证券研究报告 | 策略点评 2025 年 08 月 26 日 投资要点 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250826 今日关注 指数涨跌情况：今日 A 股主要宽基指数多数调整。截止收盘，沪指跌 0.39%， 收报 3868.38 点；深证成指涨 0.26%，收报 12473.17 点；创业板指跌 0.76%， 收报 2742.13 点；科创 50 跌 1.31%，收报 1270.87 点。总体上全天个股涨跌 各半，Wind 数据显示，全市场 2802 只个股上涨，2469 只个股下跌，152 只个 股收平。沪深两市今日成交额合计 26790 亿元，较上个交易日缩量 4621 亿元。 行业涨跌情况：今日申万一级行业涨跌各半，农林牧渔、美容护理、基础化 工、传媒和综合行业领涨，涨幅分别为 2.62%、2.04%、1.26%、1.23%、1.09%； 医药生物、非银金融、钢铁、国防军工和通信行业领跌，跌幅分别为 1.09%、 1.06%、0.98%、0.93%、0.79% 板块涨跌情况：今日涨幅居前概念板块为 ...

Group 1: Technology Development - The company focuses on customer-oriented product development, addressing varying technical parameter requirements for different application scenarios in AR glasses [2][3] - Micro LED technology is recognized for its high brightness, efficiency, and longevity, making it suitable for AR/VR devices, despite current production cost limitations [3] Group 2: R&D Personnel Changes - The reduction in R&D personnel in the 2024 report is attributed to business structure optimization, with staff transitioning to production roles to enhance yield and delivery capabilities [3] - The company continues to prioritize R&D innovation by recruiting high-end technical talent, particularly in new display technologies and AR/VR optical solutions [3] Group 3: Production Optimization - Current production optimization efforts focus on centralized production layout and automation to enhance scale efficiency, including streamlining material transfer and optimizing production line layouts [5] - The company aims to strategically focus on high-value products, particularly in Mini/Micro LED and automotive LED sectors, to improve product mix and increase the proportion of high-margin products [5]

Core Viewpoint - The display industry is experiencing a new wave of IPO activity in the first half of 2025, driven by technological innovation, growing market demand, and policy support, with many companies seeking to capitalize through IPOs to expand production, enhance R&D, and increase market share [1][12]. Group 1: Companies Pursuing IPOs - In the first half of 2025, 10 display-related companies are advancing their IPO plans, covering various segments such as display panel technology, display drivers, image sensors, LCD components, smart display terminals, and LED displays [2][3]. - Notable companies include: - Chaoying Electronics, seeking to raise 6.6 billion yuan for expansion and R&D [3]. - Huike Co., aiming to raise 82 billion yuan for new technology projects [3]. - Visionary Technology, planning to raise 20.15 billion yuan for Micro OLED production line expansion [4][8]. Group 2: Fundraising Purposes - The primary focus of fundraising is on "new display technology R&D and industrialization" and "overseas market and internationalization" [5][10]. - Huike has invested 310.93 billion yuan in six display projects in the first half of 2025, including Mini LED and electronic paper modules [6][7]. - Visionary Technology and Yunying Valley are concentrating on Micro OLED technology, which is gaining traction in AR glasses [7][8]. Group 3: International Market Expansion - Companies are accelerating their international market expansion, with the Hong Kong Stock Exchange becoming a popular venue for IPOs [9][10]. - For instance, Hehui Optoelectronics plans to enhance its international strategy and production capacity for high-end AMOLED panels [10]. - Dazhu CNC aims to establish a new production facility in Singapore to align with the PCB industry's shift to Southeast Asia [10][11]. Group 4: Advantages of Hong Kong Listing - The Hong Kong Stock Exchange offers more flexible listing conditions compared to the A-share market, focusing on growth potential and technological innovation [11]. - The exchange allows diverse share structures, enabling founders to maintain control post-IPO, which is attractive for rapidly growing companies [11]. - Listing in Hong Kong enhances brand visibility and facilitates access to a broader international investor base, crucial for capital-intensive industries like LED and display panels [11][12].

