Investment Rating - The report assigns a "Buy" rating for the company with a target price of 27.6 CNY, indicating a potential upside from the current price of 18.16 CNY [5]. Core Views - The company has shown a strong recovery in profitability, achieving a net profit of 45.67 million CNY in 2023, compared to a loss in previous years, and is expected to continue this upward trend with projected profits of 103.46 million CNY in 2024 [4][25]. - The Mini LED backlight module market is expected to grow significantly, with the market projected to reach 125 billion CNY by 2026, driven by the technology's advantages over traditional LCD displays [2][4]. - The company has established a strong competitive position in the Mini LED backlight module industry, leveraging its technological advancements and a stable customer base [2][4]. Summary by Sections Company Overview - The company, established in 2007, specializes in the development, production, and sales of LED backlight display modules and has transitioned to focus on OLED narrow bezel technology [13][16]. - The company has formed partnerships with major players in the display industry, including BOE and TCL, and has maintained a leading position in the domestic LED backlight market [13][16]. Financial Performance - The company experienced revenue declines from 2021 to 2023 due to industry downturns but managed to turn a profit in 2023 with a net profit of 45.67 million CNY [4][25]. - The gross margin improved significantly from 6.4% in 2022 to 13.06% in 2023, reflecting effective cost management and operational efficiency [28][25]. Mini LED Business - The company is a key player in the Mini LED backlight module design and manufacturing segment, with a focus on technological innovation and cost reduction [2][34]. - The global Mini LED market is expanding rapidly, with significant growth expected in various applications, including consumer electronics and automotive displays [2][40]. OLED Narrow Bezel Technology - OLED technology is becoming the mainstream choice for small-sized displays, with a projected global penetration rate of 55% in smartphones by 2024 [3]. - The company has early investments in LIPO technology, which enhances the performance and reliability of OLED displays, positioning it well for future growth [3][4]. Investment Outlook - The report forecasts revenue growth for the company, projecting revenues of 12.98 billion CNY in 2024, 17.01 billion CNY in 2025, and 21.21 billion CNY in 2026 [4]. - The company is expected to achieve net profits of 1.03 billion CNY in 2024, 2.07 billion CNY in 2025, and 3.07 billion CNY in 2026, indicating strong growth potential [4].

Summary of LIPO Technology and Investment Opportunities Industry Overview - The document discusses the LIPO (Low-Pressure Injection Molding) technology, primarily used in mobile phone screen packaging, enhancing waterproof performance and drop resistance while reducing costs in other processes [2][4][5]. Key Points on LIPO Technology - LIPO technology allows for ultra-narrow bezels, reducing the width from over 2mm to below 1.5mm, and improves the overall aesthetics and functionality of mobile devices [5][6]. - Apple was the first to adopt LIPO technology in 2021 for the Apple Watch and has since integrated it into the iPhone 15 Pro series in 2023, with Android devices expected to follow suit starting in 2025 [2][6][7]. - The technology incurs an additional packaging cost of 20-30 yuan but offsets this by reducing costs associated with glue application and testing processes [2][5]. Market Potential - The global sales of small and medium-sized OLED smart terminals are projected to exceed 1.1 billion units by 2025, with smartphones accounting for approximately 660 million units [2][8]. - The penetration rate of OLED packaging technology in smartphones is expected to rise from 12% in 2025 to 55% by 2028, indicating significant growth potential for related companies [9]. Investment Opportunities - Key investment opportunities are identified in two areas: packaging processes (represented by Longli Technology) and photosensitive resin materials (represented by Debang Technology) [3][10]. - Longli Technology is positioned to benefit from the LIPO technology's adoption in smart terminals and is expected to see profits grow by 89% in 2025 and 52% in 2026 [4][13][14]. - Debang Technology, a major supplier of photosensitive resins, is projected to maintain high growth rates, with profits expected to reach 150 million yuan in 2025, a 72% increase year-on-year [12]. Competitive Advantages - Debang Technology has a strong position in the photosensitive resin market, with a market potential estimated between 1 to 2 billion yuan, and is involved in high-end electronic packaging materials, particularly in integrated circuits [11][12]. - Longli Technology holds a first-mover advantage in LIPO packaging processes and is also a leader in the automotive mini backlight business, which is expected to grow rapidly due to trends in automotive display technology [13]. Impact of Tariffs - Both Longli Technology and Debang Technology are minimally affected by U.S. tariffs due to their low direct export ratios (below 1%) [15]. - The potential for domestic substitution may actually benefit these companies in the long term, making current stock price corrections an attractive buying opportunity [15].

