半导体领域，根据路维光电2024年年报统计显示，根据多方机构预测需求综合研判，预 计2025年国内半导体掩膜版市场规模在约为187亿人民币，其中晶圆制造用掩膜版预计为100 亿元人民币，封装用掩膜版预计为26亿元人民币，其他器件用掩膜版为61亿元人民币。目前 国内厂商掩膜版营收体量整体来说相对较低，各厂商正处于技术持续升级、新高端产能即将 陆续释放、半导体掩膜版渗透率由1走向N的阶段。 投资建议：清溢光电（重点推荐）、路维光电（建议关注）、龙图光罩（建议关注） 风险提示：市场竞争加剧的风险、下游需求不景气的风险、产品升级和客户导入不及预 期、汇率波动风险、国际地缘风险。（华金证券 熊军,王臣复） 以下为研究报告摘要： 核心观点 掩膜版是微电子制造过程中的图形转移母版，是平板显示、半导体、触控、电路板等行 业生产制造过程中重要的关键材料。作为光刻复制图形的基准和蓝本，掩膜版是连接工业设 计和工艺制造的关键，掩膜版的精度和质量水平会直接影响最终下游制品的优品率。根据国 际半导体产业协会（SEMI）的统计分析，2019年半导体晶圆制造材料的市场规模达322亿美 元，其中，成本占比最高的是硅片，其次就是掩膜版和半导体 ...

