国泰海通证券股份有限公司 上海证券交易所： 经中国证券监督管理委员会《关于同意深圳市龙图光罩股份有限公司首次 公开发行股票注册的批复》（证监许可〔2023〕2929 号）批复，深圳市龙图光 罩股份有限公司（以下简称"龙图光罩"、"公司"或"发行人"）首次公开发 行股票 33,375,000 股，每股面值人民币 1 元，每股发行价格人民币 18.50 元，募 集资金总额为人民币 61,743.75 万元，扣除发行费用后，实际募集资金净额为人 民币 55,346.25 万元。本次发行证券已于 2024 年 8 月 6 日在上海证券交易所上市。 国泰海通证券股份有限公司（以下简称"保荐机构"或"国泰海通证券"）担任 其持续督导保荐机构，持续督导期间为 2024 年 8 月 6 日至 2027 年 12 月 31 日。 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票 上市规则》等有关法律、法规要求，国泰海通证券作为持续督导保荐机构， 对公司首次公开发行部分限售股及部分战略配售股上市流通的事项进行了专 项核查，现将本次核查的情况报告如下： 一、本次上市流动的限售股类型 关于深圳市龙图光罩股份有限公司 首 ...

Company Overview - Longtu Guangzhao (SH 688721) announced the listing of its shares, with a closing price of 46.13 yuan on July 29 [1] - The company confirmed that the total number of shares available for trading is 8,304,484, which includes 5,006,250 shares from the strategic placement and 3,298,234 shares from the restricted placement [1] Financial Performance - For the year 2024, the company's revenue composition is entirely from mask plates, accounting for 100.0% [1] - As of the announcement, Longtu Guangzhao has a market capitalization of 6.2 billion yuan [1] Listing Details - The shares from the strategic placement have a lock-up period of 12 months, with the trading date set for August 6, 2025 [1] - The subscription method for the shares is offline [1]

Summary of the Conference Call for Longtu Photomask Industry Overview - The semiconductor photomask market in mainland China is approximately $1.8 billion, with an annual growth rate of about 10% [2][5] - The domestic production rate is currently below 5%, indicating significant growth potential driven by the demand for self-sufficiency [2][5] Company Performance and Financials - Longtu Photomask is expected to achieve a compound annual growth rate (CAGR) of 47% in revenue from 2020 to 2024, with projected revenue nearing 250 million yuan and net profit of 92 million yuan in 2024 [2][6] - The company maintains a stable gross margin between 55% and 60%, with net profit margins ranging from 37% to 39% [6][19] - The current valuation is relatively low, with a potential market capitalization of 8 to 9 billion yuan [6][20] Market Position and Product Offering - Over 90% of Longtu's revenue comes from semiconductor photomasks, primarily in the 130nm and above process nodes [4] - The company is expanding its capabilities to include 90nm and 65nm photomasks, with a new factory in Zhuhai expected to triple current revenues upon reaching full capacity [4][11] Shareholder Structure and Client Relationships - The ownership structure is concentrated, with the chairman, general manager, and key executives holding 57% of the shares [7] - Major clients, including Shilan Holdings, have equity stakes in the company, reflecting strong recognition of Longtu's technological capabilities [7] Importance of Photomasks - Photomasks are critical materials in the photolithography process, accounting for about 12% of the value in semiconductor materials, making them the third-largest category after wafers and specialty gases [8] Trends in Wafer and IDM Manufacturing - In recent years, wafer fabs and IDM manufacturers have outsourced some photomask production to third-party suppliers to reduce costs, although they still rely on in-house production for advanced processes below 28nm [9][10] Future Capacity and Revenue Projections - Longtu's new equipment, including eight electron beam lithography machines, is expected to significantly enhance production capacity, with revenue projections of 600 million yuan from new products and a total revenue increase to 800-900 million yuan by 2028 [3][16][18] - The company anticipates achieving full production capacity by the second half of 2027, with a gradual ramp-up starting in 2025 [17] Profitability and Market Valuation - The net profit margin is expected to remain above 30% in the coming years, with a projected net profit of approximately 320 million yuan at 900 million yuan in revenue [19] - A target market capitalization of 8 billion yuan is estimated based on a 25x PE ratio, with potential for growth to 9.6 billion yuan at a 30x PE ratio [20]

Group 1 - The company announced the resignation of its board secretary, Fan Qiang, who will continue to serve as the financial director [1][2] - The board expressed gratitude for Fan Qiang's contributions during his tenure as board secretary [1] - The company appointed Deng Shaohua as the new board secretary, effective from the date of the board's approval [1][2] Group 2 - Deng Shaohua holds the necessary qualifications and experience to fulfill the role of board secretary, including a certificate from the Shanghai Stock Exchange [2][4] - His professional background includes significant positions in investment banking and he currently holds a minor stake in the company [4] - Deng Shaohua does not have any conflicts of interest with major shareholders or other executives [4]

深圳市龙图光罩股份有限公司 证券代码：688721 证券简称：龙图光罩 公告编号：2025-017 董事会秘书联系方式： 关于变更董事会秘书的公告 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。 一、关于董事会秘书辞职情况 深圳市龙图光罩股份有限公司（以下简称"公司"）董事会于近日收到公司财 务总监、董事会秘书范强先生辞任董事会秘书的书面报告，基于公司长远发展规 划及范强先生工作重心调整，范强先生申请辞任董事会秘书职务，在辞任董事会 秘书职务后，范强先生仍继续担任公司财务总监，在公司的发展中继续发挥重要 作用。 根据《中华人民共和国公司法》（以下简称"《公司法》"）《深圳市龙图 光罩股份有限公司章程》（以下简称"《公司章程》"）及《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》等相关规定，范强先生提交 的辞职报告自送达董事会之日起生效。范强先生在担任公司董事会秘书期间勤勉 尽责，恪尽职守，为公司规范运作和高质量发展发挥了积极作用。公司董事会对 其在任职期间所做的贡献表示衷心感谢！ 二、关于董事会秘书聘任 ...

