Core Viewpoint - Shenzhen LianDe Automation Equipment Co., Ltd. has been selected as the first candidate for the bidding of BOE's 8.6-generation AMOLED production line project, which could positively impact the company's future performance if the contract is signed and implemented successfully [1]. Summary by Relevant Sections - **Project Details** - The project is for an automatic laminating machine (D-lami) with a bid price of 157 million yuan [1]. - LianDe has also won bids for other equipment related to the same project, including M-lami, FOP, and polarizer attachment machines [1]. - **Company Performance** - In 2024, LianDe achieved a revenue of 1.396 billion yuan, representing a year-on-year growth of 15.63% [1]. - The net profit attributable to shareholders was approximately 243 million yuan, showing a year-on-year increase of 37.06% [1]. - In the first quarter of 2025, the company reported a revenue of 367 million yuan, with a year-on-year growth of 5.08% [1]. - The net profit attributable to shareholders for the same period was approximately 42.8 million yuan, reflecting a year-on-year decline of 6.42% [1]. - **Business Focus** - LianDe's main business includes the research, development, production, sales, and service of new semiconductor display intelligent equipment, automotive intelligent cockpit system equipment, semiconductor packaging and testing equipment, and new energy equipment [1].

Investment Rating - The report assigns a medium-high risk rating to the industry [3] Core Insights - The semiconductor sector has shown a cumulative increase of 3.68% over the past two weeks, outperforming the CSI 300 index by 2.30 percentage points, ranking 6th among the Shenwan industries [4][11] - The semiconductor sector's price-to-earnings (PE) ratio as of June 26 is 43.91, which is at the 80.39% percentile for the past five years and 69.41% for the past ten years [4][16] Market Review and Valuation - The semiconductor sector has seen a cumulative increase of 6.34% in June, outperforming the CSI 300 index by 3.58 percentage points, ranking 5th among Shenwan industries [11] - Year-to-date, the sector has increased by 1.60%, outperforming the CSI 300 index by 1.31 percentage points, ranking 18th among Shenwan industries [11] Industry News - Xiaomi has launched AI glasses priced from 1999 yuan, featuring a 12MP camera and support for third-party apps [21] - Marvell reported significant growth in AI infrastructure investment, with capital expenditures from major cloud service providers expected to rise from $248 billion last year to $327 billion this year [21] - Foxconn has optimistic projections regarding AI server orders extending to 2027, indicating strong demand in the AI sector [21] Industry Data - Global smartphone shipments in Q1 2025 reached 305 million units, a year-on-year increase of 1.53% [23] - In April 2025, smartphone shipments in China totaled 22.29 million units, a year-on-year decrease of 1.65% [23] - Liquid crystal panel prices in June 2025 showed a slight decline, with prices for various sizes ranging from $38 to $176 per unit [27] Weekly Perspective - The report suggests focusing on two main lines for investment: AI computing power and AI end-side applications, with expectations for increased demand in both areas [30] - The report highlights the potential for significant growth in AI server shipments and the importance of high-end PCB and CCL production capabilities [30] Key Stocks to Watch - The report identifies several companies to monitor, including Luxshare Precision (002475.SZ) and Pengding Holdings (002938.SZ), which are expected to benefit from AI strategies and demand for high-density printed circuit boards [31]

Core Viewpoint - The company, 联得装备, has become the first candidate for the bid of BOE's 8.6-generation AMOLED production line project, with a bid for automatic laminating machines at a price of 157 million yuan [1] Group 1 - The company has been selected as the first candidate for the bid related to BOE's AMOLED production line project [1] - The equipment involved in the bid is an automatic laminating machine (D-lami) [1] - The bid amount is 157 million yuan, indicating a significant contract value [1] Group 2 - The public announcement period for the bid is from June 23, 2025, to June 26, 2025 [1] - If the formal contract is signed and successfully implemented, it will have a positive impact on the company's future operating performance [1]

Group 1 - The global LCD demand is expected to grow at an average annual rate of 4% from 2023 to 2029, while industry production capacity is projected to grow only 1% during the same period, indicating a potential supply shortage by 2028 [1][2] - The LCD industry is undergoing a phase of consolidation, with significant transactions such as TCL Technology's acquisition of LGD's Guangzhou LCD factory and BOE's acquisition of a 30% stake in Rainbow [1][2] - Chinese panel manufacturers are expected to control approximately 75% of global LCD capacity, enhancing their market influence and allowing them to maintain a "demand-driven, profit-first" operational strategy [2] Group 2 - The trend of larger-sized televisions is accelerating, and the consolidation of leading players in the industry is expected to support a long-term upward trend in panel prices and volumes [3] - The increasing influence of Chinese consumer electronics brands in the international market is likely to benefit the domestic panel industry, with TCL and Hisense's combined global TV market share rising to 39%, a 6 percentage point increase from the previous year [3]

