Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The completion of the high-precision mask production base project is expected to accelerate domestic substitution in the semiconductor industry [1] - The company is a leading domestic manufacturer of photomasks, focusing on various advanced technologies and products, including LTPS, IGZO, AMOLED, MicroLED, and semiconductor chips [2] - The company is positioned to benefit from the rising demand for photomasks in the domestic flat panel display and semiconductor industries, with significant growth potential anticipated [2] Summary by Sections Company Overview - Qingyi Optoelectronics is one of the earliest established photomask manufacturers in China, providing a diverse range of products for flat panel displays and semiconductor chips [2] Market Potential - The global semiconductor photomask market size is approximately $9.528 billion in 2023, with China's market size around $1.778 billion [2] - The demand for photomasks in China's flat panel display industry is expected to increase from 57% in 2022 to 60% by 2026 [2] Financial Projections - Revenue projections for 2024-2026 are estimated at 1.159 billion, 1.432 billion, and 1.767 billion yuan, with year-on-year growth rates of 25.4%, 23.6%, and 23.4% respectively [7] - Expected net profits for the same period are projected to be 192 million, 251 million, and 336 million yuan, with corresponding P/E ratios of 33.4, 25.6, and 19.1 [7] Investment Strategy - The company is expected to benefit from the domestic panel industry's rise and the release of new production capacity, leading to a potential increase in sales gross margin [2][7] - The total investment for the new production base projects is 3.5 billion yuan, aimed at enhancing production capabilities for high-precision and high-end semiconductor photomasks [2]

2025 年 01 月 15 日 行业研究●证券研究报告 传媒 行业快报 海外 TikTok 用户涌入小红书，关注生态机遇 和挑战 投资要点 投资评级 领先大市(维持) 首选股票 评级 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | -13.27 | 14.92 | -7.38 | | 绝对收益 | -16.76 | 10.75 | 8.2 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 | | | 闫誉怀 | | | yanyuhuai@huajinsc.cn | | | 相关报告 公司投资评级： 传媒：供给侧显卡迭代+国补扩围，多线共振赋 能 生 态 应 用 端 - 华 金 证 券 - 传 媒 - 行 业 快 报 2025.1.8 传媒："跨端+IP"注入动能，关注 PC 游戏复 苏趋势-华金证券-传媒-行业快报 2025.1.3 传媒：跨年观影热度迭起，重磅 IP 云 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is expected to maintain high revenue growth in 2024, with an estimated revenue of 9.065 billion yuan, representing a year-on-year increase of approximately 44.73% [1] - The company is significantly increasing its R&D efforts, with a projected R&D investment of about 2.45 billion yuan in 2024, a year-on-year increase of approximately 94.13% [2] - The company is focusing on the development of thin film equipment and has achieved significant sales in its etching equipment, with a revenue of approximately 7.276 billion yuan in 2024, a year-on-year increase of about 54.71% [1][4] Summary by Sections Revenue and Profit Forecast - The company expects to achieve a net profit attributable to shareholders of 1.5 to 1.7 billion yuan in 2024, a year-on-year decrease of 4.81% to 16.01% [2] - The gross profit margin for 2024 is estimated to be around 42.45%, a decrease of 3.37 percentage points year-on-year [2] Quarterly Performance - For Q4 2024, the company anticipates a revenue of 3.558 billion yuan, a year-on-year increase of 60.10% and a quarter-on-quarter increase of 72.75% [3] - The expected net profit attributable to shareholders for Q4 2024 is between 587 million and 787 million yuan, with a year-on-year change of -6.24% to 25.71% [3] Product Development and Market Position - The company has seen a significant increase in the shipment volume and sales of its high-end etching products, with over 1,000 reaction chambers delivered in the first three quarters of 2024 [4] - The LPCVD thin film equipment has achieved its first sales in 2024, generating approximately 156 million yuan in revenue [1][5] Financial Data and Valuation - The projected revenue for 2024 to 2026 is 9.065 billion, 11.603 billion, and 14.620 billion yuan respectively, with growth rates of 44.7%, 28.0%, and 26.0% [10] - The estimated P/E ratios for 2024, 2025, and 2026 are 69.6, 49.5, and 36.1 respectively [11]

2025 年 01 月 14 日 宏观类●证券研究报告 置换坚决压制长贷，利率走低短融提前 事件点评 金融数据速评（2024.12） 投资要点 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 欧盟关税趋缓与"抢跑效应"共同推升出口 — — 国 际 贸 易 数 据 点 评 （ 2024.12 ） 2025.1.13 美国就业强势振翅，全球风暴何时来袭？— —美国就业数据点评（2024.12） 2025.1.11 央行暂停买债，降准概率提升——华金宏 观·双循环周报（第 90 期） 2025.1.10 核心 CPI 连续修复，消费补贴持续拉动耐用 品需求——CPI、 PPI 点评（2024.12） 2025.1.9 消费刺激新政：扩容、增量、持续 2025.1.8 http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 信贷同比少增幅度收窄，主因地产放松居民存量购房需求释放，春节较早企业短期融资 提前；企业中长贷则受化债置换坚决快速执行的影响而大 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant year-on-year growth in 2024, driven by self-control and capacity expansion [1] - The company's revenue for 2024 is projected to be between 27.6 billion and 31.78 billion yuan, representing a year-on-year growth of 25.00% to 43.93% [4] - The net profit attributable to shareholders for 2024 is expected to be between 5.17 billion and 5.95 billion yuan, with a year-on-year increase of 32.60% to 52.60% [4] - The company has made breakthroughs in multiple new products, enhancing its product matrix and market share [4] Financial Data and Valuation - Revenue for 2022 was 14.688 billion yuan, with a year-on-year growth of 51.7% [6] - Revenue projections for 2024, 2025, and 2026 are 30.282 billion, 40.214 billion, and 50.167 billion yuan, respectively, with growth rates of 37.2%, 32.8%, and 24.8% [6] - The net profit for 2024 is projected at 5.698 billion yuan, with a year-on-year growth of 46.1% [6] - The company's gross margin is expected to be 42.5% in 2024, increasing to 45.1% by 2026 [6] - The price-to-earnings ratio (P/E) is projected to be 36.6, 26.0, and 21.1 for 2024, 2025, and 2026, respectively [6]

