2025 年 8 月 25 日，海信视像发布半年报。2025H1 公司实现营业收入 272.3 亿元，同比+7.0%；归母净利润 10.6 亿元，同比+26.6%。2025Q2，公司实 现营业收入 138.6 亿元，同比+8.6%；归母净利润 5 亿元，同比+36.8%。 公司报告 | 半年报点评 海信视像（600060） 证券研究报告 份额稳步提升，结构持续优化 事件： 投资建议：公司是全球显示行业龙头企业之一，在行业竞争格局持续优化 的背景下，公司全球化发展能力持续提升，多元品牌矩阵运营能力及经营 效率有效提高，产品结构进一步升级。同时，公司持续深耕高效协同、独 立发展的"1+（4+N）"产业布局，在 MiniLED、MicroLED、虚拟现实显示 及 AIGC 等新技术方面加快研发和产品推广，持续夯实在显示行业的引领地 位。我们看好公司中长期平稳向好发展，预计 25-27 年归母净利润 25.7/28.9/32.9 亿元，对应 25-27 年动态 PE 分别为 11.0x/9.8x/8.6x，维持"买 入"评级。 风险提示：国际贸易不确定性风险、面板价格剧烈波动影响利润率的风险、 新显示业务发展不及预期 ...

事件： 2025 年 8 月 22 日，公司发布半年报。25H1 公司实现营业收入 547.8 亿港 元，同比+20.4%；实现毛利 83.7 亿港元，同比+16.0%；实现经调整的归母 净利润 10.6 亿港元，同比+62%。此前公司预告经调整归母净利润约在 9.5-10.8 亿元，财报贴近预告上限。 点评： 显示业务大屏化+结构升级持续。分业务看，显示业务：公司 25H1 显示业 务整体收入 334.2 亿港元，同比+10.9%，其中大尺寸显示/中小尺寸显示/ 智慧商显收入分别 283.5/45.6/5.0 亿港元，yoy 分别+9.4%/+21.3%/+9.4%。 区域拆分，上半年 TCL TV 国内/海外市场出货量 yoy 分别+3.5%/+8.7%，收 入分别同比+4.4%/+11.8%至 87.2/196.3 亿港元，TCL+雷鸟双品牌战略推进、 产品结构升级、欧洲+新兴市场出货亮眼带动全球整体收入实现稳健增长。 行业端，据 Omdia 数据，2025 年上半年全球 TV 出货 9457 万台，同比+0.1%； TCL 出货量 1346 万台，同比+7.6%，全球市占率同比+0.9pct 至 14 ...

Core Insights - Hanbo High-tech's stock price reached 19.32 yuan as of August 19, 2025, marking an increase of 3.22 yuan from the previous trading day [1] - The stock opened at 16.42 yuan, with a daily high of 19.32 yuan and a low of 16.39 yuan, indicating significant price movement [1] - The trading volume for the day was 89,148 hands, with a total transaction value of 1.67 billion yuan [1] Trading Activity - The average transaction size on August 19 was 1,219 shares, reflecting a 228.8% increase in trading volume compared to the previous period, indicating heightened trading activity [1] - There was a net inflow of 52.04 million yuan from major funds on that day, with a cumulative net inflow of 45.58 million yuan over the past five days [1] Company Overview - Hanbo High-tech operates in sectors including optical optoelectronics, Anhui region, AIPC, MiniLED, and new energy vehicles [1] - The company's main business focuses on the optoelectronic display field, with products widely used in consumer electronics and automotive electronics [1]

Core Viewpoint - Luvi Optoelectronics has shown significant financing activity, with a net financing inflow of 45.48 million yuan last week, indicating investor interest in the company [1] Financing Activity - Last week, Luvi Optoelectronics had a total financing purchase amount of 259 million yuan and a repayment amount of 214 million yuan [1] - The company ranked 232nd in terms of net financing inflow across the market [1] Capital Flow - Over the past 5 days, the main capital inflow into Luvi Optoelectronics was 73.90 million yuan, with a price increase of 3.91% during this period [1] - Over the past 10 days, the main capital inflow was 88.69 million yuan, with a price increase of 3.35% [1] Company Profile - Shenzhen Luvi Optoelectronics Co., Ltd. was established in 2012 and is located in Shenzhen, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 1.9333 billion yuan and a paid-in capital of 1.4815 billion yuan [1] - The legal representative of the company is Du Wubing [1] Investment and Intellectual Property - Luvi Optoelectronics has invested in 5 external companies and participated in 19 bidding projects [1] - The company holds 3 trademark registrations and 89 patents, along with 20 administrative licenses [1]

