民爆光电 20250428 摘要 • 民爆光电 2024 年营收约 16.4 亿元，利润近 2.31 亿元，均实现正增长， 北美市场增长超 30%，特种照明板块亦实现预期增长。2025 年一季度收 入增长约 15%，利润增长 18%，扣非净利润同比增长 36%，特种照明表 现突出。 • 公司出口占比超 95%，欧洲市场占比约 45%-46%，大洋洲和亚太地区占 比约 15%-16%，美洲市场占比从 12%升至 15%左右。一季度格局基本 保持不变，仅有微调。 • 美国关税政策导致客户备货谨慎，但中国仍是全球 LED 照明供应链主要来 源地，短期内难以转移。公司提前布局北美供应链，视此为契机。 • 公司在越南自建工业区预计年底投产，未来可支撑 5-6 亿元产能。2024 年越南租借工厂产出约 1 亿元，自建工厂建成后预计可实现 5-6 亿元产值， 可应对未来三年北美市场需求及增量。 • 去年公司主动调整部分产品价格，降幅约 5%-10%，对毛利率影响平稳。 今年不主动调价，报价基于成本加成模式，原材料成本波动会同步调整报 价。关税摩擦可能带来汇率波动，对经营结果有一定影响。 美国关税政策对民爆光电业务有何影响？ ...

证券代码： 301362 证券简称：民爆光电 深圳民爆光电股份有限公司投资者关系活动记录表 | 投资 | □√特定对象调研 | □ 分析师会议 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 者关 | □ 媒体采访 | □ √业绩说明会 | | | | | | | | 系活 | 新闻发布会 □ | 路演活动 □ | | | | | | | | 动类 | 现场参观 □ | | | | | | | | | 别 | 其他 □ | （请文字说明其他活动内容） | | | | | | | | 参与 | 1、现场调研 | | | | | | | | | 单位 | | | | | | 红思客、深圳诺泉投资、前海云溪基金、幸福階乘、泽源基金 | | | | 名称 | | 太古投资、深圳北斗星、华润金控、华创证券等共 | | | | | 人 14 | | | 及人 | 2、现场调研结合电话会议 | | | | | | | | | 员姓 | 编号 | 机构名称 | | 编号 | | | | 机构名称 | | | 1 | 华安证券 | ...

Investment Rating - The investment rating for the company is "Accumulate" and it is maintained [3] Core Views - The company has shown a recovery in revenue with a year-on-year increase of 15.66% in Q1 2025, reaching 403 million yuan, and a net profit increase of 18.45% to 60 million yuan [1] - The company is expected to benefit from the increasing penetration of LED in overseas commercial and industrial markets, particularly in the U.S. post-pandemic [2] - The forecasted net profits for the company from 2025 to 2027 are 250 million yuan, 280 million yuan, and 300 million yuan respectively, with corresponding dynamic P/E ratios of 15.9x, 14.5x, and 13.3x [2] Financial Performance - In Q1 2025, the company's gross margin was 28.63%, a decrease of 2.28 percentage points year-on-year, but an increase of 1.1 percentage points quarter-on-quarter [1] - The net profit margin for Q1 2025 was 14.85%, reflecting a year-on-year increase of 0.37 percentage points [1] - The company’s total revenue for 2023 was 1,528.64 million yuan, with a growth rate of 4.34%, and is projected to reach 2,177.31 million yuan by 2027, with a growth rate of 9.53% [9] Valuation Metrics - The current price of the stock is 38.45 yuan, with a target price not specified [3] - The company has a total market capitalization of approximately 4,024.56 million yuan [4] - The earnings per share (EPS) for 2025 is projected to be 2.42 yuan, with a P/E ratio of 15.86 [9]

Investment Rating - The investment rating for the company is "Accumulate" and it is maintained [3][2] Core Views - The company has shown a recovery in revenue with a year-on-year increase of 15.66% in Q1 2025, reaching 403 million yuan, and a net profit increase of 18.45% to 60 million yuan [1] - The company is expected to benefit from the increasing penetration of LED in overseas commercial and industrial markets, particularly in the U.S. post-pandemic [2] - The forecasted net profits for the company from 2025 to 2027 are 250 million yuan, 280 million yuan, and 300 million yuan respectively, with corresponding dynamic P/E ratios of 15.9x, 14.5x, and 13.3x [2] Financial Performance Summary - In Q1 2025, the company's gross margin was 28.63%, a decrease of 2.28 percentage points year-on-year, but an increase of 1.1 percentage points quarter-on-quarter [1] - The net profit margin for Q1 2025 was 14.85%, reflecting a year-on-year increase of 0.37 percentage points [1] - The company’s total revenue for 2023 was 1,528.64 million yuan, with a growth rate of 4.34%, and is projected to reach 1,809.01 million yuan in 2025, representing a growth rate of 10.24% [9] Key Financial Data - The total market capitalization of the company is approximately 4,024.56 million yuan, with a circulating market value of 1,140.81 million yuan [4] - The company has a total share capital of 104.67 million shares and a net asset value per share of 24.91 yuan [4] - The asset-liability ratio stands at 16.15% [4]