Core Viewpoint - The panel industry is experiencing growth driven by tariff stocking and national subsidy policies, while companies are diversifying their technology and application layouts to prepare for future developments [2][19]. Group 1: Company Investments and Projects - Huike is the most active panel manufacturer in new display project construction, with multiple projects entering various stages, including a total investment of 80 billion yuan for an electronic paper display module project and 50 billion yuan for an intelligent manufacturing complex [3][4]. - BOE is advancing multiple projects, including the world's first 6-inch Micro LED production line, with an annual production capacity of 24,000 Micro LED wafers and 45,000 Micro LED pixel devices [6][7]. - TCL Huaxing is strengthening its LCD business through acquisitions, including the purchase of LGD's Guangzhou 8.5-generation line, with a total investment of approximately 254 billion yuan [8][9]. - LG Display is focusing on OLED technology, with a significant investment of 1.26 trillion won (approximately 66.56 billion yuan) for an OLED panel factory in South Korea [11][12]. - Hefei Guoxian is constructing the world's first 8.6-generation AMOLED production line with a total investment of 550 billion yuan [13]. - Deep Tianma has completed the mass production of its new 8.6-generation display panel production line with a total investment of 330 billion yuan [14][15]. Group 2: Future Growth Potential - OLED technology is expected to dominate the small-size panel market, with an estimated shipment of 3.4 million OLED display panels in 2025, a 69% increase from 2024 [19]. - Mini LED backlight technology is projected to see significant growth in the TV market, with shipments expected to exceed 11.5 million units in 2025, accounting for 6% of the global TV market [19]. - Micro LED technology is still in its early stages, with an estimated market value of 27.9 million USD in 2024, expected to grow to 740 million USD by 2029 as technology advances [20]. - The electronic paper technology is anticipated to gain traction in various applications due to its unique advantages, such as low power consumption and lightweight design [19]. Group 3: Overall Industry Trends - Panel manufacturers are solidifying their LCD technology while investing heavily in OLED, Mini LED, Micro LED, and electronic paper technologies to enhance their competitive edge in the future display industry [21]. - The investment in OLED technology is the highest among panel manufacturers, followed by LCD, MLED, and electronic paper [21].

Group 1: Business Development and Technology - The company's vehicle display business is rapidly developing due to the promotion of new energy vehicles and the increasing penetration of intelligent cockpits, with Mini-LED technology meeting the demand for new display solutions [2] - The company has established strong partnerships with tier 1 clients such as Continental, Faurecia, and Visteon, as well as end customers like BYD, NIO, and Geely, which has accelerated the growth of its vehicle display business [2] - The company plans to leverage its first-mover advantage in Mini-LED technology to further expand its business [2] Group 2: LIPO Technology Market Outlook - According to Omdia, the shipment of small and medium-sized OLEDs is expected to exceed 1 billion units in 2025, covering devices like smartphones and AR/VR headsets [3] - LIPO technology, recognized for its advantages and already adopted by Apple, is anticipated to see a rapid increase in penetration, creating new market demand [3] - The company has been developing LIPO technology since 2022, and it is now entering mass production, which is expected to positively impact its performance [3] Group 3: Product Applications - The company's display products have successfully been applied in action cameras, with bulk deliveries made to clients such as DJI and GoPro [3] - The company aims to continue expanding its business coverage and deepen cooperation with various clients [3]

Market Performance - Major stock indices in Shanghai and Shenzhen opened lower on June 3 but experienced upward fluctuations during the morning session, with the Shanghai Composite Index and ChiNext Index consolidating at relatively high levels in the afternoon [1] - By the close, the Shanghai Composite Index was at 3361.98 points, up 0.43%, with a trading volume of approximately 468.3 billion; the Shenzhen Component Index closed at 10057.17 points, up 0.16%, with a trading volume of about 673.1 billion; the ChiNext Index ended at 2002.70 points, up 0.48%, with a trading volume of around 307.1 billion [1] Sector Performance - The beauty care and immunotherapy sectors saw significant gains, while other sectors such as precious metals, innovative drugs, CRO concepts, cultivated diamonds, COVID-19 drug concepts, pet economy, weight loss drugs, gaming, dairy, and small banks also experienced notable increases [1] - Conversely, sectors like steel, home appliances, and coal faced declines, although the overall drop was not substantial [1] Institutional Insights - Jifeng Investment Advisory noted that the market is gradually finding a bottom, with medium to long-term investment opportunities emerging, particularly in sectors benefiting from policy support such as consumer goods, semiconductors, and robotics [2] - Guojin Securities highlighted opportunities in gold and innovative drugs, emphasizing the potential for margin improvement and revenue growth in the pharmaceutical sector due to policy guidance [2] - Dongwu Securities recommended focusing on technology growth sectors, thematic catalysts, and areas with improving fundamentals, such as innovative drugs and military electronics [3] Industry Developments - The National Federation of Automobile Dealers Association called for a resistance against "involution-style" competition primarily driven by price wars, advocating for high-quality development in the automotive industry [4] - The National Energy Administration announced measures to optimize the electricity market access environment and enhance the effectiveness of qualification management, including exemptions for new business models in distributed energy [5]

