证券日报网讯 12月12日，维信诺（002387）在互动平台回答投资者提问时表示，公司盈利与产品结 构、售价、产线良率、稼动率密切相关，同时受市场供需及供应端价格变化等诸多因素影响。 AMOLED渗透率和市场规模仍在持续提升，公司现有产线产能适配市场发展需求。未来，公司将通过 优化产品结构、材料本土化、优化融资结构等方式不断降本增效，力争提升经营业绩。 ...

证券日报网讯12月12日，维信诺（002387）在互动平台回答投资者提问时表示，公司一直在持续拓展境 内外客户。 ...

Core Viewpoint - The company has developed a fourth-generation pTSF technology in collaboration with Tsinghua University, addressing the efficiency decline of OLEDs at high brightness and significantly extending device lifespan [1] Group 1: Technology Development - The new pTSF technology enhances OLED performance by combining the high color purity and stability of fluorescence with the high efficiency of phosphorescence, while also reducing the use of expensive metals [1] - This technology has already achieved mass production and is being utilized in high-end flagship products from brand terminals [1] Group 2: Market Impact - The introduction of this technology significantly improves user experience and is expected to help the company increase its market share in the high-end segment and enhance its competitiveness [1] - The technology represents a breakthrough in the industry, addressing a critical gap in the domestic supply chain and altering the long-standing dominance of foreign companies in the core materials of OLEDs [1]

Core Viewpoint - The company, Visionox, is a leading global player in the OLED industry, focusing on the research, production, and sales of OLED and Micro-LED display technologies [2] Group 1: Business Focus - The company specializes in new display technologies, including small and medium-sized OLED display devices and Micro-LED displays [2] - Applications of the company's products span across smartphones, smart wearables, tablets, laptops, automotive displays, and large-size displays [2] Group 2: Market Expansion - The company is actively exploring and expanding into smart home, industrial control medical, and innovative commercial application fields [2]

Core Viewpoint - In 2025, Chinese panel companies have transitioned from mere scale expansion to a phase where technology defines their business models, particularly in the OLED sector, while maintaining a controlled production strategy in the mature LCD market [1][19]. LCD Market Dynamics - The LCD market has shifted from a "full production, full sales" model to an "on-demand production" strategy, where manufacturers adjust production based on actual orders to stabilize prices [6][7]. - Major panel manufacturers have agreed to control production to maintain profitability, leading to a reduction in the operating rate of LCD production lines to below 80% in October 2025 [2][3]. - The market concentration has increased, giving leading companies stronger bargaining power, which has allowed them to implement production control strategies effectively [7][8]. Financial Performance - The financial results reflect the success of the new production strategy, with companies like BOE and TCL reporting significant profit increases in their third-quarter results, with net profits growing by 39.03% and 53.5% respectively [8][9]. OLED Market Strategies - In the OLED sector, leading companies are pursuing different technological paths, with BOE investing 630 billion RMB in a mainstream "evaporation" process, while TCL is adopting a lower-cost "printing" method with an investment of only 295 billion RMB [11][12]. - Visionox is exploring a unique approach using its proprietary ViP technology, which aims to replace traditional masking techniques with semiconductor-like processes [14][15]. - The competition in the OLED market is intensifying as companies aim to capture the growing demand for OLED panels in IT devices, with projections indicating a compound annual growth rate of 33% for OLED in laptops by 2030 [17]. Future Outlook - The race for the 8.6-generation OLED production lines is critical as the smartphone market matures, with companies like BOE and TCL setting ambitious timelines for mass production by 2026 and 2027 respectively [17][18]. - Despite not investing in new OLED lines, Tianma Microelectronics is focusing on enhancing its existing LCD capabilities, particularly in the automotive display sector, which is expected to grow significantly [19].

