调研纪要：2025年上半年，路维光电实现营业收入5.44亿元，同比增长37.48%，净利润1.06亿元，同比 增长29.13%。公司在平板显示掩膜版领域是国内唯一一家可以全面配套不同世代面板产线的本土企 业，2024年G11掩膜版销售收入市场占有率为25.52%，位列全球第二名。在半导体掩膜版领域，公司已 实现180nm制程节点量产，150nm/130nm制程节点掩膜版已通过客户验证并小批量量产。2025年全球半 导体掩膜版市场规模预计为89.4亿美元，国内市场规模约为187亿元人民币；全球平板显示掩膜版市场 规模预计为20亿美元。公司目标是成为世界级的掩膜版企业，为半导体、显示产业链全面自主贡献产业 力量。掩膜版需求主要受下游产品更新迭代、新技术应用、新场景开拓等因素影响。公司掌握了高世代 半色调掩膜版、高世代灰阶掩膜版、PSM相移掩膜版制造技术，以及多项上游材料的核心工艺技术。上 半年公司完成了IC掩膜版信赖性研究测试、3D玻璃盖板用掩膜版产品开发等项目，新开展了 G8.6AMOLED产品开发等研发项目。 鑫元基金成立于2013年，截至目前，资产管理规模(全部公募基金)2125.77亿元，排名35/210 ...

Core Viewpoint - The article discusses the current state and future prospects of the semiconductor mask market in China, highlighting the dominance of international players and the low domestic production rates of high-end masks [1]. Group 1: Market Overview - The global semiconductor mask market is primarily consumed by wafer fabs or IDM manufacturers, with low-end products outsourced to independent third-party manufacturers [1]. - Major international companies such as Photronics (USA), Toppan (Japan), and DNP (Japan) dominate the Chinese semiconductor mask market [1]. - The domestic production rate of semiconductor masks in China is approximately 10%, with 90% of masks imported, and the localization rate for high-end masks is only 3% [1]. Group 2: Company Performance - Longtu Optoelectronics achieved a revenue growth of 17.59% in 2024 for flat panel display masks, driven by increased new product development and production scale [4]. - The revenue from semiconductor chip masks for Longtu Optoelectronics grew by 33.98% in 2024, attributed to enhanced technical capabilities and optimized product structure [4]. - The company has reached international standards for semiconductor masks above the 130nm process node, with successful mass production of 130nm masks and ongoing development for higher nodes [5]. Group 3: Product Capabilities - Longtu Optoelectronics has developed high-precision TFT masks and is advancing in high-specification semi-transparent masks and PSM technology [6]. - Lu Wei Optoelectronics reported a revenue increase of 30.21% in 2024, with significant growth in OLED masks and advanced packaging masks becoming a second growth curve [6]. - The company has achieved mass production of 180nm process node semiconductor masks and is working on 150nm and 130nm mask technologies [8]. Group 4: Industry Events - The 2025 TrendBank (5th) Lithography Industry Conference will be held on July 9-10 in Hefei, aiming to gather experts and industry leaders to discuss advancements and challenges in lithography technology [10].

Core Viewpoint - Shenzhen Qingyi Optoelectronics Co., Ltd. plans to increase its investment in Foshan Qingyi Microelectronics Co., Ltd. by adjusting the funding source from self-owned funds to raised funds, with an additional investment of RMB 10 million [1][2] Funding Source and Use - The funding for the capital increase comes from a previous RMB 1.2 billion targeted issuance, with RMB 600 million allocated to the "High-end Semiconductor Mask Production Base Construction Project Phase I," focusing on semiconductor mask versions for process nodes from 250nm to 65nm [2] - After the capital increase, Qingyi Optoelectronics' shareholding in Qingyi Micro will rise to 95.5171% [2] Industry Background - The global semiconductor mask market is expected to grow from USD 4.046 billion in 2024 to USD 6.165 billion by 2028, with a compound annual growth rate (CAGR) of 11.10% [2] - China's wafer production capacity is projected to increase by 14% to 10.1 million pieces per month by 2025, representing nearly one-third of global capacity, while the domestic mask share remains low at 12% for high-precision masks [2] Technical Progress - Qingyi Optoelectronics has achieved breakthroughs in the semiconductor mask field, with 150nm process node products in small-scale production and 130nm-65nm PSM and OPC process masks entering the development phase [3] - The capital increase will accelerate technology transformation and enhance competitiveness against overseas manufacturers in high-end processes [3] Financial Support - Qingyi Optoelectronics reported a revenue of RMB 1.112 billion in 2024, a year-on-year increase of 20.35%, and a net profit of RMB 172 million, up 28.49% year-on-year [4] - The RMB 1.2 billion raised funds have been fully secured, and the first main equipment for the Foshan production base has been installed and is in the debugging phase [4] Market Impact - As a leading domestic mask manufacturer, Qingyi Optoelectronics strengthens its control over subsidiaries and promotes self-sufficiency in the semiconductor mask industry through technology iteration and capacity expansion [4] - The capital increase is a key step in the company's dual strategy of "flat panel display masks + semiconductor chip masks," positioning it to become a global leader in the mask industry amid accelerating domestic substitution [4]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of approximately 880 million yuan for 2024, representing a year-on-year growth of about 30.2%. The net profit attributable to shareholders was approximately 190 million yuan, with a year-on-year increase of about 28.3%. The gross margin was approximately 34.8%, showing a slight decline of 0.3 percentage points [5] - In Q1 2025, the company achieved a revenue of approximately 260 million yuan, a year-on-year growth of about 47.1%, but a quarter-on-quarter decline of about 4.7%. The net profit attributable to shareholders was approximately 50 million yuan, with a year-on-year increase of about 19.7% and a quarter-on-quarter decline of about 29.6% [5] - The strong performance in 2024 and Q1 2025 is attributed to high demand in the mask plate downstream market, steady capacity expansion, product structure adjustments towards high-end AMOLED and advanced packaging products, and effective cost control [5] Financial Performance Summary - The company expects net profits for 2025, 2026, and 2027 to be approximately 296 million, 403 million, and 583 million yuan respectively, with corresponding P/E ratios of 22.14, 16.26, and 11.23 [9] - The revenue for 2024 is projected at 876 million yuan, with a year-on-year growth of 30.2%. The gross margin is expected to be 34.8% [13] - The company is also expected to see a rise in the revenue contribution from semiconductor mask plates, with ongoing projects aimed at producing 40nm and 28-40nm mask plates [8][9]