公司报告 | 首次覆盖报告 凯伦股份（300715） 证券研究报告 检测设备转型元年，看好公司业绩估值双升空间 2025 年 1 月 7 日，凯伦股份发布公告，与苏州矽彩光电、苏州和彩、苏州 源彩及陈显锋先生签订框架协议，凯伦将以支付现金的方式购买目标公司 不高于 51%的股权，交易包括股权转让和股权收购两项事宜，4 月 28 日 公告完成工商变更。凯伦股份在此次收购佳智彩的框架协议中签订业绩对 赌协议，承诺佳智彩在 25-27 年累计扣非归母净利润不低于 2.4 亿元。考 虑到公司未来转型后具备较高业绩提升空间，且主业有望触底后实现困境 反转，同时公司收购佳智彩的面板检测设备业务有望放量、半导体检测设 备业务有望带来优异成长空间，首次覆盖给予"买入"评级。 凯伦股份：主业防水经营承压，转型检测设备元年 凯伦股份原深耕防水材料业务，25 年转型显示面板和半导体检测设备领 域。股权结构相对分散，无单一绝对控股方，实控人及一致行动人持股占 三四成。公司有 24 家参控股子公司，目前以苏州总部为中心，产能辐射全 国。20 年及之前公司防水主业稳步增长，21 年后经营承压，防水卷材业绩 贡献收窄，防水涂料和施工贡献加 ...

Core Insights - The "2025 International Display Week" (SID2025) showcased cutting-edge display technologies, with TCL Huaxing's "Printed OLED" products being a major highlight [1] - Printed OLED technology is seen as a transformative direction for the display industry, offering advantages such as high material utilization, low production costs, and suitability for large-scale production [2][3] - TCL Huaxing has successfully developed key technologies for Printed OLED, achieving full coverage from small to large sizes [2][3] Company Developments - TCL Huaxing's first mass-produced Printed OLED product has been successfully applied in high-end medical displays, receiving positive market feedback [3] - The company plans to expand into the gaming display market with a focus on high refresh rates and low latency OLED screens, differentiating from existing LCD and evaporated OLED products [3] - Future applications in laptops and tablets are anticipated, leveraging the low power consumption and high color gamut characteristics of Printed OLED [3] Industry Trends - The rise of Printed OLED technology is expected to significantly alter the global OLED industry landscape, potentially allowing Chinese manufacturers to catch up with leading Korean firms [3] - The evolution of OLED technology from monochrome displays to flexible screens and now to large-scale Printed OLED applications indicates ongoing advancements in the display sector [4] - By 2025, Printed OLED is projected to mature and promote widespread adoption of OLED technology, leading to lighter, more energy-efficient, and visually stunning display products [4]

Core Viewpoint - TCL Huaxing showcased its advanced display technologies at SID2025, emphasizing its leadership in the semiconductor display industry and introducing innovative products that enhance user experience and promote visual health, sustainability, and future possibilities [1][39]. Group 1: APEX Technology - APEX technology focuses on delivering an immersive display experience through innovations like a 36:9 MLED display (219") with ultra-high contrast and color accuracy, enabling seamless large-scale displays [3][5]. - The ultra-bright Micro LED PHUD display (14.3") is designed for automotive applications, enhancing driving safety with high brightness and contrast in bright environments [6][8]. - The introduction of the world's first natural spectrum light-weight flat display (12.1") aims to improve visual health by mimicking sunlight, balancing brightness and portability [9][11]. Group 2: Sustainability and Efficiency - TCL Huaxing presented an ultra-low power 8:9 art TV display (85") that achieves A-grade energy efficiency through advanced materials and algorithms [10][13]. - The world's lowest power LTPO laptop display (14.5") features a revolutionary design that allows for zero power consumption in static mode, significantly extending battery life to 24 hours [13][15]. Group 3: Future Innovations - The company introduced the world's narrowest spliced curved screen display (23.6") and the smallest silicon-based Micro LED display (0.05"), showcasing advancements in immersive visual experiences and high-resolution displays [16][17][21]. - The launch of the first printed OLED mobile display (6.5") and the first printed OLED tablet display (14") marks a significant step in commercializing printed OLED technology, enhancing color accuracy and user interaction [20][22][23]. Group 4: Industry Leadership and Vision - TCL Huaxing aims to lead the global display solutions market by integrating advanced technologies and expanding its product lines to meet diverse consumer needs [32][39]. - The company is committed to transforming its technological advancements into brand strength, focusing on quality, health, and sustainability in its product offerings [39][41].

