2024 年公司董事会审计委员会召开了 5 次会议，审计委员会全体委员均参 加了会议。审计委员会在年度审计工作开展过程中，及时与审计机构就公司年度 审计工作计划、审计重点关注事项和存在问题进行了充分沟通，并提出建议。审 计委员会还就公司报告期内的定期报告、内部控制、会计师事务所选聘管理办法 及聘请审计机构等事项进行了审议并发表意见。 三、审计委员会年度履职情况 （一）监督及评估审计机构工作 彩虹显示器件股份有限公司 董事会审计委员会 2024 年度履职情况报告 彩虹显示器件股份有限公司（以下简称"公司"）董事会审计委员会根据上 海证券交易所《股票上市规则》、《上市公司自律监管指引第 1 号—规范运作》以 及《董事会审计委员会工作细则》的相关规定，审计委员会本着勤勉尽责的原则， 积极履行相关职责，现对 2024 年度的履职情况报告如下： 一、审计委员会基本情况 公司董事会审计委员会由 3 名董事组成，其中独立董事 2 名，主任委员由具 有会计专业资格的独立董事担任。 二、审计委员会会议召开情况 （三）评估内部控制有效性 审计委员会对公司内部控制情况进行了解和审查，审阅了公司《2023 年度 内部控制评价报告》及 ...

Financial Performance - The company's operating revenue for 2024 reached approximately ¥11.66 billion, an increase of 1.73% compared to ¥11.47 billion in 2023[22]. - The net profit attributable to shareholders for 2024 was approximately ¥1.24 billion, representing an increase of 87.55% from ¥661.08 million in 2023[22]. - The basic earnings per share for 2024 was ¥0.35, a significant increase of 94.44% compared to ¥0.18 in 2023[21]. - The net cash flow from operating activities for 2024 was approximately ¥4.34 billion, up 43.76% from ¥3.02 billion in 2023[22]. - The total assets of the company at the end of 2024 were approximately ¥39.87 billion, a 2.39% increase from ¥38.94 billion at the end of 2023[22]. - The company's net assets attributable to shareholders increased by 6.11% to approximately ¥21.52 billion at the end of 2024, compared to ¥20.28 billion at the end of 2023[22]. - The weighted average return on equity for 2024 was 5.93%, an increase of 2.62 percentage points from 3.31% in 2023[21]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching approximately ¥1.04 billion, up 187.29% from ¥360.98 million in 2023[22]. Revenue and Sales - The company achieved total revenue of 11.66 billion RMB in 2024, a year-on-year increase of 1.73%, with LCD panel revenue at 10.29 billion RMB, up 0.33%[50]. - The sales volume and revenue of G8.5+ substrate glass increased by 92.6% and 93.2% year-on-year, respectively, indicating a strong market demand for high-generation products[50]. - The company's operating revenue increased by 21.79% year-on-year for substrate glass, reaching ¥1,491,209,687.22, while the operating revenue for liquid crystal panels grew by 0.36% to ¥10,205,064,191.10[61]. - The domestic operating revenue increased by 30.39% to ¥3,345,393,158.72, with a gross profit margin of 22.46%[61]. Production and Capacity - The company produced 14.66 million LCD panels and sold 14.74 million panels in 2024, maintaining stable production line operations[50]. - The company has successfully launched three G8.5+ high-generation substrate glass production lines, significantly increasing production capacity[36]. - The company is expanding its G8.5+ substrate glass production line, which is expected to enhance market competitiveness and production efficiency[42]. - The company completed the construction of four G8.5+ glass production lines, enhancing its market share in the glass industry[94]. Research and Development - The company’s R&D expenses increased by 4.64% year-on-year, indicating a commitment to continuous innovation and product development[53]. - The company has created a multi-level technology innovation R&D platform, enhancing its capabilities in technological advancements and product upgrades[49]. - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product efficiency and sustainability[129]. Market Strategy and Expansion - The company is actively expanding its market share in the substrate glass sector, with a steady increase in supply volume to domestic panel manufacturers[39]. - The company is focusing on technology innovation and has made breakthroughs in high-generation substrate glass industrialization technology, enhancing its product offerings[37]. - The company plans to enhance large-size high-refresh rate production capacity and improve product quality and efficiency through technological advancements[108]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by the end of 2024[135]. Governance and Compliance - The company adheres to various legal and regulatory requirements to ensure effective corporate governance and transparency in information disclosure[124]. - The governance structure is continuously improved to align with regulatory requirements, enhancing operational compliance and stakeholder communication[125]. - The company has established a management system for insider information to prevent insider trading and ensure confidentiality[124]. - The company has not encountered any significant issues during the self-inspection of corporate governance, indicating good operational compliance[152]. Environmental and Social Responsibility - The company invested 44.81 million yuan in environmental protection during the reporting period[154]. - The company has established emergency response plans for environmental incidents, ensuring preparedness for potential environmental hazards[175]. - The company has implemented carbon reduction measures, resulting in a decrease of 211.8 tons of CO2 equivalent emissions through the use of clean energy generation, specifically a solar photovoltaic system[181]. - Total investment in poverty alleviation and rural revitalization projects amounted to 8.42 million RMB, with 6.29 million RMB allocated for disability guarantees and 2.13 million RMB for purchasing agricultural products[182]. Financial Management - The company has a clear cash dividend policy, prioritizing cash dividends over stock dividends in its profit distribution[145]. - The company has not proposed a cash profit distribution plan for the reporting period despite having positive distributable profits[148]. - The company has committed to maintaining financial independence and protecting minority shareholders' interests in its operations[184]. - The company has engaged a new accounting firm, Zhongshen Yatai, for the 2024 financial year, following the completion of the term with the previous auditor[189].

