Core Insights - The optical and optoelectronic sector increased by 1.57% on October 21, with Huashu Holdings leading the gains [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Sector Performance - Huashu Holdings (000509) closed at 3.45, with a rise of 9.87% and a trading volume of 794,300 shares, totaling a transaction value of 268 million yuan [1] - Zhouming Technology (300232) closed at 7.87, up 8.10%, with a trading volume of 850,800 shares, totaling 662 million yuan [1] - Dongtian Micro (301183) closed at 103.50, increasing by 7.86%, with a trading volume of 106,100 shares, totaling 1.066 billion yuan [1] - Aolide (688378) closed at 25.74, up 7.52%, with a trading volume of 109,200 shares, totaling 278 million yuan [1] - Weida Optoelectronics (920001) closed at 21.59, increasing by 6.20%, with a trading volume of 29,900 shares, totaling 63.67 million yuan [1] Fund Flow Analysis - The optical and optoelectronic sector experienced a net outflow of 134 million yuan from institutional funds, while retail investors saw a net inflow of 415 million yuan [2] - The overall trend indicates a mixed sentiment among different types of investors within the sector [2]

| 公司名称 | 营收 | 同比增减 | 浄利润 | 同比增减 | | --- | --- | --- | --- | --- | | 华映科技 | 3.18 | -29.54% | -2.45 | | | 华显光电 | 54.073 | 83.8% | 未单独披露 | 未单独披露 | | 视源股份 | 75.22 | 6.96% | 4.69 | 7.79% | | 合力泰 | 4.26 | 18.35% | 0.065 | 101.61% | | 大族数控 | 15.21 | 集95.19% V | 2.28 | 281.94% | | 日久光电 | 1.99 | 21.15% | 0.3 | 34.65% | 近日，华映科技、华显光电、合力泰、视源股份、大族数控陆续公布第三季度业绩报告，奥来德则披露了前三季度业绩预告。 华映科技 华映科技第三季度实现营业收入3.18亿元，同比下降29.54%；归属于上市公司股东的净利润亏损2.45亿元。前三季度实现营业收入10.39亿元， 同比下降21.03%；归属于上市公司股东的净利润亏损7.22亿元。 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | ...

2025 年 10 月 21 日 公司研究 业绩符合预期，关注大客户在设备及材料端的合作赋能 ——奥来德（688378.SH）2025 年前三季度业绩预告点评 要点 事件：公司发布 2025 年前三季度业绩预告。2025 年前三季度，公司预计实现 营收 3.7~4.0 亿元，同比减少 13.75%~20.22%；预计实现归母净利润 2900~3400 万元，同比减少 66.42%~71.36%；预计实现扣非后归母净利润-670~-560 万元， 同比减少 108.47%~110.13%。2025Q3，公司单季度预计实现营收 0.89~1.19 亿元，同比减少 2.17%~26.83%，环比减少 6.87%~30.34%；实现归母净利润 200-700 万元，同比减少 25.88%~78.86%，环比增加 27.17%~345.86%。 材料业务营收稳步增长，蒸发源设备后续或将迎来改善。2025 年前三季度，公 司材料业务预计实现营收 3.1~3.3 亿元，同比增长 2.68%~9.31%。公司电子功 能材料成功导入客户，OLED 有机发光材料、PSPI 材料稳定供货，从而推动公 司材料销售收入稳步提升。设备方 ...

Core Viewpoint - Aolide (688378.SH) has announced a significant decline in its expected financial performance for the first three quarters of 2025, with projected revenue and net profit both decreasing compared to the previous year [1] Financial Performance Summary - The company anticipates revenue between 37 million to 40 million yuan for the first three quarters of 2025, representing a decrease of 6.38 million to 9.38 million yuan, or a year-on-year decline of 13.75% to 20.22% [1] - Expected net profit attributable to the parent company is projected to be between 29 million to 34 million yuan, down by 6.73 million to 7.23 million yuan, reflecting a year-on-year decrease of 66.42% to 71.36% [1] - The company forecasts a net loss attributable to the parent company, excluding non-recurring gains and losses, of 5.6 million to 6.7 million yuan, a decline of 7.17 million to 7.28 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [1] Fundraising Activities - Aolide plans to raise up to 299.86 million yuan through a simplified procedure for issuing shares to specific investors, with the net proceeds intended for the production base project of OLED display core materials and to supplement working capital [2] - The share issuance price is set at 17.20 yuan per share, with a total of 17,433,843 shares to be issued, not exceeding 30% of the company's total share capital prior to the issuance [3] - The company has previously raised a total of 1.235 billion yuan through two fundraising activities [5]

Core Viewpoint - The semiconductor sector is experiencing significant gains, with multiple companies showing strong stock performance and increased trading volumes. Group 1: Stock Performance - Wentai Technology reached a limit up, trading at 41.71 CNY per share, with a transaction volume exceeding 6.6 billion CNY [1] - Dawi Co. also hit the limit up, while Yuanjie Technology surged over 18%, and Zhongwei Semiconductor rose over 10% [2] - Other notable gainers include Canxin Technology, Juguang Technology, and Aolaide, with substantial increases in their stock prices [2] Group 2: Monthly Revenue and Price Changes - Yuanjie Technology's current price is 491.35 CNY, reflecting an increase of 18.69% [3] - Canxin Technology's stock price is 143.48 CNY, with a rise of 10.38% [3] - Zhongwei's stock is priced at 38.20 CNY, showing a 10.15% increase [3] - Dawi Co. is trading at 21.84 CNY, up by 10.03% [3] - Juguang Technology's stock price is 153.84 CNY, with a 7.95% increase [3] - Aolaide is priced at 25.77 CNY, reflecting a 7.64% rise [3]

