证券研究报告 | 公司动态点评 2025 年 08 月 21 日 路维光电（688401.SH） 制程节点布局居于国内厂商前列，稳步推进高世代高精度掩膜版产 能 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 672 | 876 | 1,204 | 1,676 | 2,367 | | 增长率 yoy（%） | 5.1 | 30.2 | 37.5 | 39.3 | 41.2 | | 归母净利润（百万元） | 149 | 191 | 275 | 386 | 556 | | 增长率 yoy（%） | 24.2 | 28.3 | 44.3 | 40.2 | 44.0 | | ROE（%） | 9.7 | 13.7 | 17.1 | 19.7 | 22.5 | | EPS 最新摊薄（元） | 0.77 | 0.99 | 1.42 | 2.00 | 2.88 | | P/E（倍） | 57.8 | 45.1 | 31.2 | 22.3 | 15.5 | | P/B（倍） ...

Investment Rating - The report maintains an "Outperform" rating for the semiconductor mask industry, particularly focusing on domestic manufacturers entering a new phase of development [1]. Core Insights - The mask is a critical material in microelectronics manufacturing, directly impacting the yield of downstream products. The semiconductor wafer manufacturing materials market reached $32.2 billion in 2019, with masks accounting for approximately 13% of costs [3]. - China is the largest panel production base globally, with over 60% of the world's capacity. However, the mask market is still dominated by US and Japanese manufacturers, with domestic players like Qingyi Optoelectronics and Luwei Optoelectronics gradually increasing their market penetration [3]. - The domestic semiconductor mask market is projected to reach approximately 18.7 billion RMB in 2025, with wafer manufacturing masks expected to account for 10 billion RMB [3]. - Investment recommendations include Qingyi Optoelectronics (strong buy), Luwei Optoelectronics (watch closely), and Longtu Photomask (watch closely) [3]. Summary by Sections Section 1: Mask Production and Market Dynamics - The mask production process has high technical barriers, and the market is vast with low domestic penetration. High-end masks require advanced equipment and material support [5][6]. - The semiconductor mask industry is closely tied to the growth of downstream sectors, with masks representing about 12% of the semiconductor materials market [74]. Section 2: Market Size and Growth Projections - The global semiconductor materials market is expected to reach $67.5 billion in 2024, with a projected growth rate of 3.8% [77]. - The domestic semiconductor mask market is anticipated to grow significantly, with a forecast of 18.7 billion RMB in 2025, driven by increasing demand in wafer manufacturing and packaging [80]. Section 3: Competitive Landscape - The independent third-party mask manufacturers are expected to gain market share as the disadvantages of self-built mask factories become apparent. Currently, independent manufacturers hold about 35% of the market, with major players being Photronics, Toppan, and DNP [83]. - Domestic manufacturers like Qingyi Optoelectronics and Luwei Optoelectronics are gradually increasing their market presence, although their overall revenue remains relatively low compared to international competitors [86].

