[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 ...

蚌埠，准备好了。 第五届国际新材料产业大会，于11月20日~23日在安徽蚌埠举办。这已是蚌埠连续第五年担纲这场新材 料"世界杯"的东道主。 新材料一般是指正在发展中的、相比传统材料而言具有优异性能的功能材料。新材料介于基础研发和实 际制造之间，堪称高端制造业和科技产业的基石。谁掌握了更先进、更核心的新材料，谁就掌握了未来 工业和科技发展的主动权。 地处安徽中北部、淮河中游的蚌埠，拥有深厚的工业基础，又被称为"材料之都"，将新材料产业作为重 点发展的新兴产业之一。多年来，从科研创新到产业落地，从人才培养到政策扶持，蚌埠构建起了一套 完整的新材料产业发展体系，不仅在硅基新材料、生物基新材料等细分领域取得显著成就，更在化工新 材料、先进金属和无机非金属新材料等方面不断拓展出新的增长点。 新科技，新材料，新未来。犹如一台工业经济的"强劲发动机"，蚌埠正在轰鸣。 聚沙成塔 持之以恒举办一场产业盛会，可以获得什么？ 智通财经从蚌埠市获悉，本届大会之前，蚌埠市已经连续举办四届国际新材料产业大会，累计吸引海内 外新材料领域院士专家、龙头企业负责人、金融及投资机构高管等约6500人参会，签约项目408个，总 投资额3839.0 ...

Group 1: Financial Performance - In Q3 2025, the company's revenue reached approximately 956 million CNY, representing a year-on-year growth of about 18.62% [3] - The net profit attributable to shareholders was approximately 87 million CNY, with a year-on-year increase of about 8.41% [3] - For the first three quarters of 2025, total revenue was approximately 2.826 billion CNY, showing a year-on-year growth of 2.31% [3] Group 2: Product Development and Market Position - The company has established a presence in various advanced materials, including semiconductor manufacturing materials and high-performance polymer materials [3] - The semiconductor manufacturing materials revenue in Q3 2025 exceeded that of the same period last year, with ongoing projects to expand production capacity [4] - High-performance polymer products include PEI, TPI, and PEEK, with production capacity for PEI at 1,500 tons per year, currently in trial production [5][6] Group 3: Strategic Partnerships and Collaborations - The company has business cooperation with Yantai BOE Materials Technology Co., which has generated revenue [7] - Collaboration with Sinopec Capital has also commenced, contributing to revenue generation [12] Group 4: Market Trends and Future Outlook - The demand for LCD and OLED materials remains stable, with expectations for growth as new production lines are validated [10][11] - The company is actively pursuing the development of solid-state battery materials, with ongoing preparations for pilot line construction [12] - The market for perovskite photovoltaic materials is advancing, with ongoing sales and development efforts [12]

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.

Core Insights - The company reported a steady recovery in its performance, with Q3 2025 revenue reaching 230 million yuan, a year-on-year increase of 32.73% and a quarter-on-quarter increase of 14.14%, while net profit attributable to shareholders was 14.6964 million yuan, up 23.32% year-on-year and 115.20% quarter-on-quarter [1] Group 1: Industry Developments - The Chinese government has emphasized the acceleration of domestic semiconductor material production, providing a historic opportunity for the development of photoresist resin [2] - The photoresist industry has faced long-standing challenges due to the monopoly of Japanese and American companies on key raw materials, which has hindered domestic production [2] - The company has established a dedicated R&D team for photoresist resin, achieving international advanced levels in key indicators for KrF photoresist resin [2] Group 2: Production Capacity and Technology - The company has successfully launched the first domestic high-automation flexible/volume production dual production line for KrF photoresist resin, which has entered mass production [3] - The overall design capacity of the two production lines is at the hundred-ton level, utilizing the company's self-developed automation control system to enhance production efficiency and reduce operational errors [3] - Future plans include gradually expanding production capacity to achieve an annual output of 200-300 tons of high-end photoresist resin within the next two to three years [3] Group 3: Business Strategy and Growth - The company is diversifying its growth strategy by leveraging its core display materials business while accelerating its entry into the semiconductor materials sector [4] - The liquid crystal materials business continues to perform steadily, with successful mass production of high-performance materials for various applications [4] - The company has made significant progress in OLED materials, optimizing production processes and establishing partnerships with domestic and international OLED material companies [4] Group 4: Breakthroughs in Polyimide - The company has achieved breakthroughs in both display and packaging dimensions within the polyimide sector, with successful testing and validation of various products [5] - The company is advancing in the area of advanced packaging PSPI, completing small-scale tests and preparing for customer validation [5] Group 5: Future Outlook - The company is positioned to leverage breakthroughs in domestic photoresist resin production to drive growth in two high-demand sectors, enhancing its capabilities for independent control of high-end materials [6] - Continuous expansion of production capacity and customer validation efforts are expected to strengthen the company's position in the industry [6]