Core Viewpoint - Shenzhen Zhongjia Microvision Semiconductor Technology Co., Ltd. has officially opened its new facility in Bao'an District, focusing on the development of optical inspection equipment for the semiconductor and display industries, which is expected to significantly contribute to the local economy and strengthen Shenzhen's position in the global semiconductor supply chain [1][3]. Group 1: Company Overview - Shenzhen Zhongjia has a registered capital of 10 million yuan and a total investment of 1 billion yuan, with its parent company being Chengdu Zhongjia Microvision Technology Co., Ltd. [1] - The new facility covers approximately 3,960 square meters and aims to produce hundreds of high-end inspection devices annually [1]. Group 2: Industry Impact - The production of semiconductor display inspection equipment will directly serve local industry leaders such as BOE and TCL, contributing over 1 billion yuan in output value to Bao'an over the next three years [3]. - The strategic cooperation agreement between BOE and Shenzhen CIMC Chancheng Development Group is set to enhance the regional semiconductor ecosystem, with a focus on artificial intelligence, semiconductor, information technology, photovoltaic, and IoT industries [3].

Mergers and Acquisitions - Unimed Pharmaceutical announced that its wholly-owned subsidiary, Shanghai Unimed, plans to increase its capital by 45 million yuan to acquire a 51% stake in Sichuan Gokang Pharmaceutical Co., Ltd. After the completion of this transaction, Gokang Pharmaceutical will become a controlled subsidiary of Shanghai Unimed. This transaction does not constitute a related party transaction or a major asset restructuring [1] - BOE Technology Group announced that it has signed a share transfer agreement with Rainbow Co., Ltd. to acquire a 30% stake in Xianyang Rainbow Optoelectronics Technology Co., Ltd. for 4.849 billion yuan [2] - Jianlong Micro-Nano announced that it is planning to acquire at least 51% of Shanghai Hanxing Energy Technology Co., Ltd. through cash payment for equity transfer. Upon completion of this transaction, Jianlong Micro-Nano will become the controlling shareholder of the target company [3] Shareholding Changes - Lishang Guochao announced that its shareholder, Honglou Group Co., Ltd., plans to reduce its holdings by no more than 2.11% of the company's shares, equivalent to a maximum of 16.0764 million shares [4] - Tenglong Co., Ltd. announced that a concerted party of its actual controller, Jiang Yilin, intends to reduce its holdings by no more than 3% of the company's shares, with a maximum of 4.908 million shares through centralized bidding and 9.816 million shares through block trading [5] - Galaxy Microelectronics announced that its major shareholder's concerted parties, Yinjian Investment and Yingu Investment, plan to reduce their holdings by no more than 1.46% of the company's shares, totaling up to 1.8823 million shares. Additionally, director Meng Lang plans to reduce his holdings by no more than 2,250 shares [6] Risk Matters - Zhaofeng Co., Ltd. stated that its current operating conditions are normal and there are no undisclosed significant matters. The company's stock price has experienced an abnormal fluctuation, with a cumulative increase of over 30% in the closing price over three consecutive trading days [7] - Zhejiang Dongri issued a risk warning, clarifying that its daily operations do not involve "brain-computer interface" business. The company has a 40% stake in Peianmei (Zhejiang) Technology Co., Ltd., which has had discussions with Capital Medical University but has not formed a written cooperation agreement [8] - Zhongjing Electronics confirmed that it does not violate information disclosure regulations. The company has experienced an abnormal fluctuation in stock price, with a cumulative increase of over 20% over three consecutive trading days, but its recent operating conditions remain normal [9][10]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][3][5] Core Views - The company plans to acquire 30% equity in Rainbow Optoelectronics, which is expected to help consolidate and expand its competitive advantage in the panel industry. This acquisition will enhance the company's product line and diversify its customer base, increasing the market share of the BOE system to over 30% [4][5][11] - The expected revenue growth for the company from 2025 to 2027 is projected at 13.3%, 8.3%, and 9.2%, reaching 2248 billion, 2434 billion, and 2659 billion respectively. The net profit attributable to the parent company is expected to grow by 64.0%, 39.8%, and 20.8%, reaching 87.30 billion, 122.04 billion, and 147.37 billion respectively [5][13] Summary by Sections Acquisition Details - On June 17, the company announced its intention to acquire 30% equity in Xi'an Rainbow Optoelectronics Technology Co., Ltd. from Rainbow Display Device Co., Ltd. at a base price of 4.849 billion [4][6] - Rainbow Optoelectronics is a subsidiary of Rainbow Display, focusing on display panels primarily for televisions, with sizes ranging from 32 to 100 inches. This acquisition is anticipated to enhance the company's product offerings and customer diversity [4][11] Financial Projections - The company is expected to achieve stable profitability in the panel industry, with revenue from display panels projected to reach 102.1 billion in 2024, accounting for 87.5% of total revenue. The net profit for Rainbow Optoelectronics is expected to be 6.51 billion and 13.39 billion for 2023 and 2024 respectively [6][11] - The financial forecast indicates a steady increase in revenue and net profit, with the current price-to-book ratios projected at 1.07, 1.02, and 0.96 for the years 2025, 2026, and 2027 respectively [5][13] Market Positioning - The acquisition is expected to balance the technology and product mix of the BOE system, further diversifying its customer base. The company currently operates an 8.6-generation VA production line, with a significant focus on 50-inch television panels, which are projected to account for 59% of total shipments in 2024 [11][12]

