Group 1 - The core viewpoint of the news is that Lian De Equipment (SZ 300545) announced an investor research event scheduled for September 3-4, 2025, where company executives will engage with investors [1] - As of the report, Lian De Equipment has a market capitalization of 6.3 billion yuan [2] - For the year 2024, the revenue composition of Lian De Equipment is reported to be 96.06% from smart displays and 3.94% from other sources [1]

Core Insights - The company is actively expanding its overseas market presence and adhering to a differentiated competition strategy [1] - The company leverages its strengths to continuously enhance its core competitiveness [1] - The company has accumulated a strong client base, including several Fortune 500 companies such as Continental Automotive Electronics, Bosch, Visteon, Harman, and Valeo, establishing good cooperative relationships [1]

Group 1 - The company has made breakthroughs in core equipment for perovskite technology, establishing a significant position in the domestic perovskite photovoltaic equipment sector [1] - The newly developed coating equipment, known as the "three-piece set," is one of the few in the country capable of supporting mass production with a width of 2.4 meters and is currently in the debugging phase, ready for shipment [1]

Core Viewpoint - The company, LianDe Equipment (300545.SZ), has successfully integrated flexible AMOLED bonding equipment into the mass production of foldable screens for well-known domestic and international smartphone brands [1] Group 1: Company Operations - The company has established strong cooperative relationships with several renowned smartphone manufacturers both domestically and internationally [1] - The company is actively engaged in in-depth collaborations regarding the innovative applications of flexible screens [1] - The company has received sales orders and shipped equipment related to bonding processes in the supply chain for three-fold screens [1] Group 2: Market Position - The company is recognized as a leading player in the niche market of bonding equipment for foldable screens, leveraging its technological advantages [1]

Group 1: Company Overview - The company has over 20 years of experience in the semiconductor display equipment industry, mastering various technologies through continuous innovation and development [3] - It has established strong partnerships with renowned clients, including major companies like Bosch, Apple, and Foxconn, ensuring a stable customer base [3] Group 2: Competitive Advantages - The company possesses advanced product design and manufacturing capabilities, leading to high product quality and performance that ranks among the industry leaders [3] - It offers comprehensive, high-quality personalized services throughout the pre-sale, sale, and post-sale processes, contributing to a strong reputation in the industry [3] Group 3: Technological Developments - The company is actively involved in the semiconductor field, successfully entering the semiconductor packaging industry with its IC packaging equipment [4] - It has made significant advancements in solid-state battery technology, focusing on ultrasonic welding and automation equipment for lithium battery production [4] Group 4: Market Expansion - The company is expanding its presence in the overseas market, establishing relationships with several Fortune 500 companies, including Valeo and Harman [4] - It is also developing equipment for perovskite solar cells, with new products entering the debugging phase and preparing for shipment [4]

Core Points - The stock of LianDe Equipment fell by 5% on September 4, closing at 33.61 CNY per share, with a trading volume of 353 million CNY and a turnover rate of 8.36%, resulting in a total market capitalization of 6.233 billion CNY [1] Company Overview - LianDe Equipment, officially known as Shenzhen LianDe Automation Equipment Co., Ltd., is located in Longhua District, Shenzhen, Guangdong Province. The company was established on June 7, 2002, and went public on September 28, 2016. Its main business involves providing electronic specialized equipment and solutions [1] - The revenue composition of the company is as follows: equipment accounts for 98.18%, fixtures and jigs for 1.54%, and other categories for 0.28% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Huaxia Fund has a significant position in LianDe Equipment. The Huaxia Stable Fortune Six-Month Holding Mixed A Fund (013101) held 10,400 shares in the second quarter, representing 0.23% of the fund's net value, making it the third-largest holding. The estimated floating loss today is approximately 18,400 CNY [2] - The Huaxia Stable Fortune Six-Month Holding Mixed A Fund was established on December 21, 2021, with a latest scale of 84.8563 million CNY. Year-to-date returns are 2.13%, ranking 7428 out of 8180 in its category; the one-year return is 6.97%, ranking 7203 out of 7978; and since inception, the return is 11% [2] Fund Management - The fund manager of Huaxia Stable Fortune Six-Month Holding Mixed A Fund is Sun Lei and Wu Fan. As of the report date, Sun Lei has a cumulative tenure of 4 years and 21 days, managing total assets of 32.292 billion CNY, with the best fund return during his tenure being 20.38% and the worst being 0.5% [3] - Wu Fan has a cumulative tenure of 2 years and 317 days, managing total assets of 6.628 billion CNY, with the best fund return during his tenure being 10.45% and the worst being -0.01% [3]

Group 1 - The folding screen concept stocks experienced a significant rally on September 4, with notable increases in share prices [1] - Yian Technology saw a rise of over 16%, while Jingyan Technology, Lens Technology, and Green Precision each increased by over 5% [1] - Other companies such as Dongcai Technology, Furong Technology, Lian De Equipment, and Lingyi Technology also showed upward movement in their stock prices [1]

