路维光电（688401.SH） | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 640 | 672 | 925 | 1,191 | 1,476 | | | | 增长率 yoy （ % ） | 29.7 | 5.1 | 37.6 | 28.7 | 23.9 | 股票信息 | | | 归母净利润（百万元） | 120 | 149 | 216 | 274 | 332 | 行业 | 电子 | | 增长率 yoy （ % ） | 129.0 | 24.2 | 45.2 | 26.7 | 21.4 | 2024 年 4 月 29 日收盘价（元） | 26.84 | | ROE （ % ） ...

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 36.05 CNY for the next six months [7][24]. Core Insights - The company has shown significant growth in Q1 2024, with revenue reaching 177 million CNY, a year-on-year increase of 30.1%, and a net profit of 41 million CNY, up 44.56% year-on-year [4][21]. - The semiconductor mask market is experiencing a shift towards domestic production, with the company actively investing in key technologies and production lines to meet the growing demand [2][5]. - The company is expanding its product offerings in the flat panel display sector, focusing on high-end mask products to cater to the increasing resolution and performance requirements of downstream manufacturers [6][22]. Financial Performance - The company reported a revenue of 672.4 million CNY for 2023, a 5.06% increase from the previous year, and a net profit of 149 million CNY, reflecting a 24.23% growth [4][25]. - The gross margin for Q1 2024 was 35.58%, an increase of 2.63 percentage points year-on-year, indicating improved operational efficiency and cost management [21][24]. - The company is projected to achieve revenues of 897 million CNY, 1.18 billion CNY, and 1.49 billion CNY for 2024, 2025, and 2026 respectively, with net profits expected to reach 200 million CNY, 281 million CNY, and 361 million CNY in the same period [24][25].

