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]

证券研究报告 公司点评（R3） 维信诺(002387.SZ) 执业证书编号:S0530525090001 zhoujian64@hnchasing.com 相关报告 | 预测指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万 | 5,925.73 | 7,928.66 | 8,063.00 | 8,508.00 | 8,940.00 | | 元) | | | | | | | 归母净利润(百 | -3,726.12 | -2,505.34 | -2,104.26 | -1,934.62 | -1,737.11 | | 万元) | | | | | | | 每股收益（元） | -2.67 | -1.79 | -1.51 | -1.39 | -1.24 | | 每 股 净 资 产 | 5.83 | 3.97 | 2.47 | 1.08 | -0.16 | | （元） | | | | | | | P/E | -3.36 | -5.00 | -5.95 | -6.48 | -7.21 | ...

来源：环球网 屏幕，作为用户感知数字世界的核心窗口，正迈向关键升级阶段。随着AMOLED技术加速向笔记本电 脑、车载等中大尺寸应用渗透，对屏幕的能效、寿命与色彩表现提出了更高要求。然而，驱动这场视觉 升级的核心——有机发光材料，因为长期由国外企业主导，是中国显示产业向上突破的主要瓶颈。 这一局面正在被打破。12月7日，维信诺在清华大学pTSF技术论坛上宣布，其与清华大学联合研发的第 四代pTSF（磷光辅助热活化敏化荧光）技术已实现量产商用，标志着中国在OLED关键材料领域完成了 从长期跟跑到自主引领的跨越，将屏幕的"光"真正握在自己手中。pTSF技术发明人、清华大学段炼教 授表示"pTSF技术突破得到业界的广泛关注，将助力我国OLED产业换道超车。" 产业出题，科技答题：破解OLED"不可能三角" 在OLED材料领域，同时实现高效率、长寿命与高色纯度，是一个长期困扰全球业界的"不可能三角"。 第一代荧光材料成本低、色纯度高，但发光效率低下；第二代磷光材料，发光效率虽高，但依赖昂贵金 属且色纯度不足；第三代发光材料效率高且无需重金属，但在稳定性与色纯度方面欠佳。 过程中，难题接踵而至。一项技术推向量产，需要攻克 ...

来源：环球网 摘要 本案例描述了在"双碳"战略深入推进、绿色发展成为全球产业共识的背景下，维信诺科技股份有限公司 如何依托全产业链协同创新能力，构建覆盖制造端、产业链、消费端的全生命周期绿色低碳解决方案。 面对新型显示产业高能耗、难降解材料应用、产业链碳排放协同难等痛点，维信诺推出PFAS Free材料 替代、药液回收系统、低功耗显示技术等系列创新举措，联合上下游合作伙伴打造可持续产业生态。案 例重点展示了该方案在制造升级、循环利用、终端赋能等场景的成功落地，助力企业连续三年荣获中国 新型显示产业链贡献奖——协同开发奖，并以绿色技术创新引领行业转型，为全球新型显示产业提供可 复制、可推广的"中国绿色显示方案"。 关键词 维信诺；绿色低碳；新型显示；产业链协同；科技创新；双碳战略 案例正文 2025年，中国"双碳"战略进入纵深推进阶段，绿色低碳成为培育新质生产力、推动产业高质量发展的核 心导向。新型显示产业作为国家战略性基础产业，兼具产业链长、技术密集、应用广泛的特点，其绿色 转型不仅关乎行业自身可持续发展，更对上下游产业的低碳升级具有重要带动作用。放眼全球，各国纷 纷出台绿色产业政策，倒逼显示企业加速环保技术 ...

证券日报网讯 12月5日，维信诺在互动平台回答投资者提问时表示，AMOLED在智能手机、智能穿 戴、智能家居等领域的渗透率将持续提升，公司未来将加速创新成果应用转化，着力重大关键技术的量 产突破，强化夯实公司技术创新核心竞争力；持续优化产品结构，将通过关键技术创新、产品质量保 障、产业链协同创新降本、提升交付和客户服务能力等方面持续拓展头部客户市场份额，提升中高端产 品结构比例，提升产品盈利能力，进一步夯实公司在行业内领先优势。 （文章来源：证券日报） ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002387 证券简称：维信诺 公告编号：2025-144 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，无虚假记载、误导性陈述或者重大遗 漏。 特别提示： 截至目前，维信诺科技股份有限公司（以下简称"公司"）及控股公司对外担保总额（含对合并报表范围 内子公司担保）已超过公司最近一期经审计净资产的100%，担保金额超过公司最近一期经审计净资产 的50%，公司对合并报表外单位担保金额超过最近一期经审计净资产的30%，敬请广大投资者注意投资 风险。 一、担保情况概述 公司分别于2025年3月20日和2025年4月10日召开第七届董事会第十七次会议和2024年度股东大会，审议 通过了《关于2025年度为公司及子公司提供担保额度预计的议案》，同意公司2025年度为控股子公司云 谷（固安）科技有限公司（以下简称"固安云谷"）、控股孙公司昆山国显光电有限公司、全资公司昆山 工研院新型平板显示技术中心有限公司、全资公司江苏汇显显示技术有限公司和公司提供总额度不超过 人民币226.2亿元的担保。担保额度有效期为公司2024年度股东大会审议通过之日起的12 ...

