调光导电膜业务助日久光电业绩大增

Core Insights - Jiangsu Riju Optoelectronics Co., Ltd. reported a total revenue of 302 million yuan for the first half of 2025, marking an 8.06% year-on-year increase, while net profit attributable to shareholders reached 45.61 million yuan, up 37.87% year-on-year [1] Group 1: Traditional Business Performance - The traditional ITO (Indium Tin Oxide) conductive film business experienced a revenue decline of 8.17% year-on-year, totaling 127 million yuan, primarily due to a shift in technology routes in the large-size touch display sector and intensified price competition [1] - The demand for ITO conductive films has slowed down as infrared touch technology begins to replace traditional capacitive touch methods, although the overall trend remains relatively stable [1] Group 2: OCA Optical Adhesive Challenges - The OCA (Optical Clear Adhesive) business is facing challenges due to increased market price competition and high R&D investments, with production capacity nearing saturation but not yet achieving profitability [2] - To enhance cash flow and risk control, the company has decided to moderately reduce OCA production [2] - The company is developing new products such as foldable OCA and curved OCA optical adhesives, with a full UV type curved screen optical adhesive having completed trial production and entering client certification [2] Group 3: Growth in Smart Light Control Film - The smart light control film business showed significant growth, achieving revenue of 73.77 million yuan, a substantial increase of 127.66% year-on-year, driven by deep penetration in automotive applications [3] - The smart light control glass utilizes spectral selective control technology, providing features such as cabin temperature reduction by 8°C to 12°C and adjustable light transmittance from 5% to 80%, aligning with the trend of automotive intelligence upgrades [3] - The company offers a differentiated competitive advantage by covering four major technology routes: PDLC, SPD, EC, and LC, focusing on core automotive applications [3] Group 4: AR Optical Film Revenue - The AR (Augmented Reality) optical film series, primarily used in automotive displays, generated revenue of 25.6 million yuan, reflecting a year-on-year growth of 132.22% [4] - The company is actively advancing sample certifications for AR optical films in consumer electronics, medical, and commercial display sectors, with some products already certified [4] Group 5: Expansion Plans and Market Position - In June, the company announced plans to invest 822 million yuan to build a functional film project with an annual production capacity of 6 million square meters, focusing on enhancing the production capacity of smart light control films and optical films [4] - Analysts suggest that this expansion plan will help the company leverage economies of scale to reduce unit production costs and optimize supply chain efficiency, thereby solidifying its market share in the functional film segment [4] - The optical and optoelectronic industry is characterized by intense competition and rapid technological iteration, necessitating continuous R&D investment to meet rising performance and quality demands from downstream customers [4]