Core Viewpoint - The company, Lu Wei Optoelectronics, has shown significant growth in its operating performance, with a notable increase in revenue and net profit for the first half of 2025, driven by capacity expansion and core business synergy [1][2]. Financial Performance - In the first half of 2025, Lu Wei Optoelectronics achieved revenue of 544 million yuan, a year-on-year increase of 37.48% [2]. - The net profit for the same period was 106 million yuan, reflecting a growth of 29.13% year-on-year [2]. - The net profit after deducting non-recurring items was 95 million yuan, up by 27.59% year-on-year [2]. - The net cash flow from operating activities reached 267 million yuan, a substantial increase of 278.62% year-on-year [2]. Business Segments - In the first half of 2025, the revenue from quartz masks was 499 million yuan, accounting for 91.80% of total revenue, while soda masks generated 41.3 million yuan, representing 7.59% of total revenue [2]. - The company reported growth in both flat panel display masks and semiconductor masks during the reporting period [2]. Capacity Expansion and Investment - Lu Wei Optoelectronics completed a 615 million yuan convertible bond issuance in July 2025, with 319 million yuan allocated for expanding production lines for semiconductor and high-precision flat panel display masks [3]. - The expansion project includes the addition of two production lines for semiconductor masks and two for high-precision flat panel display masks, with the groundbreaking ceremony held in July 2025 [3]. Research and Development - The company has invested a total of 142 million yuan in research and development over the past four and a half years, with annual investments increasing steadily [4]. - As of the end of the first half of 2025, Lu Wei Optoelectronics has accumulated 135 intellectual property rights, including 15 invention patents and 90 utility model patents [4]. Strategic Partnerships - Lu Wei Optoelectronics has engaged in preliminary technical exchanges and commercial negotiations with BOE Technology Group, becoming the main supplier of masks for BOE's G8.6 AMOLED production line, with plans to deliver the first set of masks in the third quarter of 2025 [5].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 544 million yuan, up 37.48% year-on-year, and net profit of 106 million yuan, up 29.13% [1] - The company's accounts receivable is notably high, with accounts receivable amounting to 137.91% of the net profit [1][8] - The company has seen a substantial increase in cash flow per share, which rose by 278.62% to 1.38 yuan [1] Financial Performance - Total revenue for 2025 was 544 million yuan, compared to 396 million yuan in 2024, marking a 37.48% increase [1] - Net profit for 2025 was 106 million yuan, up from 82.42 million yuan in 2024, a 29.13% increase [1] - Gross margin decreased slightly to 33.68%, down 1.46% year-on-year, while net margin fell to 19.56%, down 6.57% [1] - Total expenses (selling, administrative, and financial) increased by 49.39% to 52.11 million yuan, accounting for 9.58% of revenue [1] Cash Flow and Assets - Cash and cash equivalents increased significantly by 230.01% to 834 million yuan, attributed to funds raised from convertible bonds [1][5] - The company reported a 278.62% increase in operating cash flow per share, indicating improved cash generation from operations [1] - The company’s debt levels rose, with interest-bearing liabilities increasing by 76.19% to 1.104 billion yuan [1] Operational Insights - The company experienced a robust demand for its products, particularly in the flat panel display and semiconductor sectors, leading to increased production capacity [10] - The company is actively investing in expanding its production capabilities to meet the growing demand and improve domestic market share [10] - The company has established itself as a key supplier for several well-known clients, enhancing its market position [10] Investment Activity - Several funds have increased their holdings in the company, indicating positive sentiment among institutional investors [9] - The largest fund holding the company’s shares is the Taikang Innovation Growth Mixed Fund, which has seen a significant increase in its net value over the past year [9]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 54.45 CNY, maintaining the rating [6]. Core Views - The company reported strong performance in the first half of 2025, with revenue reaching 544 million CNY, a year-on-year increase of 37.48%, and a net profit of 106 million CNY, up 29.13% year-on-year [1][2]. - The growth in revenue is primarily driven by capacity expansion in both flat panel display and semiconductor mask businesses, with OLED mask sales leading the growth [2]. - The company has become a key supplier for BOE's G8.6 AMOLED production line, with the first set of products expected to be delivered in Q3 2025 [3][11]. - The semiconductor mask project is progressing, with plans for trial production of 40nm masks in the second half of 2025 [3][11]. Financial Performance - In Q2 2025, the company achieved revenue of 284 million CNY, a year-on-year increase of 29.71%, and a net profit of 57 million CNY, up 38.53% year-on-year [1][2]. - The gross margin for H1 2025 was 33.68%, a slight decrease of 0.5 percentage points year-on-year, while the net profit margin was 19.56%, down 1.38 percentage points year-on-year [2]. - The company expects revenues of 1.164 billion CNY, 1.572 billion CNY, and 2.169 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 251 million CNY, 335 million CNY, and 500 million CNY for the same years [12][13]. Market Position and Future Outlook - The company is investing 2 billion CNY to build a mask production base in Xiamen, planning to establish 11 high-end production lines, with the first five lines expected to generate revenue in the second half of 2026 [11]. - The semiconductor mask project is set to cover various semiconductor manufacturing sectors, enhancing the domestic supply chain and promoting local substitution [11]. - The company is projected to benefit from increasing domestic mask penetration rates and continuous capacity expansion, justifying the assigned PE ratio of 42 for 2025 [12].

Summary of Luvi Optoelectronics Conference Call Company Overview - **Company**: Luvi Optoelectronics - **Date**: August 20, 2025 Key Points Industry and Business Segments - Luvi Optoelectronics' revenue split for Q2 2025 was 85% from display business and 15% from semiconductor business [2][4] - Display business gross margin ranged from 30% to 35%, while semiconductor business gross margin was between 55% and 60%, with a 5 percentage point increase from Q1 [2][4] - Both business segments achieved double-digit growth [2][4] Semiconductor Business Insights - Within the semiconductor segment, devices accounted for 60% and packaging for 40% [6] - The rapid growth of IC mask business was noted, with major clients including Shenghe Jingwei and Jingfang [2][7] - The domestic semiconductor mask market is approximately 20 billion RMB, with advanced packaging masks accounting for less than 5 billion RMB [8] Expansion Projects - The Xiamen expansion project has a total investment of 2 billion RMB, with 11 production lines planned; the first phase will have 5 lines operational [9] - Expected revenue contribution from the first phase is around 200 million RMB in 2026, with full capacity potentially reaching 400-500 million RMB [10] - High-precision products from the Xiamen project are expected to have a gross margin of 35%-40% [11] Production Capacity and Equipment - Significant progress was made in H1 2025, including the arrival of a 40nm electron beam lithography machine, with trial production expected in H2 [3][5] - The company plans to advance to 14nm technology by 2027-2028 [17] - Equipment procurement for advanced processes is not hindered by international conditions [18] Market Demand and Competition - Demand for semiconductor and display products is expected to remain strong, with a focus on capacity and release rhythm for growth [12][13] - The domestic third-party mask market is estimated at 15 billion RMB, with new entrants like Jinghe impacting competition dynamics [20][21] Financial Performance and Projections - Q2 2025 exchange losses decreased significantly compared to Q1 [23][27] - The company anticipates better performance in H2 2025, driven by new equipment and production lines [33] - Depreciation costs are expected to peak in 2026, exceeding 100 million RMB, but revenue growth is expected to offset this [34] Strategic Goals - Luvi aims to capture 30%-40% of the domestic market share in display mask production within five years [32] - The long-term goal for the semiconductor sector is to achieve a 30% market share, with a dual focus on display and semiconductor businesses [32] International Expansion Plans - Currently, there are no plans to supply masks to South Korea, but the company is exploring opportunities in Southeast Asia and potential partnerships in the Korean market [35] Additional Insights - The company is actively working on domestic production of grinding substrates and has made investments in local manufacturers [22] - The verification cycle for new technologies like 40nm is lengthy, impacting the timeline for mass production [25]

