Core Viewpoint - The company reported strong revenue and profit growth for 2024 and Q1 2025, driven by increased demand in downstream industries and capacity expansion [1][2]. Financial Performance - In 2024, the company achieved revenue of 876 million yuan, a year-on-year increase of 30.21%, and a net profit attributable to shareholders of 191 million yuan, up 28.27% [1][2]. - For Q1 2025, the company reported revenue of 260 million yuan, a year-on-year growth of 47.09%, and a net profit of 49 million yuan, an increase of 19.66% [1][2]. Growth Drivers - The revenue and profit growth in 2024 and Q1 2025 were primarily due to strong downstream demand and steady capacity enhancement [2]. - High-end products such as AMOLED, advanced packaging, FMM, and PSM contributed significantly to revenue growth [2]. Exchange Rate Impact - The profit growth rate for Q1 2025 was affected by foreign exchange losses, with financial expenses increasing by 14.8 million yuan due to yen fluctuations, leading to a 24.9 percentage point decline in net profit growth [2]. Revenue Structure - The main revenue source remains the flat panel display mask, with significant growth in OLED mask sales driving overall growth [2]. - The semiconductor mask segment is emerging as a second growth curve, with advanced packaging masks performing well [2]. R&D Investment - In 2024, the company invested 37.6 million yuan in R&D, representing 4.30% of revenue, a slight decrease of 0.94 percentage points [3]. - The company has established long-term partnerships with major players in the flat panel display and semiconductor industries, enhancing its technological capabilities [3]. Capacity Expansion - The company is steadily advancing multiple expansion projects, including new production lines for semiconductor and high-precision flat panel display masks, expected to start production in 2025 [4]. - The company is also developing a semiconductor mask project aimed at 40nm and 28nm nodes, with initial production expected in 2025 [4]. Investment Outlook - Revenue projections for 2025-2027 are 1.07 billion yuan, 1.568 billion yuan, and 2.362 billion yuan, with net profits of 252 million yuan, 292 million yuan, and 495 million yuan respectively [5]. - The company is expected to maintain a high growth trajectory due to ongoing capacity expansion and increasing domestic mask penetration [5].

路维光电(688401) 公司点评 路维光电:业绩稳健增长,半导体掩膜版表现亮眼 投资评级:增持(维持) 报告日期:2025-04-30 | 收盘价(元) | 33.85 | | --- | --- | | 近 12 个月最高/最低（元） | 38.21/18.19 | | 总股本（百万股） | 193 | | 流通股本(百万股) | 116 | | 流通股比例 (%) | 59.86 | | 总市值 (亿元) | 65.44 | | 流通市值 (亿元) | 39.17 | 公司价格与沪深 300 走势比较 分析师:陈耀波 执业证书号：S0010523060001 郎箱: chenyaobo@hazq.com 分析师：李元晨 执业证书号: S0010524070001 邮箱：liyc@hazq.com 相关报告 主要观点: ● 事件点评:路维光电发布 2024年度及 2025 第一季度报告 公司 2024 年实现营业收入约 8.8 亿元,同比增长约 30.2%;实现归母 净利润约 1.9 亿元，同比增长约 28.3%；实现毛利率约 34.8%，同比小 幅下降 0.3 pct。公司 25Q1 实现营业收入约 2 ...

QYResearch的观点和数据因被众多国内外知名企业、证券公司及媒体频繁引用与转载，而享有高度的 品牌知名度。其权威认证确保了所提供的行业分析及定制报告的可信度与专业度，是业界信赖的优选。 0 1 恒州博智的LED照明报告被深圳民爆光电公司中的年报引用 民爆光电（301362）2024年度管理层讨论与分析 据恒州博智发布的《2023年中国LED照明行业全景图谱》显示，2023年，全球LED防爆照明市场销售额达到 了49亿元，并预测在2028年将达到79亿元，期间的复合年增长率（CAGR）约为7.8%。这一增长可归因于 LED防爆灯在石油和采矿、军事基地、机场以及其他商业和工业领域的广泛应用，这些领域对于安全照明有着 极高的要求。 来源：证券之星 更多：https://stock.stockstar.com/RB2025040100020605.shtml 最新报告推荐：2025年全球及中国极端温度LED照明企业出海开展业务规划及策略研究报告 0 2 深圳思创策划咨询有限公司引用了恒州博智出版的外墙翻新服务市场分析报告 深圳建筑外立面改造项目可行性研究报告——市场分析 根据 QYR（恒州博智）的统计及预测，2 ...

