Core Viewpoint - Shenzhen Liande Automation Equipment Co., Ltd. has triggered the conditional redemption clause for its convertible bonds due to the stock price exceeding 130% of the conversion price for 15 trading days [2][8]. Group 1: Convertible Bond Redemption - The company will redeem the remaining convertible bonds at a price of 101.70 yuan per bond, effective after the close of trading on August 11, 2025 [1][9]. - Investors are warned about the risk of significant investment losses if the bonds are forcibly redeemed without conversion [1][2]. - The conditional redemption was triggered as the stock price reached 30.654 yuan per share, which is 130% of the conversion price of 23.58 yuan per share [2][8]. Group 2: Convertible Bond Issuance and Terms - The company issued 2 million convertible bonds with a total value of 200 million yuan on December 25, 2019, with an initial conversion price of 25.39 yuan per share [2][3]. - The conversion period for the bonds is from July 1, 2020, to December 24, 2025 [3]. - The conversion price has been adjusted multiple times, with the latest adjustment setting it at 23.55 yuan per share effective July 25, 2025 [7]. Group 3: Redemption Process - The redemption price includes the principal and accrued interest, calculated to be approximately 1.70 yuan per bond, leading to a total redemption price of 101.70 yuan [9]. - The redemption will be executed for all bondholders registered with the China Securities Depository and Clearing Corporation by the redemption registration date [9][10]. - Following the redemption, the convertible bonds will be delisted from the Shenzhen Stock Exchange [1][9].

| 证券代码：300545 | 证券简称：联得装备 | 公告编号：2025-061 | | --- | --- | --- | | 债券代码：123038 | 证券简称：联得转债 | | 深圳市联得自动化装备股份有限公司 关于联得转债赎回实施暨即将停止转股的重要提示性公告 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。 重要内容提示： 假记载、误导性陈述或重大遗漏。 1、最后转股日：2025 年 8 月 11 日 2025 年 8 月 11 日收市前，持有"联得转债"的投资者仍可进行转股，2025 年 8 月 11 日收市后，未实施转股的"联得转债"将停止转股，剩余可转债将按照 101.70 元/张的价格 被强制赎回。若被强制赎回，投资者可能面临大额投资损失。截至 2025 年 8 月 7 日收市后， 距离 2025 年 8 月 12 日（"联得转债"赎回日）仅剩 2 个交易日。 2、债券持有人若转股，需开通创业板交易权限。投资者不符合创业板股票适当性管理 要求的，不能将所持"联得转债"转换为股票，特提醒投资者关注不能转股的风险。 3、特提醒"联得转债"持有人 ...

Group 1: Macro Strategy and Tariff Impact - The report highlights the significant changes in the U.S. non-farm data as a reflection of the post-pandemic "K-shaped economy" differentiation, raising doubts about the effectiveness of current economic statistics [3][23] - It discusses the evolving framework of the U.S. "reciprocal tariffs" policy, which is becoming clearer with three tiers based on country agreements, affecting various industries [23][24] - The report suggests that the impact of tariffs on consumer prices in the U.S. is just beginning to manifest, with potential inflation risks remaining due to the ongoing tariff framework and domestic demand stimulation from tax cuts [25][26] Group 2: Chemical Industry - Soda Ash Investment Opportunities - The soda ash industry has about 30% of its capacity being outdated, with 10% of the capacity having energy consumption and emissions below benchmark levels [4] - The report emphasizes the importance of focusing on companies with cost advantages, particularly those using natural soda ash methods, which are more energy-efficient and cost-effective compared to synthetic methods [4] - Recommended companies include Boyuan Chemical, which is the largest domestic soda ash producer with a capacity of 6.8 million tons, and Zhongyan Chemical, which is expanding its capacity through new mining rights [4] Group 3: Pharmaceutical Industry - Kolun Biotechnology - Kolun Biotechnology's SKB264, a TROP2 ADC drug, is in the global phase III clinical trials and is considered to have blockbuster potential, with significant data expected in 2027 [5][36] - The drug has shown promising results in various indications, particularly in NSCLC, outperforming competitors in terms of progression-free survival [37][38] - The report indicates that SKB264 is positioned in the first tier of global competition, with a strong focus on its unique molecular design contributing to its efficacy and safety profile [37][38] Group 4: Electronics Industry - Lian De Equipment - Lian De Equipment has been awarded a contract for the 8.6 generation AMOLED production line, indicating its leading position in the OLED equipment market [18][27] - The company is expected to benefit from the growing demand for flexible AMOLED displays, particularly in foldable smartphones and high-end IT devices [28][29] - The report projects significant growth in the solid-state battery market, with Lian De Equipment actively developing equipment for this sector, indicating a strong future market potential [30][31] Group 5: Electronics Industry - Sunrock Electronics - Sunrock Electronics reported a sales revenue of 3.224 billion yuan in the first half of 2025, marking a year-on-year increase of 19.80% [32][33] - The company is experiencing growth in its automotive electronics and data center business, with significant contributions to its revenue from these sectors [34] - The report maintains a positive outlook on the company's profitability, projecting net profits of 1.05 billion yuan for 2025 and 1.28 billion yuan for 2026 [35]

