Company Overview - Xi'an Ruile New Materials Co., Ltd. is located in Xi'an High-tech Zone, Shaanxi Province, and was established on April 15, 1999. The company was listed on September 2, 2020. Its main business involves the research, development, production, and sales of specialized organic new materials [1]. - The company's revenue composition includes display materials (77.97%), pharmaceutical intermediates (18.63%), and others (3.41%) [1]. Financial Performance - For the period from January to September 2025, the company achieved operating revenue of 1.301 billion yuan, representing a year-on-year growth of 19.01%. The net profit attributable to the parent company was 281 million yuan, showing a year-on-year increase of 51.54% [2]. - Since its A-share listing, the company has distributed a total of 498 million yuan in dividends, with 300 million yuan distributed over the past three years [3]. Stock Performance - As of November 18, the company's stock price was 46.98 yuan per share, with a market capitalization of 8.155 billion yuan. The stock has increased by 53.03% year-to-date, but has seen a decline of 1.72% over the last five trading days and 1.32% over the last twenty days [1]. - The stock's trading volume on November 18 was 44.8366 million yuan, with a turnover rate of 0.55%. The net outflow of main funds was 8.522 million yuan [1]. Shareholder Information - As of November 10, the number of shareholders was 10,000, a decrease of 5.73% from the previous period. The average circulating shares per person increased by 6.08% to 17,278 shares [2].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨鼎龙股份（300054.SZ） [Table_Title] 鼎龙股份：半导体业务加速成长，业绩同环比高 增 报告要点 [Table_Summary] 2025Q3 公司实现营业收入 9.67 亿元，同比增长 6.57%；归母净利润为 2.08 亿元，同比增长 31.48%；扣非净利润为 2.01 亿元，同比增长 36.87%；毛利率为 53.67%，同比增长 5.10pct。 2025Q1-Q3 公司实现营业收入 26.98 亿元，同比增长 11.23%；归母净利润为 5.19 亿元，同比 增长 38.02%；扣非净利润为 4.95 亿元，同比增长 44.02%；毛利率为 50.82%，同比增长 4.37pct 。 分析师及联系人 [Table_Author] 杨洋 王泽罡 SAC：S0490517070012 SAC：S0490521120001 SFC：BUW100 research.95579.com 1 [Table_scodeMsg2] 鼎龙股份（300054.SZ） cjzqdt11111 [Table_Title 鼎龙股份 ...

Core Viewpoint - The company emphasizes its long-term partnership with Visionox, highlighting the deep collaboration and integration of materials into Visionox's product lines, which is expected to continue despite changes in Visionox's ownership structure [1]. Group 1 - Visionox is a long-term important customer for the company, with a high degree of collaboration and business integration [1]. - The company's materials have been successfully integrated into Visionox's material system and are used in several mainstream terminal products [1]. - The recent acquisition of Visionox by state-owned enterprises in Hefei is viewed as a change in the client's equity and management structure, with the company planning to deepen cooperation with its core clients [1].

Group 1 - The core viewpoint of the news is that Ruian New Materials has experienced fluctuations in stock price and trading volume, with a current market capitalization of 8.3 billion yuan and a year-to-date stock price increase of 55.77% [1] - As of October 31, the number of shareholders for Ruian New Materials increased to 10,700, with an average of 16,287 circulating shares per person, reflecting a slight decrease [2] - For the period from January to September 2025, Ruian New Materials reported a revenue of 1.301 billion yuan, representing a year-on-year growth of 19.01%, and a net profit attributable to shareholders of 281 million yuan, which is a 51.54% increase compared to the previous year [2] Group 2 - Ruian New Materials has distributed a total of 498 million yuan in dividends since its A-share listing, with 300 million yuan distributed over the past three years [3] - The company's main business revenue composition includes 77.97% from display materials, 18.63% from pharmaceutical intermediates, and 3.41% from other sources [1] - The company operates within the electronic chemicals industry, with key segments including photoresists, OLEDs, flexible electronics, innovative drugs, and electronic chemicals [1]

Core Insights - China's display panel and materials market share ranks first globally, accounting for half of the global output value [1][7] - The display industry is entering a new phase of "AI + Display" integration, enhancing user experience through innovative technologies [2][4] Industry Overview - The new display industry is recognized as a key carrier of image information and an important interface for human-computer interaction, often referred to as the "eyes" of the digital economy and the "window" of artificial intelligence [1] - The integration of AI with display technology is transforming traditional passive information output into active interactive platforms, improving efficiency in AI output and interaction [5] Market Performance - China's display panel market share has reached 55%, while the display materials market share stands at 43%, both leading globally [7] - The overall output value of China's new display industry is projected to exceed $100 billion (740 billion RMB) in 2024, with a year-on-year growth rate of 12% [7] - By 2025, the output value is expected to surpass $110 billion (800 billion RMB), with a growth rate of approximately 5% [7] Technological Advancements - The display industry is experiencing breakthroughs in scale, innovation, and integration since the 14th Five-Year Plan, with a focus on AI and display technology fusion [6][8] - New high-end domestic display manufacturing equipment has been launched, enhancing the industry's capacity for larger, more efficient, and cost-effective display products [9]

