路维光电分析师会议-20250522

Report's Industry Investment Rating - No information provided regarding the industry investment rating. Report's Core View - The mask industry will develop towards high precision, multi - layer, localization, and application diversification in the next few years. It is less affected by the downstream industry cycle, with the average price of mask showing a stable - to - rising trend. The company, as a local mask manufacturer, has significant advantages in delivery, service, and response speed, and downstream customers have a strong willingness for domestic substitution. The diversification of downstream applications and technological evolution will drive the industry into a high - prosperity cycle [26][28]. Summary According to Related Catalogs 01. Research Basic Situation - The research object is Luwei Optoelectronics, belonging to the optoelectronics and photonics industry. The reception time is May 22, 2025, and the listed company's reception staff includes the chairman, president, directors, financial supervisor, and independent director [17]. 02. Detailed Research Institutions - The reception objects include investors and others [20]. 03. Research Institution Proportion - No information provided. 04. Main Content Data - Semiconductor Business Progress: Luxin Semiconductor plans to send samples of 90 - 100nm semiconductor masks in the first half of 2025 and trial - produce 40nm semiconductor masks in the second half. It will contribute revenue in 2025 and may promote the 28nm project from 2026 - 2027 [24]. - Gross Margin Impact: As the proportion of semiconductor masks in the revenue structure increases, it will have a positive impact on the company's overall gross margin [24]. - Future Revenue Outlook: The company will follow the national development strategy, increase investment and R & D, and implement the "screen - driven - chip" strategy for dual - wheel drive development of two product lines [24]. - Domestic Flat - Panel Mask Market: The domestic flat - panel photomask market space is expected to be close to 1 billion RMB in the next 3 - 5 years. The current localization rate is about 20%, and the situation of industry scale improvement and domestic substitution can support domestic manufacturers' expansion [25]. - Mask Replacement and Attribute: Mask replacement depends on downstream product diversity, usage frequency, process requirements, and technology iteration. Masks are consumable - like molds [25]. - Industry Development Prospect: The mask industry is closely related to downstream industries. It is less affected by the downstream cycle, with a stable - to - rising average price. The company has local advantages, and downstream customers have a strong willingness for domestic substitution. Downstream applications and technological evolution drive the industry into a high - prosperity cycle [26][28]. - Profit Growth Drivers: Multiple expansion projects are advancing steadily, including the "High - Precision Semiconductor Mask and Large - Size Flat - Panel Display Mask Expansion" project, the Luxin Semiconductor project, and the "Xiamen Luwei Optoelectronics High - Generation High - Precision Photomask Production Base Project", which will expand production capacity and enhance the company's competitiveness [29]. - Financial Performance: In 2024, the company's revenue was 875.5487 million yuan, a year - on - year increase of 30.21%. The net profit attributable to the parent was 190.8622 million yuan, a year - on - year increase of 28.27%. In the first quarter of 2025, the revenue was 260.08 million yuan, a year - on - year increase of 47%. The net profit attributable to shareholders of the listed company increased by 20% year - on - year, and the growth rate would be higher than the revenue growth rate if the exchange gain or loss was excluded [30][32].