Group 1 - The core viewpoint of the report is that Lian De Equipment (300545.SZ) is rated as a buy due to favorable industry conditions and company developments [2] - The downstream 8.6 generation line construction indicates a high industry prosperity, with the company having a wide application of back-end equipment and breakthroughs in front-end equipment to overcome overseas monopolies [2] - The development of Apple's foldable iPhone entering the P1 prototype stage in June presents new opportunities for Lian De Equipment as a supplier [2] - The solid-state battery market shows considerable potential, with Lian De Equipment deeply investing in various equipment for this market [2]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative return of over 20% within the next six months [9][21]. Core Views - The company is positioned to benefit from the new round of investment in 8.6 generation AMOLED production lines and the release of new product orders for foldable devices, particularly as it has secured a contract worth 157 million yuan for the automatic laminating machine from BOE [1][5]. - The OLED equipment market is experiencing high demand, with a projected market share of 56% by 2024, driven by the growth in large-size OLED applications across various sectors including smartphones, tablets, and automotive displays [2][5]. - The company has made significant advancements in both the back-end and front-end processes of AMOLED production, breaking through foreign monopolies and enhancing its competitive edge in the domestic market [2][3]. Financial Summary - The company’s revenue is projected to grow from 1,207.10 million yuan in 2023 to 2,323.43 million yuan by 2027, with a compound annual growth rate (CAGR) of 23.71% [7][15]. - The net profit attributable to the parent company is expected to increase from 177.30 million yuan in 2023 to 416.07 million yuan in 2027, despite a slight decline in 2025 [7][15]. - The earnings per share (EPS) is forecasted to rise from 1.00 yuan in 2023 to 2.30 yuan in 2027, indicating strong growth potential [7][15]. Market Opportunities - The solid-state battery market is anticipated to grow significantly, with a projected market size of 11.818 billion USD in 2024, reaching 150.673 billion USD by 2030, which presents a substantial opportunity for the company as it expands its equipment offerings in this sector [4][5]. - The company is also positioned as a key supplier for Apple's foldable iPhone, which is currently in the prototype development stage, potentially leading to increased orders and revenue [3][5]. Competitive Position - The company has established itself as a leader in the flexible AMOLED equipment market, with its products already being utilized in major brands such as Huawei and OPPO, and has successfully filled a technological gap in the domestic market [2][3]. - The advancements in precision dispensing technology and the development of new process principles for flexible AMOLED production further solidify the company's competitive advantage [2][4].

| 证券代码：300545 | 证券简称：联得装备 | 公告编号：2025-060 | | --- | --- | --- | | 债券代码：123038 | 证券简称：联得转债 | | 深圳市联得自动化装备股份有限公司 2025 年 8 月 6 日为"联得转债"最后一个交易日；当日"联得转债"简称为"Z 得转 债"；2025 年 8 月 6 日收市后"联得转债"将停止交易。 2、最后转股日：2025 年 8 月 11 日 2025 年 8 月 7 日至 2025 年 8 月 11 日收市前，持有"联得转债"的投资者仍可进行转 股，2025 年 8 月 11 日收市后，未实施转股的"联得转债"将停止转股，剩余可转债将按照 101.70 元/张的价格被强制赎回。若被强制赎回，投资者可能面临大额投资损失。 特别提示： 1、可转债赎回条件满足日：2025 年 7 月 15 日 2、可转债赎回日：2025 年 8 月 12 日； 3、可转债赎回登记日：2025 年 8 月 11 日； 关于联得转债赎回实施暨即将停止交易的重要提示性公告 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 ...