Core Insights - The display panel industry, often perceived as a mature and stagnant sector, is undergoing significant structural changes driven by supply-side adjustments and technological differentiation [2][3][4] Group 1: LCD Market Dynamics - LCD panel manufacturers are adopting a "just-in-time production" strategy to maintain profitability, moving away from the traditional "full production" model [5][6] - In December, TV panel prices are expected to stabilize due to proactive inventory management by manufacturers in anticipation of demand for the first quarter of 2026 [5][6] - The production capacity utilization rate for LCD lines fell below 80% in October as manufacturers intentionally reduced output to cope with demand fluctuations [3][6] Group 2: OLED Market Strategies - Major players in the OLED sector, including BOE, TCL Technology, and Visionox, are investing over 140 billion RMB in their respective 8.6-generation OLED production lines, each choosing different technological paths [3][4][9] - BOE is focusing on the mainstream "evaporation" process and complex tandem structures to enhance performance, while TCL is pursuing a cost-effective "printing" method [9][11] - Visionox is developing its proprietary "VIP" technology, which utilizes semiconductor photolithography to eliminate the need for traditional masking techniques [11][12] Group 3: Financial Performance and Market Position - The shift to controlled production has led to improved financial results for major manufacturers, with BOE reporting a net profit of 4.601 billion RMB for the first three quarters, a 39.03% increase year-on-year [7] - TCL Technology's panel business achieved a net profit of 6.1 billion RMB, reflecting a 53.5% year-on-year growth [7] - Despite not investing in new OLED lines, Tianma Microelectronics is focusing on enhancing its existing LCD production capabilities, particularly in the automotive display sector [8][16] Group 4: Future Outlook and Competitive Landscape - The transition from LCD to OLED in the IT panel market is expected to accelerate, with a projected compound annual growth rate of 33% for OLED in laptops by 2030 [14] - As the competition intensifies, companies must navigate the high-end market against established players like Samsung Display while leveraging their unique technological advantages [15][16] - The display industry is moving from a phase of scale expansion to one where technology defines business models, marking a critical evolution in the sector [17]

Group 1 - The U.S. Congress is voting on the National Defense Authorization Act for fiscal year 2026, totaling $901 billion, with the House passing it by a vote of 312 to 112, awaiting Senate review [1] - A notable provision in the act aims to prohibit the Pentagon from purchasing displays from Chinese or Russian companies, requiring a strategy to end reliance on these countries' display technology by 2030 [1][2] - This provision was initiated by Congressman Austin Scott, who highlighted that critical military equipment relies on OLED displays produced by Chinese companies, posing a risk to U.S. national security [1] Group 2 - The U.S. government has previously attempted to restrict Chinese display companies, with a military committee approving a measure to review whether companies like BOE and Tianma should be listed as "military-related" [2] - Experts warn that a forced ban on military procurement from China could hinder the U.S. military's ability to secure display supplies in emergencies, adding pressure on U.S. suppliers to relocate production or find new contractors [2] - According to CounterPoint Research, global OLED panel shipments increased by 14% quarter-on-quarter and 5% year-on-year in Q3 2025, with Chinese manufacturers like BOE and Visionox showing significant growth [4]

Core Viewpoint - The report highlights that Visionox's share buyback reflects confidence in its long-term development, and the entry of state-owned capital solidifies its growth momentum [1] Group 1: Company Overview - Visionox has been focused on the OLED business for over 20 years and is a leading player in China's OLED industry [1] - As a leader in the domestic small and medium-sized OLED panel market, the company is expected to benefit from the gradual recovery in downstream demand and the continuous increase in OLED penetration rates [1] Group 2: Financial and Strategic Developments - The company's share buyback demonstrates its confidence in long-term growth [1] - If the upcoming private placement is successful, Hefei state-owned capital will become the controlling shareholder, enhancing the stability of the company's control [1] - The private placement is also expected to improve the company's cash position and reduce debt pressure, providing financial support for focusing on cutting-edge technology research and maintaining core competitiveness [1]