Investment Rating - The report maintains an "Outperform" investment rating for the company [2][8] Core Insights - In Q1 2025, the company achieved revenue of 403 million yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 60 million yuan, up 18% year-on-year [5][8] - The company's revenue growth outperformed the industry, as the overall export of lighting products in China declined by approximately 8% in the same period [8] - The gross profit margin slightly decreased to 28.63%, down 2.28 percentage points year-on-year, primarily due to changes in product mix, while the overall expense ratio improved [8] Financial Data and Profit Forecast - The company is projected to achieve total revenue of 1,786 million yuan in 2025, with a year-on-year growth rate of 8.9% [7] - The forecasted net profit attributable to shareholders for 2025 is 251 million yuan, representing a 9.0% increase year-on-year [7] - The earnings per share (EPS) for 2025 is estimated at 2.40 yuan, with a price-to-earnings (P/E) ratio of 16 [7]

Financial Performance - The company's operating revenue for Q1 2025 was CNY 403,419,250.16, representing a 15.66% increase compared to CNY 348,801,232.63 in the same period last year[5] - Net profit attributable to shareholders was CNY 60,293,824.47, up 18.45% from CNY 50,904,481.37 year-on-year[5] - The basic earnings per share rose to CNY 0.58, an increase of 18.37% from CNY 0.49 in the same period last year[5] - Total operating revenue for the current period reached ¥403,419,250.16, an increase of 15.7% compared to ¥348,801,232.63 in the previous period[18] - Net profit for the current period was ¥59,894,814.41, up 18.5% from ¥50,508,224.38 in the previous period[19] - The total comprehensive income for the current period was ¥58,611,399.78, compared to ¥50,472,218.15 in the previous period, showing a positive trend[19] - Basic and diluted earnings per share increased to ¥0.58 from ¥0.49 in the previous period, reflecting improved profitability[19] Cash Flow and Investments - The net cash flow from operating activities increased by 113.04%, reaching CNY 87,641,676.20 compared to CNY 41,139,457.37 in the previous year[5] - The company reported a 90.38% increase in cash received from investment recoveries, totaling CNY 646,234,854.71 compared to CNY 339,436,424.44 in the previous year[9] - Operating cash flow net amount increased to ¥87,641,676.20, compared to ¥41,139,457.37 in the previous period, reflecting a significant improvement[22] - The company experienced a net cash outflow from investing activities of ¥151,360,243.04, worsening from a net outflow of ¥87,244,645.20 in the previous period[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,103,718,070.42, a slight increase of 0.18% from CNY 3,098,082,876.22 at the end of the previous year[5] - The company's total liabilities decreased from CNY 554,361,576.59 to CNY 501,363,310.27, reflecting a reduction of approximately 9.6%[16] - The company's equity attributable to shareholders increased by 2.32% to CNY 2,607,617,743.88 from CNY 2,548,585,273.30 at the end of the previous year[5] - The total equity attributable to the owners of the parent company increased from CNY 2,548,585,273.30 to CNY 2,607,617,743.88, representing a growth of about 2.3%[17] - Cash and cash equivalents decreased from CNY 1,083,905,571.64 to CNY 1,019,586,986.35, a decline of approximately 5.9%[15] - Accounts receivable decreased from CNY 241,888,646.72 to CNY 217,011,955.69, a reduction of about 10.3%[15] - Inventory decreased from CNY 271,683,677.55 to CNY 238,051,495.12, indicating a decline of approximately 12.3%[15] - The company's other non-current assets increased significantly from CNY 1,417,076.47 to CNY 16,670,010.06, marking a substantial growth[16] - The company reported a decrease in total current liabilities from CNY 496,128,950.49 to CNY 450,215,836.80, a reduction of about 9.3%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 8,269[10] - The company maintained a stable capital reserve of CNY 1,504,157,825.86, with no significant changes reported[17] Expenses - The company reported a total operating cost of ¥342,238,660.06, which is a 13.8% increase from ¥300,750,290.98 in the previous period[18] - Research and development expenses were ¥25,814,592.87, slightly down from ¥26,440,551.74 in the previous period, indicating a focus on cost management[18] - The company reported a decrease in sales expenses to ¥19,615,358.29 from ¥22,595,609.97 in the previous period, indicating improved efficiency[18]

