金的议案》， 为提高公司募集资金使用效率，进一步降低财务成本，在保证募集资金投资项目建 设资金需求及项目正常进行的前提下，公司拟使用部分募集资金 183,000 万 ...

证券代码：002617 证券简称：露笑科技 公告编号：2025-027 露笑科技股份有限公司 第六届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、 监事会议召开情况 露笑科技股份有限公司（以下简称"公司"）第六届监事会第十二次会议于 2025 年 5 月 7 日以书面形式通知全体监事，2025 年 5 月 14 日上午 9:30 在诸暨 市店口镇露笑路 38 号公司会议室以现场方式召开。会议应到监事 3 人，现场会 议实际出席监事 3 人。会议由监事会主席邵治宇先生主持。会议符合《公司法》 和《公司章程》的有关规定。 二、监事会议审议情况 会议审议并以举手表决方式通过了以下决议： 1、审议通过《关于使用部分闲置募集资金进行现金管理的议案》 表决结果： 3 票同意，0 票反对，0 票弃权。 经审核，监事会认为： 公司本次拟使用部分暂时闲置募集资金进行现金管理，是在确保公司募集资 金投资项目所需资金和保证募集资金安全的前提下实施的，有利于合理利用闲置 募集资金，提高资金使用效率，为公司股东谋取更多的投资回报，符合《上市公 司监管指 ...

1、审议通过《关于使用部分闲置募集资金进行现金管理的议案》 表决结果：会议以 8 票赞成、0 票反对、0 票弃权的表决结果，通过本议案。 证券代码：002617 证券简称：露笑科技 公告编号：2025-026 露笑科技股份有限公司 第六届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、董事会议召开情况 露笑科技股份有限公司（以下简称"公司"或"露笑科技"）第六届董事会第十 四次会议于 2025 年 5 月 7 日以书面形式通知全体董事，2025 年 5 月 14 日上午 9:00 在诸暨市店口镇露笑路 38 号公司办公大楼会议室以现场方式召开。会议应 出席董事 8 人，现场会议实际出席董事 8 人。会议由董事长鲁永先生主持。监事 及部分高级管理人员列席会议。本次会议的召开与表决程序符合《公司法》和《公 司章程》等相关规定。 二、 董事会议审议情况 经与会董事充分讨论，表决通过如下决议： 为提高公司募集资金使用效率，进一步降低财务成本，在保证募集资金投资 项目建设资金需求及项目正常进行的前提下，公司拟使用部分募集资金不超过 50, ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002617 证券简称：露笑科技 公告编号：2025-022 露笑科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的 ...

本报讯(记者吴文婧)4月25日晚，露笑科技（002617）股份有限公司(以下简称"露笑科技")发布2024年年 度报告。公司全年实现营业收入为37.17亿元，同比增长34.07%；归母净利润2.58亿元，同比增长 97.03%；扣非净利润2.26亿元，同比增长108%。 2024年，受国内基建投资加速、设备更新政策刺激以及下游开工率回升，机械行业整体复苏迹象明显。 露笑科技积极开拓高空作业设备业务，取得较大幅度增长，公司高空作业设备实现收入10.57亿元，同 比增长241.65%，占营收比重从11.16%提升至28.44%，成为公司重要的利润增长点，且板块毛利率提升 了2.73%。此外，年报首次披露了高空作业设备配件板块实现收入，露笑科技通过聚焦智能装备领域， 实现从传统制造向服务商的转型。 技术突破为转型注入关键动能。近年来，人工智能、物联网等技术的渗透加速登高机智能化进程，搭载 传感器与控制系统的设备已实现故障预警、远程操控等功能，安全性和效率显著提升。 露笑科技持续加大研发投入，通过技术创新提升产品市场竞争力，设计开发新产品，积极开拓市场。年 报披露，多种转向模式设计的臂式高空作业平台设备进入小试阶段； ...