点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 事件： 公司发布2025年半年度报告。25H1公司实现营业收入7.21亿元，同比增加0.36%；实现归母净利润0.71亿元， 同比下降37.22%。其中，25Q2公司实现营业收入3.65亿元，同比增加0.16%，环比增加2.49%；实现归母净利 润0.34亿元，同比下降40.09%，环比下降4.94%。 25H1顺酐酸酐衍生物销量同比增长但毛利率下降，25H1业绩同比下降 25H1公司的顺酐酸酐衍生物实现销量4.62万吨，同比增长9.87%，实现营收5.34亿元，同比增长3.74%，毛利率 为15.97%，同比下降4.48pct；功能材料中间体实现营收1.28亿元，同比下降8.42%，毛利率为33.97%，同比下 降3.76pct。费用 ...

——濮阳惠成（300481.SZ）2025 年半年报点评 要点 2025 年 8 月 25 日 公司研究 25H1 业绩同比下降，顺酐酸酐衍生物销量同比增长 事件：公司发布 2025 年半年度报告。25H1 公司实现营业收入 7.21 亿元，同比 增加 0.36%；实现归母净利润 0.71 亿元，同比下降 37.22%。其中，25Q2 公司 实现营业收入 3.65 亿元，同比增加 0.16%，环比增加 2.49%；实现归母净利润 0.34 亿元，同比下降 40.09%，环比下降 4.94%。 25H1 顺酐酸酐衍生物销量同比增长但毛利率下降，25H1 业绩同比下降。25H1 公司的顺酐酸酐衍生物实现销量 4.62 万吨，同比增长 9.87%，实现营收 5.34 亿元，同比增长 3.74%，毛利率为 15.97%，同比下降 4.48pct；功能材料中间 体实现营收 1.28 亿元，同比下降 8.42%，毛利率为 33.97%，同比下降 3.76pct。 费用率方面，25H1 公司销售、管理、研发、财务费用率分别为 0.9%、3.0%、 5.8%、-1.4%，同比分别变动+0.4、+0.3、+0.6、+1.0pc ...

Core Viewpoint - The article discusses the performance of eight display-related companies in the first half of 2025, highlighting their revenue and net profit changes, as well as the factors influencing their financial results. Group 1: Company Performance - Visionox reported revenue of 4.12 billion yuan, a year-on-year increase of 4.79%, but a net loss of 1.06 billion yuan, which is a reduction in loss compared to the previous year [3][4] - Goodix achieved revenue of 2.25 billion yuan, a slight decrease of 0.20%, while net profit rose by 35.74% to 430 million yuan, attributed to increased sales of innovative products [6][8] - Ruile New Materials saw revenue of 806 million yuan, up 16.27%, and net profit of 166 million yuan, a significant increase of 74.22%, driven by strong performance in the pharmaceutical sector [9][10] - Hanbo High-tech's revenue reached 1.55 billion yuan, a substantial increase of 50.84%, with a reduced net loss [11][12] - Akitamicro reported revenue of 631 million yuan, up 21.37%, but a net profit decline of 5.78% to 51 million yuan [16][17] - Jingwei Huikai experienced a revenue drop of 20.23% to 1.27 billion yuan and a net profit decrease of 70.78% to 14 million yuan [19][20] - Puyang Huicheng's revenue was 721 million yuan, a slight increase of 0.36%, but net profit fell by 37.22% to 70 million yuan [22][23] - Suijing Optoelectronics reported revenue of 165 million yuan, a growth of 33.04%, but incurred a net loss of 17 million yuan [25][26] Group 2: Industry Trends and Insights - Visionox focused on optimizing product structure, emphasizing AMOLED display products, leading to a 9.66% increase in OLED product revenue [5] - Goodix's revenue decline was attributed to changes in customer demand and inventory management, while its gross margin improved from 42.0% to 43.3% due to reduced chip procurement costs [8] - Ruile New Materials' growth was driven by a strong pharmaceutical segment and effective cost control measures [10] - Hanbo High-tech expanded its market in automotive backlight display modules, successfully collaborating with several Tier 1 suppliers [13][14] - Akitamicro's new production base in Thailand is expected to enhance its core business in display devices and embedded software development [18] - Jingwei Huikai's profit decline was influenced by international market conditions and increased production costs [21] - Puyang Huicheng's revenue growth in its anhydride derivatives business was notable, with a 3.74% increase [24] - Suijing Optoelectronics saw significant growth in its automotive LED segment, with a 241.15% increase in sales [27][28]

Group 1: Company Overview and Market Position - The company primarily engages in the research, production, and sales of maleic anhydride derivatives and functional material intermediates, widely used in various fields such as electronic components, electrical insulation materials, and wind power [1][2]. - The gross profit margin for maleic anhydride derivatives in 2024 is reported to be 18.56% [12]. Group 2: Financial Performance and Shareholder Returns - The company experienced a significant decline in performance, with a notable drop in profits and gross margins over recent years [3][4]. - The company has a cash reserve of 261 million yuan in accounts receivable, with measures in place to manage this risk, including strict internal controls and differentiated credit policies [5][24]. - The company has completed the process of share repurchase and cancellation, but there are currently no new repurchase plans [12]. Group 3: Future Strategies and Development Plans - The company plans to focus on optimizing its core business, upgrading technology, and enhancing resource utilization to meet high-end demand and improve product structure [9][10]. - There are ongoing research and development projects for OLED and LED materials, with continuous market-driven product development [6][7]. - The company aims to strengthen its competitive edge through sustained R&D investment and talent expansion [4][10]. Group 4: Investor Relations and Communication - The company emphasizes the importance of investor relations management, actively engaging with investors through various channels, including performance briefings and Q&A sessions [5][8]. - The company is committed to timely information disclosure and maintaining transparency regarding its operational status and future outlook [3][11].