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].

Core Insights - The report highlights the impact of recent monetary policy adjustments, including interest rate cuts and reserve requirement ratio reductions, aimed at stimulating domestic demand and supporting economic growth [6][7] - The performance of specific companies, such as Longtu Guangzhao and China Shenhua, is analyzed, with emphasis on their quarterly results and future growth prospects [5][9] Market Trends - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,352.00, up by 0.28%, while the ChiNext Index increased by 1.65% to 2,029.45 [4] Company Analysis Longtu Guangzhao (688721.SH) - The company reported a decline in Q1 2025 revenue to 54.37 million yuan, down 8.97% year-on-year, and a net profit decrease of 30.00% to 17.33 million yuan, attributed to the new factory's ramp-up phase and strategic price reductions [8] - The company anticipates improved performance as production capacity utilization increases and customer purchasing normalizes [8] China Shenhua (601088.SH) - In Q1 2025, the company achieved revenue of 69.585 billion yuan, a decrease of 21.1% year-on-year, with a net profit of 11.949 billion yuan, down 18.0% [9] - The report notes an increase in long-term contract sales, which helped stabilize margins despite a drop in coal prices [9] Honghua Digital Science (688789.SH) - The company is benefiting from the increasing penetration of digital printing, with a projected revenue growth of 41.0% to 348 million yuan in 2025, and a net profit growth of 11.8% to 103 million yuan [12][14] - The integrated "equipment + consumables" business model is expected to drive future growth, supported by ongoing projects and market expansion [12][16] Investment Recommendations - The report maintains a "Buy-A" rating for Honghua Digital Science, citing its robust business model and growth potential in the digital printing sector [13][16] - For China Shenhua, the report suggests that despite current challenges, the company's dividend policy and market position provide a solid investment opportunity [10]

Investment Rating - The report maintains an "Accumulate-A" rating for the company Longtu Guozhao (688721.SH) [1] Core Views - The company's Q1 2025 performance is under pressure due to new factory amortization and strategic price reductions, leading to a decline in revenue and net profit [2][5] - The company reported Q1 2025 revenue of 54.37 million yuan, a year-on-year decrease of 8.97%, and a net profit of 17.33 million yuan, down 30.00% year-on-year [3][5] - The decline in revenue and profit is attributed to the new Zhuhai factory still ramping up production capacity, with depreciation and amortization increasing [5] - As the Zhuhai project progresses, the utilization rate of equipment is expected to improve, leading to a recovery in revenue and profit [5][6] - The company is focusing on higher process product development, aiming to expand its product process level to 90nm and 65nm, which will meet the needs of large wafer fabs [7] Financial Performance Summary - For Q1 2025, the company's gross margin was 52.44%, down 7.27 percentage points year-on-year, and the net profit margin was 31.88%, down 9.58 percentage points year-on-year [6] - The increase in the expense ratio contributed to the decline in net profit margin, with the selling expense ratio at 3.59%, management expense ratio at 4.56%, financial expense ratio at 0.62%, and R&D expense ratio at 10.40% [6] - The company forecasts revenues of 348 million, 509 million, and 788 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 41.0%, 46.6%, and 54.6% [8][10] - Net profits are expected to be 103 million, 162 million, and 263 million yuan for the same years, with growth rates of 11.8%, 57.6%, and 62.3% [8][10] - The corresponding EPS for these years is projected to be 0.77, 1.21, and 1.97 yuan, leading to P/E ratios of 59.8X, 38.0X, and 23.4X based on the closing price of 46.00 yuan on May 8 [8][10]

Investment Rating - The report maintains an "Accumulate-A" rating for the company Longtu Photomask (688721.SH) [1] Core Views - The company's Q1 2025 performance was under pressure due to the new factory's depreciation and strategic price reductions, leading to a decline in revenue and net profit [5][6] - Despite the current challenges, the report anticipates a gradual improvement in revenue and profit as the new factory's capacity utilization increases and customer purchasing levels normalize [5][6] Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 54.37 million yuan, a year-on-year decrease of 8.97% - The net profit attributable to the parent company was 17.33 million yuan, down 30.00% year-on-year - The basic earnings per share (EPS) was 0.13 yuan, a decline of 48.00% compared to the previous year [4][5] Future Projections - The company is expected to achieve revenues of 348 million, 509 million, and 788 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 41.0%, 46.6%, and 54.6% respectively - Net profits are projected to be 103 million, 162 million, and 263 million yuan for the same years, with growth rates of 11.8%, 57.6%, and 62.3% respectively [7][10] Valuation Metrics - The report provides projected EPS of 0.77, 1.21, and 1.97 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 59.8X, 38.0X, and 23.4X based on the closing price of 46.00 yuan on May 8 [7][10]

证券代码：688721 证券简称：龙图光罩 公告编号：2025-016 深圳市龙图光罩股份有限公司 2024年年度权益分派实施公告 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： 每股现金红利0.40元（含税） ● 相关日期 ■ 除公司自行发放对象外，其他股东的现金红利委托中国结算上海分公司通过其资金清算系统向股权登记 日上海证券交易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定 交易的投资者可于红利发放日在其指定的证券营业部领取现金红利，未办理指定交易的股东红利暂由中 国结算上海分公司保管，待办理指定交易后再进行派发。 一、通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025年4月18日的2024年年度股东大会审议通过。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本133,500,000股为基数，每股 ...