广大特材：上半年净利润同比预增367.51%左右 重要公告： 泰凌微：上半年净利润同比预增267%左右 新洋丰：拟11.5亿元投建新型作物专用肥项目 京东方A：拟以48.49亿元收购彩虹光电30%股权 中国建筑：近期获得多个重大项目 金额合计215.3亿元 沪市重要公告： 中国建筑：近期获得多个重大项目 金额合计215.3亿元 中国建筑（601668）公告，近期，公司获得多个重大项目，项目金额合计215.3亿元，占2024年度经审 计营业收入的1%。 宝钛股份：拟2.87亿元以增资扩股方式取得万豪钛金51%股权 宝钛股份（600456）公告，公司拟以增资扩股方式取得陕西万豪钛金特材科技有限公司（简称"万豪钛 金"）51%股权，增资价款2.87亿元。本次交易完成后，万豪钛金成为公司的控股子公司，并拟更名 为"陕西宝钛万豪钛业有限公司"。公司通过本次增资可快速新增2.5万吨—2.8万吨/年的熔炼产能，解决 实际生产需求。 建龙微纳：筹划取得上海汉兴能源科技股份有限公司不少于51%股份 建龙微纳（688357）公告，公司正在筹划以支付现金受让股权的方式合计取得上海汉兴能源科技股份有 限公司（简称"标的公司"）不少于 ...

Core Viewpoint - The enthusiasm for perovskite technology among companies stems from the realization that investments in crystalline silicon are often unprofitable, while the photovoltaic market presents significant opportunities, making perovskite the "only choice" [1][4]. Industry Trends - In the past three years, major photovoltaic companies and energy firms have entered the perovskite sector, with expectations for mass production to begin in 2025 [7]. - Companies like GCL-Poly and several startups are building gigawatt-level production lines, indicating a strong commitment to perovskite technology [3][8][9]. - Leading crystalline silicon manufacturers, including LONGi Green Energy and Trina Solar, have also invested in perovskite-silicon tandem cell research, with some already establishing hundred-megawatt production lines [10]. Market Space - Many domestic perovskite companies are targeting applications in areas like streetlights and carports, aiming to penetrate markets that crystalline silicon cannot easily cover [14]. - GCL-Poly has opted to replace crystalline silicon components directly in photovoltaic power plants, indicating a strategic focus on larger-scale applications [15]. - The efficiency of perovskite-silicon tandem cells is projected to reach up to 43%, significantly higher than current crystalline silicon efficiencies, which have not surpassed 26% [18][10]. Technological Complexity - Perovskite technology is considered more complex than crystalline silicon, which may delay the onset of competitive "involution" seen in the crystalline silicon market [5][24]. - The production of perovskite involves significant material innovations, requiring flexible manufacturing capabilities to adapt to new formulations [25][26]. - The transition from single-junction to tandem cells is crucial, as tandem cells can achieve higher efficiencies, but they also present additional technical challenges [28][29]. Future Outlook - The perovskite sector is expected to evolve significantly over the next decade, with the potential for substantial growth and innovation, unlike the stagnation seen in the crystalline silicon market [31].

| 证券代码：000725 | 证券简称：京东方 | A | 公告编号：2025-054 | | --- | --- | --- | --- | | 证券代码：200725 | 证券简称：京东方 | B | 公告编号：2025-054 | 京东方科技集团股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、交易进展情况 京东方科技集团股份有限公司（以下简称"京东方"、"公司"）于 2025 年 6 月 16 日召开了第十一届董事会第七次会议，审议并通过了 《关于拟收购彩虹显示器件股份有限公司所持咸阳彩虹光电科技有 限公司部分股权的议案》，公司拟以不低于挂牌价收购彩虹显示器件 股份有限公司（以下简称"彩虹股份"）所持咸阳彩虹光电科技有限公 司（以下简称"彩虹光电"、"目标公司"）30%股权。详见公司于 2025 年 6 月 18 日披露的《关于拟收购咸阳彩虹光电科技有限公司部分股 权的自愿性信息披露公告》（公告编号：2025-052）。公司已收到西部 产权交易所有限责任公司（以下简称"产权交易所"）的通知：我所已 会同转让方对贵方受让资格进行确认，确 ...