Core Viewpoint - Aolide (688378.SH) expects a significant decline in revenue and net profit for the first three quarters of 2025 compared to the previous year, while also pursuing proactive business expansion strategies to drive sales growth in specific material categories [1] Financial Performance - The company anticipates revenue between 370 million to 400 million yuan for the first three quarters of 2025, representing a year-on-year decrease of 13.75% to 20.22% [1] - The expected net profit attributable to the parent company for the same period is projected to be between 29 million to 34 million yuan, reflecting a year-on-year decline of 66.42% to 71.36% [1] - The net profit attributable to the parent company, excluding non-recurring gains and losses, is expected to show a loss between 5.6 million to 6.7 million yuan, indicating a year-on-year decrease of 108.47% to 110.13% [1] Business Strategy - The company is actively promoting a positive business expansion strategy by converting potential market demand into actual orders [1] - Aolide has maintained stable supply of its existing advantageous material products while achieving effective breakthroughs in new categories, such as successfully introducing electronic functional materials to clients and ensuring stable supply of PSPI materials [1] - These efforts have contributed to an overall increase in material sales revenue year-on-year [1]

Revenue Forecast - For the first three quarters of 2025, the company expects revenue to be between CNY 370 million and CNY 400 million, a decrease of CNY 63.79 million to CNY 93.79 million, representing a year-on-year decline of 13.75% to 20.22%[3] - The materials business is projected to generate revenue of CNY 310 million to CNY 330 million, an increase of CNY 8.10 million to CNY 28.10 million, reflecting a year-on-year growth of 2.68% to 9.31%[3] - The equipment business is expected to achieve revenue of CNY 60 million to CNY 70 million, a decrease of CNY 91.50 million to CNY 101.50 million, indicating a year-on-year decline of 56.66% to 62.85%[3] - In the same period last year, the company reported revenue of CNY 463.79 million and a net profit of CNY 101.25 million[7] Profit Forecast - The net profit attributable to the parent company is forecasted to be between CNY 29 million and CNY 34 million, a decrease of CNY 67.25 million to CNY 72.25 million, representing a year-on-year decline of 66.42% to 71.36%[5] - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be a loss of CNY 5.60 million to CNY 6.70 million, a decrease of CNY 71.74 million to CNY 72.84 million, indicating a year-on-year decline of 108.47% to 110.13%[5] Business Performance Factors - The decline in equipment revenue is attributed to the construction phase of the 6th generation line and the ongoing construction of the 8.6 generation line, leading to a temporary pressure on the evaporator source business[9] - The company anticipates that the evaporator source equipment business will gradually recover as major enterprises continue to advance their production line installations and adjustments[10] Other Financial Information - The company has not recorded any gains from equity transfers in the first three quarters of 2025, contrasting with a gain of CNY 12.53 million from equity transfers in the same period of 2024[11] - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[12]

Core Viewpoint - Aolide (688378) expects a significant decline in net profit and revenue for the first three quarters of 2025, primarily due to the transitional phase in production lines, which has led to a temporary pressure on its evaporator source business [1] Financial Performance - The company anticipates a net profit of between 29 million to 34 million yuan, representing a year-on-year decrease of 66.42% to 71.36% [1] - Projected operating revenue for the first three quarters is between 370 million to 400 million yuan, reflecting a year-on-year decline of 13.75% to 20.22% [1] Business Operations - The sales revenue from evaporator source equipment has seen a notable decline due to the 6th generation line nearing completion and the 8.6 generation line being in a critical construction phase, resulting in a demand gap during the transition between production line generations [1] - The company expects that as leading enterprises like BOE continue to advance their production line construction and equipment installation, along with the subsequent release of incremental industry demand, the evaporator source equipment business is likely to gradually recover from this phase of adjustment [1]

公司主动推进积极的业务拓展策略：一方面通过市场挖掘将潜在需求转化为实际订单，另一方面在原有 优势材料产品保持稳定供应的基础上，实现了新品类的有效突破——其中电子功能材料成功导入客户、 PSPI材料持续稳定供货等，推动整体材料销售收入同比提升。 格隆汇10月20日丨奥来德(688378.SH)公布，预计公司2025年前三季度实现营业收入3.7亿元至4亿元，同 比减少13.75%至20.22%。预计2025年前三季度实现归属于母公司所有者的净利润为2,900.00万元至 3,400.00万元，同比减少66.42%至71.36%。预计2025年前三季度归属于母公司所有者的扣除非经常性损 益的净利润亏损560.00万元至670.00万元同比减少108.47%至110.13%。 ...

Core Viewpoint - Aolide's Q3 performance forecast indicates a significant decline in net profit, with expectations of a decrease of 66.42% to 71.36% year-on-year, primarily due to challenges in the equipment segment and the impact of non-operating losses [2] Group 1: Financial Performance - The net profit attributable to shareholders for the first three quarters is projected to be between 29 million and 34 million yuan [2] - The net profit after deducting non-recurring gains and losses is expected to be between -6.7 million and -5.6 million yuan, reflecting a year-on-year decrease of 108.47% to 110.13% [2] Group 2: Business Segments - In the materials segment, the company has successfully implemented proactive business expansion strategies, leading to a year-on-year increase in overall material sales revenue [2] - In the equipment segment, there has been a significant decline in sales revenue for evaporator equipment due to the 6th generation line nearing completion and the 8.6 generation line being in a critical construction phase, resulting in a temporary pressure on the evaporator business [2] Group 3: Non-Operating Gains - The company anticipates realizing investment income from the disposal of equity in an associate company in the first half of 2024, while no equity transfer gains are expected in the first three quarters of 2025 [2]