2025 年 06 月 08 日 北证专精特新（899601）：小而精， 特色更鲜明的优质投资标的 ——北交所发布北证专精特新指数点评 证券分析师 刘靖 A0230512070005 liujing@swsresearch.com 研究支持 吕靖华 A0230124070002 lvjh@swsresearch.com 联系人 吕靖华 (8621)23297818× lvjh@swsresearch.com 策 略 研 究 证 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 A 股 策 资料来源：Wind，申万宏源研究；截至 2025/6/6 资料来源：Wind，申万宏源研究；截至 2025/6/6 略 券 研 究 报 告 ⚫ 事件：2025 年 6 月 6 日，北交所公告将于 2025 年 6 月 30 日正式发布北证专精特新指 数，经流动性筛选后，北证专精特新指数将从符合条件的北交所专精特新"小巨人"上市 公司中选取市值最大的 50 只作为指数样本，为市场提供多维度投资标的和业绩基准。 ⚫ 北证专精特新聚焦小巨人、特色更鲜明，编制规则采用半年度调仓、调整数量不超 ...

Core Viewpoint - BOE Technology Group Co., Ltd. is experiencing positive market movements with a recent stock price increase and significant institutional interest, indicating a favorable outlook for the company and the LCD industry overall [1][2]. Group 1: Trading Information - As of June 6, 2025, BOE A shares closed at 3.94 CNY, up 3.68% from the previous week [1]. - On June 6, a block trade occurred with institutional net purchases amounting to 202.12 thousand CNY [2]. Group 2: Industry Insights - The LCD industry is seeing a normalization in supply and demand, with manufacturers adopting a "production based on demand" strategy, leading to a reduction in inventory levels [3]. - The mainstream LCD TV panel prices have been rising since January 2025, but demand is expected to cool down in the second quarter, stabilizing prices in May [3]. Group 3: Company Developments - BOE has made significant progress in its flexible AMOLED business, establishing a competitive edge in production capacity and technology, and is actively engaging with major smartphone brands [3]. - The Chengdu 8.6-generation AMOLED production line project has commenced equipment installation four months ahead of schedule, transitioning from construction to operational phase [4]. - The company anticipates a depreciation expense of approximately 38 billion CNY in 2024, with depreciation expected to peak this year as new projects come online and older lines reach the end of their depreciation period [4]. Group 4: Financial Announcements - BOE has received a loan commitment of 1.8 billion CNY from China Construction Bank for stock repurchase purposes, with a loan term of three years [5].

Group 1: Investor Relations Activity Overview - The investor relations activity took place on June 5, 2025, with a total of 22 participants from various investment firms and individual investors [3] - The event was hosted in the company's conference room, attended by key company executives including the Chairman and General Manager [3] Group 2: Company Export and Market Strategy - The company primarily serves domestic customers, with over 90% of its clients located in China; international sales account for approximately 7% of 2024 revenue [4] - The company is focused on high-performance products for automotive displays and high-end industrial control displays, aiming to provide cost-effective solutions through technological advancements [4] Group 3: Core Competitiveness and R&D Investment - The company's core competitiveness lies in its precise manufacturing of polarizers, with R&D expenses constituting about 7% of its revenue in 2024 [5] - The company plans to enhance R&D investment in line with revenue growth and new product development needs [5] Group 4: Import Substitution and Future Plans - There is significant potential for domestic substitution of upstream core materials, with ongoing collaborations to enhance R&D capabilities [6] - The company is exploring various development paths, including potential mergers and acquisitions in the capital market to strengthen its market position [7] Group 5: Financial Performance and Supply Chain - The company experienced a decline in revenue and profit in the first quarter due to market price adjustments, although overall production and sales remained stable [8] - Approximately 60% of the materials used by the company are sourced from overseas suppliers, including those from Japan, South Korea, and Taiwan [9]