彩虹股份（600707）公告，2024年营业收入116.64亿元，同比增长1.73%。归属于上市公司股东的净利 润12.4亿元，同比增长87.55%。基本每股收益0.35元／股，同比增长94.44%。公司本年度不进行利润分 配，也不进行资本公积金转增股本。 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 9.9 CNY, based on a valuation of 22x PE [6]. Core Viewpoints - The company's cyclical profitability is highlighted, with the glass substrate business forming a second growth curve. The company has shown strong performance during the upcycle of the LCD panel industry, with significant revenue and profit growth [1][4]. - The LCD panel business is expected to benefit from supply-side consolidation and government subsidies, leading to an increase in both volume and price [2]. - The glass substrate market is characterized by a tight supply-demand balance and high overseas market concentration, providing substantial room for domestic substitution [3]. Summary by Sections Company Overview - The company, established in 1992, specializes in the manufacturing of LCD glass substrates and panels, transitioning from CRT to LCD technology. It has developed a dual business model focusing on both panels and substrates, with significant investments in high-generation glass substrate production lines [1][14][16]. Financial Analysis - The company reported a revenue of 9 billion CNY in the first three quarters of 2024, a year-on-year increase of 4.61%, and a net profit of 1.23 billion CNY, up 301.85% [1][29]. The gross margins for LCD panels and glass substrates are 24.27% and 20.44%, respectively [1][31]. - The company has shown a recovery in ROE from -12.70% in 2022 to 5.88% in 2024, indicating improved profitability and operational efficiency [1][45]. LCD Panel Industry - The LCD panel market is expected to see a volume and price increase due to government policies and a shift in production capacity towards major domestic manufacturers. The company has a flexible production capacity of 170K/month at its 8.6 generation line [2][50]. - The report notes that the LCD panel remains the mainstream choice in the market, with a significant share of the global display industry [50]. Glass Substrate Industry - The glass substrate market is projected to grow, with a forecasted global shipment of 650 million square meters in 2024, reflecting a 7.3% year-on-year increase. The company is positioned as the only domestic manufacturer capable of mass production of 8th generation glass substrates, with substantial potential for domestic substitution [3][28]. - The company plans to increase its production capacity significantly, with projections indicating an annual output of 14.55 million pieces by 2029 [3][20]. Investment Recommendations - The company is expected to achieve revenues of 114.65 billion CNY, 132.16 billion CNY, and 153.90 billion CNY from 2024 to 2026, with corresponding net profits of 12.22 billion CNY, 16.22 billion CNY, and 20.31 billion CNY [4][5]. The valuation is supported by comparisons with similar companies in the industry [4].