Group 1 - The latest stock price of Mingyang Circuit is 16.87 yuan, an increase of 1.07 yuan, representing a rise of 6.77% compared to the previous trading day [1] - The trading volume for the day was 371,916 hands, with a transaction amount of 618 million yuan [1] - Mingyang Circuit's main business includes the research, development, production, and sales of printed circuit boards, which are widely used in communication equipment, computers, and consumer electronics [1] Group 2 - The company operates in the electronic components manufacturing industry and is also involved in optical communication modules and MiniLED concepts [1] - A recent announcement indicates that the "Mingdian Convertible Bonds" will stop conversion after the market closes on September 5, 2025, and unconverted bonds will be forcibly redeemed [1] - Bondholders are advised to complete the conversion process within the specified period, and any pledged or frozen bonds must have related restrictions lifted in advance [1]

Market Overview - The A-share market experienced a collective rise, with the ChiNext Index leading the gains, and both the Shanghai Composite Index and Shenzhen Component Index reaching new highs for the year [2][5] - The Shanghai Composite Index closed at 3647.55, up 0.34%, while the Shenzhen Component Index rose by 1.46% to 11291.43 [2] - The total trading volume in the Shanghai and Shenzhen markets was 1.83 trillion, an increase of 116.7 billion compared to the previous trading day, marking the 18th consecutive trading day above 1.5 trillion [5] Sector Performance - The top-performing sectors included Power Equipment (up 2.04%), Communication (up 1.95%), and Computer (up 1.94%), while the banking sector saw a decline of 1.01% [2][3] - Notable concept stocks included PEEK materials and MicroLED, which saw significant gains, while gold concepts and certain metal sectors experienced declines [3] Technical Analysis - The Shanghai Composite Index successfully broke through the previous resistance level of 3650.50, indicating a strong short-term market condition [5] - The 5-day and 10-day moving averages formed a golden cross, suggesting bullish momentum, while the Shenzhen Component Index has entered an upward channel [5] Future Outlook - The market is expected to continue its upward trend, supported by positive domestic factors and increasing wealth effects, which may attract both domestic and foreign investments [5] - Key sectors to focus on include TMT (Technology, Media, and Telecommunications), public utilities, pharmaceuticals, and finance, as structural opportunities may arise [5]

前言 点击付费阅读，解锁市场最强音，把握投资机会！ 一、 政策资本双轮驱动！脑机接口十年内将催生400亿美元市场，商业化已提速，这些企业抢占临 床+居家双场景 ； 二、 30亿美元MiniLED风口+100亿美元MicroLED巨浪，订单已排爆 ！ 还有 半导体封装+机器人 双 双 驱动， 机构：PE从196到27.8倍不是梦。 券商研报信息复杂？机构调研数据过时？屡屡错失投资机会？那是你不会挖！想知道哪份研报有用？什 么时候该看？《研报金选》满足你！每日拆解热门产业链或核心公司，快市场一步的投研思维+严苛的 研报选择标准+几近偏执的超预期挖掘，游资私募都在用！ ...

