据证券之星公开数据整理，近期翰博高新（301321）发布2025年中报。截至本报告期末，公司营业总收 入15.54亿元，同比上升50.84%，归母净利润-2644.94万元，同比上升59.91%。按单季度数据看，第二季 度营业总收入8.26亿元，同比上升47.15%，第二季度归母净利润955.14万元，同比上升118.76%。本报 告期翰博高新短期债务压力上升，流动比率达0.96。 货币资金变动幅度为17.53%,原因:报告期销售回款增加。 应收款项变动幅度为25.29%,原因:报告期营收规模加大。 使用权资产变动幅度为-42.37%,原因:部分租赁终止确认以及报告期折旧。 短期借款变动幅度为-24.75%,原因:报告期偿还借款。 合同负债变动幅度为-58.36%,原因:报告期预收货款减少。 本次财报公布的各项数据指标表现尚佳。其中，毛利率10.63%，同比减2.83%，净利率-2.69%，同比增 56.3%，销售费用、管理费用、财务费用总计1.52亿元，三费占营收比9.78%，同比减12.68%，每股净资 产5.11元，同比减17.36%，每股经营性现金流0.6元，同比增165.54%，每股收益-0.17元 ...

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]

截至2025年8月19日15时10分，隆利科技最新股价为23.97元，较前一交易日上涨0.07元。当日开盘价为 23.58元，最高触及24.24元，最低下探23.48元，成交量为140077手，成交金额达3.34亿元。 隆利科技属于光学光电子行业，公司主营业务涵盖背光显示模组、精密结构件等产品的研发、生产和销 售。公司产品应用于消费电子、车载电子等多个领域。 风险提示：股市有风险，投资需谨慎。 公司在投资者互动平台表示，正在研发AR眼镜光学系统Micro-LED+光波导技术、AI眼镜精密结构件等 项目。目前VR背光显示产品已获得Meta、Pico等客户认可并实现量产，精密结构件已应用于智能车载 音响、氛围灯等产品。 2025年8月19日，隆利科技主力资金净流出1306.31万元，占流通市值的0.35%。近五个交易日累计主力 资金净流出13473.43万元，占流通市值的3.57%。 ...

Core Viewpoint - The company, Nanji Guang, has shown significant growth in revenue and profitability, driven by its role as a key supplier for the Nintendo Switch 2 backlight module, despite experiencing a slight decline in stock price recently [1] Financial Performance - The company reported a revenue increase of 244.67% year-on-year, reaching 398 million yuan [1] - The net profit attributable to shareholders was 72.89 million yuan, marking a turnaround from previous losses [1] Market Activity - The stock price closed at 27.81 yuan, down 0.15 yuan from the previous trading day, with a trading volume of 253 million yuan [1] - The stock experienced a trading range of 3.25%, with a high of 28.19 yuan and a low of 27.28 yuan [1] Institutional Engagement - From August 12 to 13, the company hosted several institutional investors, including Hongwei Chuangshi, to discuss its technological advantages as the sole supplier of backlight sources for the Nintendo Switch 2 [1] Technological Advancements - The company has achieved a 0.3X millimeter ultra-thin light guide plate technology, which reduces power consumption by 25% and meets the 6000 micro-drop test standards [1] Production Capacity - The Shenzhen and Jiangxi production bases are responsible for international order fulfillment and capacity assurance, respectively [1] Market Sentiment - The main funds saw a net outflow of 21.24 million yuan on the day, with a cumulative net outflow of 137 million yuan over the past five days [1] - The current price-to-earnings ratio stands at 42.47 times, and the price-to-book ratio is 5.37 times [1]

Core Viewpoint - Longli Technology's stock price closed at 20.04 yuan on July 29, 2025, reflecting a decline of 1.09% from the previous trading day, with a trading volume of 83,948 hands and a transaction amount of 168 million yuan [1] Company Overview - Longli Technology specializes in the research, production, and sales of backlight display modules, with applications in smartphones, tablets, and automotive displays [1] - The company operates within the optical optoelectronics sector, involving concepts such as AI glasses and glass substrates [1] Recent Developments - On July 29, Longli Technology hosted an institutional research meeting with firms like GF Fund and Bank of China Fund, focusing on the market prospects of LIPO technology and the development of its automotive display business [1] - The company disclosed that LIPO technology enhances the structural strength and sealing of OLED modules, with expectations that the shipment of small and medium-sized OLEDs will exceed 1 billion units by 2025 [1] - In the automotive sector, Longli Technology has established partnerships with several tier 1 clients, and the application of Mini-LED technology is accelerating [1] Financial Metrics - As of July 29, 2025, Longli Technology's total market capitalization is 4.579 billion yuan, with a circulating market value of 3.152 billion yuan [1] - On the same day, the net outflow of main funds for Longli Technology was 2.1425 million yuan [1]

