Core Viewpoint - The domestic photomask industry is currently lagging behind, but downstream demand growth is driving the development of the photomask sector [1][2]. Industry Overview - Photomasks are critical materials in the microelectronics manufacturing process, used to transfer circuit designs onto substrates or wafers through exposure [2]. - The global photomask market has been growing steadily, reaching a size of $5.2 billion by 2022 [2]. - The photomask industry exhibits a counter-cyclical property to the panel industry, with photomask companies experiencing revenue growth during panel downturns due to increased new product development efforts by panel manufacturers [3]. Market Dynamics - The semiconductor photomask market is dominated by American and Japanese companies, with Intel, Samsung, and TSMC accounting for 65% of the market share in 2019 [3]. - Domestic photomask companies face challenges due to reliance on foreign imports for upstream equipment and materials, and limited market share in the midstream manufacturing sector [2][3]. Strategic Recommendations - Long-term development for domestic photomask companies requires acquisitions, talent acquisition, and strengthening R&D capabilities to catch up with overseas competitors [4]. - The shift of panel and semiconductor production capacity to mainland China presents a geographical advantage for domestic companies [4]. Notable Companies - Qingyi Optoelectronics (688138.SH): One of the largest domestic photomask suppliers, achieving breakthroughs in customer expansion [5]. - Luvi Optoelectronics (688401.SH): Leading in G11 panel lines, possessing core photomask manufacturing technology [6]. - Longtu Photomask (688721.SH): A leading semiconductor photomask manufacturer, covering mainstream process nodes [7]. - Wuxi Disi: A photomask manufacturing enterprise under China Resources Microelectronics, with leading technology [8]. - Haoya Optical: Jointly established a photomask subsidiary with BOE, with growth potential [9].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company has shown significant growth in revenue and net profit, with a 30.21% year-on-year increase in revenue for 2024 and a 28.27% increase in net profit [4]. - The primary revenue source is the flat panel display mask, with notable growth in OLED mask sales, while the semiconductor mask business is also expanding rapidly [5]. - The company is expected to continue its growth trajectory with new production capacity coming online, particularly in the semiconductor and high-precision flat panel display mask segments [5]. Financial Performance - In 2024, the company achieved revenue of 876 million yuan and a net profit of 191 million yuan, with a significant increase in Q1 2025 revenue to 260 million yuan, reflecting a 47.09% year-on-year growth [4][5]. - The projected net profits for 2025-2027 are 276 million yuan, 384 million yuan, and 544 million yuan, respectively, with corresponding EPS of 1.43, 1.99, and 2.81 yuan [6][9]. - The company’s gross margin is expected to improve from 34.8% in 2024 to 40.7% by 2027, indicating enhanced profitability [9]. Market Position and Growth Potential - The company is positioned as a leading domestic supplier of masks, benefiting from the ongoing trend of import substitution in the mask industry [6]. - The release of new production lines for semiconductor and flat panel display masks is anticipated to drive future growth, with the company already being a key supplier for major downstream packaging and testing manufacturers [5][6]. - The overall mask industry is in the early stages of domestic production, suggesting substantial room for growth and market share expansion [6].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Views - The company is a leading domestic supplier of photomasks, benefiting from dual growth drivers in display and semiconductor sectors. The release of new production capacity is expected to support future growth [4][5][6]. - The company reported a revenue of 876 million yuan for 2024, a year-on-year increase of 30.21%, and a net profit of 191 million yuan, up 28.27% year-on-year. For Q1 2025, revenue reached 260 million yuan, reflecting a 47.09% year-on-year growth [4][5]. Financial Performance - The company achieved a revenue of 8.76 billion yuan in 2024, with a net profit of 1.91 billion yuan, and a significant increase in net profit margin [4][10]. - The projected net profits for 2025-2027 are 276 million, 384 million, and 544 million yuan respectively, with corresponding EPS of 1.43, 1.99, and 2.81 yuan [7][10]. Market Position and Growth Potential - The primary revenue source is the flat panel display photomask, with notable growth in OLED photomasks. The semiconductor photomask business is also expanding, establishing the company as a key supplier for major downstream packaging and testing firms [5][6]. - The company is expected to benefit from the domestic photomask industry's initial phase of localization, with significant room for import substitution [7]. Production Capacity and Future Outlook - New production lines for semiconductor and high-precision flat panel display photomasks are set to gradually release capacity in 2025, enhancing the company's production capabilities [6]. - The company has begun moving equipment for its semiconductor photomask project, targeting production for 130-40nm process nodes in 2025 [6]. Valuation Metrics - The projected P/E ratios for 2025-2027 are 23.5, 16.9, and 11.9, indicating a favorable valuation as the company grows [7][10]. - The expected revenue growth rates for 2025-2027 are 33.0%, 34.6%, and 36.4%, reflecting strong market demand and operational efficiency [10].