证券代码：600707 证券简称：彩虹股份 编号：临 2025-007 号 彩虹显示器件股份有限公司 一、本次解除质押情况 本公司于 2025 年 4 月 8 日接到控股股东咸阳金控函告，获悉其将原质押给 陕西信用增进有限责任公司流通股 2,500 万股办理了证券质押登记解除手续，具 体情况如下： | 股东名称 | 咸阳金融控股集团有限公司 | | | --- | --- | --- | | 本次解质股份 | 25,000,000 | | | 占其所持股份比例 | 2.25% | | | 占公司总股本比例 | 0.70% | | | 解质时间 | 年 月 2025 4 7 | 日 | | 持股数量 | 1,112,759,643 | | | 持股比例 | 31.01% | | | 剩余被质押股份数量 | 838,717,584 | | | 剩余被质押股份数量占其所持股份比例 | 75.37% | | | 剩余被质押股份数量占公司总股本比例 | 23.37% | | 1 咸阳金控将根据经营实际需求拟定后续股权质押融资计划，未来如有变动， 将根据实际情况及时履行告知义务。公司将按照相关规定及时履行信息披露义务。 ...

彩虹显示器件股份有限公司 关于为控股子公司提供担保的进展公告 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: ● 被担保人名称：公司控股子公司彩虹（合肥）液晶玻璃有限公司（以下 简称"合肥液晶"） ● 本次担保金额及已实际为其提供的担保余额：本次担保金额为人民币 3 亿元。已实际为合肥液晶提供担保余额人民币 23.69 亿元。 ● 本次是否有反担保：无 ● 对外担保逾期的累计数量：无 证券代码：600707 证券简称：彩虹股份 编号：临 2025-006 号 合肥液晶成立于 2009 年 8 月 26 日，法定代表人：程肇琦，注册地址：合肥 新站区涂山路 5 号，注册资本 671,247.70 万元，其中本公司出资占其注册资本的 69.76%（本公司与控股子公司陕西彩虹电子玻璃有限公司合计持有合肥液晶 96.80%股权）。该公司主要从事液晶用玻璃基板及相关零部件、材料的生产及销 售。合肥液晶最近一年又一期财务数据如下： 三、担保协议的主要内容 ● 特别风险提示：公司为控股子公司及合营公司担保总额为人民币 125 ...

Core Viewpoint - The LCD TV panel prices are expected to continue rising in March 2025, driven by stable demand and the impact of China's trade-in policy [3][10]. Group 1: Market Overview - From February 2025 to the present, the panel index has increased by 2.24%, underperforming compared to major indices like the Shanghai Composite and Shenzhen Component [3][8]. - As of March 13, 2025, the total market capitalization of the A-share panel industry is 562.467 billion yuan, with an overall price-to-book ratio of 1.61x, which is at the 61.0% percentile of the past five years [3][8]. Group 2: Price & Cost - In February 2025, the prices for various sizes of LCD TV panels were as follows: 32-inch at $38, 43-inch at $64, 50-inch at $103, 55-inch at $129, and 65-inch at $177, with month-on-month increases of 2.7%, 1.6%, 1.0%, 0.8%, and 1.1% respectively [10]. - The prices for IT panels in February 2025 remained stable for most sizes, with a slight increase for the 23.8-inch panel [10]. Group 3: Supply & Demand - In January 2025, the global shipment area for large-size LCD panels increased by 7.34% year-on-year, with a total shipment of 71.494 million units, reflecting a 12.42% year-on-year growth [14][17]. - The average size of LCD TVs is projected to increase, contributing to the growth in demand for LCD panels [20]. Group 4: Performance Review - In January 2025, the global revenue for large-size LCD panels was $5.426 billion, showing a year-on-year increase of 6.85% [37]. - Major LCD manufacturers in China reported a total revenue of 510.133 billion yuan in 2023, with a slight year-on-year growth of 0.94% [42]. Group 5: Investment Recommendations - The report recommends focusing on key players in the LCD panel supply chain, particularly BOE Technology Group [7].

