Visionox(SZ:002387) Cai Jing Wang·2025-12-01 03:05Group 1 - The company, Visionox (002387), announced a non-public issuance of A-shares to a specific investor, Hefei Jianshu, at a price of 7.01 yuan per share, raising a total of no more than 2,937.4466 million yuan [1] - Following this issuance, Hefei Jianshu will hold a 31.89% stake in the company, making it the controlling shareholder, with the Shushan District People's Government becoming the actual controller [1] - The purpose of this issuance is to enhance the stability of control, demonstrate shareholder confidence in the company's future development, and alleviate working capital pressure [1] Group 2 - Huaxin Securities reported that the entry of Hefei state-owned assets enhances stability and confidence, which could elevate the industry's discourse power [2] - Visionox is a leader in the AMOLED segment, focusing on OLED technology for over 20 years, and is a key player in setting international and national OLED standards [2] - According to CINNO Research, Visionox is projected to capture an 11.2% share of the global smartphone AMOLED panel market in 2024, ranking third globally and second domestically [2] Group 3 - The company invested 769 million yuan in R&D in the first three quarters of 2025, with a research expense ratio of 12.71%, focusing on low power consumption, high performance, and flexible display technologies [2] - The company’s subsidiary, Hefei Visionox, is developing smart pixel technology that offers advantages such as no precision metal mask, independent pixel control, and high precision, which can meet the production needs of full-size AMOLED products [2] - Huaxin Securities forecasts the company's revenues for 2025-2027 to be 8,024.0 million, 8,489.0 million, and 8,979.0 million yuan respectively, maintaining a "buy" investment rating with current price-to-sales ratios of 1.6, 1.5, and 1.4 times [3]