Core Viewpoint - Wanrun Co., Ltd. announced that its subsidiary, Yantai Jiumu Chemical Co., Ltd. (Jiumu Chemical), has received the acceptance notice from the Beijing Stock Exchange for its application to publicly issue shares and list on the exchange [1][3]. Company Overview - Wanrun Co., Ltd. holds 85 million shares of Jiumu Chemical, representing a 45.33% stake, making it the controlling shareholder [3]. - Jiumu Chemical, established in 2005, specializes in the research, production, and sales of OLED front-end materials and is recognized as a national key specialized and innovative "little giant" enterprise [4]. - Wanrun Co., Ltd. operates in four main sectors: environmental materials, electronic information materials, new energy materials, and life sciences and pharmaceuticals [4]. Financial Performance - Jiumu Chemical's revenue from 2022 to Q1 2025 was 706 million yuan, 878 million yuan, 962 million yuan, and 208 million yuan, respectively, with net profits of 197 million yuan, 203 million yuan, 246 million yuan, and 46 million yuan [5]. - The company has increased its R&D investment from 58.78 million yuan in 2022 to 83.03 million yuan in 2024, with R&D expenses accounting for 8.33%, 7.47%, and 8.63% of revenue in the respective years [5]. Market Position and Industry Outlook - Jiumu Chemical is expected to capture approximately 23% of the global OLED front-end materials market in 2024 [4]. - The demand for OLED front-end materials is anticipated to grow due to the increasing market penetration of OLED panels in consumer electronics such as smartphones and smart home products [4]. - Jiumu Chemical's overseas sales accounted for 92.69% of its main business revenue in 2024, with key markets including South Korea, Germany, and Japan [5]. Customer Concentration Risk - The company has a high customer concentration risk, with sales to its top five customers accounting for 72.93%, 71.40%, and 77.45% of its revenue from 2022 to 2024 [5].

Core Viewpoint - Wanrun Co., Ltd. (002643.SZ) stated that there have been no significant changes in the prices of its OLED and LCD materials, and the company continues to maintain a leading position in the industry [1] Company Summary - Wanrun Co., Ltd. is actively engaged in the OLED and LCD materials sector, asserting its competitive edge in the market [1] - The company has indicated stability in pricing for its products, which may reflect a consistent demand and supply balance in the industry [1] Industry Summary - The OLED and LCD materials market appears to be stable, with no major fluctuations in pricing reported by leading companies [1] - Maintaining a leading position in the industry suggests that Wanrun Co., Ltd. is well-positioned to capitalize on future growth opportunities within the OLED and LCD sectors [1]