Group 1 - The company, LianDe Equipment (300545), participated in a specific investor survey on August 29, attended by 11 institutions including Penghua Fund and Nuoan Fund, with the company's board secretary Liu Yuqing receiving the visitors [1] - The investor relations activity focused on introducing the company's overview, development history, main business, recent operating performance, core advantages, and future development plans [1] Group 2 - The company has a diverse business portfolio, including new semiconductor display intelligent equipment, automotive intelligent cockpit system equipment, semiconductor packaging and testing equipment, and renewable energy equipment [2] - In the semiconductor equipment sector, the company specializes in packaging and testing equipment for the back-end process, having completed multiple equipment R&D projects and formed sales orders, with capabilities in various die bonding processes and related equipment [2] - The flexible AMOLED bonding equipment has been widely applied in the mass production of foldable screens for well-known domestic and international terminal customers, with shipments made for the three-fold screen supply chain [2] - In the solid-state battery and renewable energy business, the company has increased R&D investment in lithium battery pack blue film and ultrasonic welding for solid-state/semi-solid batteries, achieving product breakthroughs and sales orders [2] - The company is actively developing equipment for the VR/AR/MR display field, gaining favor from clients and establishing partnerships with leading international terminal customers [2] - The company is continuously monitoring industry dynamics and will make prudent decisions regarding mergers and acquisitions based on its strategic planning and market demand [2]

Company Overview - Shenzhen LianDe Automation Equipment Co., Ltd. specializes in the research, production, and sales of new semiconductor display intelligent equipment, automotive intelligent cockpit systems, semiconductor packaging and testing equipment, and new energy equipment [2]. - The company has a strong focus on the semiconductor equipment sector, particularly in the backend packaging and testing equipment [3]. Product Offerings - Key products include binding equipment, laminating equipment, detection equipment, large-size module assembly lines, and various advanced semiconductor and new energy devices [2]. - The company has developed a range of semiconductor packaging equipment, including high-precision display chip flip chip bonding machines and Mini LED chip sorting machines, with sales orders already in place [3]. Market Applications - The flexible AMOLED bonding equipment is widely used in the mass production of foldable screens for well-known domestic and international smartphone brands [4]. - The company is a leading player in the foldable screen bonding equipment market, maintaining strong partnerships with major smartphone manufacturers [4]. New Energy Sector - In the new energy equipment sector, the company is increasing R&D investment in lithium battery packaging, solid-state battery welding, and automation equipment for cell assembly and packaging [5]. - Recent breakthroughs include the development of GW-level coating equipment and advancements in solid-state battery technology [5]. Emerging Technologies - The company is actively involved in the VR/AR/MR display field, providing essential production equipment for silicon-based displays and optical waveguide bonding [6]. - Collaborations have been established with leading clients in the VR/AR/MR sector, showcasing the company's innovative capabilities [6]. Strategic Growth - The company is exploring opportunities for mergers and acquisitions to enhance its operational capabilities and resource integration [6]. - It is closely monitoring industry trends and regulatory support for mergers and acquisitions to align with its strategic development plans [6].

Core Viewpoint - The recent financial report of Lian De Equipment (300545) shows a decline in revenue and net profit for the first half of 2025 compared to the same period in 2024, indicating potential challenges in the company's financial health and operational efficiency [1]. Financial Performance Summary - Total revenue for the first half of 2025 was 637 million yuan, a decrease of 5.34% year-on-year [1]. - Net profit attributable to shareholders was 73.1 million yuan, down 34.78% year-on-year [1]. - In Q2 2025, total revenue was 270 million yuan, reflecting a 16.59% decline year-on-year, while net profit was 30.3 million yuan, a decrease of 54.33% year-on-year [1]. - Gross margin was 31.2%, down 14.27% year-on-year, and net margin was 11.48%, down 30.4% year-on-year [1]. - Total operating expenses (selling, administrative, and financial expenses) amounted to 59.7 million yuan, accounting for 9.37% of revenue, an increase of 22.29% year-on-year [1]. Balance Sheet and Cash Flow Summary - Cash and cash equivalents decreased to 508 million yuan, down 18.90% year-on-year [1]. - Accounts receivable increased to 662 million yuan, up 27.95% year-on-year, representing 272.62% of net profit [1]. - Interest-bearing debt decreased to 340 million yuan, down 36.49% year-on-year [1]. - Earnings per share were 0.41 yuan, a decrease of 34.92% year-on-year, while operating cash flow per share increased to 1.31 yuan, up 59.0% year-on-year [1]. Business Evaluation - The company's return on invested capital (ROIC) for the previous year was 11.15%, indicating average capital returns [3]. - The historical median ROIC since the company went public is 10.59%, suggesting reasonable investment returns [3]. - The company has a cash flow concern, with cash and cash equivalents covering only 85.81% of current liabilities [3]. - Analysts expect the company's performance in 2025 to reach 223 million yuan, with an average earnings per share forecast of 1.23 yuan [3]. Client Relationships - The company has established long-term stable relationships with notable clients, including Continental Automotive Electronics, Bosch, Harman, and Apple, among others [4].