证券代码：300545 证券简称：联得装备 公告编号：2025-059 债券代码：123038 证券简称：联得转债 深圳市联得自动化装备股份有限公司 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。 重要内容提示： 假记载、误导性陈述或重大遗漏。 债"；2025 年 8 月 6 日收市后"联得转债"将停止交易。 股，2025 年 8 月 11 日收市后，未实施转股的"联得转债"将停止转股，剩余可转债将按照 特别提示： 息含税）。扣税后的赎回价格以中国证券登记结算有限责任公司深圳分公司（以下简称"中 登公司"）核准的价格为准； 元/张的价格被强制赎回，本次赎回完成后，"联得转债"将在深圳证券交易所（以下简称 "深交所"）摘牌。持有人持有的"联得转债"存在被质押或被冻结的，建议在停止转股日 前解除质押或解除冻结，以免出现因无法转股而被强制赎回的情形； 性管理要求的，不能将所持"联得转债"转换为股票，特提醒投资者关注不能转股的风险； 按照 101.70 元/张的价格强制赎回，因目前"联得转债"二级市场价格与赎回价格存在很大 差异，若被强制赎回，可能面临大额投资损失，特 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300808 | 久量股份 | 35.83 | -2.85% | 5.15万 | 1.88亿 | | 835438 | 戈碧迦 | 22.00 | -2.44% | 6.92万 | 1.54亿 | | 300582 | 英飞特 | 13.82 | -1.57% | 10.34万 | 1.43 Z | | 688127 | 蓝特光学 | 26.97 | -1.39% | 5.41万 | 1.46亿 | | 300909 | 汇创达 | 29.43 | -1.31% | 3.78万 | 1.13亿 | | 002992 | 宝明科技 | 63.71 | -0.45% | 3.12万 | 1.9867 | | 002456 | 欧菲光 | 11.55 | -0.26% | 125.95万 | 14.69亿 | | 688195 | 腾景科技 | 46.85 | -0.17% | 4.61万 | 2.17亿 | | 688299 | 长阳科技 | + 17 ...

来源：金融界 联得装备最新一期业绩显示，截至2025一季报，公司营业总收入3.67亿元、同比增长5.08%，归属净利 润4279.88万元，同比减少6.42%，扣非净利润4228.56万元，同比减少6.00%，流动比率2.153、速动比率 1.594、资产负债率30.62%。 天眼查商业履历信息显示，深圳市联得自动化装备股份有限公司，成立于2002年，位于深圳市，是一家 以从事电气机械和器材制造业为主的企业。企业注册资本17848.432万人民币，实缴资本10000万人民 币。公司法定代表人为聂泉。 通过天眼查大数据分析，深圳市联得自动化装备股份有限公司共对外投资了6家企业，参与招投标项目 234次，知识产权方面有商标信息15条，专利信息241条，此外企业还拥有行政许可45个。 金融界消息 截至2025年8月5日收盘，联得装备（300545）报收于32.87元，上涨5.52%，换手率 12.67%，成交量14.57万手，成交金额4.74亿元。 资金流向方面，今日主力资金净流入3547.19万元，占比成交额7.48%。其中，超大单净流入2141.07万 元、占成交额4.52%，大单净流入1406.12万元、占成 ...

Core Viewpoint - The company is actively increasing its research and development efforts in the perovskite photovoltaic equipment sector and is making progress in key processes such as slot-die coating and high-temperature crystallization equipment [1] Group 1: Company Developments - The company has made advancements in core process equipment for perovskite technology, specifically in slot-die coating and high-temperature crystallization [1] - The company is preparing to ship its latest model of coating equipment, which is one of the few in China capable of handling 2.4-meter wide products [1] Group 2: Market Demand - There is a strong downstream demand for perovskite photovoltaic equipment, as indicated by investor inquiries [1]