Securities Times reporter Kang Yin

On the evening of October 18, Guangfeng Technology (688007) disclosed its third quarter report. In the first three quarters of 2024, the company achieved operating income of 1.72 billion yuan, a year-on-year increase of 4.18%; The net profit attributable to the parent company was 42.9466 million yuan, and the net profit attributable to the parent company was 39.6066 million yuan.

Among them, Guangfeng Technology's revenue in the third quarter was 638 million yuan, a year-on-year increase of 10.53%. What is particularly eye-catching is that the company's automotive optics business achieved a revenue of 217 million yuan in a single quarter, a new high in the business, and as a new source of income, it has gradually become an important part of the company's revenue. Overall, in the first three quarters of 2024, Guangfeng Technology will give full play to its core technology development advantages and continue to realize the realization of strategic transformation.

At the business level, in the first three quarters of 2024, Guangfeng Technology's automotive optics business achieved operating income of 458 million yuan. According to AITO auto news, as of October 10, its panoramic wisdom flagship SUV Wenjie M9 has been on the market for more than 9 months, and the cumulative number of Dading has exceeded 150,000, becoming the sales champion of more than 500,000 models. Through the M9, Guangfeng Technology has successfully created the first automotive-grade projection giant screen benchmark product in the intelligent automotive industry, and has achieved positive business growth with a tight delivery rhythm.

At the same time, another model equipped with Guangfeng Technology's vehicle-grade projection giant screen, Xiangjie S9, was officially released on August 8, and 8,000 units were set within 20 days of listing. From the perspective of application scenarios, the vehicle-grade projection giant screen is not only suitable for SUVs and cars, but also for MPVs and buses.

Guangfeng Technology said that since the beginning of 2024, the company has carried out close and high-frequency technical and business exchanges with Huawei's smart partners Cialis and BAIC Motor, not only for in-depth docking of on-board optical projects such as the facelift of the mainstream model of Cialis Wenjie and the facelift of the mainstream model of BAIC Xiangjie, but also to display samples and discuss in detail the next-generation technical solutions, including projection giant screens and smart lights, which have been highly recognized and positively feedback from customers. In October 2024, Guangfeng Technology received the second development fixed-point notice from BAIC New Energy to supply intelligent cockpit display products for its new models in Xiangjie, which is expected to be mass-produced and supplied in 2025.

It is understood that Guangfeng Technology has taken into account the synchronous expansion of Huawei's intelligent selection system and non-Huawei customers, and has been in intensive contact with well-known car companies at home and abroad such as Great Wall Motor and Hyundai Motor, and according to the different concerns of car company customers on on-board optical applications and the different progress of new model preparations, they have respectively established projects and customized development of on-board products, so as to pave the way for future business continuity.

In terms of car lights, the all-new smart Phantom #5, equipped with the industry's first automotive-grade full-color laser projector created by Guangfeng Technology, has ushered in its world premiere in August. The car's full-color laser projection lamp, using ALPD semiconductor laser light source technology, brightness up to 2000 lumens, up to 233 inches of ultra-clear picture, up to 1080P display effect. The all-new smart Phantom #5 is currently in pre-order, and will be available on October 27, with deliveries starting in mid-November.

Industry insiders pointed out that at present, the certainty and sustainability of Guangfeng Technology's on-board optical business have been steadily enhanced, and the first-mover advantage is obvious, holding 8 fixed points covering automotive-grade giant screens, pixel lamps and other products, and expanding domestic and foreign cooperation extensively and continuously.

It is worth mentioning that on September 10, Guangfeng Technology announced that in 2024, the company has implemented three phases of share repurchase, and repurchased 7.1269 million shares of the company in a centralized bidding transaction, accounting for 1.53% of the company's total share capital, and the total amount of funds paid reached 119 million yuan, reflecting the firm confidence in the company's operation and future development prospects.