路维光电在 2024 年实现了收入同比增长 30%，归母净利润同比增长 28%， 扣非归母净利润同比增长 40%。分产品来看，平板显示和半导体均实现双位数 的增长。特别是在第四季度，收入同比增长 43.2%，归母净利润同比增长 72.55%。从产能角度来看，公司在 2025 年上半年新增了一台 8.6 代设备， 该设备爬坡良好，为全年贡献了较好的收入和利润。 • 公司计划在苏州和成都生产基地分别实现 90 纳米和 40 纳米试产，并通过 引进新设备提升产能，推动营收持续增长。美国加征关税对公司无负面影 响，中国反制关税可能保护国内掩膜板企业。 • 2024 年公司平板显示业务中 OLED 占比 40%，LCD 占比 60%，整体毛 利率 30%-35%，半导体业务毛利率 55%-60%。2025 年一季度 OLED 占比已超过 50%。公司通过可转债项目、复兴半导体项目和厦门平板显示 掩模板基地项目进行扩产，预计完全达产后贡献显著收入。 • 公司已基本覆盖 130 纳米以上制程，正向 90、40、28 纳米推进，并覆盖 模拟电路。公司与行业内友商竞争激烈，但凭借稳定的发展、稳健的收入 增长和领先的盈利能力保持 ...

【WitsView整理】 近日，京东方、彩虹股份、 TCL科技、 三利谱、蓝黛科技、晶合集成、路维 光电、翰博高新、康冠科技9家显示相关企业相继披露2025年第一季度报告。具体如下： 2025年第一季度，京东方实现营业收入505.99亿元，同比增长10.27%，创一季度收入历史新高； 实现归属于上市公司股东净利润16.14亿元，同比增长64.06%；扣除非经常性损益后的净利润13.52 亿元，同比增长126.56%。 | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | (%) | | | 营业收入(元) | 50.598.933.939.00 | 45,887,570,444.00 | | 10.27% | | 归属于上市公司股东的净利 | 1,613,999,380.00 | 983.812.692.00 | | 64.06% | | 润(元) | | | | | | 归属于上市公司股东的扣除 非经常性损益的净利润 | 1.351.864.713.00 | 596.689.345.00 | | 126.56 ...

Core Viewpoint - The global flat panel display mask market is expected to grow significantly, driven by increasing demand for larger screens and high-resolution technologies, with the market size projected to reach approximately 7 billion yuan in 2024 and 7.55 billion yuan in 2025 [1][7][9]. Group 1: Industry Definition and Classification - The mask plate, also known as photomask, is a critical component in microelectronics manufacturing, serving as a carrier of graphic designs and process technology [2][3]. - Photomasks are categorized into flat panel display masks and semiconductor masks, with flat panel display masks further divided by panel size and display technology [3]. Group 2: Current Industry Development - The flat panel display mask market is experiencing continuous growth due to rising average TV sizes, demand for large-screen mobile devices, and advancements in technologies like LTPO [7][9]. - The global flat panel display mask market is projected to reach approximately 7 billion yuan in 2024, an increase of 500 million yuan from 2023, and is expected to grow to about 7.55 billion yuan in 2025 [7][9]. Group 3: Industry Chain - The upstream materials for the flat panel display mask industry include mask substrates, optical films, chemical reagents, and packaging materials, with mask substrates playing a crucial role in product precision and quality [11]. - The downstream applications include manufacturing TFT-LCDs, AMOLEDs, and other display technologies, with end products spanning televisions, monitors, smartphones, and automotive displays [11]. Group 4: Competitive Landscape - China is the largest panel manufacturing base globally, accounting for over 60% of global capacity, but the domestic mask production capacity is relatively weak, with major international brands like Photronics and HOYA dominating the high-end market [13][16]. - Key domestic players in the flat panel display mask sector include Qingyi Optoelectronics, Luwei Optoelectronics, and others, with Qingyi and Luwei being the leading companies in high-generation and high-precision mask segments, respectively [13][16]. Group 5: Key Companies - Qingyi Optoelectronics reported a revenue of 827 million yuan and a net profit of 120 million yuan in the first three quarters of 2024, with significant contributions from quartz masks [16][18]. - Luwei Optoelectronics achieved a revenue of 603 million yuan and a net profit of 121 million yuan in the same period, being the only domestic company with a full-generation production line from G2.5 to G11 [20][22]. Group 6: Industry Development Trends - The demand for large-size and high-precision masks is increasing, indicating that these factors will be crucial for the development of China's flat panel display mask industry [24]. - The market share in the flat panel display mask sector is concentrated, and there is significant room for improvement in the localization rate of high-precision products [24].

证券代码：688401 证券简称：路维光电 深圳市路维光电股份有限公司 2024 年年度股东大会会议资料 2025 年 5 月 会议资料目录 | 2024 年年度股东大会会议须知 2 | | | --- | --- | | 2024 年年度股东大会会议议程 4 | | | 2024 年年度股东大会会议议案 6 | | | 议案一：《关于 2024 年度董事会工作报告的议案》 | 6 | | 议案二：《关于 2024 年度监事会工作报告的议案》 | 7 | | 议案三：《关于 2024 年年度报告全文及摘要的议案》 | 8 | | 议案四：《关于 2024 年度利润分配预案的议案》 | 9 | | 议案五：《关于 2025 年度日常关联交易预计的议案》 | 11 | | 议案六：《关于 2025 年度公司及子公司向金融机构申请综合授信额度的 | | | 议案》 | 12 | | 议案七：《关于董事、高级管理人员薪酬的议案》 | 13 | | 议案八：《关于监事薪酬的议案》 | 14 | | 议案九：《关于延长向不特定对象发行可转换公司债券股东大会决议有 | | | 效期的议案》 | 15 | | 议案十：《关于 ...

