Core Viewpoint - O-film Technology (002456.SZ) is undergoing a restructuring process involving the issuance of shares to purchase assets and raise supporting funds, with concerns raised by the Shenzhen Stock Exchange regarding the projected gross margin of its core target, O-film Microelectronics, which is expected to rise from 21.87% in 2025 to 24.40% in 2030, despite a declining actual gross margin in recent years [1][2] Group 1 - The projected gross margin for O-film Microelectronics is expected to increase from 21.87% in 2025 to 24.40% in 2030, while the actual gross margins for 2023, 2024, and Q1 2025 are 18.26%, 18.43%, and 16.67% respectively [1] - The Shenzhen Stock Exchange has inquired about the discrepancy between the projected gross margin and the actual performance, particularly in light of industry-wide pricing pressures on high-margin products [1] - O-film Technology attributes the fluctuations in gross margin to short-term factors, including seasonal characteristics affecting the shipment of high-margin ultrasonic modules and strategic pricing decisions in the competitive market for automotive 3D sensing products [1] Group 2 - The core logic behind the anticipated increase in gross margin is a strategic adjustment in product mix, with O-film Microelectronics' ultrasonic fingerprint recognition modules holding over 46% of the global market share and 3D sensing modules rapidly expanding in automotive and robotics sectors [2] - The revenue contribution from these high-margin products is projected to increase from 67.42% in 2025 to 76.34% in 2030, which, combined with economies of scale, is expected to drive overall gross margin growth [2]