维信诺的破局之道在于玻璃基板+AMOLED创新架构，通过重新设计像素驱动电路，在玻璃基板上实现 比现有LCD方案高33%的像素密度（1500PPI），同时规避了硅基工艺的天价成本。这种"用设计换性 能"的思路，让2000PPI成为消费级VR设备触手可及的参数标杆。 维信诺的2000PPI玻璃基AMOLED技术，能够使终端设备价格有望下探至3000元主流区间。这意味着更 多消费者能以PS VR2三分之一的价格，获得超越其显示素质的VR体验。 戴上VR头显时，你是否总感觉眼前蒙着一层若隐若现的纱网？这种被称作"纱窗效应"的视觉瑕疵，正 在被屏幕厂商的硬核技术彻底改写。维信诺最新发布的全球首款玻璃基AMOLED超高PPI解决方案，用 2000PPI的像素密度和0.01ms响应速度，在显示效果与成本之间找到了黄金平衡点。 技术普惠的背后，是一场显示技术的转移——当屏幕PPI突破2000大关，VR设备终于能承载8K影视、 云端游戏等重度内容；当AMOLED消除动态延迟，虚拟会议、远程手术等专业场景也将获得可靠的技 术底座。 消费级VR的普惠革命 在VR设备里，像素密度（PPI）是决定沉浸感的第一道门槛。当PPI不够高时 ...

Key Recommendations - Three-Dimensional Chemical (002469.SZ) benefits from accelerated coal chemical construction in Xinjiang, with a unique competitive advantage through "engineering + industry" collaboration [10][11] - Kangguan Technology (001308.SZ) shows high growth in innovative display products, with improved gross margin in Q1 2025 [12][13] Industry and Company Analysis - Three-Dimensional Chemical is a leader in sulfur recovery, leveraging proprietary technology to break foreign monopolies, with projected engineering revenue of 570 million yuan and chemical product revenue of 1.81 billion yuan in 2024 [10][11] - The company has a strong order backlog of 1.67 billion yuan, ensuring sustained revenue growth from coal chemical projects, with expected engineering revenue of 360 million, 550 million, and 760 million yuan from 2025 to 2027 [11] - The domestic market for n-propanol remains tight, with a projected supply gap of 41,000 tons in 2025, maintaining prices between 8,000-9,000 yuan/ton [11] - Kangguan Technology's Q1 2025 revenue reached 3.142 billion yuan, a year-on-year increase of 10.8%, with a net profit of 215 million yuan, reflecting a 15.8% increase [12][13] - The company’s innovative display products saw a 50.4% revenue increase in Q1 2025, driven by strong demand in emerging markets [13][14] Macroeconomic and Strategic Insights - The high-tech manufacturing sector shows signs of recovery, with a narrowing decline in the macroeconomic diffusion index, indicating improved economic conditions [15][17] - The macroeconomic environment is expected to support growth in sectors like coal chemical engineering and innovative display technologies, with favorable government policies promoting urban renewal and infrastructure investment [26][27]

丨证券研究报告丨 公司研究丨点评报告丨光峰科技（688007.SH） [Table_Title] 营收稳健增长，车载业务进入快速放量阶段 报告要点 [Table_Summary] 2024 年公司实现营业收入 24.19 亿元，同比增长 9.27%，实现归母净利润 2795 万元，同比下 滑 72.91%，实现扣非归母净利润 3213 万元，同比下滑 22.88%；其中，2024Q4 公司实现营 业收入 6.99 亿元，同比增长 24.21%，实现归母净利润-1499 万元，同比减亏 1038 万元，实 现扣非归母净利润-747 万元，同比减亏 2736 万元。此外，2025Q1 公司实现营业收入 4.61 亿 元，同比增长 3.67%，实现归母净利润-2136 万元，同比下滑 147.95%，实现扣非归母净利润 -2397 万元，同比转亏。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 光峰科技（688007.SH） cjzqdt11111 [Ta ...

