[Table_Info1] 瑞联新材(688550) 电子 [Table_Date] 发布时间：2025-11-26 [Table_Title] 证券研究报告 / 公司深度报告 有机新材料平台型公司，多元布局医药和电子材料 报告摘要： [Table_Summary] 依托显示材料核心技术，外延至医药中间体和电子材料业务。公司依托 显示材料核心技术，多元化发展医药 CDMO 和电子材料领域，覆盖产品 包括 OLED 材料、液晶材料、创新药中间体和原料药、半导体光刻胶单 体、TFT 平坦层光刻胶、膜材料单体和聚酰亚胺单体等，共筑有机小分 子合成为核心的平台型企业。同时，2025 年 8 月青岛开投集团入主，确 定控股股东为开投集团，实控人为青岛西海岸新区国有资产管理局，股 权结构趋于稳定并有望实现资源整合协同发展。 显示材料：液晶材料稳健增长，OLED 材料增长空间显著。显示材料行 业景气度较高：液晶材料方面，液晶面板大尺寸化+大陆面板厂商 LCD 市场份额持续增长；OLED 材料方面，中尺寸面板渗透率提升+下游面板 大厂 8.6 代 OLED 生产线或于 2026 年投产。公司单体液晶达到国际领先 水平，且是国 ...

Summary of Conference Call for Company and Industry Analysis Company Overview - **Company**: 八亿时空 (Eight Billion Space) - **Industry**: Semiconductor materials, LCD materials, OLED materials, pharmaceuticals, and pesticides Key Points and Arguments Production and Revenue Projections - The company has maximized production capacity and economic value at the 上虞基地 (Shangyu Base) through programmatic, standardized, and intelligent processes, achieving ton-level mass production delivery in July 2023. Expected revenue for 2025 is over 20 million yuan [2][3] - 南通占鼎材料 (Nantong Zhangding Materials) is preparing for the second phase of production at its Gansu factory, expected to start next month, adding over 100 tons of fluorinated liquid capacity monthly. Current monthly shipment from the first phase is about 10 tons [2][5] Market Demand and Clientele - The company holds orders worth approximately 500 million yuan, with significant demand for fluorinated liquids, indicating that even with the second phase's output, market demand will not be fully met [2][7] - Major clients include Samsung and Hynix, indicating strong ties with leading semiconductor manufacturers [2][5] LCD Business Insights - The LCD segment remains a stable cash flow source, although growth potential for display LCDs is limited. Non-display LCDs, such as adjustable glass for vehicles, show promising demand, potentially becoming a future growth point [2][9] - Domestic companies are rising, impacting the market share of overseas firms, thus providing opportunities for domestic market share growth [2][9] OLED Materials Strategy - The company focuses on front-end materials in the OLED sector, leveraging its advantages in monomer synthesis and production capacity at the Shangyu Base. The company is selective in order acceptance to maintain gross margins amid fierce domestic competition [2][9][11] - Despite a challenging overseas market for OLED materials, there is significant growth potential in the domestic market, with a year-on-year revenue increase of approximately 30% in Q3 [10][11] Pharmaceutical and Pesticide Segments - The pharmaceutical segment focuses on innovative and generic drug intermediates, adjusting product selection strategies due to industry adjustments and oversupply. Expected revenue for this segment is several million yuan this year, potentially exceeding 100 million yuan next year [4][13][14] - The pesticide segment benefits from green channel qualifications, contributing to revenue growth [4][13] Semiconductor Materials - In the semiconductor photoresist sector, the company is a domestic leader, collaborating with top firms to provide customized services. Plans include consolidating the domestic market before expanding internationally [4][15] Strategic Product Development - The company emphasizes strategic selection in its knife belt products, aiming to enhance competitiveness through optimized supply chains. Expected contributions from this segment could reach tens of millions in revenue [4][12] - The PSPI business faces intense competition, prompting the company to explore differentiated survival strategies, particularly in the non-fluorinated PSPI field [4][16] Supply Chain and Production Integration - The Shangyu Base will facilitate integrated production of LCD raw materials, with a focus on in-house production of certain materials to leverage proprietary technology and processes [4][17][18] Financial Reporting and Earnings - The company does not consolidate earnings from its investment in 詹宁 (Zhanning) as it is not a controlling entity, thus these projects are accounted for as investments rather than revenue [4][19] This summary encapsulates the key developments and strategic directions of 八亿时空 and its associated industries, highlighting growth opportunities, market dynamics, and production capabilities.

格隆汇8月5日丨瑞联新材(688550.SH)在互动平台表示，公司医药业务目前主要以创新药中间体为主。 2025年上半年医药板块业务增长系客户采购需求调整和部分创新药中间体产品进一步放量所致。 ...