点击 关注我们 报告发布日期：2025年3月20日 报告名称:《LCD行业月报- 预计3月LCD TV面板价格延续增长 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 LCD行业月报-预计3月LCD TV面板价格延 续揭长 2025-03-20 | 胡剑 胡慧 叶子 张大为 连欣然 行情&业绩回顾：2025年2月至今面板(申万)指数 上涨2.24%,3Q24中国主要LCD厂商平均毛利率同环比下 滑行情回顾:2025年2月至今面板(申万)指数上涨2.24% ，跑输上证指数、深证成指、沪深300指数1.09pct、3.4 8pct、0.24pct;其中深天马A、龙腾光电分别上涨1.07% 、1.35%，京东方A、TCL科技、彩虹股份分别下跌3.36 %、6.39%、8.14%。估值方面,截至3月13日A股面板行 业总市值5624.67亿元,整体PB (LF) 为1.61 ...

——彩虹股份（600707.SH）首次覆盖报告 公司深度研究 | 彩虹股份 液晶面板利润稳增，玻璃基板加速替代 【盈利预测】我们预计彩虹股份 2024-2026 年营收分别为 125.3、157.4、 187.3 亿元，归母净利润分别为 13.06、23.78、35.94 亿元，参考可比公司 估值给予彩虹股份 2025 年 17 倍 PE 估值，对应 2025 年目标市值 404.30 亿元，首次覆盖，给予"买入"评级。 【报告亮点】考虑到面板行业回暖，公司在玻璃基板方面有较高壁垒，有望 率先在国产化进程中受益。我们认为，一方面 LCD 面板行业的供需格局优 化有望带动行业利润的修复，面板业务有望稳中有进，另一方面，彩虹股份 的玻璃基板业务随着产能持续扩张有望迅速发展成为第二成长曲线。 【主要逻辑】（一）液晶面板业务：面板周期凛冬已过，供需格局持续优化。 液晶面板业务作为公司深耕多年的基石业务，一方面，公司积极优化商业策 略和业务结构使其保持稳定的市场竞争力。另一方面，面板供需格局持续优 化叠加下游需求走强，行业有望景气上行。短期看，TV 面板涨价趋势已经 开启。中长期看，电视大尺寸化加速利好中长期面板需求， ...

证券代码：600707 证券简称：彩虹股份 编号：临 2025-005 号 彩虹显示器件股份有限公司 关于为控股子公司提供担保的进展公告 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: ● 被担保人名称：公司控股子公司彩虹（合肥）液晶玻璃有限公司（以下 简称"合肥液晶"） ● 本次担保金额及已实际为其提供的担保余额：本次担保金额为人民币 1.20 亿元。已实际为合肥液晶提供担保余额人民币 21.51 亿元。 ● 本次是否有反担保：无 ● 对外担保逾期的累计数量：无 述担保实际发生情况按月汇总披露。2025 年 2 月，在股东大会批准的上述担保 额度范围内，本公司为控股子公司提供担保进展情况如下： 本次担保前公司已为合肥液晶提供担保余额为人民币 21.51 亿元。若本次担 保全部实施后，为合肥液晶提供担保余额为人民币 22.71 亿元。 二、被担保人基本情况 （一）彩虹（合肥）液晶玻璃有限公司 合肥液晶成立于 2009 年 8 月 26 日，法定代表人：程肇琦，注册地址：合肥 新站区涂山路 5 号，注册资本 67 ...