中国电子半导体：莱宝高科MED电子纸及面板级玻璃封装载板样品发布，新业务蓄势待发

Investment Rating - The report does not explicitly state an investment rating for the company, but it implies a positive outlook based on the competitive nature of new products and potential for growth [5][57]. Core Insights - Laibao Hi-Tech has launched new business lines in MED electronic paper and panel-level glass substrates, with positive investor feedback indicating strong competitive advantages and growth potential [2][53]. - The MED electronic paper is expected to generate annual revenue of approximately RMB 9.16 billion once mass production begins, with superior color saturation compared to current market leaders [3][55]. - The panel-level glass packaging substrates are projected to replace traditional organic substrates, with the FOPLP market expected to grow significantly from USD 50 million in 2023 to USD 250 million by 2028, reflecting a CAGR of 38% [4][56]. Summary by Sections Company Overview - Laibao Hi-Tech primarily focuses on capacitive touch screens and TFT-LCD panels, with capacitive touch screens accounting for 92.3% of revenue in 2023 [3][54]. - The company is transitioning to new business areas, leveraging its existing technology and experience [3][54]. MED Electronic Paper - The MED project was initiated in 2023, with a total investment of RMB 9 billion, and is expected to produce a monthly output of 180,000 square meters of micro electric chamber displays [27][30]. - The MED samples produced show significant advantages in color saturation, indicating a strong market position for applications in e-books and other devices [30][55]. Panel-Level Glass Packaging Substrates - The company has developed several test samples of glass packaging substrates, which are expected to be widely used in advanced packaging for AI GPUs [4][42]. - Glass substrates offer superior stability, thermal conductivity, and flatness compared to traditional organic substrates, making them a preferred choice for CPU/GPU applications [4][35]. Financial Analysis - For the first three quarters of 2024, Laibao Hi-Tech reported revenue of RMB 4.414 billion, a 4.5% year-on-year increase, and a net profit of RMB 309 million, a 2% increase year-on-year [5][57]. - The company's stock trades at 1.5x 2024 PB, which is considered reasonable compared to peers, and at 21x 2024 PE, indicating potential for valuation improvement as new products ramp up [5][57].