Group 1 - The core index, the China Securities Hong Kong and US Listed Global Intelligent Driving Theme Index, opened at 6479.62 points and has seen a 5.17% increase over the past month, a 1.15% increase over the past three months, but a 5.35% decline year-to-date [1] - The index comprises 50 listed companies involved in intelligent driving sectors such as perception, positioning, decision-making, planning, control execution, and vehicle networking, reflecting the overall performance of these companies in the Hong Kong and US markets [1][2] - The index is based on a starting point of 1000.0 points as of December 30, 2016 [1] Group 2 - The top ten holdings of the index include NVIDIA Corp (10.74%), Li Auto-W (9.89%), Tesla Motors Inc (8.95%), Xpeng Motors-W (8.55%), Marvell Technology Group Ltd (6.51%), Rivian Automotive Inc. (5.15%), STMicroelectronics NV (3.37%), Analog Devices Inc (3.14%), Texas Instruments (3.11%), and Lucid Group Inc (3.02%) [2] - The market distribution of the index holdings shows that 60.74% are from the Nasdaq Global Select Market, 28.50% from the Hong Kong Stock Exchange, 5.60% from the Nasdaq Capital Market, and 5.16% from the New York Stock Exchange [2] - In terms of industry representation, passenger vehicles account for 22.53%, digital media for 2.98%, optical optoelectronics for 2.66%, and automotive parts and tires for 0.33% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with the sample changes, and generally remain fixed until the next scheduled adjustment [3] - In special circumstances, the index may undergo temporary adjustments, such as removing samples that are delisted or handling mergers, acquisitions, or spin-offs according to maintenance guidelines [3]

Investment Rating - The report maintains a "Buy" rating for the company [7][12]. Core Insights - The company is expected to achieve revenue of 6.278 billion yuan in 2024, representing a year-on-year growth of 23.67%, and a net profit of 1.030 billion yuan, reflecting a significant increase of 71.57% [2][10]. - The company has diversified its product offerings, with all five major business segments showing positive growth, particularly in optical components and film optical panels, which contributed significantly to the main revenue [2][3]. - The company has established a global presence with six production bases and is actively expanding its international market reach, enhancing its collaboration with major clients [3][5]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 7.346 billion yuan, 8.596 billion yuan, and 10.059 billion yuan, respectively, with corresponding net profits of 1.207 billion yuan, 1.416 billion yuan, and 1.664 billion yuan [7][10]. - The company's PE ratios for 2025, 2026, and 2027 are projected to be 22 times, 19 times, and 16 times, respectively [7][10]. Business Strategy - The company has acquired a 95.60% stake in Guangdong Aikesi, enhancing its strategic development in the AR/VR sector and positioning itself as a comprehensive optical solution provider [6][7]. - The company is transitioning from a product-driven model to a technology innovation-driven model, aiming to become a leading optical solution supplier [5][6].

Investment Rating - The report maintains a "Buy" rating for the company [7][12]. Core Insights - The company is expected to achieve revenue of 6.278 billion yuan in 2024, representing a year-on-year growth of 23.67%, and a net profit of 1.030 billion yuan, reflecting a significant increase of 71.57% [2][10]. - The company has diversified its product offerings, with all five major business segments showing positive growth. The optical components and film optical panel segments are the primary revenue contributors, accounting for 47% and 40% of total revenue, respectively [2][3]. - The company has established a global presence with six production bases and is actively expanding its international market reach [3][5]. - The acquisition of a 95.60% stake in Guangdong Aikesi enhances the company's capabilities in AR/VR and 3D visual recognition solutions, positioning it as a competitive player in the market [6][7]. Financial Performance - The company forecasts revenues of 7.346 billion yuan, 8.596 billion yuan, and 10.059 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.207 billion yuan, 1.416 billion yuan, and 1.664 billion yuan [7][10]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 22 times, 19 times, and 16 times, respectively [7][10].

在科技自立自强与产业链升级的双重驱动下，电子行业迎来重要发展机遇。而研发投入是电子行业公司技术迭代与市场份额增长的基石。过去三年，A股电 子行业上市公司研发投入变化情况如何？接下来，每经资本眼记者就来详细梳理一番。 2022年至2024年，A股电子行业上市公司合计研发费用分别为1636.92亿元、1735.94亿元和1935.37亿元。从绝对值来看，在所有A股申万一级行业中，目前 电子行业的总研发费用排名第二位。 | 板块名称 | 2022年研发费用 | 2023年研发费用 | 2024年研发费用 | 增速=(2024- | | --- | --- | --- | --- | --- | | | (亿元) | (亿元) | (亿元) | 2022) /2022 | | 银行 | | | | | | 建筑装饰 | 2253.68 | 2423. 48 | 2330. 38 | 3. 40% | | 电子 | 1636. 92 | 1735. 94 | 1935. 37 | 18. 23% | | 汽车 | 1154. 90 | 1472. 17 | 1701. 14 | 47. 30% | | 电力设备 | 1 ...