丨证券研究报告丨 公司研究丨点评报告丨光峰科技（688007.SH） [Table_Title] 营收稳健增长，车载业务进入快速放量阶段 报告要点 [Table_Summary] 2024 年公司实现营业收入 24.19 亿元，同比增长 9.27%，实现归母净利润 2795 万元，同比下 滑 72.91%，实现扣非归母净利润 3213 万元，同比下滑 22.88%；其中，2024Q4 公司实现营 业收入 6.99 亿元，同比增长 24.21%，实现归母净利润-1499 万元，同比减亏 1038 万元，实 现扣非归母净利润-747 万元，同比减亏 2736 万元。此外，2025Q1 公司实现营业收入 4.61 亿 元，同比增长 3.67%，实现归母净利润-2136 万元，同比下滑 147.95%，实现扣非归母净利润 -2397 万元，同比转亏。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 光峰科技（688007.SH） cjzqdt11111 [Ta ...

Group 1 - Ping An Bank successfully led the issuance of BOE Technology Group's 2025 second phase of technology innovation bonds, with a scale of 1 billion yuan and a maturity of 10 years at a coupon rate of 2.23%, receiving 3.15 times oversubscription from the market [1][3] - The funds raised will be specifically used for technology upgrades in the semiconductor display field, aligning with BOE's focus on high-generation production line construction and core technology breakthroughs [3] - The issuance is part of a broader initiative by the People's Bank of China and the China Securities Regulatory Commission to support technology innovation bonds, aiming to guide social capital towards key areas of technological innovation [1][3] Group 2 - In 2024, BOE is projected to achieve approximately 198.5 billion yuan in operating revenue, maintaining its position as the global leader in core product shipments in the semiconductor display industry [3] - The overall market for technology innovation bonds in China is expanding, with the issuance volume surpassing 1.2 trillion yuan in 2024, reflecting a year-on-year increase of 58% [3] - Ping An Bank aims to deepen its technology financial services, focusing on strategic emerging industries such as semiconductors, artificial intelligence, and biomedicine, to attract more long-term capital into the forefront of technological innovation [3]

Group 1: Urban Transformation - Qingdao has successfully transformed old industrial parks into innovative spaces, exemplified by the "Chuang Chuang Yi·Youth Dream Factory," which now hosts numerous cultural and creative enterprises [1] - The city has developed a "Qingdao Model" for revitalizing low-efficiency land through area coordination, urban integration, and quality enhancement, focusing on high-quality development [1] Group 2: Environmental and Community Revitalization - The Zhangcun River area, once a polluted urban "scar," has undergone significant ecological restoration, creating diverse recreational spaces for residents and enhancing community engagement [2][3] - The "Happy Coastal City" project has revitalized a previously neglected coastal area, transforming it into a vibrant living space through targeted development strategies [2] Group 3: Industrial Development - Qingdao has initiated the demolition of over 2.2 million square meters of old factories to create 15,000 acres of low-efficiency land for new industrial parks, particularly in the display technology sector [4] - The new display industry park has attracted 17 enterprises with a total investment of 35.68 billion yuan, projected to generate 44.9 billion yuan in revenue in 2024, marking a 14% year-on-year increase [4] Group 4: Creative Space and Community Facilities - The transformation of the former idle material trading market into the Qingdao Guoxin National Fitness Center has revitalized the area, providing modern sports facilities for all age groups [7] - The "Old Soda Factory" has been repurposed into a creative center that combines industrial heritage with modern service functions, enhancing the local cultural landscape [8] Group 5: Overall Impact - Qingdao has implemented over 650 "micro-updates" to transform low-efficiency land into new urban highlands, reflecting a broader commitment to improving the quality of life for residents [8]

