| | | | 事务所名称 | | | | 天职国际会计师事务所（特殊普通合伙） | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 成立时间 | | | | 2012 3 月 5 日 | 年 | 组织形式 | | | | | | 特殊普通合伙企业 | | | 注册地址 | | | | 北京市海淀区车公庄西路 19 号 | | | 68 | 号楼 | A-1 | 和 | A-5 | 区域 | | | 首席合伙人 | | | | 邱靖之 年末合伙人数量 | | 2024 | | | | 90 人 | | | | | 2024 | 年 | 末 | 职 | 注册会计师 | | | | | | 1097 | 人 | | | | 业人员数量 | | | | 签署过证券服务业务审计报告的注册会 计师 | | | | | | 399 人 | | | | | 2024 | 年 | 业 | 务 | 业务收入总额 | | | | | | 25.01 | | 亿元 | ...

| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2025-086 | | --- | --- | --- | | 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 关于召开2025年第三次临时股东会的通知 本公司董事会及全体董事保证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。 召开日期时间：2025 年 12 月 11 日 14 点 30 分 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 11 日 股东会召开日期：2025年12月11日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开地点：深圳市南山区南山街道桂湾社区梦海大道 5035 号华润前海大厦 A 座 9 楼 （五） 网络投票的系统、起止日期和投票时间。 至2025 年 12 月 11 日 重要内容提示： 一、 召开会议的基本 ...

债券受托管理人 （深圳市罗湖区红岭中路 1012 号国信证券大厦 16-26 层） 证券代码：688323 证券简称：路维光电 债券代码：118056 债券简称：路维转债 国信证券股份有限公司 关于 深圳市路维光电股份有限公司 向不特定对象发行可转换公司债券 第一次临时受托管理事务报告 （2025 年度） 重要声明 本报告依据《公司债券受托管理人执业行为准则》《深圳市路维光电股份有 限公司（发行人）与国信证券股份有限公司（受托管理人）签订的深圳市路维光 电股份有限公司 2024 年度向不特定对象发行可转换公司债券之受托管理协议》 （以下简称"《受托管理协议》"）、《深圳市路维光电股份有限公司向不特定对象 发行可转换公司债券募集说明书》（以下简称"募集说明书"）等相关规定、公开 信息披露文件、第三方中介机构出具的专业意见等，由本次可转债受托管理人国 信证券股份有限公司（以下简称"国信证券"）编制。国信证券对本报告中所包 含的从上述文件中引述内容和信息未进行独立验证，也不就该等引述内容和信息 的真实性、准确性和完整性做出任何保证或承担任何责任。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 ...