证券代码：688401 证券简称：路维光电 公告编号：2025-033 深圳市路维光电股份有限公司关于召开 公司已分别于2025年4月19日、2025年4月29日披露《2024年年度报告》和 《2025年第一季度报告》。为便于广大投资者更全面深入地了解公司2024年年 度和2025年第一季度经营成果、财务状况，公司计划于2025年5月22日（星期四） 络文字互动形式召开，公司将通过本次活动，在信息披露允许范围内就投资者 普遍关注的问题进行回答。 二、说明会召开的时间、地点 （一）会议召开时间：2025年5月22日（星期四）13:00-14:00 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、准确性和完整性依法承担法律责任。 重要内容提示： ? 会议召开时间：2025年5月22日（星期四）13:00-14:00 ?会议 召开地点 ：上海 证券交易所 上证路演 中心（网 址： https://roadshow.sseinfo.com/） ? 会议召开方式：网络文字互动 ? 投资者可于2025年5月14日（星期三）至5月21日（星期三）16:00前登录 上证路 ...

证券代码：688401 证券简称：路维光电 公告编号：2025-033 深圳市路维光电股份有限公司关于召开 2024年度暨2025年第一季度业绩说明会的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025年5月22日（星期四）13:00-14:00 （一）会议召开时间：2025年5月22日（星期四）13:00-14:00 （ 二 ） 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） （三）会议召开方式：网络文字互动 三、参加人员 董事长、总裁：杜武兵先生 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投资者可于2025年5月14日（星期三）至5月21日（星期三）16:00前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 ...

Group 1 - Longjiang Transportation plans to reduce its shareholding by no more than 3% of the company's total shares, amounting to 39.4764 million shares, from June 4, 2025, to September 3, 2025 [1] - Shuangyi Technology intends to acquire 100% equity of Marky Industries Pty Ltd and specific assets for approximately AUD 18 million [1] - Haikong Air Conditioning's controlling shareholder has received a bank loan commitment of up to CNY 32 million for share repurchase [2] Group 2 - Zhaowei Electromechanical's shareholder plans to reduce its stake by no more than 1.50%, equating to 3.6031 million shares, from June 5, 2025, to September 4, 2025 [2] - Zhongwen Online's directors and senior management plan to collectively reduce their holdings by no more than 877,100 shares, representing 0.1203% of the total shares [2] - Liding Optoelectronics' shareholders plan to reduce their holdings by no more than 3%, totaling 12.2113 million shares, from June 5, 2025, to September 4, 2025 [4] Group 3 - Luvi Optoelectronics' shareholder plans to reduce its stake by no more than 1%, amounting to 1.9333 million shares, from June 4, 2025, to September 4, 2025 [5] - Jiejia Weichuang's controlling shareholder and concerted parties plan to reduce their holdings by no more than 0.72%, totaling 250,000 shares [7] - Yancoal Energy will no longer acquire control of Highfield Resources due to a new investment from Qinghai Salt Lake Industry Co., Ltd. [9] Group 4 - Yongdong Co., Ltd. plans to reduce its shareholding by no more than 1.26%, equating to 473,380 shares, from June 5, 2025, to September 4, 2025 [11] - Sanqi Interactive Entertainment plans to distribute a cash dividend of CNY 2.10 per 10 shares [12] - Salt Lake Co., Ltd. intends to acquire Highfield Resources for approximately USD 300 million to become its largest shareholder [13] Group 5 - Hainan Haiyao's shareholder plans to reduce its stake by no more than 3%, totaling 38.921 million shares, within 90 days after the announcement [14] - Lifang Pharmaceutical plans to transfer 2.2184% equity of Nanjing Mainowei Pharmaceutical Technology Co., Ltd. for CNY 22.1837 million [16] - Zhiyou Technology's shareholders plan to reduce their holdings by no more than 2.99%, totaling 11.9986 million shares, from June 4, 2025, to September 3, 2025 [18] Group 6 - Puli Tui has applied for a review of the Shenzhen Stock Exchange's decision to terminate its listing [19] - Saimo Intelligent's shareholder plans to reduce its stake by no more than 3%, equating to 16.0659 million shares, from June 4, 2025, to September 3, 2025 [20] - Entropy Technology is planning to acquire 55% equity of Longzhiyuan to gain control [21] Group 7 - Nanjing Chemical Fiber plans to acquire 100% of Nanjing Process Equipment Manufacturing Co., Ltd. through asset swaps and cash payments [22] - Beijing Lier intends to invest CNY 200 million in Shanghai Zhenliang Intelligent Technology Co., Ltd. [23]