证券代码：301362 证券简称：民爆光电 公告编号：2025-026 深圳民爆光电股份有限公司 关于 2024 年度权益分派实施公告 一、公司首次公开发行股票的情况 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。 特别提示： 1、深圳民爆光电股份有限公司（以下简称"公司"或"本公司"）回购专用证 券账户中的股份 1,483,309 股不参与本次权益分派。本次权益分派将以公司现有总股 本 104,670,000 股剔除回购专用证券账户股份 1,483,309 股后的 103,186,691 股为基 数，向全体股东每 10 股派 18.950000 元人民币（含税），实际派发现金分红总额 =103,186,691 股*18.95 元/10 股= 195,538,779.45（含税）。 2、本次权益分派实施后计算除权除息价格时，按总股本折算每 10 股现金红利= 实际派发现金分红总额/公司总股本*10= 195,538,779.45 元/104,670,000 股*10 股 =18.681454 元（保留六位小数，不四舍五入，下同）。本次权益分派实施后的除权除 息 ...

证券代码：301362 证券简称：民爆光电 公告编号：2025-025 深圳民爆光电股份有限公司 2024 年度股东大会决议公告 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。 特别提示： 1、本次股东大会没有否决、补充或修改提案的情况。 2、本次股东大会未涉及变更以往股东大会已经通过的决议。 一、会议召开情况 1、现场会议召开时间：2025 年 4 月 21 日（星期一）下午 14:30。 2、会议召集人：公司董事会 3、会议主持人：公司董事长谢祖华先生 4、现场会议地点：深圳市宝安区福永街道（福园一路西侧）润恒工业厂区 2#厂 房 5 楼大会议室。 5、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 4 月 21 日上午 9:15—9:25，9:30—11:30 和下午 13:00—15:00；通过深圳证券 交易所互联网投票系统投票的具体时间为：2025 年 4 月 21 日上午 9:15—下午 15:00 期间的任何时间。 6、会议召开方式：本次会议采取现场投票与网络投票相结合的方式。 7、本次股东大会的召集、召开符合《 ...

北京市金杜（深圳）律师事务所 关于深圳民爆光电股份有限公司 2024 年度股东大会的 法律意见书 致：深圳民爆光电股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受深圳民爆光电股份有 限公司（以下简称公司）的委托，根据《中华人民共和国证券法》（以下简称《证 券法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督 管理委员会《上市公司股东会规则》（以下简称《股东会规则》）等中华人民共 和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香港特别行 政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法规、规范 性文件和现行有效的《深圳民爆光电股份有限公司章程》（以下简称《公司章程》） 的规定，指派律师出席了公司于 2025 年 4 月 21 日召开的 2024 年度股东大会 （以下简称本次股东大会），并就本次股东大会的相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1．经公司 2024 年第一次临时股东大会审议通过的《公司章程》； 2．公司 2025 年 4 月 1 日刊登于巨潮资讯网及深圳证券交易所网站的《深 圳民爆 ...

Summary of Conference Call Company Overview - Mingbao Optoelectronics is a national-level specialized small giant enterprise focused on the R&D, production, and sales of LED green lighting products, utilizing an ODM model to cater to overseas regional brand merchants and engineering companies [2][4] Core Industry Insights - The global LED market is expected to reach $82 billion by 2026, with China maintaining over 60% of the global export share of lighting products in 2024, solidifying its position as the largest producer and exporter of LEDs [7][8] Financial Performance - In 2024, the company achieved a revenue of 1.641 billion yuan, a year-on-year increase of 7.35% [5][10] - The net profit attributable to shareholders was approximately 231 million yuan, reflecting a slight increase of 0.17% year-on-year [3][10] - The total assets reached 3.098 billion yuan, up 1.34% year-on-year, while net assets decreased by 0.76% due to shareholder dividends and share buybacks [10] Strategic Initiatives - The company plans to enhance its core competitiveness through increased R&D investment, which is projected to reach approximately 120 million yuan in 2024, a 20% increase year-on-year [5][6] - Focus on product innovation and diversification, with over 40,000 products developed and sold to date [6] - Plans to establish two new production bases in Vietnam and Huizhou by 2025 to boost capacity and improve production efficiency through digitalization and automation [8][9] Market Expansion - The company aims to deepen its presence in existing overseas markets while exploring opportunities in North America and emerging markets, leveraging its quality advantages and rapid response capabilities [9] Additional Insights - The company emphasizes a strong commitment to sustainable high-quality development and enhancing governance standards [3] - Cash flow remains robust, with a net cash flow from operating activities of 252 million yuan and total cash and investments around 2.1 billion yuan [10]