以9月15日收盘价计算，雷士国际目前市净率（TTM）约0.11倍，市销率（TTM）约0.22倍。 市净率(LF)历史分位(%) 001 900 80 70 60 50 40 33g99 30~7 30 26:08 20 16.5 16.4 13:94 10 436 0 2019-12-37 1 2-06-30 1-12-37 -12-37 J-06-30 -37 2n- 制图数据来自恒生聚源数据库 公司主要业务为从事生产及销售光源、灯具、照明电器及相关产品，通过三个部门开展业务：国际雷士品牌分部于中国境外销售雷士品牌照明产品；国内非 雷士品牌分部于中国境内销售非雷士品牌照明产品；国际非雷士品牌分部于中国境外销售非雷士品牌照明产品。公司致力于为建筑、交通、城市照明、超 市、酒店、办公、住宅、学校、工业等领域提供高效、节能、健康、舒适的照明解决方案，业务主要覆盖国内市场及海外市场。 500 - %400 300 200 100 0.26 0 - 9.58 -15:56 -100 -200 2023 2022 2024 2025H1 →〇- 营业收入同比增长率 →○- 归母净利润同比增长率 制图数据来自恒生聚源数据 ...

Core Insights - The report addresses key issues regarding the types and principles of core components in lithography machines, the market potential, ASML's industry collaboration model, and the current status and recommendations for domestic lithography machine components [1]. Investment Logic - Lithography machines are essential for chip manufacturing, directly influencing the miniaturization of chips. Key performance indicators include resolution, depth of focus, overlay accuracy, and yield. The global lithography machine market is projected to reach $29.37 billion by 2025, with specific segments such as illumination and optics, light sources, and stages having estimated market sizes of $4.78 billion, $2.86 billion, and $2.15 billion respectively [2]. - The EUV lithography machine market is expected to reach $9.6 billion by 2025, with its core components also showing significant market potential [2]. ASML's Success Factors - ASML's success is attributed to technological innovation and industry collaboration, with key partners including Zeiss, Cymer, Gigaphoton, and TRUMPF. The company has a global supply chain that enhances its competitive edge [3]. Core Components and Market Barriers - The core components of lithography machines, such as light sources, optics, and stages, represent significant barriers to entry in the industry. The complexity of manufacturing these components contributes to the competitive landscape [2][3]. - The report emphasizes the importance of domestic supply chains in China, particularly in light sources, optics, and stages, which are expected to benefit from government support [3]. Key Indicators of Lithography Machines - The report outlines critical indicators for lithography machines, including resolution, overlay accuracy, yield, and depth of focus. The resolution is determined by the Rayleigh formula, and advancements in technology are necessary to improve these metrics [11][14][36]. - The depth of focus is crucial for accommodating wafer surface irregularities, and improvements in immersion lithography technology have enhanced both resolution and depth of focus [34]. Core Component Analysis - The report details the main components of lithography machines, including light sources, illumination systems, optics, and stages. The collaboration among these components is essential for achieving high imaging quality [42][46]. - The light source is identified as a key factor influencing resolution, with various types of light sources being utilized over the years, including mercury lamps and excimer lasers [52][55]. Conclusion - The lithography machine industry is characterized by high technical barriers and significant market potential, particularly in the context of domestic supply chain development in China. The focus on core components and technological advancements will be critical for future growth and competitiveness in the semiconductor manufacturing sector [3][42].

Core Viewpoint - The DIC EXPO 2025 showcased innovative display technologies and applications from various companies, highlighting advancements in display panels, materials, and equipment across multiple sectors including consumer electronics, medical, and automotive [1][140]. Panel Companies - BOE introduced the UB Cell display technology, which enhances image quality and power efficiency through AI integration, applicable in TVs, monitors, and notebooks [2]. - BOE's 31.5-inch 4K medical display meets DICOM800 standards with over 100% NTSC color coverage and a contrast ratio of 2000:1 [4]. - TCL Huaxing presented the world's first mass-produced under-screen camera OLED laptop display with a 98% screen-to-body ratio and 4K resolution [15]. - TCL Huaxing's 27-inch 4K 120Hz printed OLED monitor features a peak brightness of 600 nits and a DCI-P3 color gamut of 99% [17]. - HKC showcased the world's first 800Hz ultra-high refresh rate display [22]. Display Materials and Equipment - Corning displayed advanced glass solutions, including a 57-inch 8K curved gaming screen with a 240Hz refresh rate [76]. - North Huachuang presented magnetic sputtering coating equipment for LCD and touch screens, essential for transparent conductive films [57]. - Koyun Laser introduced precision repair equipment for LCD and OLED displays, enhancing production quality [60]. Emerging Technologies - Visionox exhibited a flexible AMOLED solution with high efficiency and color purity, marking a significant advancement in display technology [31]. - Tianma Microelectronics showcased a 16-inch 480Hz gaming panel, pushing the boundaries of refresh rates in laptops [47]. - Longteng Optoelectronics presented a 14-inch AI dynamic privacy display, allowing users to switch between wide and narrow viewing angles [48]. Conclusion - The DIC 2025 highlighted the latest developments in display technology, showcasing innovations in high refresh rates, high resolutions, and flexible displays, indicating a new phase of growth in the display industry [140].

