研报掘金丨平安证券：南大光电业绩有望维持较好增势，维持“推荐”评级

Group 1 - The core viewpoint of the article highlights that Nanda Optoelectronics achieved a net profit attributable to shareholders of 208 million yuan in the first half of 2025, representing a year-on-year increase of 16.30% [1] - The company plans to distribute a cash dividend of 1.80 yuan per 10 shares (including tax) [1] - In the fluorine specialty gas segment, the company is advancing its core fluorine gas projects, such as large-scale trifluorine nitrogen in Ulanqab, which will further expand the specialty gas business [1] Group 2 - In the hydrogen specialty gas segment, new products like ARC and boron trifluoride are capitalizing on opportunities in the integrated circuit (IC) market, leading to significant revenue growth [1] - The semiconductor precursor materials segment has achieved stable mass production of multiple products, continuously integrating into the mass production processes of integrated circuits, indicating strong growth potential [1] - In the photoresist and supporting reagents segment, the company has mastered the technology for self-producing full-process materials, with several products progressing well in testing with key customers [1] Group 3 - The overall industry outlook is improving, with the semiconductor and panel sectors experiencing better fundamentals, increasing sales scale, and enhanced prosperity, which is expected to benefit the company's specialty gas and precursor business revenues [1] - The semiconductor industry is currently in an upward cycle, with the company continuously advancing various projects and achieving mass sales of high-end, high-barrier semiconductor materials, suggesting a sustained positive growth trend in performance [1] - The company maintains a "recommended" rating based on the positive outlook and ongoing project advancements [1]