证券代码：688401 证券简称：路维光电 公告编号：2024-023 深圳市路维光电股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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： | 回购方案首次披露日 | 2023/12/16，由公司实际控制人、控股股东、董 | | --- | --- | | | 事长、总经理杜武兵先生提议 | | 回购方案实施期限 | 2023/12/15~2024/12/14 | | 预计回购金额 | 50,000,000 元~80,000,000 元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 1,891,079 股 | | 累计已回购股数占总股本比例 | 0.98% | | 累计已回购金额 | 50,652,852.96 元 | | 实际回购价格区间 | 21.960 元/股~30.741 元/股 | 2023 年 12 月 15 日，公司召开第 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 176,819,171.71, representing a year-on-year increase of 30.10%[5] - The net profit attributable to shareholders for the same period was CNY 41,074,574.23, reflecting a growth of 44.56% compared to the previous year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 59.16%, amounting to CNY 37,393,253.25[5] - Basic earnings per share for Q1 2024 was CNY 0.21, up by 50.00% year-on-year[6] - Total operating revenue for Q1 2024 reached ¥176,819,171.71, a 30.1% increase from ¥135,909,244.13 in Q1 2023[19] - Net profit for Q1 2024 was ¥38,640,152.04, compared to ¥24,234,876.93 in Q1 2023, reflecting a 59.7% increase[20] - Earnings per share for Q1 2024 were ¥0.21, up from ¥0.14 in Q1 2023[20] - The company reported a profit before tax of ¥44,581,259.57 for Q1 2024, compared to ¥28,237,830.21 in Q1 2023, an increase of 57.9%[20] Research and Development - The total R&D investment reached CNY 10,648,718.04, which is an increase of 34.45% compared to the same period last year[6] - Research and development expenses increased to ¥10,648,718.04 in Q1 2024, compared to ¥7,920,288.99 in Q1 2023, marking a 34.5% rise[19] Cash Flow and Liquidity - The cash flow from operating activities showed a net outflow of CNY 26,471,858.39, a decrease of 56.23% year-on-year due to increased cash payments for goods and services[8] - In Q1 2024, the cash inflow from operating activities was $179,714,015.27, a decrease of 7.8% compared to $193,729,198.49 in Q1 2023[23] - The company reported a net cash flow from operating activities of $26,471,858.39, down 56.2% from $60,475,025.15 in the previous year[23] - The total cash and cash equivalents at the end of Q1 2024 stood at $342,596,516.55, down from $629,822,268.17 at the end of Q1 2023[24] - The company experienced a net decrease in cash and cash equivalents of -$42,925,183.37 in Q1 2024, contrasting with an increase of $12,617,579.22 in Q1 2023[24] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,204,514,317.02, down by 5.08% from the end of the previous year[6] - As of March 31, 2024, the total current assets amounted to ¥773,807,170.40, a decrease of 17.5% from ¥937,983,939.52 on December 31, 2023[15] - The company's total liabilities decreased to ¥704,894,650.74 in Q1 2024 from ¥812,032,627.72 in Q1 2023, a reduction of 13.3%[19] - Total equity attributable to shareholders was ¥1,453,167,383.60 in Q1 2024, slightly down from ¥1,461,670,576.89 in Q1 2023[19] - The total assets decreased to ¥2,204,514,317.02 from ¥2,322,589,909.48, indicating a decline of 5.1%[16] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 5,962[10] - The company reported a total of 10 major shareholders, with no changes in their participation in margin trading or securities lending[14] Future Plans - The company plans to continue expanding its market presence and enhancing product structure to improve profitability[8] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[19] Other Financial Metrics - The weighted average return on net assets was 2.82%, an increase of 0.73 percentage points compared to the previous year[6] - Total operating costs for Q1 2024 were ¥133,534,920.86, up 15.9% from ¥115,175,208.45 in Q1 2023[19] - Cash received from investment recoveries was $60,000,000.00, a decrease of 76% compared to $250,000,000.00 in Q1 2023[23] - The company paid $84,243,255.69 for the acquisition of fixed assets, a decrease of 59% from $205,940,630.29 in the same quarter last year[23] - The cash inflow from borrowing was $15,000,000.00, down from $100,000,000.00 in the previous year, indicating reduced reliance on debt financing[24]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price corresponding to a PE of 22/17/14 for the years 2024-2026 respectively [14]. Core Insights - The company achieved a revenue of 672 million yuan in 2023, representing a year-on-year growth of 5.06%. The net profit attributable to the parent company was 149 million yuan, up 24.23% year-on-year [14]. - In Q4 2023, the company reported revenue of 191 million yuan, a year-on-year increase of 28.28% and a quarter-on-quarter increase of 9.69%. The net profit attributable to the parent company for Q4 was 40 million yuan, reflecting a year-on-year growth of 16.78% [14]. - The company has made significant advancements in mask technology, with R&D expenditures reaching 35 million yuan in 2023, a 23.91% increase year-on-year, accounting for 5.24% of revenue [14]. - The company has successfully launched several new products in the mask technology sector, enhancing its technical capabilities in various applications [14]. - The company is actively investing in semiconductor mask production lines and upstream material companies to strengthen its supply chain and support domestic alternatives [14]. Financial Summary - The company forecasts net profits of 217 million yuan, 279 million yuan, and 340 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 22, 17, and 14 [14]. - The gross profit margin for 2023 was 35.10%, with a projected increase in total assets from 2,323 million yuan in 2024 to 3,212 million yuan by 2026 [11][14]. - The company’s total liabilities are expected to rise from 812 million yuan in 2024 to 1,084 million yuan by 2026, indicating a strategic expansion in operations [11][14].

深圳市路维光电股份有限公司 审计报告 天 职 业 字 [2024] 24037 号 目 录 审计报告 -- -1 2023 年度财务报表 -6 2023 年度财务报表附注 -- -18 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）"进行查验 t the state of the state of the station of the stati 审计报告 天职业字[2024]24037 号 深圳市路维光电股份有限公司全体股东: 一、审计意见 我们审计了深圳市路维光电股份有限公司(以下简称"路维光电")财务报表,包括 2023 年 12月 31 日的合并及母公司资产负债表,2023年度的合并及母公司利润表、合并及母公 司现金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了 路维光电 2023年 12月 31 日的合并及母公司财务状况以及 2023 年度的合并及母公司经营成 果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告 ...