| 证券代码：688401 | 证券简称：路维光电 | 公告编号：2025-084 | | --- | --- | --- | | 转债代码：118056 | 转债简称：路维转债 | | 公司现就本次向不特定对象发行可转换公司债券，对不符合上海证券交易 所科创板股票投资者适当性要求的投资者所持"路维转债"不能转股的风险， 提示如下： 一、可转换公司债券发行上市概况 （一）可转换公司债券发行情况 深圳市路维光电股份有限公司 关于可转债投资者适当性要求的风险提示性公告 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： 根据相关法律法规规定及《深圳市路维光电股份有限公司向不特定对象发 行可转换公司债券募集说明书》的约定，深圳市路维光电股份有限公司（以下 简称"公司"）本次发行的"路维转债"自2025年12月17日起可转换为公司股 份。 经中国证券监督管理委员会《关于同意深圳市路维光电股份有限公司向不 特定对象发行可转换公司债券注册的批复》（证监许可〔2025〕979号）同意， 公司向不特定对象发行人民币615,00 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company has established a unique position in the display and semiconductor industry by integrating "display + IC + advanced packaging" capabilities, with a focus on high-generation mask production [1][2] - The demand for display masks is expected to increase due to the penetration of AMOLED technology and the localization of G8.6 IT-OLED production lines, which will enhance both volume and pricing [1][2] - The semiconductor market is recovering, and the company is expanding its production capacity in advanced packaging, which will further drive growth [3][4] Summary by Sections Company Overview - The company has evolved from film and chrome plates to a comprehensive platform covering G2.5 to G11, enhancing its production capabilities and market position [1][19] - The company is the only domestic manufacturer with a G11 production line, providing a competitive edge in high-generation and high-precision products [1][20] AMOLED and IT-OLED Development - The penetration of AMOLED technology is accelerating, particularly in smartphones and IT devices, leading to increased demand for display masks [41][43] - The G8.6 IT-OLED production lines are being established in China, which will further localize production and enhance the company's market presence [2][41] Semiconductor Market and Advanced Packaging - The global semiconductor market is entering a recovery phase, with increased demand for high-precision masks driven by advanced packaging trends [3][4] - The company is expanding its production lines for semiconductor masks, targeting 130-40nm processes, which will support its growth in this segment [4][5] Financial Forecast - Revenue projections for 2025-2027 are estimated at 11.64 billion, 15.69 billion, and 21.20 billion yuan, with corresponding net profits of 2.63 billion, 3.67 billion, and 5.14 billion yuan, reflecting strong growth rates [5][12] - The company's P/E ratios are projected to decrease from 34.32 in 2025 to 17.53 in 2027, indicating potential for value appreciation [5][12]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant improvement in profitability for Q3, with a revenue of 828 million yuan, representing a year-on-year increase of 37.25%, and a net profit of 172 million yuan, up 41.88% year-on-year. In Q3 alone, revenue was 283 million yuan, a 36.80% increase year-on-year, and net profit was 65 million yuan, reflecting a 69.08% year-on-year growth [4][5] - The gross margin for Q3 was 36.40%, an increase of 1.30 percentage points year-on-year, while the net margin was 23.09%, up 4.41 percentage points year-on-year. The company expects further improvement in profitability due to ongoing product structure optimization and refined cost management [4][5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 827 million yuan, with a net profit of 172 million yuan. The Q3 results showed a revenue of 283 million yuan and a net profit of 65 million yuan [4] - The projected revenues for 2025-2027 are 1.171 billion yuan, 1.589 billion yuan, and 2.172 billion yuan respectively, with corresponding net profits of 274 million yuan, 375 million yuan, and 523 million yuan [6][9] Business Segments - In the flat panel display mask segment, the company is the only domestic and fourth globally to master G11 mask technology, with a projected global market share of 25.52% in 2024, ranking second. The company is positioned to benefit from high utilization rates in G11 panel lines [5] - In the semiconductor mask segment, the company has made significant progress with its subsidiary's 90nm process products, which have passed customer validation. The company is also a leading supplier in advanced packaging, catering to major manufacturers [6] Investment Recommendations - The company is expected to see revenue growth driven by its advancements in technology and market positioning, with EPS projected at 1.42 yuan, 1.94 yuan, and 2.70 yuan for 2025, 2026, and 2027 respectively, and corresponding P/E ratios of 32.40, 23.69, and 16.98 [6][9]

Core Viewpoint - The stock of Luwei Optoelectronics has experienced significant fluctuations, with a year-to-date increase of 76.41% but a recent decline in the last five trading days by 8.82% [2] Group 1: Stock Performance - As of November 5, Luwei Optoelectronics' stock price was 46.03 CNY per share, with a market capitalization of 8.899 billion CNY [1] - The stock has seen a 30.51% increase over the past 60 days, despite a 6.48% decline over the last 20 days [2] - The stock has been on the "龙虎榜" (a stock trading list) twice this year, with the latest instance on October 13, where it recorded a net buy of -8.5944 million CNY [2] Group 2: Financial Performance - For the period from January to September 2025, Luwei Optoelectronics achieved a revenue of 827 million CNY, representing a year-on-year growth of 37.25% [3] - The net profit attributable to the parent company for the same period was 172 million CNY, reflecting a year-on-year increase of 41.88% [3] Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders increased by 25.18% to 10,600, with an average of 18,292 circulating shares per person, up by 33.47% [3] - The company has distributed a total of 132 million CNY in dividends since its A-share listing [4] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest, holding 5.0031 million shares as a new shareholder [4]