Investment Rating - The report maintains an "Outperform" rating for the semiconductor mask industry, particularly focusing on domestic manufacturers entering a new phase of development [1]. Core Insights - The mask is a critical material in microelectronics manufacturing, directly impacting the yield of downstream products. The semiconductor wafer manufacturing materials market reached $32.2 billion in 2019, with masks accounting for approximately 13% of costs [3]. - China is the largest panel production base globally, with over 60% of the world's capacity. However, the mask market is still dominated by US and Japanese manufacturers, with domestic players like Qingyi Optoelectronics and Luwei Optoelectronics gradually increasing their market penetration [3]. - The domestic semiconductor mask market is projected to reach approximately 18.7 billion RMB in 2025, with wafer manufacturing masks expected to account for 10 billion RMB [3]. - Investment recommendations include Qingyi Optoelectronics (strong buy), Luwei Optoelectronics (watch closely), and Longtu Photomask (watch closely) [3]. Summary by Sections Section 1: Mask Production and Market Dynamics - The mask production process has high technical barriers, and the market is vast with low domestic penetration. High-end masks require advanced equipment and material support [5][6]. - The semiconductor mask industry is closely tied to the growth of downstream sectors, with masks representing about 12% of the semiconductor materials market [74]. Section 2: Market Size and Growth Projections - The global semiconductor materials market is expected to reach $67.5 billion in 2024, with a projected growth rate of 3.8% [77]. - The domestic semiconductor mask market is anticipated to grow significantly, with a forecast of 18.7 billion RMB in 2025, driven by increasing demand in wafer manufacturing and packaging [80]. Section 3: Competitive Landscape - The independent third-party mask manufacturers are expected to gain market share as the disadvantages of self-built mask factories become apparent. Currently, independent manufacturers hold about 35% of the market, with major players being Photronics, Toppan, and DNP [83]. - Domestic manufacturers like Qingyi Optoelectronics and Luwei Optoelectronics are gradually increasing their market presence, although their overall revenue remains relatively low compared to international competitors [86].

Core Viewpoint - The company reported significant growth in both revenue and net profit for the first half of 2025, indicating strong operational performance and potential for future investment opportunities [2] Financial Performance - The company achieved operating revenue of 544,027,627.85 yuan in the first half of 2025, representing a year-on-year increase of 37.48% [2] - The net profit attributable to shareholders reached 106,429,768.86 yuan, reflecting a year-on-year growth of 29.13% [2]

