报告摘要 事件：公司发布2025 年三季报，2025 年前三季度，公司累计实现营收7.17 亿元，同比下降24.03%；实 现归母净利润0.23 亿元，同比下降28.99%；实现扣非归母净利润0.09 亿元，同比下降61.19%。其中， 单三季度实现营收2.34 亿元，同比增长10.01%；实现归母净利润0.11 亿元，同比增长172.80%；实现扣 非归母净利润0.08 亿元，同比增长143.79%。 业绩扭亏，盈利能力持续改善 风险提示：行业波动风险、公司业务不及预期的风险、产品研发不及预期的风险、研报使用的信息存在 更新不及时风险。 （1）成长性分析：2025 年前三季度，公司营收7.17 亿元，同比下降24.03%。2025上半年以来已实现扭 亏为盈，Q2、Q3 连续两个季度净利润为正，处于业务复苏阶段；单三季度营收2.34 亿元，同比增长 10.01%。2025 年上半年，公司海外业务营收占比4.39%，较上年同期大幅增加，出海进程稳步推进。 （2）盈利能力分析： 2025 年前三季度，公司销售毛利率为24.05%，同比提升0.54pct，销售净利率为 2.30%，同比下降0.38pct；上半年销售 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a sharp drop in its evaporation source equipment business, while its materials business showed resilience and growth [1][2][3] Financial Performance - The company achieved operating revenue of 281 million yuan, a year-on-year decrease of 17.87% [1][2] - Net profit attributable to shareholders was 27.005 million yuan, down 70.59% year-on-year [1][2] - The net profit excluding non-recurring gains and losses was 4.257 million yuan, a decrease of 93.31% year-on-year [1][2] - Basic earnings per share were 0.11 yuan [1] Business Segments - The company operates in the OLED industry, focusing on upstream organic light-emitting materials and evaporation source equipment [1] - In the materials segment, the company completed a full system layout for OLED terminal light-emitting materials, achieving a 21.99% increase in materials revenue to 257 million yuan [2] - The evaporation source equipment revenue was 23.3528 million yuan, reflecting a significant decline of 82.20% [2] Market Position and Strategy - The materials business has become a "ballast" for the company's performance, benefiting from increased demand in the downstream display panel industry [3] - Despite the short-term decline in the evaporation source equipment business, the company anticipates a recovery as the industry transitions from 6th generation to 8.6th generation production lines [3] - The company has signed a supply contract for the G8.6 evaporation source with BOE for the B16 project, indicating a strengthening competitive position in the equipment sector [3] - The company aims to leverage its dual advantages in equipment and materials to capture growth opportunities in the OLED upstream supply chain [3]