Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company adheres to the "screen-to-chip" strategy, expanding capacity across multiple fields to enhance market share. The company has completed the construction of its 8.6 generation OLED mask production line and is set to supply BOE's first 8.6 generation OLED panel line in Q3 2025. A total investment of 2 billion yuan is planned for the Xiamen Ruvi Optoelectronics high-generation high-precision mask production base, with revenue expected to start in the second half of 2026. The semiconductor project is progressing well, with 90nm and above mask versions validated by some clients, and trial production of 40nm masks set to begin in the second half of 2025 [2][6][8]. Summary by Sections Business Overview - The company has a strong foundation in the panel mask industry, having operated for over 20 years. It is actively promoting high-end panel masks and semiconductor front-end mask projects [2]. Market Demand - The demand for OLED panels is accelerating across various applications, with a significant gap in high-end OLED mask domestic substitution. The market for OLED panels is expanding from mobile phones to tablets, PCs, and automotive applications, with a projected CAGR of 54% for automotive OLED panel shipments from 2022 to 2027 [6][8]. Financial Performance - For the first half of 2025, the company reported revenue of 540 million yuan, a year-on-year increase of 37.5%, and a net profit of 110 million yuan, up 29.1%. The company is expected to maintain a revenue growth rate of over 30% [6][8]. Future Projections - Revenue projections for 2025-2027 are 1.167 billion yuan, 1.569 billion yuan, and 2.129 billion yuan, respectively, with year-on-year growth rates of 33.2%, 34.5%, and 35.7%. Net profit is expected to reach 266 million yuan, 368 million yuan, and 508 million yuan during the same period, with growth rates of 39.3%, 38.5%, and 37.9% [8][10]. Valuation - Based on the closing price on August 21, 2025, the corresponding P/E ratios for 2025-2027 are 31.0, 22.3, and 16.2 times, indicating a favorable valuation outlook [8].

Core Viewpoint - The article emphasizes the critical role of photomasks in the semiconductor manufacturing process, highlighting the high technical barriers and low domestic penetration rates in the photomask market, which presents significant investment opportunities in the context of domestic semiconductor supply chain enhancement [2][3]. Group 1: Photomask Production and Market - Photomask production has high technical barriers, and the market is vast with low domestic penetration rates [3][57]. - The photomask market is one of the top three segments in the semiconductor materials market, accounting for approximately 12% of the semiconductor materials market size [63]. - The semiconductor and flat panel display sectors are the largest application markets for photomasks, with semiconductors occupying 60% of the market share [61]. Group 2: Market Size and Growth - The global semiconductor materials market is projected to reach $67.5 billion in 2024, with a year-on-year growth of 3.8% [69]. - The domestic semiconductor photomask market is expected to approach 20 billion RMB by 2025, with wafer manufacturing photomasks estimated at 10 billion RMB [66]. - The independent third-party photomask manufacturers' market share is expected to increase, as they can leverage economies of scale and specialized technology [70]. Group 3: Investment Logic - Investing in the photomask sector is seen as a dual opportunity: it is not only a story of domestic replacement in a multi-billion scale semiconductor materials market but also an investment in companies capable of overcoming technological barriers and growing alongside China's wafer production capacity [2].

路维光电（SH 688401，收盘价：42.56元）8月21日晚间发布公告称，刘臻先生因个人原因辞去公司董 事职务。辞职后，刘臻先生不再担任公司及子公司的任何职务。 2024年1至12月份，路维光电的营业收入构成为：掩膜版行业占比99.96%，其他业务占比0.04%。 （文章来源：每日经济新闻） ...

| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2025-065 | | --- | --- | --- | | 转债代码：118056 | 转债简称：路维转债 | | 深圳市路维光电股份有限公司 关于公司董事离任的公告 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： 深圳市路维光电股份有限公司（以下简称"公司"）董事会于近日收到公司 董事刘臻先生提交的书面辞职报告，刘臻先生因个人原因辞去公司董事职务。辞 职后，刘臻先生不再担任公司及子公司的任何职务。截至本公告披露日，刘臻先 生未持有公司股份。 一、董事离任情况 (一) 提前离任的基本情况 | 臻 | | 刘 | | | 名 | 姓 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 月 20 日 董事 | 非独立 | 董事会 2025 年 8 | | | 离任时间 务 | 离任职 | | | | 月 15 | | 2027 | | | 到期日 | 原定任期 | ...

Group 1 - China is the largest panel production and R&D center globally, with over 60% of the world's flat panel display capacity [1][2] - The upstream core material, photomask, is currently monopolized by manufacturers from the US, Japan, and South Korea, while domestic companies like Qingyi Optoelectronics and Luvi Optoelectronics are improving their market penetration [1][2] - Photomasks are critical materials in the manufacturing process, with a significant cost share in semiconductor production, accounting for approximately 13% of the total material costs [1] Group 2 - The revenue scale of domestic photomask manufacturers is relatively low, and there is a need for increased market penetration [3] - The domestic semiconductor photomask market is projected to reach approximately 18.7 billion RMB by 2025, with wafer manufacturing photomasks expected to account for 10 billion RMB [3] - Domestic manufacturers are in a phase of continuous technological upgrades and the release of new high-end capacities, with photomask penetration expected to increase significantly [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Views - The company is positioned at the forefront of domestic manufacturers in terms of process node layout and is steadily advancing its high-generation, high-precision mask production capacity [1]. - The company has become a key supplier for BOE's G8.6 AMOLED production line, with plans to deliver the first set of G8.6 AMOLED masks in Q3 2025 [2]. - The company is expanding its semiconductor mask production capabilities, with ongoing projects aimed at advanced process nodes, including 14nm technology [3][8]. Financial Performance - The company reported a revenue of 672 million yuan in 2023, with projected growth rates of 30.2% in 2024 and 37.5% in 2025, reaching 1.204 billion yuan [1][9]. - The net profit attributable to the parent company is expected to grow from 149 million yuan in 2023 to 275 million yuan in 2025, reflecting a growth rate of 44.3% [1][9]. - The company's return on equity (ROE) is projected to increase from 9.7% in 2023 to 22.5% by 2027 [1][9]. Market Position and Strategy - The company has successfully attracted over 70 new clients in the first half of 2025, with total cooperative clients exceeding 500, indicating strong market demand [8]. - The company is investing in a new high-generation, high-precision mask production base in Xiamen, which is expected to enhance its production capacity and market share [2][3]. - The company plans to invest 4-6 billion yuan in the second phase of its semiconductor mask project, focusing on 40-28nm process nodes, with construction expected to begin in 2026-2027 [3].

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].