Core Viewpoint - China's display panel and materials market share ranks first globally, accounting for half of the global market value, indicating a strong position in the "AI + Display" development phase [2][12]. Group 1: Market Position and Growth - China's display panel global market share has reached 55%, while the market share for display materials is at 43%, both leading globally [12]. - The new display industry in China is projected to exceed $100 billion in value by 2024, with a year-on-year growth rate of 12%, and is expected to surpass $110 billion by 2025, with a growth rate of 5% [14][17]. - By the end of this year, the overall value of China's new display industry is anticipated to account for more than half of the global market [14]. Group 2: Technological Integration and Innovation - The integration of AI algorithms is transforming display technology from passive information output to an active interactive medium, enhancing the efficiency of AI's output and interaction capabilities [8]. - The World Display Industry Innovation Development Conference has established a special exhibition area for the integration of AI and display technology, showcasing new visual experiences [4]. - Experts predict that deep integration of AI into display hardware will enable screens to adjust focus based on user gaze and allow gesture control for virtual space interaction, setting a new norm for human-computer interaction [10]. Group 3: Future Market Potential - The global market for new displays is expected to exceed $200 billion by 2025, with related consumption potentially expanding to over $840 billion, indicating significant market potential [17].

Core Insights - China's display panel and materials market share ranks first globally, accounting for half of the global output value, indicating a strong position in the new display industry [1][8] - The integration of AI with display technology is driving a new development cycle, enhancing user interaction and experience [4][5] Market Position - China's display panel global market share has reached 55%, while the market share for display materials stands at 43%, both leading globally [8][9] - The new display industry is projected to exceed $100 billion in value by 2024, with a year-on-year growth rate of 12%, and is expected to surpass $110 billion by 2025 [9] Technological Advancements - The World Display Industry Innovation Development Conference has established a special exhibition area for AI and display technology integration, showcasing new visual experiences [2] - AI algorithms are transforming display technology from passive information output to active interactive mediums, enhancing the efficiency of AI's output and interaction [5] Future Projections - By the end of 2025, China's new display industry is expected to account for over half of the global market, with significant growth anticipated [7][9] - The global new display market is projected to exceed $200 billion, with related consumption potentially reaching over $840 billion, indicating substantial market potential [9] Equipment Development - China's display industry is advancing towards domestic high-end equipment production, significantly enhancing the self-sufficiency of the supply chain [10] - New high-end equipment for large-size OLED screen production has been launched, which will improve efficiency and reduce costs in the manufacturing process [10]

Core Insights - China's display panel and materials market share remains the highest globally, accounting for over half of the global market value, indicating a strong position in the new display industry [8][11][14] - The integration of AI with display technology is driving innovation, enhancing user interaction and experience, and is seen as a key development in the digital economy [6][9][11] Market Position - China's display panel global market share has reached 55%, while the market share for display materials stands at 43%, both leading globally [8][11] - The overall market value of China's new display industry is projected to exceed 1 trillion RMB (approximately 140 billion USD) in 2024, with a year-on-year growth rate of 12% [11][14] Technological Advancements - The integration of AI into display hardware allows for automatic adjustments based on user gaze and gesture control, marking a shift towards more interactive human-computer interfaces [8][9] - New high-end domestic display manufacturing equipment has been launched, aimed at enhancing production efficiency and reducing costs for large-sized OLED screens [14][16] Future Projections - By 2025, the new display industry in China is expected to surpass 1.1 trillion RMB (approximately 154 billion USD), with a market share close to 54% globally [11][13] - The global market for new display technology is anticipated to exceed 200 billion USD, with related consumption potentially reaching over 840 billion USD [13]

Group 1 - The core viewpoint of the news is the signing of 13 new display industry cooperation projects in Chengdu, with a total investment of 15.74 billion yuan, covering various segments of the display industry chain [1][2] - The signed projects include significant initiatives such as the display and semiconductor target material R&D and manufacturing base, and the iQIYI film and television project, which aims to enhance regional industrial development through content creation [1] - The event attracted over 200 influential enterprises from the display industry, covering upstream and downstream sectors, and focusing on major global display technology innovations [1] Group 2 - Sichuan has successfully attracted and nurtured leading enterprises like BOE and Chengxin Optoelectronics, gathering over 150 companies in the display industry chain [2] - The completeness of the new display industry chain in Sichuan exceeds 70%, with an industry matching rate of over 45% [2] - As of the first half of 2025, there are 47 projects in the new display industry in Sichuan with investments exceeding 100 million yuan, representing a nearly 50% year-on-year increase [2]

Core Viewpoint - The stock price of Ruile New Materials has experienced a decline of 5.07% on November 3, with a total market value of 8.019 billion yuan, indicating a cumulative drop of 5.46% over four consecutive days [1] Company Overview - Ruile New Materials Co., Ltd. is located in Xi'an, Shaanxi Province, and was established on April 15, 1999. The company was listed on September 2, 2020, and specializes in the research, development, production, and sales of specialized organic new materials [1] - The main business revenue composition includes: display materials (77.97%), pharmaceutical intermediates (18.63%), and others (3.41%) [1] Fund Holdings - The Qianhai Kaiyuan Fund has a significant holding in Ruile New Materials, with the Qianhai Kaiyuan Quantitative Preferred A Fund (002495) holding 14,600 shares, accounting for 1.15% of the fund's net value, ranking as the tenth largest holding [2] - The estimated floating loss for the fund today is approximately 36,100 yuan, with a total floating loss of 41,100 yuan during the four-day decline [2] Fund Manager Performance - The fund manager, Lu Qi, has a tenure of 4 years and 302 days, with a total fund asset size of 172 million yuan. The best fund return during his tenure is 27.4%, while the worst is -39.52% [3] - The co-manager, Lin Qiaoliang, has a tenure of 3 years and 79 days, managing assets of 1.162 billion yuan, with the best return of 12.64% and the worst return of -3.91% during his tenure [3]