维信诺科技股份有限公司 关于为控股子公司提供担保的进展公告 证券代码：002387 证券简称：维信诺 公告编号：2025-144 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，无虚 假记载、误导性陈述或者重大遗漏。 特别提示： 截至目前，维信诺科技股份有限公司（以下简称"公司"）及控股公司对外担 保总额（含对合并报表范围内子公司担保）已超过公司最近一期经审计净资产的 100%，担保金额超过公司最近一期经审计净资产的 50%，公司对合并报表外单 位担保金额超过最近一期经审计净资产的 30%，敬请广大投资者注意投资风险。 一、担保情况概述 公司分别于 2025 年 3 月 20 日和 2025 年 4 月 10 日召开第七届董事会第十七 次会议和 2024 年度股东大会，审议通过了《关于 2025 年度为公司及子公司提供 担保额度预计的议案》，同意公司 2025 年度为控股子公司云谷（固安）科技有 限公司（以下简称"固安云谷"）、控股孙公司昆山国显光电有限公司、全资公 司昆山工研院新型平板显示技术中心有限公司、全资公司江苏汇显显示技术有限 公司和公司提供总额度不超过人民币 226.2 亿元的担保。担保 ...

Investment Rating - The report assigns a "Buy-A" investment rating for the company, with a target price of 10.64 RMB for the next six months [4][6][12]. Core Insights - The company is demonstrating confidence in its future development by initiating a share buyback program, with a total amount between 50 million RMB and 100 million RMB, and a maximum repurchase price of 14.80 RMB per share [2][3]. - The company plans to issue shares to a specific investor, Hefei Jianshu, at a price of 7.01 RMB per share, which could increase Hefei Jianshu's stake to 31.89%, making it the controlling shareholder [3][12]. - The company is focusing on enhancing its competitive edge in the AMOLED industry by increasing investment and improving technology reserves, aiming for high-end product development [3][12]. Financial Projections - Revenue projections for 2025 to 2027 are 82.62 billion RMB, 87.57 billion RMB, and 92.83 billion RMB, respectively, with net losses of 20.06 billion RMB, 19.53 billion RMB, and 18.44 billion RMB during the same period [4][11]. - The company is expected to maintain a revenue growth rate of 4.2% in 2025, followed by 6% in 2026 and 2027 [11][15]. - The company's main products are OLED panels and modules, with a projected global market share of 11.2% in the smartphone AMOLED panel market, ranking third globally and second domestically [12][15]. Market Position - The company is positioned as a leading player in the domestic OLED panel industry, with significant market share potential compared to international competitors [12][15]. - The report highlights the competitive landscape of the AMOLED industry, emphasizing the need for the company to strengthen its market position through strategic investments [3][12].

Core Insights - The electronic paper industry is experiencing significant growth, transitioning from niche applications to becoming a core component in IoT display terminals, driven by increasing demand in retail and other sectors [1][2] - The A-share electronic paper index saw a daily increase of 3.36% on November 25, and a year-to-date increase of 56.58% as of November 28 [1] - Major manufacturers are consolidating their market positions, with the top five companies expected to hold approximately 86% of the global market share by 2024 [2][8] Industry Trends - The "dual carbon" goals in China are providing implicit support for low-power electronic products, creating long-term certainty for electronic paper companies [2] - The demand for electronic price tags and other applications is accelerating, with the industry entering a phase of synchronized acceleration in technology, market, and application [2][7] - The electronic paper technology has advanced with breakthroughs in color and flexibility, expanding applications from black-and-white static displays to full-color dynamic displays [5][6] Market Dynamics - The global electronic paper market is projected to exceed $14.2 billion, with significant growth expected in the e-book segment, which is anticipated to reach 18.8 million units by 2025 [8][9] - The domestic electronic paper industry has formed a complete layout, with strong downstream demand driving the expansion of upstream materials and midstream module production capacity [7] - The industry is characterized by a high growth rate and low base, with a compound annual growth rate of over 20% expected for global electronic paper terminals [9][10] Competitive Landscape - Major players in the electronic paper market include E Ink Holdings, HeLiTai, and Yasi Optoelectronics, with E Ink holding over 90% of the electronic ink film market [5][6] - The domestic market is seeing increased competition, with companies like Hanwang Technology and others capturing significant market shares [6][7] - The industry is facing challenges in scaling up production and reducing costs, particularly in high-end color electronic paper, which still relies on imported core materials [10]

（编辑 丛可心 王雪儿） 证券日报网讯 12月1日，维信诺在互动平台回答投资者提问时表示，公司向特定对象发行A股股票事项 正在持续推进中，后续进展请关注公司公告。公司向进银公司申请39.18亿元的新型政策性金融工具用 于补充合肥国显科技有限公司第8.6代AMOLED生产线项目的资本金，公司内部已建立资金监控机制， 始终将资金安全放在首位。 ...