Core Viewpoint - The company has achieved mass production of 180nm process node semiconductor masks and is progressing well in the production of 150nm/130nm masks, indicating strong capabilities in advanced semiconductor manufacturing [1] Group 1: Production Achievements - The company has successfully achieved mass production of 180nm process node semiconductor masks [1] - The 150nm and 130nm masks have passed customer validation and are in small batch production [1] - The company is positioned among domestic manufacturers in the production of 130-28nm masks, with ongoing progress in the 90nm and above semiconductor masks [1] Group 2: Future Plans - The company plans to initiate trial production of 40nm semiconductor masks in the second half of 2025 [1] - The project for the production of 130-28nm masks is progressing smoothly, indicating a strong pipeline for future production [1]

Summary of Luvi Optoelectronics Conference Call Company Overview - **Company**: Luvi Optoelectronics - **Industry**: Semiconductor and Display Panel Manufacturing Key Financial Metrics - **Q3 Revenue**: 383 million CNY, up 36.8% YoY [2][4] - **Net Profit**: 65.33 million CNY, up 69.1% YoY [2][4] - **Gross Margin**: 36.4%, up 1.3 percentage points YoY [4] - **Net Profit Margin**: 23.1%, up 4.4 percentage points YoY [4] Business Segments Semiconductor Business - **Revenue Contribution**: Increased to 15%-20% of total revenue [2][5] - **Key Clients**: Huawei, Huahong, ZTE, Changxin [8] - **90nm and 40nm Projects**: - 90nm project exceeded expectations with major client orders received [7] - 40nm project samples sent to clients ahead of schedule, results expected in 2026 [7] Display Panel Business - **OLED Contribution**: Increased to 55%, surpassing LCD [2][5][10] - **High-Generation Panel Growth**: Revenue and gross margin for high-generation panels improved due to increased demand for high-value, customized templates [9][11] Advanced Packaging - **Growth**: Rapid growth in advanced packaging, covering major domestic packaging and testing factories [14] - **Market Potential**: Anticipated significant growth in this sector [14] Market Trends and Outlook - **Future Revenue Growth**: Expected to maintain a compound annual growth rate (CAGR) of 30% for revenue and profit over the next few years [3][23] - **Q4 Expectations**: Anticipated continued growth due to full capacity release from new equipment [17] - **Panel Demand**: Increasing demand for various panel types driven by expanding application fields [11][12] Competitive Landscape - **Market Position**: Leading position among domestic third-party template manufacturers, but still below target [20] - **Market Share Goals**: Aim to capture 30%-40% of the domestic market share in five years [21] Challenges and Considerations - **Profitability Uncertainty**: While gross margins are at a recent high, future sustainability is uncertain due to market order variability [13] - **Equipment and Material Sourcing**: Heavy reliance on imported equipment, with about 40% of materials sourced domestically [25] Conclusion - **Strategic Focus**: Emphasis on technology breakthroughs and expanding client base, particularly with major clients [20] - **Long-term Vision**: Confidence in achieving significant market share and revenue growth in both semiconductor and display panel sectors [23]

Core Viewpoint - The company plans to invest 100 million RMB in its wholly-owned subsidiary, Xiamen Ruvi, to enhance its financing capabilities and promote business development, thereby improving overall competitiveness [1][3]. Group 1: Investment and Project Details - The capital increase is part of a strategic capacity layout, aimed at providing financial support for the construction and operation needs of Xiamen Ruvi [3]. - The investment is linked to a significant project, the "Xiamen Ruvi Optoelectronics High Generation High Precision Photomask Production Base Project," with a total investment of 2 billion RMB, set to commence construction in July 2025 [3]. - The project will establish 11 high-end photomask production lines, focusing on G8.6 and below AMOLED/LTPO photomasks for high-end display panels, with the first phase involving 5 production lines [3]. Group 2: Market Position and Industry Context - Currently, domestic photomask production capacity accounts for only 31.4% of the global market, creating a significant supply-demand gap compared to 76% for LCD and 47% for OLED in the downstream panel industry [4]. - This supply-demand mismatch presents a substantial opportunity for capable domestic manufacturers, with Ruvi Optoelectronics positioned as a leader in this space [4]. - The company is the only domestic enterprise capable of supporting G2.5-G11 generation photomask production lines and has successfully developed G11 high-precision photomask technology, becoming the first in China and the fourth globally to achieve this [4].