文/梧桐兄弟 3月3日，惠科股份有限公司主板IPO申请获得深交所上市委审核通过。 单位：万元 报告期内，公司营业收入分别为2,696,450.99万元、3,582,448.53万元、4,028,182.77万元和 1,899,719.99万元,扣非归母净利润分别为-333,294.05万元、144,830.42万元、256,961.44万元和 157,776.47万元。 惠科股份有限公司 主要从事半导体显示面板等核心显示器件以及智能显示终端的研发、制造和销售。 公司的控股股东为惠科投控，实际控制人为王智勇，实控人合计控制公司52.31%股份的表决权。报告 期内，公司营业收入分别为2,696,450.99万元、3,582,448.53万元、4,028,182.77万元和 1,899,719.99万元,扣非归母净利润分别为-333,294.05万元、144,830.42万元、256,961.44万元和 157,776.47万元。 一、基本信息 惠科股份是一家专注于半导体显示领域的中国领先、世界知名的科技公司，主营业务为半导体显示面板 等核心显示器件以及智能显示终端的研发、制造和销售，主要产品包括多种尺寸和类型的T ...

来源：市场资讯 （来源：IPO上市实务） 深圳证券交易所上市审核委员会定于2026年3月3日召开2026年第9次上市审核委员会审议会议，审核惠科股份有限公司 （首发）。 | 公司全称 | 惠科股份有限公司 | | --- | --- | | 受理日期 | 2025-06-30 | | 审核状态 | 已问询 | | 保存机构 | 中国国际金融股份有限公司 | | 会计师事务所 | 天健会计师事务所（特殊普通合伙） | | 律师事务所 | 北京市君合律师事务所 | | 评估机构 | 北方亚事资产评估有限责任公司 | 惠科股份有限公司（"惠科股份"）是一家专注于半导体显示领域的中国领先、世界知名的科技公司，主营业务为半导体显 示面板等核心显示器件以及智能显示终端的研发、制造和销售，主要产品包括多种尺寸和类型的TV面板、IT面板、TV终 端、IT终端以及各类智慧物联终端，广泛应用于消费电子、商用显示、汽车电子、工业控制、智慧物联等显示场景。 通过本次首次公开发行股票并上市，公司将进一步巩固在半导体显示领域的竞争优势，提升全球品牌影响力；加大 OLED、Oxide、MiniLED等新型显示技术研发投入和产线布局，提升现 ...

Core Viewpoint - Guangzhou Industrial Control Group's subsidiary, Guanggang Gas, will supply electronic gases for TCL Huaxing's 8.6-generation printed OLED display panel production line project, known as the "t8 project" [1][2]. Group 1: TCL Huaxing t8 Project - The TCL Huaxing t8 project has a total investment of 29.5 billion yuan and will have a processing capacity of approximately 22,500 glass substrates measuring 2290mm × 2620mm per month upon completion [2]. - The production line utilizes TCL Huaxing's self-developed, cutting-edge 8.6-generation substrate specifications and inkjet printing technology, which is significant for advancing China's semiconductor display industry [2]. Group 2: Role of Electronic Gases - Electronic gases are crucial throughout the manufacturing process of semiconductor display panels, impacting thin film deposition, etching, and packaging, with their purity and stability directly affecting product yield and performance [2]. - Guanggang Gas will provide high-quality, high-purity electronic gas solutions for the t8 project, marking a deepening of the collaboration between Guanggang Gas and TCL Huaxing, which has lasted for 15 years [2]. Group 3: Other Projects in the Industry - Besides TCL Huaxing, projects for gas supply to BOE and Visionox's 8.6-generation OLED production lines are also progressing: - In May 2025, Messer's bulk gas station system project will be established in Hefei High-tech Zone, with a total investment of 340 million yuan, expected to start production in the second half of 2026 [4]. - In June 2025, a gas supply project for BOE's Chengdu 8.6-generation AMOLED production line will commence, with an initial investment of approximately 250 million yuan [4].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Insights - The company demonstrates strong growth momentum with a revenue increase of 10.50% year-on-year, reaching 1360.65 billion yuan in the first three quarters of 2025. The net profit attributable to shareholders increased by 99.75% to 30.47 billion yuan, while the net profit excluding non-recurring items surged by 233.33% to 24.29 billion yuan [4] - The semiconductor display business shows multiple breakthroughs, with significant growth in both large and small-sized displays. The market share for large-sized displays increased by 5 percentage points to 25%, and the small-sized display segment has become a core growth engine [5] - The company is effectively integrating its T11 production line and optimizing its product matrix and capacity configuration, while maintaining a steady operational rhythm in its OLED business, ranking fourth globally in flexible OLED smartphone shipments [5][6] Financial Performance - The company is expected to achieve revenues of 1903 billion yuan, 2236 billion yuan, and 2636 billion yuan for the years 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 43.2 billion yuan, 80.0 billion yuan, and 107.7 billion yuan for the same years [7] - The financial metrics indicate a significant recovery, with a projected EBITDA of 45105.49 million yuan in 2025, increasing to 60952.89 million yuan by 2027 [10]