Core Viewpoint - The issuance of convertible bonds by Ruvi Optoelectronics aims to raise 615 million yuan, primarily to expand production capacity in the semiconductor and high-precision flat panel display mask plate sectors, focusing on domestic substitution in key areas [1][7]. Group 1: Semiconductor Industry - The demand for semiconductor mask plates is increasing due to advancements in chip manufacturing processes, with a focus on smaller nodes like 7nm, 5nm, and 3nm, driven by the AI era [2]. - Domestic wafer manufacturers are expected to bring new growth momentum to the semiconductor mask plate market as they iterate their technologies amid increasing export controls on semiconductors to China [2][3]. - Ruvi Optoelectronics is expanding its production lines to cover semiconductor mask plates for processes ranging from 250nm to 130nm, which will enhance its market share and production capabilities in higher process nodes [3][4]. Group 2: Flat Panel Display Industry - The domestic market for high-precision mask plates, such as AMOLED and LTPS, has a low localization rate of only 12%, indicating significant potential for domestic substitution [4]. - Ruvi Optoelectronics is responding to strong downstream demand by increasing production capacity, with its production nearing full capacity since the second quarter [4][5]. - The company plans to acquire a 49% stake in Chengdu Ruvi to strengthen its control over the flat panel display supply chain and enhance its production capabilities in high-generation mask plates [5][6]. Group 3: Strategic Positioning - The successful issuance of convertible bonds reflects the capital market's recognition of the company's technological strength and development prospects, marking a significant step in the domestic substitution strategy [7]. - The company aims to build a dual-driven development model of "flat panel display + semiconductor" as it releases new production capacity and overcomes technological barriers [7].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [1][7]. Core Views - The company specializes in photomasks used in the electronic component manufacturing process, with a strong focus on both flat panel display and semiconductor photomasks. The company has experienced stable annual growth of over 20% in revenue [4][19]. - The flat panel display photomask market is projected to grow, with China expected to account for over 50% of the global market share due to its significant production capacity [51][52]. - The semiconductor photomask market presents substantial growth opportunities, with the company actively expanding its production capabilities for advanced process nodes [6][74]. Summary by Sections 1. Company Overview - The company primarily produces photomasks, which are essential for the photolithography process in electronic component manufacturing. Its main products include quartz photomasks and soda-lime photomasks, with quartz masks being used for high-precision applications [19][28]. - The revenue from flat panel display photomasks is expected to remain dominant, accounting for 77.2% of total revenue in 2024, while the share of semiconductor photomasks is gradually increasing [4][33]. 2. Flat Panel Display Market - The global market for flat panel display photomasks is approximately 6.9 billion RMB, with China projected to hold a market share exceeding 50% due to its leading position in panel production [51][52]. - The demand for photomasks is driven by the ongoing evolution of display technologies, including larger screen sizes and higher resolutions, which require advanced photomask solutions [59][68]. 3. Semiconductor Market - The semiconductor photomask market in China is valued at around 12.9 billion RMB, with a low domestic production rate of less than 10% [74]. - The company is investing in a new production facility in Foshan to enhance its capabilities in producing advanced photomasks for nodes ranging from 130nm to 28nm [6][74]. 4. Financial Forecast and Valuation - The company is expected to achieve revenues of 14.2 billion RMB in 2025, with a growth rate of 28.0%, and a net profit of 2.5 billion RMB, reflecting a year-on-year increase of 45.2% [5][7]. - The projected price-to-earnings (PE) ratio for 2025 is 37.9, indicating a potential upside of 13.0% from the current valuation [7].

Core Viewpoint - The company, Ruiv Optical (688401.SH), reported strong downstream demand in the second quarter, with production nearing full capacity [1] Group 1: Company Performance - The company is accelerating its investment pace in flat panel display masks and semiconductor masks, with multiple expansion projects progressing smoothly [1] - The company plans to further develop its research and development strategy for 14nm semiconductor masks to achieve technological breakthroughs [1]

Core Viewpoint - The article discusses the current state and future potential of the mask and blank mask industry in China, particularly in the semiconductor and display panel sectors, highlighting the gaps in technology and production capabilities compared to international players [2][3][4]. Industry Overview - The mask plays a crucial role in the production of semiconductors and display panels, with domestic companies primarily focusing on 8.5 generation lines and below, lacking capabilities for high-generation and high-precision masks [2]. - In the semiconductor sector, while some domestic manufacturers can produce masks for 90nm and above processes, only a few can develop products for 65nm and 55nm nodes, indicating significant room for localization in the market for masks below 90nm [2]. Key Players and Product Layout - Major players in the mask industry include: - Qingyi Optoelectronics, which has achieved mass production of 180nm node masks and is developing 130nm-65nm node products [3]. - Huazhong Dishi Microelectronics, aiming for 90nm mass production in 2024 and 40nm by 2025 [4]. - Other notable companies include Longtu Photomask, Jinan Quanyi, and Shanghai Toppan, each focusing on various segments of the mask market [4][5]. Upcoming Events - The 2025 TrendBank (Fifth) Lithography Materials Industry Conference will be held from July 8 to 10 in Hefei, focusing on new applications, trends, and the supply chain in the lithography materials sector [8].