深圳市路维光电股份有限公司 募集资金存放与实际使用情况鉴证报告 天 职 业 字 [2024]24037-3 号 目 录 募 集 资 金 存 放 与 实 际 使 用 情 况 鉴 证 报 告 -- 1 关于 2023 年度募集资金存放与实际使用情况的专项报告— 3 募集资金使用情况对照表— 8 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://gc.nof.gov.cn）" 近行业 （http://www.fital.com/ 或进入"注册会计师行业统一监管平台（http://gec.nol.cn）" 近行业 募集资金存放与实际使用情况鉴证报告 我们认为,路维光电《关于 2023 年度募集资金存放与实际使用情况的专项报告》按照中 国证监会《上市公司监管指引第 2 号 -- 上市公司募集资金管理和使用的监管要求》、上海证 券交易所颁布的《上海证券交易所科创板上市公司自律监管指引第1号 -- 规范运作》及相关 格式指引规定编制,在所有重大方面公允反映了路维光电 2023年度募集资金的存放与使用情 况。 天职业字[2024]24037-3 号 深圳市路维光电股份有限公司全体股东: 我们审核了后附的 ...

深圳市路维光电股份有限公司 内 部 控 制 审 计 报 告 天 职 业 字 [2024]24037-1 号 目 录 内 部 控 制 审 计 报 告 - -1 天职业字[2024]24037-1 号 深圳市路维光电股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了深圳市 路维光电股份有限公司(以下简称"路维光电")2023 年 12 月 31 日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》的规 定,建立健全和有效实施内部控制,并评价其有效性是路维光电董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见,并对 注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况的变化可能 导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内部控制审计结果推测未 来内部控制的有效性具有一定风险。 您可使用手机"扫一扫"或进入"注册 ...

证券代码：688401 证券简称：路维光电 公告编号：2024-014 经天职国际会计师事务所（特殊普通合伙）审计，截至2023年12月31日， 深圳市路维光电股份有限公司（以下简称"公司"）本年度归属于上市公司股 东的净利润为148,801,031.80元。经董事会决议，公司2023年度拟以实施权益 分派股权登记日登记的总股本扣除股份回购专户中股份数量后的股份总数为基 数分配利润。本次利润分配方案如下： 公司拟向全体股东每10股派发现金红利2.35元（含税），不送红股，不以 资本公积转增股本。截至2024年4月24日（第四届董事会第二十四会议召开日）， 公司总股本193,333,720股，扣除回购专用证券账户中的股份数1,891,079股， 以此计算合计拟派发现金红利44,989,020.64元（含税）。本年度公司利润分配 占本年度归属于上市公司股东的净利润比例30.23%，其中本次现金分红占本次 利润分配比例为100%。 同时提请股东大会授权公司董事会具体执行上述利润分配方案，根据实施 结果及相关法律法规适时办理相关手续。 深圳市路维光电股份有限公司 关于2023年度利润分配预案的公告 本公司董事会及全体 ...

董事会关于独立董事独立性情况的评估专项意见 深圳市路维光电股份有限公司 深圳市路维光电有限公司董事会 2024 年 4 月 24 日 根据《上市公司独立董事管理办法》《上海证券交易所科创板股票上市规则》 《上海证券交易所科创板上市公司自律监管指引第 1 号--规范运作》等要求，深 圳市路维光电股份有限公司（以下简称"公司"）董事会就公司在任独立董事梁 新清、李玉周、杨洲的独立性情况进行评估，出具如下专项意见： 经核查独立董事梁新清、李玉周、杨洲在公司的任职经历及独立董事签署的 相关自查文件，上述人员及其配偶、父母、子女、主要社会关系未在公司或公司 附属企业任职，未在公司主要股东及其附属企业任职，未与公司存在重大的持股 关系，与公司以及主要股东之间不存在重大业务往来关系或提供财务、法律、咨 询、保荐等服务关系。 综上，董事会认为公司全体独立董事均符合《上市公司独立董事管理办法》 《上海证券交易所科创板上市公司自律监管指引第 1 号--规范运作》等法律法规 及《公司章程》中关于独立董事的任职资格及独立性的要求。 ...