Core Viewpoint - The article discusses the collaboration between Visionox and the Kunshan Economic and Technological Development Zone to establish a new generation display industry innovation center, which is expected to significantly enhance the local electronic information industry cluster and promote technological advancements in flexible AMOLED technology [1][2]. Group 1: Project Overview - The project will utilize approximately 60 acres of industrial land with a total investment of around 5 billion yuan, including 4 billion yuan for equipment, intangible assets, and working capital, and 1 billion yuan for land and factory construction [2]. - The project aims to develop a leading flexible AMOLED technology platform and will focus on three main areas: advanced display technology development, product delivery based on related R&D projects, and research incubation in semiconductor technology [2]. Group 2: Strategic Importance - The project is strategically significant for strengthening and expanding the optoelectronic display industry chain in Kunshan, with potential extensions into integrated circuits and photovoltaics, contributing to the establishment of a new generation information technology industry cluster [2][3]. - The collaboration will lead to the establishment of a project company, with support from the Kunshan Economic and Technological Development Zone management committee, which will coordinate funding from state-owned platforms [2]. Group 3: Company Background and Future Plans - Visionox has been operating in Kunshan since 2006, where it established the first large-scale production line for AMOLED technology in China and is currently upgrading its production lines to meet growing market demand [3]. - The company is also expanding its presence in Hefei, with significant investments in flexible AMOLED production lines, including a 110 billion yuan project for a 6th generation production line and a 550 billion yuan project for an 8.6 generation production line [4].

【WitsView整理】 4月23日晚，维信诺发布公告称，为加快推动昆山新一代电子信息产业集群高 质量发展，公司拟与昆山经济技术开发区管理委员会签署《昆山全球新型显示产业创新中心项目 合作协议》。 维信诺表示，本次合作，在技术创新方面，将推动未来显示技术创新突破，推动AMOLED在消费 电子、车载显示、虚拟现实、医疗探测等各种应用场景加速渗透；在产业发展方面，将进一步推 动新型显示产业链、泛半导体技术研究成果的孵化，对培育未来增长点、加快新一代电子信息产 业集群转型发展具有重要意义。 据悉，该项目需使用工业用地约60亩，总投入约50亿元，其中：设备投资、无形资产、流动资金 等约40亿元，土地、厂房建设约10亿元。总投入涵盖相关固定资产及相关专利。项目为国内领先 高配柔性AMOLED技术开发平台，主要开展三项业务： 1.前沿显示技术开发，包括材料和装备国产化验证、前沿显示底层关键技术研发等； 2.基于相关研发项目进行相关产品交付，包括XR产品和X-ray产品等； 3.泛半导体技术研究孵化，包括钙钛矿项目和玻璃载板项目等。 考虑到该项目对补强、壮大昆山开发区光电显示产业链有重大战略意义，同时能够延伸到集成电 路、 ...

江苏翔腾新材料股份有限公司 Jiangsu Topfly New Materials Co., Ltd. （南京市栖霞区栖霞街道广月路 21 号） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （上海市静安区新闸路 1508 号） 江苏翔腾新材料股份有限公司 招股说明书（注册稿） 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | --- | --- | | 发行股票数量 | 不超过 1,717.1722 万股，且本次发行股份数量占发行后公司总 股本的比例不低于 25%；本次公开发行的股票全部为新股，不 | | | 进行老股转让 | | 每股面值 | 人民币 1.00 元 | | 每股发行价格 | 【】元/股 | | 预计发行日期 | 【】年【】月【】日 | | 拟上市证券交易所和板块 | 深圳证券交易所主板 | | 发行后总股本 | 不超过 6,868.6888 万股 | | 保荐人、主承 ...

江苏翔腾新材料股份有限公司 Jiangsu Topfly New Materials Co., Ltd. （南京市栖霞区栖霞街道广月路 21 号） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 保荐人（主承销商） （上海市静安区新闸路 1508 号） 江苏翔腾新材料股份有限公司 招股说明书（注册稿） 期后业绩下滑的重大风险提示 一、2022 年经营业绩下滑 （一）2022 年 1-9 月经营业绩同比下滑 根据天衡会计师事务所（特殊普通合伙）出具的《审阅报告》，发行人 2022 年 1-9 月经审阅但未经审计的主要财务数据如下： 1、合并资产负债表主要数据 | | | | 单位：万元 | | --- | --- | --- | --- | | 项目 | 2022.9.30 | 2021.12.31 | 变动比例 | | 流动资产 | 54,505.54 | 64,819.43 | -15.91% | | 非流动资产 | 9,40 ...