Market Overview - The main board saw significant gains with stocks like Dahua Intelligent (+10.03%), Junya Technology (+10.03%), and Huamai Technology (+10.02%) leading the rise [1] - The ChiNext board also performed well, with Zhishang Technology (+20.00%), Dongtian Micro (+20.00%), and Rongke Technology (+20.00%) showing strong increases [1] - The Sci-Tech Innovation board was led by Ruikeda (+20.00%), Saiwei Microelectronics (+18.82%), and Changguang Huaxin (+15.26%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+6.84%) and SW Other Electronics III (+4.77%) [1] Domestic News - New Sound Semiconductor Co., Ltd. completed a C-round financing of 269 million yuan, planning to invest over 150 million yuan in capacity expansion at its Jiaxing production base, aiming to increase BAW filter annual production capacity to 1 billion units [1] - Hengxuan Technology reported smooth progress in the development of its next-generation low-power high-performance wearable chip, the BES6000 series, expected to enter the sample delivery stage in the first half of next year [1] - Visionox announced at Tsinghua University's forum that its fourth-generation pTSF technology has achieved mass production, marking a significant advancement in OLED key materials in China [1] - China's integrated circuit exports reached 1.29 trillion yuan in the first 11 months of this year, a year-on-year increase of 25.6%, significantly outpacing the overall export growth rate [1] Company Announcements - Jieshun Technology announced it won the operation project for the underground parking lot of Zhengzhou Longhu Financial Center, expecting operational revenue exceeding 70 million yuan over a six-year contract period [2] - GoerTek reported progress in the equity transaction of GoerTek Optical Technology Co., Ltd., with all preconditions for the share exchange transaction being met by December 9, 2025 [2] - Naxin Micro announced its first share buyback through centralized bidding, repurchasing 344,547 shares, accounting for 0.21% of the total share capital, with a total buyback amount of 53.74 million yuan [2] - Chuangyi Huikang reported the completion of the transfer of 117,698,823 shares held by Philips Investment, representing 7.60% of the total share capital [2] International News - LaserApps successfully fabricated a 30μm TGV on semiconductor glass substrates, achieving high aspect ratios [2] - Samsung Electronics received an order from AI chip startup Tsavorite, with an order value exceeding 100 million USD for AI chip foundry services using its 4nm process technology [2] - U.S. Senate members proposed legislation to formalize current export controls on advanced semiconductors, potentially affecting companies like NVIDIA and AMD [2] - Dell is considering a price increase of at least 15%-20% for PC and server products due to rising memory prices, with other manufacturers like HP also warning of potential price hikes [2]

Investment Rating - The report assigns an "Accumulate" rating to the company [2][8]. Core Views - The company has demonstrated confidence in its development by announcing a share buyback, which involved repurchasing 1,660,700 shares at a total cost of approximately 14.99 million yuan [7][8]. - The entry of state-owned capital from Hefei is expected to solidify the company's long-term growth momentum, with Hefei Jian Shu becoming the controlling shareholder after a planned private placement [7][8]. - The company has been a leader in the OLED industry for over 20 years, with strong product competitiveness and a focus on domestic supply chain collaboration [8]. - The company is projected to benefit from a gradual recovery in downstream demand and an increase in OLED penetration rates, with expected revenues of 80.63 billion yuan in 2025, 85.08 billion yuan in 2026, and 89.40 billion yuan in 2027 [8][9]. Financial Summary - Current stock price is 8.97 yuan, with a market capitalization of approximately 12.53 billion yuan [2]. - Revenue projections for the next few years are as follows: 5,925.73 million yuan in 2023, 7,928.66 million yuan in 2024, and 8,063.00 million yuan in 2025 [6][9]. - The company is expected to report net losses of 3,726.12 million yuan in 2023, narrowing to 2,104.26 million yuan by 2025 [6][9]. - Earnings per share (EPS) are projected to improve from -2.67 yuan in 2023 to -1.51 yuan in 2025 [6][9].