Core Viewpoint - The establishment of a high-end semiconductor photoresist resin production line by Beijing Aiyishikong Liquid Crystal Technology Co., Ltd. marks a significant breakthrough in the domestic high-end photoresist resin sector, aligning with the company's mission of technological innovation and national strategy service [1][2]. Group 1: Company Overview - Aiyishikong was founded in July 2004 and went public on the Sci-Tech Innovation Board in January 2020, with a diversified business layout including liquid crystal materials, polymer dispersed liquid crystal (PDLC), organic electroluminescent materials (OLED), polyimide (PI), and photoresist materials [1]. - The company has developed a full series of research and production capabilities for KrF photoresist resin, collaborating with leading photoresist manufacturers to create high-performance resins [3]. Group 2: Market Demand and Strategic Partnerships - The global semiconductor market demand has surged due to the rise of artificial intelligence and 5G, with photoresist being a core material for chip manufacturing, where approximately 90% of the upstream key raw material, photoresist resin, is imported [2]. - Aiyishikong's subsidiary, Shanghai Aiyishikong Advanced Materials Co., Ltd., has formed a strategic partnership with Xiamen Hengkang New Materials Technology Co., Ltd., which holds an 11.11% stake in the subsidiary and is a supplier for several 12-inch wafer fabs [2]. Group 3: Future Growth and Revenue Projections - The company anticipates achieving revenue in the range of millions by the second half of 2025 from photoresist resin, with expectations to exceed 100 million after full production capacity is reached [3]. - Future plans include gradually expanding production capacity to 200 to 300 tons of photoresist resin annually over the next five years, alongside continued investment in research and development [3]. Group 4: New Application Markets - Aiyishikong has been recognized as a strategic supplier of domestic TFT liquid crystal materials for leading panel manufacturers, including BOE Technology Group Co., Ltd. [4]. - The company is actively exploring new application markets, particularly in automotive displays, driven by the increasing demand for intelligent features in electric vehicles [4][5]. - Aiyishikong has developed dye liquid crystals for smart dimming applications in skylights, entering the high-end market, and has successfully tested and sold several automotive display liquid crystal materials [5].

Core Viewpoint - The article emphasizes that the rise of emerging industries in China will lead the polymer industry into the next decade, amidst a backdrop of significant transformation in the global chemical industry [1]. Group 1: Event Overview - The 2025 Polymer Industry Annual Conference and "New Plastic Award" selection will take place from September 10-12 in Hefei, Anhui [1]. - The conference aims to explore new opportunities in materials, technologies, and equipment related to emerging industries such as AI, robotics, low-altitude economy, aerospace, new energy vehicles, and data centers [1]. Group 2: Organizers and Supporters - The event is organized by Ningbo Detaizhong Research Information Technology Co., Ltd. (DT New Materials) and chaired by Qian Xigao, an academician of the Chinese Academy of Engineering [2]. - Various supporting units include the China New Materials Industry Technology Innovation Platform and the Anhui Composite Materials Industry Association [2]. Group 3: Conference Agenda - The agenda includes a closed-door meeting and project roadshow on September 10, followed by a general assembly and award ceremony on September 11 [7]. - Specific forums will focus on topics such as the opportunities and challenges of materials in the context of the "dual carbon" goals, innovations in engineering plastics, and advancements in polymer materials for robotics and AI [10][12][15]. Group 4: Industry Trends and Innovations - The conference will address the current status and future trends of high-performance materials in various sectors, including aerospace and low-altitude economy [17][20]. - Discussions will also cover the application of new materials in the automotive industry, particularly in electric vehicles, highlighting innovations in lightweight materials and their performance [21]. Group 5: Participation and Networking - The event will facilitate networking opportunities among industry leaders, government officials, and academic experts, aiming to foster collaboration and innovation in the polymer sector [22]. - Participants will have the chance to showcase their projects and technologies, contributing to the high-quality development of the polymer industry [22].

Core Viewpoint - The article emphasizes that the rise of emerging industries in China will lead the polymer industry into the next decade, amidst a backdrop of significant transformation in the global chemical industry [2]. Group 1: Event Overview - The 2025 Polymer Industry Annual Conference will take place from September 10-12, 2025, in Hefei, Anhui, focusing on new materials, technologies, and applications related to plastics, fibers, rubber, and elastomers [3][27]. - The conference aims to gather international leading companies, industry experts, government representatives, and investment institutions to explore opportunities in emerging industries such as AI, low-altitude economy, aerospace, and new energy vehicles [2][3]. Group 2: Event Arrangement - Registration for the event is open until September 5, 2025, with project submissions accepted via email or online [4][6]. - Each project presentation during the roadshow will last 10-20 minutes, including a PPT presentation and Q&A session, with evaluations provided by a professional investment team [7]. Group 3: Conference Information - The conference is organized by Ningbo Detai Zhongyan Information Technology Co., Ltd. (DT New Materials) and supported by various institutions, including the China New Materials Industry Technology Innovation Platform and the Anhui Composite Materials Industry Association [8][27]. - Notable speakers include academicians and professors from prestigious institutions, discussing topics such as engineering plastics and innovative solutions in the polymer sector [14][15][18]. Group 4: Target Audience - The event targets a wide range of end-users, including those in eVTOL, drones, large aircraft, humanoid robots, and various industries requiring engineering plastics [27].