我们上修公司2025/2026/2027 年收入至25.0/31.5/37.2 亿元，上修归母净利润至7.9/10.1/12.2 亿元，对应 PE 为34.0/26.5/22.0 倍，维持"增持"投资评级风险提示：下游晶圆厂扩产不及预期，晶圆厂产能利用率 下滑的风险，新品研发不及预期，行业竞争加剧的风险。 功能性湿化学品业务快速放量，多款新品开发顺利。25H1 功能性湿化学品收入2 亿元，同比+75.7%。 目前公司已涵盖刻蚀后清洗液、光刻胶剥离液、抛光后清洗液及刻蚀液等多种产品系列。在刻蚀后清洗 液方面，先进制程刻蚀后清洗液研发及产业化进展顺利，快速上量，并扩大海外市场；在抛光后清洗液 方面，先进制程碱性抛光后清洗液进展顺利，快速上量，持续增加市场份额；在电镀液及添加剂领域， 公司电镀液持续上量，IC 大马士革工艺、先进封装锡银、硅通孔电镀液及添加剂开发及验证顺利。 投资建议。公司25Q2 收入同环比稳健增长，利润同环比高增长，整体产品持续放量并扩大市占率，在 先进制程和封装领域部分新品开发及验证顺利。 安集科技发布2025 半年报，25Q2 收入利润同环比高增长，公司CMP 抛光液市占率持续提升，功能性 ...

Core Viewpoint - Recent developments in the display industry indicate significant investments and project launches, particularly in high-end display and semiconductor materials, which are expected to enhance production capabilities and strengthen the supply chain [1][5]. Group 1: Investment Projects - Chuanqi Optoelectronics is investing CNY 3.02 billion to construct the second phase of its high-end display industrial park in Yangzhou, which is expected to commence production in May and reach full capacity by the third quarter [2]. - The Yangzhou project will include 21 production lines for optical films and electronic paper, with an annual production capacity of 7,000 tons of optical films and 43.2 million pieces of electronic paper [2]. - In Hefei, two semiconductor display material projects have been signed with a total investment of CNY 1.14 billion, aimed at enhancing the supply chain for new display technologies [5]. Group 2: Project Details - The Yangzhou project covers an area of approximately 226 acres and includes the construction of 72,605 square meters of facilities, including four main factories and an automated warehouse [2]. - Shanghai Zhengfan Technology is investing about CNY 840 million to develop advanced coating materials and a research center, which will serve various industries including new displays and photovoltaics [5]. - Xinyue Microelectronics is investing CNY 300 million to establish a production base for functional microelectronic materials, with an expected annual output value of approximately CNY 500 million [5].