Core Viewpoint - Both TCL Technology and Ruile New Materials expect their performance to rise in the first half of 2025, with significant growth in net profits and revenues [1][2][7]. TCL Technology - For the first half of 2025, TCL Technology anticipates revenue between 82.6 billion and 90.6 billion yuan, representing a year-on-year growth of 3% to 13% [2]. - The net profit attributable to shareholders is expected to be between 1.8 billion and 2 billion yuan, showing a year-on-year increase of 81% to 101% [2]. - The net profit after excluding non-recurring gains and losses is projected to be between 1.5 billion and 1.65 billion yuan, reflecting a growth of 168% to 195% [2]. - The semiconductor display business is expected to achieve a net profit exceeding 4.6 billion yuan, with a year-on-year increase of over 70% [3]. - The company is focusing on optimizing its display business layout and product structure to enhance competitive advantages and profitability [5]. - The acquisition of a 21.5311% stake in Shenzhen Huaxing Optoelectronics Semiconductor Display Technology Co., Ltd. was completed on July 1, 2025, further strengthening the company's competitive position [6]. - In the solar energy sector, TCL Technology anticipates challenges due to price declines and inventory impairments, projecting a net profit loss of 1.2 billion to 1.35 billion yuan for the first half of 2025 [6]. Ruile New Materials - Ruile New Materials expects to achieve an operating income of 806 million yuan in the first half of 2025, a year-on-year increase of 16.27% [7]. - The net profit attributable to shareholders is projected to be 162 million yuan, reflecting a year-on-year growth of 69.93% [7]. - The net profit after excluding non-recurring gains and losses is expected to be 157 million yuan, with a year-on-year increase of 80.12% [7]. - The significant growth in the pharmaceutical sector's revenue and improved product structure have contributed to the overall increase in gross margin [7].

Core Viewpoint - The battle for control over Ruian New Materials has intensified, showcasing a classic case of power struggle between state-owned enterprises and original shareholders following the implementation of the new Company Law in China [1][2][10]. Group 1: Control Rights and Governance Structure - The proposal to abolish the supervisory board was aimed at streamlining governance in response to the 2023 Company Law reforms, allowing the audit committee to take over its functions [4][10]. - The proposal was rejected at the annual shareholders' meeting on May 12, 2025, with 43.84% in favor and 54.97% against, indicating strong opposition from the original shareholders [6][10]. - The rejection of the supervisory board abolition reflects the fierce confrontation between the state-owned enterprise and the original shareholders, as it would have weakened the latter's influence in corporate governance [10][22]. Group 2: Shareholder Dynamics and Financial Performance - Following the expiration of the original concerted action agreement in September 2023, Ruian New Materials entered a "leaderless" state, with original shareholders holding approximately 37% of the shares [13][14]. - In 2024, the company reported a total revenue of 1.459 billion yuan, a year-on-year increase of 20.74%, and a net profit of 252 million yuan, up 87.60%, reversing the downward trend from the second half of 2022 [16]. - The stock price of Ruian New Materials experienced significant volatility, rising 13.3% after a judicial ruling in March 2025 but falling back to around 39 yuan following the rejection of the supervisory board proposal, resulting in a market value decline of over 20% from its peak [10][11]. Group 3: Strategic Implications and Future Outlook - The entry of the state-owned enterprise is driven by the strategic goal of completing the display materials industry chain, which includes trade, engineering, and shipbuilding [14][16]. - The ongoing conflict over control rights not only highlights the challenges of state-owned enterprises acquiring private companies but also raises concerns about potential adjustments in technology direction and governance structures [22][23]. - The original shareholders, led by Liu Xiaochun, are actively defending their operational control and have increased their shareholding to 15% through concerted actions, indicating a robust resistance against the state-owned enterprise's influence [18][19].

据了解，瑞联新材成立于1999年，注册地址位于陕西省西安市，于2020年9月在上交所科创板上市。公司主营业务为专用有机新材料的研发、生产 和销售，主要产品包括OLED材料、单体液晶、创新药中间体等，广泛应用于显示材料、医药产品和电子化学品等领域。 其中，在液晶材料方面，瑞联新材主要以单体液晶为主，终端客户覆盖全球六大混晶厂商Merck、JNC、DIC、江苏和成、诚志永华和八亿时空。 【WitsView整理】 3月20日，瑞联新材发布公告称，青岛开发区投资建设集团有限公司（以下简称"开投集团"）正式完成对公司的股权划转及表决 权委托程序，合计持有23.37%表决权。 与此同时，开投集团与海南卓世恒立创业投资合伙企业（有限合伙）签署的《表决权委托协议》及补充协议也将正式生效。根据协议内容，开投集 团将合并持有瑞联新材23.37%的表决权，从而成为拥有公司表决权股份的第一大股东。 在OLED材料方面，瑞联新材以OLED升华前材料为主，客户群已基本实现对国际领先的OLED终端材料企业的全覆盖，公司生产的OLED升华前材 料已实现对发光层材料、通用层材料等主要OLED终端材料的全覆盖。 自上市以来，瑞联新材的业绩相对稳 ...