路维光电可转债上市：加码先进产能建设，占据掩膜版国产化先机

Core Viewpoint - The issuance of convertible bonds by Ruvi Optoelectronics aims to raise 615 million yuan, primarily to expand production capacity in the semiconductor and high-precision flat panel display mask plate sectors, focusing on domestic substitution in key areas [1][7]. Group 1: Semiconductor Industry - The demand for semiconductor mask plates is increasing due to advancements in chip manufacturing processes, with a focus on smaller nodes like 7nm, 5nm, and 3nm, driven by the AI era [2]. - Domestic wafer manufacturers are expected to bring new growth momentum to the semiconductor mask plate market as they iterate their technologies amid increasing export controls on semiconductors to China [2][3]. - Ruvi Optoelectronics is expanding its production lines to cover semiconductor mask plates for processes ranging from 250nm to 130nm, which will enhance its market share and production capabilities in higher process nodes [3][4]. Group 2: Flat Panel Display Industry - The domestic market for high-precision mask plates, such as AMOLED and LTPS, has a low localization rate of only 12%, indicating significant potential for domestic substitution [4]. - Ruvi Optoelectronics is responding to strong downstream demand by increasing production capacity, with its production nearing full capacity since the second quarter [4][5]. - The company plans to acquire a 49% stake in Chengdu Ruvi to strengthen its control over the flat panel display supply chain and enhance its production capabilities in high-generation mask plates [5][6]. Group 3: Strategic Positioning - The successful issuance of convertible bonds reflects the capital market's recognition of the company's technological strength and development prospects, marking a significant step in the domestic substitution strategy [7]. - The company aims to build a dual-driven development model of "flat panel display + semiconductor" as it releases new production capacity and overcomes technological barriers [7].