Group 1: Definition and Classification of Photomasks - Photomasks, also known as photomask or lithographic mask, are essential tools in microelectronics manufacturing for transferring patterns onto substrates [2][4] - Photomasks can be classified into quartz masks, soda masks, and others, with quartz masks being preferred for high-precision applications due to their superior optical properties [6][16] Group 2: Manufacturing Process of Photomasks - The manufacturing process of photomasks is complex, involving multiple steps such as CAM file processing, photoresist coating, laser lithography, developing, etching, and inspection [6][9] - Key parameters such as critical dimension (CD) and overlay accuracy are crucial for ensuring the quality and yield of photomasks [9][10] Group 3: Photomask Industry Chain - The photomask industry chain consists of upstream raw material suppliers, midstream manufacturers, and downstream users including IC manufacturers and flat panel display (FPD) producers [14][16] - Major players in the midstream photomask manufacturing include companies like HOYA, DNP, and LG-IT, while downstream users include TSMC and Intel [14] Group 4: Market Characteristics of Semiconductor Photomasks - The semiconductor photomask market is projected to reach USD 5.4 billion, with mature processes accounting for 87% of the market share [34] - The market has shown steady growth, with a compound annual growth rate (CAGR) of nearly 7% from 2020 to 2023 [34][39] Group 5: Market Characteristics of Flat Panel Display Photomasks - The flat panel display photomask market is primarily driven by demand in China, which accounted for 57% of global demand in 2022 [57] - The market is expected to grow, with a projected increase in demand for larger and higher precision displays [60][62] Group 6: Competitive Landscape of Photomasks - The global semiconductor photomask market is highly concentrated, with major players like Photronics, Toppan, and DNP controlling over 80% of the market [69] - Domestic manufacturers in China are rapidly catching up, with companies like SMIC and Longtu Photomask making significant advancements [69][74] Group 7: Future Trends in Photomasks - The development of advanced logic processes and specialty processes represents two major directions in semiconductor manufacturing [82] - The trend towards smaller feature sizes and increased integration in semiconductor devices will drive demand for high-precision photomasks [84]