Core Viewpoint - Longhua Technology is focusing on the semiconductor sector, particularly in metal and ITO target materials, with an emphasis on semiconductor display and photovoltaic applications [1] Group 1: Product Focus - The company is strategically positioning itself in the metal target material sector to meet the diverse needs of semiconductor display technologies, which are evolving rapidly due to advancements like foldable screens and high-end automotive displays [1] - There is a growing demand for reflective layer materials, large-size molybdenum targets, and molybdenum alloy targets suitable for 4K/8K ultra-high-definition displays, indicating a trend towards highly specialized target materials [1] - Longhua Technology has completed its layout for metal targets in emerging display technologies such as Micro LED and Mini LED, aiming to seize market opportunities [1] Group 2: Future Plans - In the integrated circuit sector, the company plans to focus on storage-related target materials and is currently in discussions with partners to advance this initiative [1] - Leveraging existing production equipment and technical foundations, the company has developed a certain level of technical reserves in this area, although it has not yet established a significant competitive advantage in specialized equipment and market channel development [1] - By 2025, the company intends to increase investments in the semiconductor field, particularly in the research and industrialization of storage target materials like molybdenum and copper [1] Group 3: Current Capabilities - The company has accumulated relevant technology in high-purity copper targets and has established a certain industrial chain foundation, although this business segment is currently smaller compared to display target materials, indicating substantial growth potential in the future [1]

Core Viewpoint - The article emphasizes the importance of having the right direction in business, stating that difficulties can be overcome if the direction is correct, while self-doubt can lead to disastrous outcomes [1]. Group 1: Company Background - Xi'an Yiswei Materials has become the largest 12-inch silicon wafer manufacturer in mainland China, ranking first domestically and sixth globally, with a successful listing on the STAR Market on October 28, 2025 [5][29]. - The company aims to achieve profitability for its first factory by the second half of 2025 and for its second factory by the second half of 2027, with a goal of consolidated profitability by 2027 [28][29]. Group 2: Leadership Insights - Wang Dongsheng, the chairman of Yiswei, believes that the motivation for his second entrepreneurial venture is to align with "the trends of the times and national needs" [6][8]. - He highlights the importance of self-reliance and innovation in the semiconductor industry, emphasizing that true innovation requires foundational technology rather than mere assembly [7][8]. Group 3: Industry Context - The article discusses the evolution of China's industrial landscape over the past four decades, noting the transition from assembly-based industries to a focus on self-sustaining, innovative enterprises [6][7]. - Wang stresses that the semiconductor industry must overcome challenges posed by international trade tensions and technological barriers, advocating for a shift from reliance on external paths to innovative solutions [26][27]. Group 4: Regional Development - The article highlights the supportive role of the local government in Xi'an, which has fostered a conducive environment for Yiswei's growth, including successful financial backing and strategic collaboration [17][20]. - Wang expresses optimism about the potential for Xi'an to become a significant player in the semiconductor industry, similar to other major cities like Beijing and Shanghai [21][22]. Group 5: Future Aspirations - Yiswei aims to achieve a 50% share of its revenue from overseas markets, indicating a strategic focus on both domestic and international growth [29][31]. - The company is committed to addressing common industry challenges and positioning itself as a leader in the semiconductor sector through continuous technological innovation [19][27].

Core Insights - The trade relationship between China and South Korea has significant potential for growth, with South Korea being China's second-largest trading partner for two consecutive years [3][4]. Group 1: Trade Statistics - In 2022, China's total import and export value reached 45.47 trillion yuan (approximately 6.3 trillion USD), marking a year-on-year growth of 3.8% and maintaining its position as the world's largest trader for nine consecutive years [1]. - South Korea's total trade volume was 1.3414 trillion USD in 2022, with exports at 709.7 billion USD (up 3.8%) and imports at 631.7 billion USD (down 0.02%), resulting in a trade surplus of 78 billion USD [2]. - The bilateral trade volume between China and South Korea is projected to reach 2.37 trillion yuan by 2025, with a year-on-year growth of 1.7% [3]. Group 2: Economic Cooperation and Strategy - The South Korean government recognizes the necessity to shift its perception of bilateral economic cooperation, moving from a vertical division of labor to a more horizontal collaboration model [4]. - The "China-Korea Business Forum" held in Beijing emphasizes the importance of innovation in manufacturing, new consumer markets, and service industry cooperation [5]. - The Long Triangle region has become a significant hub for South Korean trade with China, accounting for about 40% of South Korea's trade with China, with Shanghai alone representing around 10% [9]. Group 3: Technological Collaboration - There is a strong potential for collaboration in emerging fields such as artificial intelligence, semiconductors, and new energy vehicles, as highlighted by industry leaders [6][7]. - The recent visit of the South Korean President to Shanghai underscores the importance of fostering an environment conducive to entrepreneurship and cross-border technological cooperation [10].