Mergers and Acquisitions - Cixing Co., Ltd. plans to acquire 75% of Shenyang Shunyi Technology Co., Ltd. through a combination of issuing shares and cash payments, while also raising supporting funds from no more than 35 qualified investors [1] - United Optoelectronics intends to purchase 100% of Changyi Optoelectronics from 12 shareholders via share issuance and will also raise supporting funds [2] - Inte Group's subsidiary, Inte Pharmaceutical, successfully acquired 100% equity of Zhejiang Huadong Pharmaceutical Group Co., Ltd. for 369 million yuan and signed a transaction contract with the transferor [3] Shareholding Changes - Guokang Biochemical announced that shareholders plan to collectively reduce their holdings by no more than 6% of the company's total shares, with specific plans from two major shareholders to reduce by 3% each [4] - Ruilian New Materials reported that a major shareholder, Guofu Yongyu, plans to reduce its holdings by up to 3.33%, equivalent to 573,110 shares [5] - Hongxin Technology disclosed that two major shareholders, Baiqiang and Taizhou Qixin, plan to reduce their holdings by 2.62% and 2.12% respectively [6] Risk Matters - Sinovac Biotech highlighted the high-tech, high-risk, and high-value characteristics of its innovative drugs, emphasizing the uncertainties involved in the research and approval processes [7] - Zhongheng Design noted that the revenue from its low-altitude economy and commercial aerospace projects is minimal compared to its consolidated financial statements, despite winning several contracts in these sectors [8] Restructuring - *ST Xinyan announced that it received a notice from a creditor applying for the company's restructuring and pre-restructuring procedures [10]

Core Viewpoint - The company plans to repurchase its shares using its own or raised funds, with a total budget between RMB 80 million and RMB 100 million, to be used for employee stock ownership plans or equity incentives [2][3]. Group 1: Share Repurchase Plan - The company has approved a share repurchase plan at the sixth board meeting on April 18, 2025, intending to buy back part of its public shares through centralized bidding [2]. - The repurchase will involve ordinary shares (A shares) and must be completed within 12 months from the board's approval [2]. - If the repurchased shares are not used for the intended purposes within 36 months, the unused portion will be canceled [2]. Group 2: Repurchase Progress - As of May 31, 2025, the company has repurchased 1,138,400 shares, accounting for 0.0808% of the total share capital, with a total transaction amount of RMB 6,775,602 [3]. - The highest and lowest prices for the repurchased shares were RMB 5.98 and RMB 5.82 per share, respectively [3]. - The repurchase is funded by the company's own resources and complies with relevant regulations [3]. Group 3: Compliance and Future Actions - The company will continue to implement the share repurchase plan based on market conditions and will fulfill its information disclosure obligations as required by law [4].

Summary of Key Points Core Viewpoint - The report provides an overview of the fundraising activities and the usage of funds by Jiangxi Woge Optoelectronics Group Co., Ltd. as of March 31, 2025, confirming compliance with regulatory requirements and reflecting the actual usage of previously raised funds [1][3]. Fundraising and Storage - The company raised a total of RMB 170.50 million through a non-public offering of 14,800,347 shares at RMB 11.52 per share, with net proceeds amounting to RMB 166.77 million after deducting underwriting and sponsorship fees [3][4]. - As of March 31, 2025, the total amount of funds stored in the bank account was RMB 167.70 million, with a noted difference of RMB 1.58 million due to deducted fees [5][6]. Fund Usage - The actual investment amount from the raised funds was RMB 166.13 million, which is RMB 1.53 million more than the committed investment amount, attributed to interest income and net fees [6][7]. - The funds were primarily used to supplement working capital and repay bank loans, enhancing the company's operational capacity and risk management, but did not generate direct measurable benefits [6][7]. Fund Management - There were no instances of idle funds being used for cash management as of the reporting date [7]. - The company did not engage in any transfer or replacement of investment projects funded by the previous fundraising [6][7].