深圳市隆利科技股份有限公司 关于回购公司股份的进展公告 证券代码：300752 证券简称：隆利科技 公告编号：2025-014 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假记载、误导 性陈述或者重大遗漏。 深圳市隆利科技股份有限公司（以下简称"公司"）于 2025 年 1 月 13 日召开第三届董 事会第十六次（临时）会议和第三届监事会第十六次（临时）会议，审议通过了《关于回购 公司股份方案的议案》，公司拟以自有资金和/或自筹资金不低于人民币 3,000 万元且不超 过人民币 6,000 万元(均含本数)通过集中竞价交易方式回购公司人民币普通股(A 股)股票， 用于实施员工持股计划和/或股权激励。本次回购的资金总额不低于人民币 3,000 万元且不 超过人民币 6,000 万元,回购价格不超过人民币 27.18 元/股(含本数)。按回购金额上限人民 币 6,000 万元、回购价格上限 27.18 元/股测算，预计可回购股数不低于 2,207,483 股 （含 本数），约占公司目前总股本的 0.98%；按回购金额下限人民币 3,000 万元、回购价格上限 27.18 元/股测算，预计可回购 ...

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Insights - The company is a leading player in the domestic backlight display module industry, specializing in the research, production, and sales of backlight display modules, with a focus on Mini LED and LIPO technologies as future growth drivers [4][5]. - The company has received a high-tech enterprise certification, allowing it to enjoy a reduced corporate income tax rate of 15% for three consecutive years from 2024 to 2026 [4]. - The company is expected to see significant growth in revenue and net profit over the next few years, driven by the expansion of its Mini LED and LIPO businesses [4][37]. Financial Summary - The company’s total revenue is projected to grow from 1,026 million yuan in 2023 to 2,600 million yuan in 2026, with a compound annual growth rate (CAGR) of approximately 30.46% [4][37]. - Net profit attributable to the parent company is expected to increase from 46 million yuan in 2023 to 348 million yuan in 2026, reflecting a CAGR of 147.3% from 2024 to 2025 and 55.3% from 2025 to 2026 [4][37]. - The gross margin is anticipated to improve from 13.1% in 2023 to 25.8% in 2026, indicating enhanced profitability [4][37]. Business Growth Drivers - The Mini LED market is rapidly developing, particularly in the automotive sector, where the company has established partnerships with several well-known clients, positioning itself for significant growth [4][15][22]. - The LIPO technology is becoming a key trend in high-end smartphone displays, with the company having successfully achieved mass production of this technology, enhancing its competitiveness in the OLED market [4][36][24]. Market Position - The company is positioned in the midstream of the LED industry chain, benefiting from the expanding downstream liquid crystal display module market, which is expected to grow significantly due to increased production capacity in China [5][8]. - The domestic LCD panel capacity share is projected to rise from 67% in 2023 to 70% by 2025, further driving demand for backlight display modules [8].

Group 1: Business Layout and Growth - The company has optimized its product structure and diversified its business layout, focusing on core areas such as consumer electronics (mobile phones, tablets, laptops), which are steadily recovering [2] - The automotive display business is experiencing rapid growth, with the LIPO business related to OLED screens expected to enter mass production in 2025 [2] - The company is also expanding into high-potential areas such as AR/VR displays, industrial control displays, medical displays, and new precision structural components [2] Group 2: Mini-LED Technology in Automotive Market - Mini-LED technology is gaining traction in the automotive display market due to its impressive display effects and energy-saving features, meeting the demand for new display technologies [2] - The trend towards smart cockpits is accelerating, with an increase in the number and size of display screens in vehicles, indicating a broad market outlook for the automotive display industry [2] - As a leading company in Mini-LED automotive backlight display technology, the company holds significant advantages in technology reserves, patents, and production capabilities, which are expected to enhance future performance in this sector [2] Group 3: Ultra-Narrow Bezel Technology - The ultra-narrow bezel technology (LIPO technology) enhances the structural strength and sealing of OLED modules, improving screen-to-body ratio and achieving a thinner design [3] - This technology significantly increases product drop reliability, thereby enhancing the company's competitiveness in the OLED panel sector [3] - The company will continue to uphold its innovative philosophy to further strengthen its competitive edge [3]

Group 1: Company Performance and Business Layout - The company has achieved good performance in recent years by optimizing product structure and expanding diversified business layouts, including core businesses in consumer electronics such as mobile phones, tablets, and notebooks [2] - The automotive display business is experiencing rapid growth, with the LIPO business related to OLED screens expected to enter mass production in 2025 [2] - The company is also exploring growth potential in AR/VR displays, industrial control displays, medical displays, and new precision structural components [2] Group 2: Automotive Display Business Progress - As a leading company in Mini-LED automotive backlight display technology, the company has established good partnerships with well-known tier 1 clients such as Continental, Faurecia, and Visteon [3] - The recognition from domestic and international clients positively drives the company's automotive business, allowing for continuous technological upgrades and innovations [3] - The company plans to continue focusing on the development of automotive display business to enhance its core competitiveness [3] Group 3: Market and Technology Trends - The automotive display market is expected to grow significantly due to the increasing penetration of smart cockpits, with trends towards intelligent, large, multi-screen, high-definition, and interactive displays [3] - The number of displays per vehicle and the size of individual screens are both increasing, indicating a broad market outlook for the automotive display industry [3] - New display technologies, particularly Mini-LED, are accelerating in application within automotive displays due to their excellent display effects and energy-saving characteristics [3]

