南财智讯11月26日电，莱宝高科在投资者关系活动中表示，公司与地方政府合作投资的微腔电子纸显示 器件（MED）项目达产后，预计实现年平均销售收入916,654万元。该项目主要建设内容为新建玻璃基 板月投片量18万平方米的生产线，产品尺寸覆盖7.8英寸至55英寸，涵盖驱动背板、反射式彩膜、灌 浆、成盒、模组组装及触控显示一体化等完整工序，并建设新型显示触控研发中心。实际销售收入将受 产品规格、应用领域、定价及市场供需等因素影响，可能存在一定差异。 ...

证券代码：002106 证券简称：莱宝高科 深圳莱宝高科技股份有限公司 投资者关系活动记录表 编号：2025-015 投资者关系活动 类别 √特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 √现场参观 □其他 参与单位名称及 人员姓名 深圳图灵资产管理有限公司：黄自成 红思客资产管理（北京）有限责任公司：赵吉星 广州泽恩投资控股有限公司：曹盈盈 深圳民沣私募证券投资基金管理有限公司：黄海山 聚众鑫创投资产管理（深圳）有限公司：彭建彬 深圳市安卓投资有限公司：谭煜 长城证券股份有限公司：刘雯 中天国富证券有限公司：李玉田 时间 10:15-12:05 地点 深圳市光明区光源四路 9 号 公司光明工厂二期办公楼三楼 306 会议室 上市公司接待人 员姓名 董事会秘书：王行村、证券事务代表：曾燕 投资者关系活动主要内容介绍 本次调研活动由深圳莱宝高科技股份有限公司（以下简称"公司"）董事 会秘书、证券事务代表带领调研人员参观了公司展厅，然后在会议室向参与调 研人员主要介绍了公司主营业务情况、近期生产经营情况、所处行业发展现状 及未来发展趋势、产品相关技术发展现状及未来发展趋势、以及公 ...

Core Viewpoint - 莱宝高科 has shown stable revenue growth and is strategically investing in R&D to enhance its product offerings, particularly in the emerging market of color electronic paper displays, positioning itself for future growth opportunities [1][2][3]. Financial Performance - In the first three quarters of 2025, 莱宝高科 achieved operating revenue of 4.688 billion yuan, a year-on-year increase of 6.20% [1]. - The company reported a net profit attributable to shareholders of 231 million yuan, with total assets reaching 10.442 billion yuan, reflecting a 10.54% increase from the previous year [1]. R&D Investment - R&D expenses for the first three quarters of 2025 amounted to 224 million yuan, marking a 20.27% increase, primarily focused on new products, processes, and technologies [2]. - The company is developing the micro-cavity electronic paper display (MED) project, which includes a production line capable of producing displays ranging from 7.8 inches to 55 inches [2][4]. Market Outlook - The global market for color electronic paper displays is expected to expand significantly, with a projected market size of 72.3 billion USD by 2025 and a compound annual growth rate (CAGR) exceeding 50% [3]. - The introduction of various technologies, including micro-capsule and micro-cavity display technologies, is anticipated to drive the adoption of electronic paper displays across multiple applications [3]. Project Progress - The MED project is progressing according to plan, with equipment selection and international bidding for key imports underway, and initial equipment installations have begun [4]. - The company is preparing for the market launch of MED products in various sectors, including education and outdoor displays, enhancing its production capabilities [4]. Demand Drivers - The end of support for Windows 10 by Microsoft is expected to create a surge in PC replacement demand, contributing to growth in the PC market [5][6]. - The rise of AI PC products is anticipated to further stimulate demand in 2025, benefiting companies like 莱宝高科 that have established relationships with major global brands [6]. Future Prospects - As the MED project advances and begins production, 莱宝高科 is positioned to convert its technological and product advantages into actual production capacity, potentially leading to stable performance growth [7].

Core Viewpoint - The company, Laibao High-Tech (002106), is progressing with its Microcavity Electronic Paper Display (MED) project in collaboration with local government, with a total planned investment of RMB 9 billion [1] Group 1: Project Overview - The MED project is advancing as planned, with equipment selection and international bidding for key imported equipment underway [1] - The project is expected to have a construction period of 2 years, with the first automatic logistics handling system equipment scheduled to arrive and be installed starting April 16, 2025 [1] Group 2: Financial Details - The total investment for the MED project is RMB 9 billion, with construction investment amounting to RMB 8.3 billion and annual working capital of RMB 700 million upon reaching full production [1] - Equipment investment is estimated at approximately RMB 7.3 billion, subject to final procurement amounts [1] Group 3: Project Risks and Uncertainties - The actual progress of the MED project is influenced by multiple factors, including equipment arrival, installation, debugging, technology, and capacity ramp-up, which introduces a degree of uncertainty [1]