Core Viewpoint - The company has completed the conclusion of certain fundraising projects and plans to permanently supplement its working capital with the remaining funds, while also terminating some fundraising projects and continuing to manage the remaining funds in a dedicated account [2][10]. Fundraising Basic Situation - The company raised a total of RMB 161,846.38 million from its initial public offering, with a net amount of RMB 153,596.90 million after deducting issuance costs [2][3]. - As of June 30, 2025, the company has invested RMB 101,216.57 million, representing 65.90% of the committed investment [3]. Fundraising Project Status - The "East China R&D and Technical Service Center Construction Project" has been concluded, with remaining funds of RMB 3,211.84 million to be used for working capital after settling outstanding payments [5][10]. - The "East China Machine Vision Industrial Park Construction Project" has been terminated due to delays in obtaining necessary permits and changes in market demand, with a total planned investment of RMB 30,659.78 million [5][10]. Project Termination Reasons - The termination of the "East China Machine Vision Industrial Park Construction Project" is attributed to the expansion of downstream product demand beyond the original project scope and the company's comprehensive product line upgrade [9][10]. - The project was initially planned to meet specific market needs, but the evolving market landscape has necessitated a reevaluation of the project’s viability [9][10]. Future Plans - The company intends to seek new investment projects while continuing to evaluate existing projects for potential additional investments [10]. - The remaining funds from the terminated project will continue to be managed in accordance with fundraising management requirements [10]. Internal Review Process - The board of directors and the supervisory board have approved the conclusion of certain fundraising projects and the management of remaining funds, ensuring compliance with relevant regulations [11][12]. Sponsor Institution Opinion - The sponsor institution supports the company's decisions regarding the conclusion and management of fundraising projects, affirming that these actions align with the company's operational realities and long-term strategy [12][13].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The machine vision industry is characterized by long growth periods and high ceilings, with the global market size reaching 92.5 billion yuan in 2023, and the Chinese market becoming a major driver of growth [2][21] - The company is expanding from industrial vision to consumer-level vision and has made acquisitions to enter the linear motor and motion component markets, aiming to provide comprehensive system solutions [2][6] - The company is expected to achieve net profits of 171 million, 240 million, and 333 million yuan from 2025 to 2027, corresponding to PE ratios of 63, 45, and 32 times [8] Summary by Sections Industry Growth and Trends - The machine vision market in China is projected to grow from 181 billion yuan in 2024 to 208 billion yuan in 2025, with a CAGR of 17.84% from 2020 to 2024, significantly outpacing global growth [2][21] - In 2023, the application distribution of machine vision functions in China was 31.4% for positioning, 29.7% for recognition, 25.6% for detection, and 13.3% for measurement [20][21] Technological Advancements - AI is breaking the limitations of traditional algorithms in machine vision, enhancing efficiency and reducing costs through advancements like the SAM model, which allows for high-quality segmentation with minimal data [5][38] - The company is leveraging its extensive industrial data and AI experience to develop lightweight, high-precision models that can operate efficiently on low-power devices [36][51] Market Position and Competitive Advantage - The company has established a strong position in the domestic 3D vision market, with plans to expand its product line to include consumer-level robotics and 3D vision applications [6][7] - The company’s core technologies in 3D vision and AI algorithms position it as a key supplier in the global intelligent detection solutions market [7][8] Future Outlook - The company is expected to benefit from the ongoing automation trends in industries such as consumer electronics and automotive, driven by the need for cost reduction and efficiency improvements [56][57] - The integration of AI technologies into machine vision systems is anticipated to create more intelligent and user-friendly solutions, expanding the range of applications [56][58]

Investment Rating - The report maintains a "Buy" rating for the company [12] Core Viewpoints - The machine vision industry is characterized by long growth periods and high ceilings, with the global machine vision device market reaching 92.5 billion yuan in 2023, driven primarily by the Chinese market [3][8] - The company is expected to benefit from the rapid application of AI in industrial quality inspection and is expanding from industrial vision to consumer-grade vision, enhancing its comprehensive capabilities in "vision + sensing + motion control" [3][9][11] Summary by Sections Industry Growth and Trends - The machine vision market in China is projected to grow to 18.1 billion yuan in 2024, with a CAGR of 17.84% from 2020 to 2024, significantly outpacing global growth [8][27] - In 2023, the application distribution of machine vision functions in China was 31.4% for positioning, 29.7% for recognition, 25.6% for detection, and 13.3% for measurement [22][26] AI and Technological Advancements - AI is expected to break through the limitations of traditional algorithms, enhancing the efficiency and cost-effectiveness of machine vision systems [9][43] - The SAM model introduced by Meta aims to create a foundational model for image segmentation, allowing for high efficiency and low data dependency in machine vision applications [44][46] Company Developments - The company has established a comprehensive product matrix for 3D vision detection and is actively expanding into the consumer-grade robotics market [11][63] - The acquisition of Dongguan Tailai Automation Technology Co., Ltd. marks the company's entry into the linear motor market, further enhancing its capabilities [11][12] Financial Projections - The company is expected to achieve net profits of 171 million, 240 million, and 333 million yuan from 2025 to 2027, corresponding to PE ratios of 63, 45, and 32 times [12]