Group 1 - The core viewpoint of the article emphasizes the significant potential for cooperation between China and South Korea in emerging fields such as artificial intelligence, semiconductor displays, new energy vehicles, and biotechnology, as highlighted by TCL's founder and chairman, Li Dongsheng [2] - Li Dongsheng proposed three suggestions for deepening cooperation: 1) fully utilize the China-South Korea Free Trade Agreement to enhance bilateral economic cooperation; 2) leverage each country's industrial advantages to promote collaboration in technological innovation; 3) build industrial resilience and optimize regional supply chain layouts [2] - TCL Huaxing has become a core supply chain partner for major companies like Samsung, LG, and Hyundai, with plans to increase its share in Samsung's mobile supply chain to 15% and expand its role as a core supplier for Hyundai's in-vehicle displays [2] Group 2 - The China-South Korea Business Forum was co-hosted by the China Council for the Promotion of International Trade and the Korea Chamber of Commerce and Industry, with over 400 attendees from both countries, including key economic representatives from South Korea such as President Yoon Suk-yeol and leaders from major corporations [3]

Core Viewpoint - The article emphasizes the significant cooperation potential between China and South Korea in emerging fields such as artificial intelligence, semiconductor displays, new energy vehicles, and biotechnology, as highlighted by TCL's chairman, Li Dongsheng [1][2]. Group 1: Cooperation and Strategic Initiatives - The China-South Korea Business Forum invited over 200 entrepreneurs from South Korea, including leaders from major companies like Samsung and SK Group, to discuss collaboration amidst new industrial competition challenges [2]. - Li Dongsheng outlined three key areas for deepening cooperation: utilizing the China-South Korea Free Trade Agreement, leveraging each country's industrial advantages for technological innovation, and optimizing regional supply chain layouts [2][5]. - TCL aims to enhance its market presence in South Korea by deepening partnerships with local channel customers and service providers, focusing on product market share and brand influence [5]. Group 2: Technological Advancements and Market Position - TCL has established a strong foothold in the South Korean market through its technological capabilities and strategic partnerships, including collaborations with major local companies like Samsung and LG [4]. - The company has successfully penetrated various product categories in South Korea, including televisions, air conditioners, refrigerators, and washing machines, and has achieved increasing product penetration rates [4]. - TCL is recognized as a leader in Mini LED technology and has pioneered mass production of printed OLED technology, marking significant advancements in display technology [4]. Group 3: Globalization Strategy - TCL's globalization strategy includes the establishment of five overseas operational entities, aiming to create localized supply chains and enhance industrial capabilities in foreign markets [8]. - The company has set up 47 R&D centers and 39 manufacturing bases globally, employing 160,000 people and serving over 1.3 billion users [9]. - TCL's participation in CES 2026 will showcase its global competitiveness, with a focus on advanced display technologies and a comprehensive range of smart terminal products [10][12].

Core Viewpoint - The article emphasizes the significant cooperation potential between China and South Korea in emerging fields such as artificial intelligence, semiconductor displays, new energy vehicles, and biotechnology, as highlighted by TCL's founder and chairman, Li Dongsheng, during the China-South Korea Business Forum [1][6]. Group 1: Cooperation and Market Strategy - Li Dongsheng advocates for a long-term perspective and global orientation in industry collaboration, suggesting three specific areas for deepening cooperation: utilizing the China-South Korea Free Trade Agreement, leveraging industrial advantages for technological innovation, and optimizing regional supply chain layouts [1][8]. - TCL has successfully established a presence in the South Korean market by forming deep cooperative relationships with local leading companies, enhancing its product penetration across various categories such as TVs, air conditioners, refrigerators, and washing machines [4][5]. Group 2: Technological Advancements - TCL is recognized for its technological strengths, being the first globally to achieve mass production of Mini LED TVs and leading in printed OLED technology, which has facilitated its entry into the South Korean market [5][9]. - The company has formed multi-layered strategic partnerships with major South Korean firms like Samsung and LG in the semiconductor display sector, covering core electronic categories [4][9]. Group 3: Future Plans and Global Strategy - Looking ahead, TCL aims to enhance its market share and brand influence in South Korea by deepening collaborations with leading local channel partners and service providers, particularly in mobile devices and automotive displays [9][12]. - The company has set a strategic goal of "recreating five TCLs overseas," focusing on establishing localized supply chains and industrial capabilities in various regions, which is expected to contribute to both the company's growth and China's national income [12][16]. - TCL's global strategy has led to the establishment of 47 R&D centers and 39 manufacturing bases worldwide, with a workforce of 160,000 and over 130 million users served globally [13][15].