Core Viewpoint - The company, Lai Bao Gao Ke, is collaborating with local governments to invest in a micro-cavity electronic paper display (MED) project, aiming to address survival and development challenges while seizing opportunities in the global medium to large-sized color electronic paper market [1] Group 1: Project Objectives - The collaboration aims to achieve industrial production of the company's independently developed MED technology and products, enhancing the product line in medium to large-sized color electronic paper displays [1] - The project is expected to significantly improve the company's core competitiveness and expand its international market presence, fostering new business and profit growth points [1] Group 2: Financial Implications - Successful implementation of the project will notably increase the company's asset scale and operational capacity, leading to a significant enhancement in profitability [1] - Although the asset-liability ratio is expected to rise, it will remain within a reasonable and safe range [1]

Group 1: Company Overview and Investor Relations - The investor relations activity was conducted by Shenzhen Laibao High-Tech Co., Ltd., involving a site visit and presentation on the company's 2025 semi-annual report and business operations [1][2]. Group 2: Touchscreen Business Insights - The demand for notebook computer touchscreens is expected to grow in 2025, driven by an anticipated increase in global notebook shipments to 183 million units, a 4.9% increase from 2024 [3][4]. - The company aims to leverage its relationships with well-known global notebook brands to achieve year-on-year sales growth in touchscreen products [3][4]. Group 3: Challenges in Touchscreen Market - The touchscreen business faces challenges from increasing competition and the rise of integrated touch display products, which may impact sales growth and profitability [4][7]. - Economic fluctuations and consumer purchasing behavior may also affect the demand for notebook touchscreens [4]. Group 4: Automotive Touchscreen Business - The automotive touchscreen segment serves major Tier 1 suppliers and is expected to continue growing, supported by the shift towards electric and smart vehicles [5][6]. - The product line includes various touchscreen and glass components, with increasing demand for larger and more complex designs [5][6]. Group 5: Microcavity Electronic Paper Display (MED) Project - The MED project aims to capture opportunities in the mid-to-large size color electronic paper market, with an expected annual sales revenue of approximately 916.65 million yuan upon reaching full production [9][10]. - The project involves constructing a production line with a monthly output capacity of 320,000 units for 12.3-inch displays and 50,000 units for 31.2-inch displays [10]. Group 6: Market Potential for MED Products - The global electronic paper display market is projected to reach $72.3 billion by 2025, with a compound annual growth rate (CAGR) exceeding 50% [12]. - The demand for color electronic paper is expected to grow significantly, particularly in educational and advertising applications [12][13]. Group 7: Technical and Production Developments - The company has established a solid technical foundation for the MED project, including proprietary technologies and partnerships for material supply [19][21]. - The project is currently in the equipment installation phase, with plans for small-scale production by the end of 2025 [26][27]. Group 8: Financial Implications and Risks - The MED project requires a total investment of 9 billion yuan, with construction costs of 8.3 billion yuan and working capital of 700 million yuan [26]. - The project may impact the company's financial performance before it becomes profitable, necessitating careful management of expenses [28].

Financial Performance - In the first half of 2025, the company achieved a sales revenue of 314,484.59 million RMB, a year-on-year increase of 7.06% [3] - The net profit attributable to shareholders decreased by 13.78% to 18,180.84 million RMB, primarily due to increased R&D expenses and reduced interest income [3] Product Demand and Market Trends - Demand for notebook touch screens has improved since August 2025, driven by the growth in education laptops and the upcoming end of Windows 10 support [4] - Global notebook shipments are expected to reach 183 million units in 2025, a 4.9% increase from 2024, which may positively impact touch screen sales [6] Vehicle Touch Screen Business - The vehicle touch screen segment is expected to continue growing, with increasing demand for integrated displays in electric and smart vehicles [8] - The company plans to expand production capacity based on customer demand and market trends [9] MED Project Overview - The MED project aims to produce micro-cavity electronic paper displays, with an expected annual sales revenue of 916,654 million RMB upon reaching full production [11] - The project is currently in the equipment installation phase, with a total investment of 9 billion RMB planned [23] Technical Development and Challenges - The company has established a research center for new display technologies and has secured long-term licensing for key patents [17] - Challenges include the high cost of production and the need for further technological advancements to enhance product performance [16] Future Outlook - The company aims to achieve small-scale production of MED products by the end of 2025, with ongoing efforts to optimize production processes [21] - The market for color MED products is expected to expand, with applications in various sectors such as education and advertising [20]