Core Viewpoint - Both Luvi Optoelectronics and Lite Optoelectronics reported revenue and net profit growth for the first half of the year, indicating a positive trend in the display and semiconductor materials industry [1]. Luvi Optoelectronics - Luvi Optoelectronics achieved operating revenue of 544 million yuan, a year-on-year increase of 37.48%, and a net profit of 106 million yuan, up 29.13% year-on-year [2]. - The revenue from quartz masks was 499 million yuan, accounting for 91.80% of total revenue, while soda masks contributed 41.3 million yuan, or 7.59% [3]. - Domestic revenue was 543 million yuan, making up 99.87% of total revenue, with overseas revenue at 726,900 yuan, or 0.13% [3]. - The company has begun using major equipment for its first-phase project, with plans to start trial production of 40nm semiconductor masks in the second half of 2025 [3]. - A new high-precision mask production base in Xiamen is set to be established by July 2025, with five production lines planned for AMOLED masks [3]. Lite Optoelectronics - Lite Optoelectronics reported operating revenue of 292 million yuan, an 18.84% increase year-on-year, and a net profit of 126 million yuan, up 36.74% year-on-year [4][5]. - The revenue from OLED organic materials was 276 million yuan, representing a 31.63% increase and accounting for 94.48% of total revenue [6]. - Domestic revenue was 279 million yuan, making up 95.63% of total revenue, with major clients including BOE [6]. - The company is progressing on its OLED terminal materials R&D and industrialization project, with a cumulative investment of 331 million yuan, reaching 58.78% completion [6].

公募基金方面，本期较上一期持股增加的公募基金共计3个，包括泰康创新成长混合A、泰康产业升级 混合A、圆信永丰大湾区A，持股增加占比小幅上涨。本期较上一季度新披露的公募基金共计9个，主要 包括平安睿享文娱混合A、泰康优势精选三年持有期混合、圆信永丰优享生活、泰康科技创新一年定开 混合、泰康颐享混合A等。本期较上一季未再披露的公募基金共计6个，主要包括华安幸福生活混合A、 华安动力领航混合A、南华丰汇混合A、新华积极价值灵活配置混合A、景顺长城国证2000指数增强A 等。 对于社保基金，本期新披露持有路维光电的社保基金共计1个，即全国社保基金五零二组合。 2025年8月20日，路维光电(688401.SH)发布2025年半年度报告。截至2025年8月19日，共有21个机构投 资者披露持有路维光电A股股份，合计持股量达4714.28万股，占路维光电总股本的24.38%。其中，前 十大机构投资者包括深圳市路维兴投资有限公司、国投(上海)创业投资管理有限公司-国投(上海)科技成 果转化创业投资基金企业(有限合伙)、深圳市兴森快捷电路科技股份有限公司、中信金石投资有限公司- 金石制造业转型升级新材料基金(有限合伙)、新余 ...

Core Viewpoint - The company has released its 2025 semi-annual report, detailing its financial performance, management discussions, and future development plans, emphasizing the importance of reviewing the full report for comprehensive insights [1][2]. Group 1: Company Overview - The company is identified as Shenzhen Luwei Optoelectronics Co., Ltd., with stock code 688401 and convertible bond code 118056 [1][2]. - The report indicates that all board members attended the board meeting, and the report has not been audited [2][4]. Group 2: Financial Data - The actual amount of funds raised from the initial public offering in 2022 was approximately RMB 836 million, with a net amount of about RMB 760 million after deducting issuance costs [12]. - In 2025, the company raised RMB 615 million through the issuance of convertible bonds, with a net amount of approximately RMB 607 million after related costs [12]. Group 3: Fund Management - The company has established a fund management system in compliance with relevant regulations, ensuring that raised funds are stored in dedicated accounts and used appropriately [13][14]. - As of June 30, 2025, the company had no idle funds used for temporary liquidity support or cash management from the raised funds [20][21]. Group 4: Fund Usage and Adjustments - The company has utilized RMB 10.15 million of its excess funds to permanently supplement working capital, adhering to regulatory requirements [22]. - Adjustments were made to the planned investment amounts for the convertible bond projects, reducing the total planned investment from RMB 78 million to approximately RMB 70 million [29]. Group 5: Compliance and Reporting - The company has complied with all disclosure obligations regarding the management and usage of raised funds, ensuring transparency and adherence to regulations [31].