丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨凯盛科技（600552.SH） [Table_Title] Q3 经营保持向好态势 报告要点 [Table_Summary] 公司发布 2025 年 3 季报：前 3 季度实现收入 43.10 亿，同增 20.6%；实现归属净利润 1.29 亿，同增 15.1%；实现扣非归母净利润 0.84 亿，同期小幅盈利。 research.95579.com 1 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SAC：S0490520080026 SFC：BQK473 请阅读最后评级说明和重要声明 %% %% %% %% [Table_scodeMsg2] 凯盛科技（600552.SH） cjzqdt11111 2、新材料产线投产低预期。 请阅读最后评级说明和重要声明 [Table_Summary2] 事件描述 丨证券研究报告丨 2025-11-13 公司发布 2025 年 3 季报：前 3 季度实现收入 43.10 亿，同增 20.6%；实现归属净利润 1.29 亿，同增 15.1%；实现扣非归母 ...

11月13日突破年线个股乖离率排名 证券时报·数据宝统计，截至今日上午10:30，上证综指4008.92点，收于年线之上，涨跌幅为0.22%，A 股总成交额为8948.89亿元。到目前为止，今日有39只A股价格突破了年线，其中乖离率较大的个股有航 新科技、力王股份、川发龙蟒等，乖离率分别为4.59%、3.56%、3.27%；九洲集团、达利凯普、天顺风 能等个股乖离率较小，刚刚站上年线。 （文章来源：证券时报网） | 证券代 | 证券简 | 今日涨跌幅 | 今日换手率 | 年线 | 最新价 | 乖离率 | | --- | --- | --- | --- | --- | --- | --- | | 码 | 称 | （%） | （%） | （元） | （元） | （%） | | 300424 | 航新科 技 | 4.52 | 5.95 | 16.58 | 17.34 | 4.59 | | 920627 | 力王股 份 | 5.42 | 5.46 | 27.06 | 28.02 | 3.56 | | 002312 | 川发龙 蟒 | 3.57 | 3.12 | 12.66 | 13.07 | 3.27 | | 688 ...

凯盛科技股份有限公司 2025 年第三次临时股东会会议资料 会议地点：安徽省蚌埠市黄山大道 8009 号 公司三楼会议室 主 持 人：董事长 夏宁先生 | | | 1、关于与中国建材财务公司签订《金融服务协议》暨关联交易的议案 四、股东发言和高管人员回答股东提问 2025 年 11 月 凯盛科技股份有限公司 2025 年第三次临时股东会议程 会议时间：2025 年 11 月 17 日 八、律师宣布法律意见书 九、宣布会议结束 一、宣布会议开始及会议议程 二、宣布会议出席人数、代表股份数及参会来宾 三、审议各项议案 五、推选计票人和监票人（2 名股东代表、1 名监事） 六、投票表决 七、宣布表决结果和决议 凯盛科技股份有限公司 2025 年第三次临时股东会文件目录 1 、 关 于 与 中 国 建 材 财 务 公 司 签 订 《 金 融 服 务 协 议 》 暨 关 联 交 易 的 议 案…………………………………………………………………………………1 议案一： 关于与中国建材财务公司签订《金融服务协议》 暨关联交易的议案 各位股东： 为进一步拓宽融资渠道，降低融资成本与财务费用，提高资金使用效率，公 司拟与中国建 ...

Core Viewpoint - Kaisheng Technology's stock has shown a mixed performance in recent trading, with a year-to-date increase of 10.12% and a recent 5-day increase of 5.84% [1] Company Overview - Kaisheng Technology Co., Ltd. is located in Bengbu City, Anhui Province, and was established on September 30, 2000. It was listed on November 8, 2002. The company specializes in the development, research, production, and sales of ITO conductive film glass, online composite coated glass, vacuum coated glass, deep-processed glass products, and new materials [1] - The main business revenue composition is as follows: display materials 79.42%, application materials 17.86%, and others 2.71% [1] Financial Performance - For the period from January to September 2025, Kaisheng Technology achieved an operating income of 4.31 billion yuan, representing a year-on-year growth of 20.57%. The net profit attributable to the parent company was 129 million yuan, with a year-on-year increase of 15.06% [2] - Since its A-share listing, Kaisheng Technology has distributed a total of 432 million yuan in dividends, with 142 million yuan distributed in the last three years [3] Shareholder Structure - As of September 30, 2025, the number of shareholders of Kaisheng Technology was 52,500, a decrease of 18.36% from the previous period. The average circulating shares per person increased by 22.49% to 17,997 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 16.73 million shares, an increase of 7.56 million shares from the previous period [3]