证券代码：300752 证券简称：隆利科技 公告编号：2025-013 深圳市隆利科技股份有限公司 关于公司获得高新技术企业证书的公告 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。 近日，深圳市隆利科技股份有限公司（以下简称"公司"）收到了深圳市工业和信息化 局、深圳市财政局、国家税务总局深圳市税务局联合颁发的《高新技术企业证书》，证书编 号：GR202444207571，发证时间:2024 年 12 月 26 日，有效期：三年。 本次系公司原《高新技术企业证书》有效期满后进行的再次认定，根据《中华人民共和 国企业所得税法》等相关规定，公司自本次通过高新技术企业认定后，将连续三年（2024 年至 2026 年）享受高新技术企业所得税优惠政策，即按 15%的税率缴纳企业所得税。 2024 年度,公司已根据相关规定进行企业所得税的纳税申报及预缴，因此本次取得《高 新技术企业证书》不影响公司 2024 年度的相关财务数据。 特此公告。 董事会 2025 年 03 月 07 日 深圳市隆利科技股份有限公司 ...

证券代码：300752 证券简称：隆利科技 公告编号：2025-012 深圳市隆利科技股份有限公司 关于回购公司股份的进展公告 2025 年 2 月，公司未回购股份。截至 2025 年 2 月 28 日，公司通过股份回购专用证券 账户以集中竞价交易方式回购股份数量为 1,151,500 股，占公司目前总股本的 0.51%（总股 本以 2025 年 2 月 28 日收市后的 225,243,456 股为基数）。最高成交价为 18.283 元/股，最 低成交价为 17.00 元/股，成交总金额为 20,038,847 元（不含交易费用）。回购股份符合相 关法律、法规、规范性文件及公司股份回购方案的规定。 二、其他说明 公司回购股份的时间、回购股份数量及集中竞价交易的委托时段、交易价格等符合《深 圳证券交易所上市公司自律监管指引第 9 号——回购股份》及公司回购股份方案的相关规定， 具体如下： （一）公司未在下列期间内回购公司股份： 1、自可能对本公司股票交易价格产生重大影响的重大事项发生之日或者在决策过程中， 至依法披露之日内； 2、中国证监会及深圳证券交易所规定的其他情形。 （二）公司以集中竞价交易方式回购股份 ...

证券代码：300752 证券简称：隆利科技 深圳市隆利科技股份有限公司投资者关系活动记录表 编号：2025-010 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 参与单位名称 | 浙商电子 永赢基金 | | 及人员姓名 | | | 时间 | 2025年2月28日 10:30-11:30 | | 地点 | 电话会议 | | 上市公司接待 | 副总经理、董事会秘书：刘俊丽女士 | | 人员姓名 | 证券事务代表：李姝涵女士 | | | 1、公司2024年度业绩预告预测业绩增长的原因？ | | | 2024年度，公司业绩预增主要受益于：（1）公司产品结构进一步优 | | | 化，智能座舱、中大尺寸等业务占比不断提升；（2）新能源汽车行业渗 | | | 透率持续提升及客户定点车型放量，公司车载业务收入同比快速增长； | | | （3）终端消费电子市场逐渐回暖，公司消费电子业务逐步恢复；（4）公 | | | 司持续推进降本增效，提高资金使用效率，盈利能力不断增强。 ...

Group 1: Financial Performance - The company expects to achieve a net profit attributable to shareholders of 100 million to 120 million yuan in 2024, representing a year-on-year growth of 118.94% to 162.73% [2] - The net profit after deducting non-recurring gains and losses is projected to be 85 million to 110 million yuan, indicating a significant increase of 1638.21% to 2149.44% compared to the previous year [2] Group 2: Market Position and Technology - The company is a leading player in Mini-LED technology for automotive backlight displays, with advantages in technology reserves, intellectual property rights, and mass production capabilities [2] - There is a notable trend towards intelligent, large, multi-screen, high-definition, and interactive displays in the automotive sector, driven by the increasing penetration of smart cockpits [2] - The ultra-narrow bezel technology (lipo technology) enhances the structural strength and sealing of OLED modules, improving screen-to-body ratio and product reliability [3] Group 3: Strategic Focus - The company aims to leverage its first-mover advantage in Mini-LED technology to expand its presence in the smart cockpit market and maintain competitive advantages through continuous innovation [2] - Future innovations will focus on enhancing the company's competitiveness in the OLED panel sector [3] Group 4: Disclosure Information - The investor relations activity did not involve the disclosure of any undisclosed significant information [3]