SQM(688138) 华金证券·2025-01-16 23:31Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The completion of the high-precision mask production base project is expected to accelerate domestic substitution in the semiconductor industry [1] - The company is a leading domestic manufacturer of photomasks, focusing on various advanced technologies and products, including LTPS, IGZO, AMOLED, MicroLED, and semiconductor chips [2] - The company is positioned to benefit from the rising demand for photomasks in the domestic flat panel display and semiconductor industries, with significant growth potential anticipated [2] Summary by Sections Company Overview - Qingyi Optoelectronics is one of the earliest established photomask manufacturers in China, providing a diverse range of products for flat panel displays and semiconductor chips [2] Market Potential - The global semiconductor photomask market size is approximately 1.778 billion [2] - The demand for photomasks in China's flat panel display industry is expected to increase from 57% in 2022 to 60% by 2026 [2] Financial Projections - Revenue projections for 2024-2026 are estimated at 1.159 billion, 1.432 billion, and 1.767 billion yuan, with year-on-year growth rates of 25.4%, 23.6%, and 23.4% respectively [7] - Expected net profits for the same period are projected to be 192 million, 251 million, and 336 million yuan, with corresponding P/E ratios of 33.4, 25.6, and 19.1 [7] Investment Strategy - The company is expected to benefit from the domestic panel industry's rise and the release of new production capacity, leading to a potential increase in sales gross margin [2][7] - The total investment for the new production base projects is 3.5 billion yuan, aimed at enhancing production capabilities for high-precision and high-end semiconductor photomasks [2]