Investment Rating - The report does not explicitly state an investment rating for the backlight display panel industry Core Insights - The backlight display panel industry in China has experienced significant growth, with market size increasing from 50.64 billion in 2017 to 217.29 billion in 2022, reflecting a steady growth trend driven by consumer demand for high-quality displays and advancements in technologies like MiniLED [4][7] - Major players in the industry include BOE Technology Group, TCL, and Innolux, which have established strong positions in both domestic and international markets through technological innovation and capacity expansion [4][12] - The industry is characterized by intense competition among leading companies, with a focus on technological advancements, market expansion, and internationalization [11][12] Market Background - The backlight display panel industry involves manufacturers and suppliers producing panels for electronic products such as TVs, computer monitors, and smartphones, primarily categorized into LCD and EPD technologies [4][5] - The market has evolved from a nascent stage (2000-2010) to a rapid growth phase (2010-2020) and is currently in a high-growth period, with Chinese companies gaining significant global competitiveness [6] Market Status - The market size has shown steady growth, with a compound annual growth rate driven by consumer upgrades and the rapid development of new display technologies [7] - Supply dynamics indicate a complex cost structure influenced by raw material prices, with leading manufacturers maintaining dominance despite the entry of new players [8] - Demand for backlight display panels continues to rise, fueled by the proliferation of electronic devices and the increasing popularity of high-end products like 4K ultra-high-definition TVs [9] Market Competition - The competitive landscape is diverse and highly competitive, with leading companies like BOE, TCL, and Innolux dominating the market through technological expertise and extensive production capabilities [12] - The industry is witnessing a trend towards deeper integration of the supply chain to enhance efficiency and reduce costs, alongside an acceleration of internationalization efforts by Chinese firms [11][15] Development Trends - The industry is expected to see accelerated technological innovation with the emergence of MiniLED and MicroLED technologies, enhancing display quality and meeting consumer demands [15] - Market demand is projected to continue growing, particularly in emerging sectors such as smart home and automotive displays [15] - The trend of industry consolidation is anticipated to deepen, with companies seeking to collaborate closely with upstream and downstream partners to enhance overall competitiveness [15]

Market Overview - The Shanghai Composite Index fell by 1.2%, the CSI 300 dropped by 1.8%, and the ChiNext Index decreased by 1.7% on Thursday [5][7] - The best-performing sectors included computers (+0.4%) and communications (+0.1%), while the worst performers were steel (-4.1%) and real estate (-3.1%) [5][7] - Total trading volume across the A-shares was 19,618 billion, with net inflow from southbound funds amounting to 13.13 billion HKD [5][7] Key Recommendations - The report highlights Qiao Feng Intelligent (301603) as a domestic CNC machine tool leader, emphasizing its potential for high growth despite market cycles [8] - The Chinese machine tool market is valued at over 1 trillion, with low market concentration and significant room for domestic replacement of high-end machines currently dominated by foreign companies [8] - The company is positioned in high-demand sectors, with rapid growth in contract liabilities indicating strong future performance [8][9] Important Insights - The macroeconomic analysis suggests that the Federal Reserve may lower interest rates twice within the year, with limited impact from recent political disturbances regarding the Fed Chair [11][12] - The report indicates a shift in the competitive landscape of the domestic machine tool industry from homogeneous competition to differentiated competition, enhancing the potential for exports [9] - The company is focusing on high-end products and has made significant technological breakthroughs, with contract liabilities showing substantial growth [9][10] Industry Analysis - The home appliance sector is experiencing a surge in MiniLED technology, with rapid penetration rates and improved profitability for brands [13] - The report anticipates that MiniLED products will drive brand performance beyond expectations, with catalysts including increased shipment rates [13] - However, there are risks associated with the pace of new product launches and cost reductions in MiniLED technology [13]

Core Viewpoint - The recent data indicates a positive trend in the A-share market, with significant net inflows into specific concept sectors, particularly PCB, advanced packaging, and AI PC, suggesting potential investment opportunities in these areas [1] Group 1: Market Performance - The Shanghai Composite Index increased by 0.44% over the past three days [1] - The trading volume in A-shares decreased by 1.78% compared to the previous three days [1] Group 2: Concept Sectors with Net Inflows - The PCB concept sector saw a net inflow of 5.175 billion yuan, with a price increase of 6.14% [1] - The advanced packaging sector experienced a net inflow of 3.365 billion yuan, with a price increase of 4.97% [1] - The AI PC sector had a net inflow of 3.081 billion yuan, with a price increase of 4.93% [1] - Other notable sectors include 5G with a net inflow of 2.976 billion yuan and a price increase of 3.49%, and Foxconn concept with a net inflow of 2.700 billion yuan and a price increase of 4.28% [1]