5月13日至15日，2025年SID显示周在美国加州举办。在这场被称为"显示行业奥斯卡"的展会上，TCL华星发布了搭载印刷OLED的多款显示产品，包括平 板、笔记本、显示器等，覆盖大、中、小多尺寸。 印刷OLED是TCL华星重点布局的显示技术之一。2024年，公司量产并交付了第一款印刷OLED产品——21.6吋印刷OLED医疗专业显示器。这是中国企业显 示新技术进入商用阶段的标志性事件。 近年来，显示行业内LCD（液晶显示屏）扩产逐步进入尾声，OLED（有机发光二极管）成为厂商角逐激烈的新领域。其中，中尺寸领域是下一个赛点。 "OLED在中尺寸渗透率的提升，是目前我们观察到的巨大机会。对于显示产业来讲，可能是未来五年唯一的产业级趋势。三到五年之内，中尺寸产品，包 括笔记本、平板、显示器、车载等领域的OLED渗透率预期会保持快速成长。"TCL科技高级副总裁、TCL华星首席执行官赵军接受智通财经等媒体采访时指 出。 智通财经记者 | 张熹珑 在经历多年高速增长后显露疲态的显示产业，中尺寸OLED市场成为厂商新一轮的战场。 群智咨询数据显示，2023年全球OLED平板面板渗透率约为1.5%。而随着2024年苹果iP ...

Group 1: Financial Performance - The company achieved a net profit of 231 million yuan in 2024, representing a year-on-year growth of 29.98% [7][10] - The goodwill at the end of 2024 was 6.728 billion yuan, a decrease of 14 million yuan compared to the previous year [10] - The company has committed to initiating cash dividend procedures when the net profit for 2025 is positive, ensuring reasonable returns for investors [3][5] Group 2: Market and Shareholder Concerns - The company's stock price has been underperforming, significantly below its net asset value, raising concerns about market perception and management effectiveness [12][21] - The major shareholder, Beijing Jinxin Zhuohua Investment Center, has reduced its holdings, which has been interpreted as a lack of confidence in the company's future [9][21] - The company is actively working on a valuation enhancement plan to improve investor confidence and reflect the company's quality [8][12] Group 3: Corporate Governance and Management - Executive compensation is linked to overall company performance and is determined based on various regulations and performance assessments [4][5] - The company emphasizes transparency in executive pay and has disclosed relevant information in its annual report [13] - The management is focused on balancing capital expenditure with shareholder returns to achieve mutual growth [3][6] Group 4: Strategic Development and Future Plans - The company is pursuing a "2.0 version" development strategy, focusing on high-end chemical materials and semiconductor display materials to enhance its market position [12][21] - Plans are in place to expand into new business areas, including synthetic biology and industrial hemp, to diversify revenue streams [13][14] - The company is investing in projects to enhance production capacity for POE and ultra-high molecular weight polyethylene, aiming to improve product competitiveness [12][21]

进入5月，手机面板价格延续分化趋势，a-Si面板因智能终端市场回暖呈现量价齐升态势；LTPS产线由于车载显示需求的持续增长维持高稼动率运 转；然而，国内部分柔性AMOLED产线稼动率从此前的满产状态出现小幅回落，同时受到美国关税政策影响，终端厂商对面板价格提出了降价诉求； " 进入5月，手机面板价格延续分化趋势，a-Si面板因智能终端市场回暖呈现量价齐升态势；LTPS产线由于车载显示需求的持续增长维持高稼动率 运转；受到美国关税政策影响，国内部分柔性AMOLE D产线稼动率从此前的满产状态出现小幅回落。" | | Size & Resolution | | Technology | | Touch | Apr.25' | May.25'(E) | Differ | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 6.5x" | Notch | HD+ | LCD | a-Si | TDDI | $6.7 | $6.7 | $0.0 | | 6.5x" | Notch | FHD+ | LCD | ГТРЅ | TDDI | $9.4 | $9 ...