Report's Industry Investment Rating - No information provided regarding the industry investment rating. Report's Core View - The mask industry will develop towards high precision, multi - layer, localization, and application diversification in the next few years. It is less affected by the downstream industry cycle, with the average price of mask showing a stable - to - rising trend. The company, as a local mask manufacturer, has significant advantages in delivery, service, and response speed, and downstream customers have a strong willingness for domestic substitution. The diversification of downstream applications and technological evolution will drive the industry into a high - prosperity cycle [26][28]. Summary According to Related Catalogs 01. Research Basic Situation - The research object is Luwei Optoelectronics, belonging to the optoelectronics and photonics industry. The reception time is May 22, 2025, and the listed company's reception staff includes the chairman, president, directors, financial supervisor, and independent director [17]. 02. Detailed Research Institutions - The reception objects include investors and others [20]. 03. Research Institution Proportion - No information provided. 04. Main Content Data - **Semiconductor Business Progress**: Luxin Semiconductor plans to send samples of 90 - 100nm semiconductor masks in the first half of 2025 and trial - produce 40nm semiconductor masks in the second half. It will contribute revenue in 2025 and may promote the 28nm project from 2026 - 2027 [24]. - **Gross Margin Impact**: As the proportion of semiconductor masks in the revenue structure increases, it will have a positive impact on the company's overall gross margin [24]. - **Future Revenue Outlook**: The company will follow the national development strategy, increase investment and R & D, and implement the "screen - driven - chip" strategy for dual - wheel drive development of two product lines [24]. - **Domestic Flat - Panel Mask Market**: The domestic flat - panel photomask market space is expected to be close to 1 billion RMB in the next 3 - 5 years. The current localization rate is about 20%, and the situation of industry scale improvement and domestic substitution can support domestic manufacturers' expansion [25]. - **Mask Replacement and Attribute**: Mask replacement depends on downstream product diversity, usage frequency, process requirements, and technology iteration. Masks are consumable - like molds [25]. - **Industry Development Prospect**: The mask industry is closely related to downstream industries. It is less affected by the downstream cycle, with a stable - to - rising average price. The company has local advantages, and downstream customers have a strong willingness for domestic substitution. Downstream applications and technological evolution drive the industry into a high - prosperity cycle [26][28]. - **Profit Growth Drivers**: Multiple expansion projects are advancing steadily, including the "High - Precision Semiconductor Mask and Large - Size Flat - Panel Display Mask Expansion" project, the Luxin Semiconductor project, and the "Xiamen Luwei Optoelectronics High - Generation High - Precision Photomask Production Base Project", which will expand production capacity and enhance the company's competitiveness [29]. - **Financial Performance**: In 2024, the company's revenue was 875.5487 million yuan, a year - on - year increase of 30.21%. The net profit attributable to the parent was 190.8622 million yuan, a year - on - year increase of 28.27%. In the first quarter of 2025, the revenue was 260.08 million yuan, a year - on - year increase of 47%. The net profit attributable to shareholders of the listed company increased by 20% year - on - year, and the growth rate would be higher than the revenue growth rate if the exchange gain or loss was excluded [30][32].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the near term [6]. Core Insights - The company has shown significant growth in revenue and net profit, with a 30.21% year-on-year increase in revenue for 2024 and a 28.27% increase in net profit [4]. - The primary revenue source is the flat panel display mask, with notable growth in OLED mask sales, while the semiconductor mask business is also expanding rapidly [5]. - The company is expected to continue its growth trajectory with new production capacity coming online, particularly in the semiconductor and high-precision flat panel display mask segments [5]. Financial Performance - In 2024, the company achieved revenue of 876 million yuan and a net profit of 191 million yuan, with a significant increase in Q1 2025 revenue to 260 million yuan, reflecting a 47.09% year-on-year growth [4][5]. - The projected net profits for 2025-2027 are 276 million yuan, 384 million yuan, and 544 million yuan, respectively, with corresponding EPS of 1.43, 1.99, and 2.81 yuan [6][9]. - The company’s gross margin is expected to improve from 34.8% in 2024 to 40.7% by 2027, indicating enhanced profitability [9]. Market Position and Growth Potential - The company is positioned as a leading domestic supplier of masks, benefiting from the ongoing trend of import substitution in the mask industry [6]. - The release of new production lines for semiconductor and flat panel display masks is anticipated to drive future growth, with the company already being a key supplier for major downstream packaging and testing manufacturers [5][6]. - The overall mask industry is in the early stages of domestic production, suggesting substantial room for growth and market share expansion [6].

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the near term [7]. Core Views - The company is a leading domestic supplier of photomasks, benefiting from dual growth drivers in display and semiconductor sectors. The release of new production capacity is expected to support future growth [4][5][6]. - The company reported a revenue of 876 million yuan for 2024, a year-on-year increase of 30.21%, and a net profit of 191 million yuan, up 28.27% year-on-year. For Q1 2025, revenue reached 260 million yuan, reflecting a 47.09% year-on-year growth [4][5]. Financial Performance - The company achieved a revenue of 8.76 billion yuan in 2024, with a net profit of 1.91 billion yuan, and a significant increase in net profit margin [4][10]. - The projected net profits for 2025-2027 are 276 million, 384 million, and 544 million yuan respectively, with corresponding EPS of 1.43, 1.99, and 2.81 yuan [7][10]. Market Position and Growth Potential - The primary revenue source is the flat panel display photomask, with notable growth in OLED photomasks. The semiconductor photomask business is also expanding, establishing the company as a key supplier for major downstream packaging and testing firms [5][6]. - The company is expected to benefit from the domestic photomask industry's initial phase of localization, with significant room for import substitution [7]. Production Capacity and Future Outlook - New production lines for semiconductor and high-precision flat panel display photomasks are set to gradually release capacity in 2025, enhancing the company's production capabilities [6]. - The company has begun moving equipment for its semiconductor photomask project, targeting production for 130-40nm process nodes in 2025 [6]. Valuation Metrics - The projected P/E ratios for 2025-2027 are 23.5, 16.9, and 11.9, indicating a favorable valuation as the company grows [7][10]. - The expected revenue growth rates for 2025-2027 are 33.0%, 34.6%, and 36.4%, reflecting strong market demand and operational efficiency [10].