Newway Photomask(SH:688401) Xin Lang Cai Jing·2025-07-03 10:30Group 1 - The company has been a leading player in the domestic mask plate market since its establishment in 1997, focusing on research, production, and sales of mask plates, achieving a revenue of 260 million yuan in Q1 2025, representing a year-on-year growth of 47.09% [1] - The company is the first in China and the fourth globally to produce G11 mask plates, and it is the only domestic company capable of supporting various generations of panel production lines from G2.5 to G11, also mastering G6 and below AMOLED mask plate manufacturing technology [1] - The company is advancing in semiconductor mask plate technology, optimizing mature processes and breaking through advanced manufacturing techniques, which lays a solid foundation for entering more advanced mask plate manufacturing [1] Group 2 - The domestic mask plate market is expected to reach approximately 18.7 billion yuan by 2025, with a current localization rate of about 10% for semiconductor mask plates and only 3% for high-end mask plates, indicating significant growth potential for the company [2] - The company plans to issue convertible bonds totaling 615 million yuan in June 2025 to expand production capacity for semiconductor and high-precision flat panel display mask plates, highlighting its growth opportunities [2] - Revenue projections for the company are 1.138 billion yuan, 1.585 billion yuan, and 2.256 billion yuan for 2025-2027, with corresponding net profits of 222 million yuan, 345 million yuan, and 500 million yuan, suggesting a favorable growth outlook [2]