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [1]. Core Insights - The company has shown revenue and profit growth, with total revenue for the first three quarters reaching 4.31 billion yuan, a year-on-year increase of 20.6%, and a net profit attributable to shareholders of 129 million yuan, up 15.1% year-on-year [6]. - The company is focusing on two main segments: display materials and application materials, with significant progress in both areas, including entering the supply chain of major clients like Samsung [6]. - The second phase of the UTG project has been optimized, with the full production date postponed to April 2026 to meet the increasing demands of the display industry [6]. Financial Data and Profit Forecast - Total revenue is projected to reach 6.42 billion yuan in 2025, with a year-on-year growth rate of 31.2% [5]. - The net profit attributable to shareholders is expected to be 207 million yuan in 2025, reflecting a significant increase of 47.4% year-on-year [5]. - The company's gross margin is forecasted to improve gradually, reaching 19.2% by 2027 [5].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 16.94 [6]. Core Views - The company has shown strong growth in its display business, with a revenue increase of 20.6% year-on-year for the first three quarters of 2025, reaching RMB 4.31 billion, and a net profit increase of 15.1% to RMB 130 million [1]. - The third quarter of 2025 saw revenues of RMB 1.55 billion, up 13.8% year-on-year, and net profit of RMB 80 million, up 9.9% year-on-year, indicating that the performance met expectations [1][2]. - The company is expected to benefit from the growth of high-purity quartz sand and UTG products, with new production capacity gradually being released [1][4]. Summary by Sections Revenue and Profitability - In Q3 2025, the company achieved a revenue of RMB 1.55 billion, reflecting a 13.8% year-on-year increase and a 3.0% quarter-on-quarter increase [2]. - The gross margin for Q3 2025 was 22.4%, showing a significant improvement of 7.2 percentage points quarter-on-quarter, attributed to an optimized product sales structure [2]. - The operating cash flow improved significantly, with a net cash flow from operating activities of RMB 180 million for the first three quarters of 2025, a year-on-year increase of RMB 310 million [3]. Financial Forecast and Valuation - The company maintains its profit forecast, expecting net profits of RMB 270 million, RMB 330 million, and RMB 380 million for 2025, 2026, and 2027 respectively, representing a CAGR of 40.3% from 2025 to 2027 [4]. - The company is valued at 1.5x PEG for 2025, considering the expected contributions from new production lines and the integration into key customer supply chains [4].

Group 1: Hehui Optoelectronics - Hehui Optoelectronics announced a delay in the "Sixth Generation AMOLED Production Line Capacity Expansion Project," with a total fundraising amount of 8,002,135,743.48 yuan (80.02 billion yuan) [2] - As of September 30, 2025, a cumulative investment of 68.32 billion yuan has been made, with 53.32 billion yuan allocated to the project and 15 billion yuan for working capital [2][3] - The project aims to increase the existing production capacity from 30K/month to 45K/month, with 7.5K/month capacity already achieved in March 2025, while the remaining capacity is under orderly construction [3] - The delay is attributed to equipment supplier delivery delays, preventing the completion of necessary installations and adjustments for the technical upgrades [4] Group 2: Kaisheng Technology - Kaisheng Technology announced another delay in the "Ultra-thin Flexible Glass (UTG) Phase II Project," which has already experienced three previous delays, with the latest expected completion date pushed to April 2026 [5] - The project plans to invest 1.487 billion yuan, aiming to establish a production line for 15 million pieces of 6-8 inch ultra-thin flexible glass with a thickness of 30-70 microns [5][7] - The company is focusing on developing UTG iteration technologies and optimizing production lines while ensuring the stability and consistency of existing production lines [8] - As of the end of October 2025, the UTG Phase II project has nearly completed a production line capable of producing 13.5 million UTG products annually, with products already delivered to downstream customers [8]

Group 1 - The company plans to continue using part of its idle raised funds for cash management, with a maximum scale of RMB 20 million, which can be rolled over within a period not exceeding twelve months from the date of board approval [7][11][19] - The cash management aims to improve fund utilization efficiency without affecting the normal operation of the fundraising investment projects [15][21] - The company has previously raised funds through a non-public offering, totaling approximately RMB 1.5 billion, with a net amount of RMB 1.487 billion after deducting issuance costs [9][10][74] Group 2 - The company intends to sign a financial service agreement with China National Building Material Group Finance Co., Ltd. to optimize financial management and reduce financing costs [25][28] - This agreement will provide deposit, settlement, comprehensive credit, and other financial services to the company and its subsidiaries [25][28] - The agreement is subject to approval at the company's shareholder meeting [27][41] Group 3 - The company has decided to postpone the investment project for the ultra-thin flexible glass (UTG) phase II project to April 2026, ensuring that the investment direction and content remain unchanged [62][75] - The postponement is due to the need for gradual construction based on market conditions and to enhance the project's investment return rate [62][75] - The company has made significant progress in the UTG phase II project, with the main production line expected to reach operational status by April 2026 [75][76]

Group 1 - The core point of the article is that Kaisheng Technology (SH 600552) held its sixth meeting of the ninth board of directors on October 30, 2025, to review the third quarter report for 2025 [1] - In the fiscal year from January to December 2024, the revenue composition of Kaisheng Technology is as follows: industrial revenue accounts for 95.71%, while other businesses account for 4.29% [1]

关于召开2025年第三次临时股东会的通知 证券代码：600552 证券简称：凯盛科技 公告编号：2025-038 凯盛科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一)股东会类型和届次 2025年第三次临时股东会 (二)股东会召集人：董事会 (三)投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合的方 式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025 年 11 月 17 日 14 点 00 分 召开地点：蚌埠市黄山大道 8009 号 公司办公楼三楼会议室 (五)网络投票的系统、起止日期和投票时间。 股东会召开日期：2025年11月17日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 11 月 17 日 至2025 年 11 月 17 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:2 ...