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 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 ...

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 ...

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、 ...

证券代码：688401 证券简称：路维光电 公告编号：2025-031 深圳市路维光电股份有限公司 2024年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 9 日 （二） 股东大会召开的地点：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 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 45 | | --- | --- | | 普通股股东人数 | 45 | | 2、出席会议的股东所持有的表决权数量 | 82,898,261 | | 普通股股东所持有表决权数量 | 82,898,261 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 43.1495 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 43. ...

观意字2025SZ000033号 致：深圳市路维光电股份有限公司 北京观韬（深圳）律师事务所（以下简称"本所"）接受深圳市路维光电股 份有限公司（以下简称"公司"）的委托，指派律师列席公司于2025年5月9日召 开的2024年年度股东大会（以下简称"本次股东大会"），并依据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下 简称"《证券法》"）、中国证券监督管理委员会《上市公司股东会规则》（以 下简称"《股东会规则》"）等中国现行法律、法规和规范性文件以及《深圳市 路维光电股份有限公司章程》（以下简称"《公司章程》")、《深圳市路维光电 股份有限公司股东大会议事规则》（以下简称"《议事规则》"）的有关规定， 就本次股东大会的召集和召开程序、出席会议人员资格、表决程序、表决结果等 事项进行见证，并出具本法律意见书。 北京观韬（深圳）律师事务所 关于深圳市路维光电股份有限公司 2024年年度股东大会的 法律意见书 本法律意见书仅为本次股东大会之目的而使用，不得用于其他任何目的或用 途。本所同意公司将本法律意见书作为本次股东大会文件予以公告。 根据有关法律、法规和规范性文件的要求， ...

证券代码：688401 证券简称：路维光电 公告编号：2025-030 公司董事会将按照上述批复文件和相关法律法规的要求以及公司股东大会 的授权，在规定期限内办理本次向不特定对象发行可转换公司债券的相关事 项，并及时履行信息披露义务，敬请广大投资者注意投资风险。 一、同意公司向不特定对象发行可转换公司债券的注册申请。 二、公司本次发行应严格按照报送上海证券交易所的申报文件和发行方案 实施。 三、本批复自同意注册之日起12个月内有效。 四、自同意注册之日起至本次发行结束前，公司如发生重大事项，应及时 报告上海证券交易所并按有关规定处理。 深圳市路维光电股份有限公司 关于向不特定对象发行可转换公司债券申请获得 中国证券监督管理委员会同意注册批复的公告 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。 深圳市路维光电股份有限公司（以下简称"公司"）于近日收到中国证券 监督管理委员会出具的《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），现将批复文件 主要内容公告如下： ...