2025 年 01 月 14 日 策略类●证券研究报告 北向资金四季度流入非银、传媒、电新 事件点评 投资要点 行业来看，四季度电新、银行仓位较重，非银净买入较多，电新、家电超配比较高。 （1）持仓上：首先，2024 年四季度中信一级行业中陆股通持仓规模最大的行业分 别是电力设备和新能源、银行、食品饮料；其次，持仓规模上涨最多的行业是非银 金融，下降最多的行业是医药。（2）净买入规模上：首先，2024 年四季度陆股通 净买入最多的行业分别是非银、传媒、电新，净卖出最多的行业分别是电力及公用 事业、食品饮料；其次，2024 全年净买入最多的行业分别是银行、非银、电新， 净卖出最多的行业是家电。（3）超配比上，根据全 A 行业自由流通市值的比例计 算北上资金各行业超低配比例，得到：首先，四季度北向资金超配比最高的行业分 别为电力设备及新能源、家电、食品饮料，超配比最低的行业分别是石油石化、银 行和国防军工；其次，超配比环比上升较多的行业是非银、电力设备及新能源、房 地产，超配比下降最多的行业分别是电力及公用事业、有色金属、食品饮料。 四季度北向资金大幅流出，主板持仓占比继续下滑，成长板块持仓占比回升。（1） 持仓 ...

短期可能见底，聚焦科技 定期报告 投资要点 风险提示：历史经验未来不一定适用，政策超预期变化，经济修复不及预期。 2025 年 01 月 11 日 策略类●证券研究报告 | 分析师 | 邓利军 | | --- | --- | | SAC | 执业证书编号：S0910523080001 | | | denglijun@huajinsc.cn | | 报告联系人 | 张欣诺 | | | zhangxinnuo@huajinsc.cn | | 报告联系人 | 张诗瀑 | | | zhangshipu@huajinsc.cn | 相关报告 连续剧烈博弈之后风险偏好选择向下，休整 期或已经事实性开启-华金证券新股周报 2025.1.5 春季行情还有吗？ 2025.1.4 新股二级交投持续呈现显著的分歧，当前或 正处于关键方向选择窗口-华金证券新股周 报 2024.12.30 一月可能继续震荡偏强，中小盘成长占优 2024.12.28 1 月金股推荐 2024.12.25 http://www.huajinsc.cn/ 1 / 18 请务必阅读正文之后的免责条款部分 牛市期间的中短期调整见底的信号是出现积极的政策或事件、 ...

2025 年 01 月 11 日 宏观类●证券研究报告 美国就业强势振翅，全球风暴何时来袭？ 事件点评 美国就业数据点评（2024.12） 投资要点 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 央行暂停买债，降准概率提升——华金宏 观·双循环周报（第 90 期） 2025.1.10 核心 CPI 连续修复，消费补贴持续拉动耐用 品需求——CPI、 PPI 点评（2024.12） 2025.1.9 消费刺激新政：扩容、增量、持续 2025.1.8 CNY 再破 7.3，长端利率加速下行，如何破 局？——华金宏观·双循环周报（第 89 期） 2025.1.3 消费内需带动制造业 PMI 平稳收官——PMI 点评（2024.12） 2024.12.31 http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 大洋彼岸强劲的就业数据正如那只引发风暴的蝴蝶开始振翅，其背后的全球经济新竞争 格局正在带来与以往经济周期极为不同的经济和金融市场表现。 受 ...

2025 年 01 月 13 日 宏观类●证券研究报告 欧盟关税趋缓与"抢跑效应"共同推升出口 事件点评 国际贸易数据点评（2024.12） 投资要点 风险提示：外部环境较预期更为严峻导致外需降温速度快于预期风险。 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 美国就业强势振翅，全球风暴何时来袭？— —美国就业数据点评（2024.12） 2025.1.11 央行暂停买债，降准概率提升——华金宏 观·双循环周报（第 90 期） 2025.1.10 核心 CPI 连续修复，消费补贴持续拉动耐用 品需求——CPI、 PPI 点评（2024.12） 2025.1.9 消费刺激新政：扩容、增量、持续 2025.1.8 CNY 再破 7.3，长端利率加速下行，如何破 局？——华金宏观·双循环周报（第 89 期） 2025.1.3 http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 在欧盟对华新能源车关税问题趋于缓和、特朗普关税威胁实施前集中抢跑出口 ...