Economic Information - In April, the housing rental industry entered a low season, with the average residential rent in 50 cities decreasing by 0.32% month-on-month to 35.2 yuan per square meter per month, and a year-on-year decline of 3.40% [2] - The global N-type SiC substrate industry is expected to see a revenue decrease of 9% in 2024, amounting to $1.04 billion, due to weakened automotive and industrial demand, increased market competition, and significant price drops [2] Company Alerts - Spring光科技 has announced that its stock is subject to irrational market speculation risk [3] - 博云新材's shareholder 高创投 plans to reduce its stake by no more than 3% [3] - Other companies such as 龙江交通, 海南海药, and 赛摩智能 also have shareholders planning to reduce their stakes by up to 3% [3][5] Overseas Market Alerts - COMEX gold futures fell by 2.76% to $3,240.1 per ounce, while silver futures decreased by 0.42% to $32.775 per ounce [2] - Citigroup forecasts that gold will consolidate in the range of $3,000 to $3,300 per ounce in the coming months, adjusting its 0-3 month target price to $3,150 per ounce [2] - Russia's oil production is expected to recover to 10.8 million barrels per day due to global demand growth and changes in domestic investment and taxation [3]

本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律 责任。 重要内容提示： 股东持股的基本情况 证券代码：688401 证券简称：路维光电 公告编号：2025-032 深圳市路维光电股份有限公司 关于持股 5%以上股东减持股份计划公告 截至本公告披露日，深圳市路维光电股份有限公司（以下简称"公司"）的 股东国投（上海）科技成果转化创业投资基金企业（有限合伙）（以下简称"国 投创业基金"）持有公司 11,217,912 股，占公司总股本的 5.80%。以上股份均来 源于公司首次公开发行前及公司上市后资本公积转增股本取得的股份，且于 易所网站（www.sse.com.cn）披露的《深圳市路维光电股份有限公司首次公开发 行部分限售股上市流通公告》（公告编号：2023-026）。 减持计划的主要内容 注： "其他方式取得"为股东通过公司 2022 年年度权益分派实施资本公积金转增 取得的股份。 上述减持主体无一致行动人。 大股东过去 12 个月内减持股份情况 减持数量 减持 减持价格区间 前期减持计 股东名称 减持期间 （股） 比 ...

4.央行等联合印发《关于金融支持广州南沙深化面向世界的粤港澳全面合作的意见》 近日，中国人民银行、金融监管总局、中国证监会、国家外汇局、广东省人民政府联合印发《关于金融 支持广州南沙深化面向世界的粤港澳全面合作的意见》（以下简称《意见》）。《意见》从完善创新创 业金融服务、加强社会民生领域金融服务、发展特色金融服务、推进粤港澳金融市场互联互通、开展跨 境金融创新与交流、完善金融监管机制等方面提出30条重点举措，推动广州南沙在粤港澳大湾区"新发 展格局战略支点、高质量发展示范地、中国式现代化引领地"建设中更好发挥引领带动作用。 5.广东发布《金融支持促消费扩内需专项行动方案》 重要的消息有哪些 1.中美日内瓦经贸会谈联合声明 双方承诺将于2025年5月14日前采取以下举措：美国将（一）修改2025年4月2日第14257号行政令中规定 的对中国商品（包括香港特别行政区和澳门特别行政区商品）加征的从价关税，其中，24%的关税在初 始的90天内暂停实施，同时保留按该行政令的规定对这些商品加征剩余10%的关税；（二）取消根据 2025年4月8日第14259号行政令和2025年4月9日第14266号行政令对这些商品的加征 ...

证券代码：688401 证券简称：路维光电 公告编号：2025-032 深圳市路维光电股份有限公司 关于持股 5%以上股东减持股份计划公告 公司近日收到股东国投创业基金的《减持股份计划告知函》，由于自身资金 安排需要，国投创业基金计划以集中竞价交易和大宗交易方式减持其持有的公司 股份，合计减持数量不超过 1,933,338 股，即不超过公司总股本的 1.00%,将于 本公告披露之日起十五个交易日后的三个月内进行。 | 股东名称 | 国投（上海）科技成果转化创业投资基金企业（有限合伙） | | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 □是 √否 | | | 直接持股 5%以上股东 √是 □否 | | | 董事、监事和高级管理人员 □是 √否 | | | 其他：无 | 一、减持主体的基本情况 1 | 持股数量 | 11,217,912股 | | --- | --- | | 持股比例 | 5.80% | | 当前持股股份来源 | IPO 前取得：7,167,912股 | | | 其他方式取得：4,050,000股 | 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 ...