Core Viewpoint - Laibao High-Tech is focusing on strategic transformation and accelerating the development of its Microcavity Electronic Paper Display (MED) project, despite facing profit pressures due to R&D and new project investments [2][5]. Financial Performance - In the first half of 2025, Laibao High-Tech achieved operating revenue of 3.145 billion yuan, a year-on-year increase of 7.06% [2]. - The net profit attributable to shareholders was 182 million yuan, a year-on-year decrease of 13.78% [2]. MED Project Development - The total investment for the MED project, constructed by Laibao's subsidiary in Zhejiang, is 9 billion yuan, and it has entered the equipment installation and debugging phase [2]. - The first exposure machine was moved in June, with plans to achieve small-scale production and sales of some medium-sized products by the end of the year [2]. Product Positioning and Market Strategy - The MED products are designed to be eye-friendly and low-power full-color electronic paper, suitable for applications such as e-books, shelf labels, and electronic signage, without focusing on video playback [5]. - The company aims to take a leading position in the medium and large-sized market as color electronic paper technology matures [5]. Other Business Segments - The notebook touchscreen business has seen a recovery in order demand driven by AI PCs and a replacement wave [5]. - The automotive touch products are widely used in brands like Geely, Volkswagen, and Li Auto, with expectations for growth despite facing price declines and competition from In-Cell integration [5]. - Laibao High-Tech is also expanding into new businesses such as glass packaging substrates, having completed engineering sample development for technologies like FOPLP and TGV, and is seeking breakthroughs in industrialization [5].

Financial Performance - In the first half of 2025, the company achieved a sales revenue of 314,484.59 million RMB, an increase of 7.06% year-on-year, primarily due to increased sales of large-size capacitive touch screens and automotive cover glass products [3] - The net profit attributable to shareholders decreased by 13.78% year-on-year to 18,180.84 million RMB, mainly due to increased R&D expenses and reduced interest income [3] Product Demand and Market Trends - The demand for notebook computer touch screens has been good since August 2025, driven by the growth in education notebooks and the upcoming end of Windows 10 support [4] - Global demand for notebook computers is expected to grow, with an estimated shipment of 183 million units in 2025, a year-on-year increase of 4.9% [5][6] Automotive Touch Screen Business - The company's automotive touch screen products are primarily supplied to Tier 1 automotive manufacturers, with significant clients including Changan, Geely, and Volkswagen [7] - The automotive touch screen business is expected to continue growing, driven by the trend towards electric and intelligent vehicles [8] MED Project Progress - The MED project is currently in the equipment installation and debugging phase, with a total investment of 9 billion RMB planned [10][18] - The project aims to produce micro-cavity electronic paper displays, with a monthly production capacity of 320,000 units for 12.3-inch displays [14] Challenges and Risks - The company faces challenges such as increasing competition in the touch screen market and potential price declines [6][8] - The MED project may impact the company's profitability before it becomes operational, with expected increases in operational costs during the construction phase [20][21] Future Outlook - The company plans to enhance the performance of its MED products through continuous optimization of materials and processes [12] - The market for large-size color electronic paper displays is expected to grow, with the company aiming to capture opportunities in this segment [15]

Core Viewpoint - The company, Shenzhen Laibao High-Tech Co., Ltd., is progressing with its 9 billion RMB micro-cavity electronic paper (MED) project, which is expected to impact short-term profitability but aims for long-term growth and competitiveness [1][4]. Group 1: MED Project Progress - The MED project has completed key milestones, including project workshop completion and installation of the first exposure machine, with total funding of 55 billion RMB from shareholders and 35 billion RMB from a syndicate loan secured [1][2]. - The project has received necessary approvals for project filing, environmental impact assessment, and energy-saving review, with funding from shareholders completed as per the agreement [2][3]. - The project is expected to take two years for construction, with equipment procurement and installation scheduled to begin in 2024, aiming for production commencement in 2025 [2][3]. Group 2: Financial Impact and Projections - The company reported a 36.10% year-on-year decline in net profit for Q1 2025, attributed to changes in product sales structure and increased R&D expenses, which are expected to continue affecting profitability during the MED project's construction phase [1][5]. - The total investment for the MED project is planned at 9 billion RMB, with 8.3 billion RMB allocated for construction and 700 million RMB for working capital, primarily focused on equipment investment [3][4]. - The establishment of a joint venture, Zhejiang Laibao Display Technology Co., Ltd., is aimed at implementing the MED project, with financial liabilities recognized in the company's consolidated financial statements [4][5]. Group 3: Market and Competitive Landscape - The company aims to leverage its relationships with global laptop brands to increase sales of touch screens for laptops in 2025, despite facing intensified competition from integrated touch display products [6]. - The sales growth of laptop touch screens in 2025 may be influenced by various factors, including global economic conditions and consumer purchasing behavior, leading to uncertainty in achieving sales targets [6].