Financial Performance - The company's operating revenue for Q1 2025 reached ¥260,079,968.49, representing a 47.09% increase compared to ¥176,819,171.71 in the same period last year[3] - Net profit attributable to shareholders was ¥49,150,120.45, up 19.66% from ¥41,074,574.23 year-on-year[3] - The net cash flow from operating activities surged by 295.64%, amounting to ¥104,733,407.53, compared to ¥26,471,858.39 in the previous year[3] - Basic earnings per share increased to ¥0.26, reflecting a growth of 23.81% from ¥0.21[3] - The company reported an increase in financial expenses by RMB 14,799,700, mainly due to reduced exchange gains from yen fluctuations[15] - Net profit for Q1 2025 was ¥49,145,188.42, representing a 27.2% increase compared to ¥38,640,152.04 in Q1 2024[23] Research and Development - Research and development expenses totaled ¥8,581,805.31, a decrease of 19.41% from ¥10,648,718.04 in the previous year[3] - The proportion of R&D expenses to operating revenue fell to 3.30%, down 2.72 percentage points from 6.02%[4] - Research and development expenses for Q1 2025 were ¥8,581,805.31, down from ¥10,648,718.04 in Q1 2024[23] - Research and development expenses decreased by RMB 2,066,900 compared to the previous year, primarily due to fewer direct inputs and equipment usage in ongoing projects[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,344,452,669.08, a 4.53% increase from ¥2,242,816,653.64 at the end of the previous year[4] - Total liabilities amounted to ¥901,081,785.28, up from ¥850,039,123.93 in the previous period[19] - Shareholders' equity totaled ¥1,443,370,883.80, compared to ¥1,392,777,529.71 in the previous period[19] - The company has a significant inventory of RMB 193,673,558.19, up from RMB 176,628,809.62 in the previous period[17] - The company has a long-term equity investment valued at RMB 159,174,759.34, slightly down from RMB 159,937,416.68[17] Cash Flow - Cash flow from operating activities for Q1 2025 was $104.73 million, a significant increase of 295.5% compared to $26.47 million in Q1 2024[26] - Total cash inflow from operating activities in Q1 2025 was $298.99 million, up from $179.71 million in Q1 2024, representing a growth of 66.5%[27] - Cash outflow from investing activities in Q1 2025 was $31.20 million, a decrease from $94.24 million in Q1 2024, indicating a reduction of 66.9%[27] - Net cash flow from financing activities in Q1 2025 was $16.08 million, compared to a net outflow of $36.11 million in Q1 2024, showing a turnaround[27] - The ending balance of cash and cash equivalents as of Q1 2025 was $331.71 million, slightly down from $342.60 million in Q1 2024[28] - The net increase in cash and cash equivalents for Q1 2025 was $89.01 million, contrasting with a decrease of $42.93 million in Q1 2024[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 8,257[8] - The company has approved a stock incentive plan to grant 1,215,090 restricted shares, representing 0.63% of the total share capital[10] - The company has 676,210 shares held under the employee stock ownership plan, accounting for 0.35% of the total share capital[13] Future Plans - The company plans to issue convertible bonds not exceeding RMB 615 million, pending approval from the China Securities Regulatory Commission[14]

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 2024 年度持续督导跟踪报告 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为深圳 市路维光电股份有限公司（以下简称"路维光电"、"公司"或"上市公司"） 首次公开发行股票并在科创板上市的保荐机构，根据《证券发行上市保荐业务管 理办法（2025 年修正）》（以下简称"《保荐办法》"）《上海证券交易所科 创板股票上市规则（2024 年 4 月修订）》（以下简称"《上市规则》"）《上 海证券交易所上市公司自律监管指引第 11 号——持续督导（2025 年 3 月修订）》 （以下简称"《自律监管指引第 11 号》"）等相关规定，负责路维光电上市后 的持续督导工作，并出具 2024 年度持续督导跟踪报告。 | 序号 | 工作内容 | 实施情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制 度，并针对具体的持续督导工作制定相 | 保荐机构已建立健全并有效执行了持续 督导制度，并制定了相应的工作计划。 | | | 应的工作计划。 | | | | 根据中国证监会相关规定，在持续督导 | 保荐机构已与上市公司签署 ...

【WitsView整理】 近日，瑞联新材、路维光电、晶合集成、斯迪克发布了2024年财报。其中瑞联 新材、路维光电、晶合集成实现了营收与净利润的双增长。 瑞联新材 2024年，瑞联新材实现营收约14.59亿元，同比增长20.74%；归属于上市公司股东的净利润约2.52 亿元，同比增长87.60%；归属于上市公司股东的扣除非经常性损益的净利润约2.37亿元，同比增 长103.43%。 | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | --- | --- | --- | --- | --- | | | | | (%) | | | 营业收入 | 1,458,698,343.66 | 1,208,162,739.17 | 20.74 | 1,480,379,426.82 | | 归属于上市公司股东 | 251,722,494.92 | 134.181.283.39 | 87.60 | 246.538.464.91 | | 的净利润 | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 237,366,716.59 | 116.683.527.35 | 1 ...