股票代码：300128 股票简称：锦富技术 苏州锦富技术股份有限公司投资者关系活动记录表 编号：2025-001 投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 √业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称及人 员姓名 线上参与锦富技术 2024 年年度业绩网上说明会的投资 者 时间 2025 年 05 月 16 日（星期五）下午 15:00-17:00 地点 "约调研"微信小程序 上市公司接待人员 姓名 董事长兼总经理：顾清先生 独立董事：于元良先生 财务总监：张锐先生 董事会秘书：殷俊先生 投资者关系活动主 要内容介绍 1、问：年报提及迈致科技资产组合并商誉预计减值 5,000 万元至 7,000 万元，这对公司财务状况影响较大，请问公 司是基于怎样的评估标准和市场情况做出这一减值判断 的？未来如何加强对商誉减值风险的管控，避免类似大 额减值再次发生？ 答：尊敬的投资者，您好！受行业市场竞争加剧及客户需 求减少等因素的影响，本年度子公司迈致科技的业务开 展不及预期，公司收购的迈致科技资产组所形成的合并 商誉在本年度末发生减值迹象。本年度 ...

Financial Performance - In 2024, the company achieved a net profit of 20.63 million CNY, with a comprehensive gross margin of 16.24%, marking a turnaround from losses [3] - In Q1 2025, the net profit rose to 29.73 million CNY, with a gross margin of 26.97%, indicating a continuous growth trend [3] - The significant increase in profitability is attributed to optimizing the business structure and cost control measures, leading to reduced operational costs [3][9] Product Development - The company has successfully developed Mini-LED backlight products, which are expected to be used in smart wearable devices [4] - Plans are in place to invest in Mini/Micro-LED display module production projects to enhance competitiveness in the new display technology market [4] Client Base - The company is a qualified supplier for major LCD display module enterprises, including brands like Nintendo, OPPO, VIVO, and Huawei [5][6] Market Outlook - The company maintains a positive outlook on the display industry, driven by the increasing demand for consumer electronics and advancements in AI technology [12][14] - The performance of backlight display components is closely tied to the overall health of the consumer electronics market, with seasonal influences expected to diminish over time [12] Strategic Goals - The company encourages investors to monitor future financial reports for specific profit targets and revenue contributions from key projects like the Switch 2 [7][12]

Group 1: Company Performance - In 2024, the company achieved a revenue of 1.32 billion CNY, a year-on-year increase of 28.64%, and a net profit attributable to shareholders of 106 million CNY, up 132.90% [2] - In Q1 2025, the company reported a revenue of 340.73 million CNY, a year-on-year growth of 15.18%, and a net profit of 30.61 million CNY, increasing by 51.88% [2] Group 2: Market Outlook for Automotive Display - The global automotive display panel shipment is expected to reach 232 million units in 2024, reflecting a year-on-year growth of 6.2% [2] - The trend towards intelligent, large-screen, multi-screen, high-definition, and interactive automotive displays is becoming increasingly significant [2] Group 3: Mini-LED Technology - Mini-LED technology is anticipated to have a broad market space due to its excellent display effects and energy-saving features [2] - The company is positioned as a leading enterprise in Mini-LED automotive backlight display technology, leveraging its advantages in technology reserves, patents, and mass production [3] Group 4: LIPO Technology Market and Company Strategy - The shipment of small and medium-sized OLEDs is projected to exceed 1 billion units in 2025, covering devices such as smartphones and AR/VR headsets [3] - The company began developing LIPO technology in 2022, which has received high recognition from clients and is now entering mass production [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has accepted the listing applications for three companies intending to conduct initial public offerings (IPOs) in Hong Kong: Hehui Optoelectronics, Zhongwei Co., and Guanghetong [1] - Hehui Optoelectronics is a leading manufacturer of AMOLED semiconductor display panels, ranked second globally in large-size AMOLED panel shipments from 2022 to 2024, and first in China [2] - Zhongwei Co. has been the global leader in the shipment of nickel and cobalt lithium-ion battery precursor materials (pCAM) for five consecutive years since 2020, and is the top supplier of phosphate pCAM in the global export market as of Q1 2025 [3] - Guanghetong is a leading provider of wireless communication modules, offering products such as data transmission modules, smart modules, and AI modules, along with customized solutions for various applications [3]