长沙晚报掌上长沙5月13日讯（全媒体记者 刘琼萍）今日，省工信厅公布了2025年度全省先进级智能工厂拟认定 名单，全省共有174家企业入选，其中长沙29家企业上榜，入选数量在全省名列前茅，彰显出长沙在制造业智能化 转型中的强劲实力。 据悉，此次评选工作由省工信厅联合省发展改革委、省财政厅、省国资委、省市场监管局、省数据局等共同开 展。经企业申报、市州推荐、综合审查、专家评审等程序，拟认定三一集团有限公司等174家企业为2025年度先进 级智能工厂。 此次长沙上榜企业亮点纷呈，集中在工程机械、汽车制造、电子元器件及显示器件制造等优势产业领域。楚天科 技股份有限公司楚天科技定制化医药装备智能工厂、博世汽车部件（长沙）有限公司云边端协同的新能源汽车电 机智能工厂，以及中联重科股份有限公司挖掘机数字化全流程管理智能工厂等，均是其中的典型代表。 以中联重科"挖掘机数字化全流程管理智能工厂"为例，该工厂规划建设了60条高度柔性化的智能产线，引入了360 多台自动物流AGV和240多台工业机器人，同时集成11个信息化系统，深度融合人工智能、工业互联网、智能制 造技术及智能装备。这些先进技术与设备的应用，解决了挖掘机全流程柔 ...

答:今年以来公司积极布局海外市场，参加多场行业大型展 会，建设海外营销网点，逐步覆盖全球所有的经济较发达地区，增 加销售人员数量，有力提升公司的品牌知名度和市场影响力，为公 司长期发展提供保障。 证券代码：301391 证券简称：卡莱特 卡莱特云科技股份有限公司 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 | 线上参与公司2024年度及2025年第一季度业绩说明会的全体投资者 | | | 时间 | 2025年05月13日 15:00-17:00 | | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | 董事长、总经理 周锦志 | | | | 董事会秘书 刘锐 | | | 上市公司接待人员姓名 | 财务总监 劳雁娥 | | | | 独立董事 张忠培 | | | | ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.32 billion CNY, representing a year-on-year growth of 28.64%. The net profit attributable to shareholders was 106 million CNY, up 132.90%, and the net profit excluding non-recurring items was 94 million CNY, a significant increase of 1,813.63% [2] - In Q1 2025, the company reported a revenue of 340.73 million CNY, a year-on-year increase of 15.18%. The net profit attributable to shareholders was 30.61 million CNY, growing by 51.88%, while the net profit excluding non-recurring items reached 26.92 million CNY, up 57.19% [2] Group 2: Business Strategy - The company has established a diversified business layout of "1+2+N", focusing on consumer electronics as the core business, with a steady recovery in profitability due to economic recovery [2] - The two core businesses are the rapidly growing automotive display sector and the mass production phase of LIPO technology, both of which have promising market prospects [2] - The company is actively exploring new growth points in emerging areas such as AR/VR displays and precision structural components [2] Group 3: R&D Innovations - The company adheres to a "technology-driven" business philosophy, focusing on core products to enhance its competitive edge [3] - Ongoing R&D projects include advancements in Mini-LED technology for automotive and VR applications, as well as innovations in OLED display technologies [3] - As of December 31, 2024, the company has filed a total of 543 patents, including 155 invention patents, with 417 granted, showcasing its commitment to innovation [3]