Group 1: Company Overview and Product Structure - The company aims to become the preferred partner in the semiconductor display industry, integrating optical design, light guide plate design, precision mold design, overall structure design, and intelligent manufacturing [2][3]. - The main products include backlight display modules, light guide plates, precision structural components, and optical materials, applicable in various fields such as laptops, tablets, desktop displays, automotive displays, medical monitors, and industrial control displays [3][4]. Group 2: Financial Performance and Challenges - In 2024, the company's net profit attributable to shareholders was -21,480.83 million CNY, a decrease of 505.70% compared to 2023, with a non-recurring net profit of -23,669.41 million CNY, down 273.94% [5][6]. - The decline was primarily due to low capacity utilization during the ramp-up phase of new production lines, high fixed costs, and lower yield rates, leading to a gross margin decrease of 4.74% and a reduction in gross profit by 83.92 million CNY [5][6]. Group 3: Future Strategies and Market Positioning - The company plans to focus on core technologies and accelerate the development of innovative forms such as automotive connected screens and irregular screens, while optimizing product structure [6][9]. - The company is implementing a "dual-base strategy" in Vietnam to establish a vertical industry chain covering Southeast Asia, enhancing its global strategic layout [9][10]. Group 4: Market Trends and Growth Projections - The global PC market is expected to recover in 2024, with a projected shipment volume of 255 million units, a year-on-year increase of 3.8% [10][11]. - The demand for backlight modules is anticipated to rise alongside the growth in laptop shipments, particularly driven by the increasing demand for AIPC (Advanced Intelligent Personal Computer) products, which are expected to reach 205 million units by 2028, with a CAGR of 44% from 2024 to 2028 [10][11].

Core Viewpoint - The company is actively expanding its manufacturing capabilities in Vietnam and China, focusing on smart manufacturing bases for backlight display modules and precision components, aiming for significant production capacity by 2025 [1][2]. Group 1: Vietnam Manufacturing Expansion - The company announced the construction of two smart manufacturing bases in Vietnam: a backlight display module base in Bac Giang and a precision component base in Ho Chi Minh City [1]. - The Bac Giang factory is planned to achieve an annual production capacity of 1,400K for backlight sources and 500K for LCM (Liquid Crystal Module) by 2025, with full automation and certification [1]. - The Ho Chi Minh factory is set to start operations by the end of 2025, focusing on precision stamping, injection molding, and in-mold injection processes [1]. Group 2: Investment in China - In 2023, the company invested 5 billion yuan in the Chuzhou Bojing Display Technology project, targeting Mini LED backplanes, LCM, backlight modules, and PCB/FPC [2]. - Upon reaching full production, the project is expected to yield 9 million Mini-LED light boards, 10.2 million LCMs, and 10.2 million backlight modules, generating an output value of 500 million yuan [2]. - In 2024, Bojing Technology is projected to achieve a cumulative output value of 710 million yuan, reflecting a year-on-year growth of 2714.6% [2].

Core Insights - The company, Nanji Guang, is the exclusive supplier of backlight modules for Nintendo's Switch2, which has seen impressive sales of over 3.5 million units within four days of its launch, surpassing the initial sales of both Sony's PS5 and the previous Switch model [1][2] - The company has reported significant financial improvements, achieving a revenue increase of 265.54% and a net profit growth of 367.01% in Q1 2024, marking a turnaround from previous losses [1][4] - The stock price of Nanji Guang has more than doubled, increasing over 100% since its low point in April 2025 [1][2] Company Performance - Nanji Guang's revenue for 2024 was reported at 457 million yuan, a slight decrease of 2.5% year-on-year, while net profit reached 20.63 million yuan, indicating a return to profitability [4] - In Q1 2024, the company achieved a revenue of 186 million yuan, with net profit exceeding 29.73 million yuan, reflecting a growth rate of over three times compared to the previous year [4][6] - The company has shifted its strategy from a heavy reliance on the mobile supply chain to a more diversified approach, targeting multiple application scenarios and both domestic and international markets [4][5] Market Position and Strategy - Nanji Guang is the only backlight module supplier certified by Nintendo, which enhances its credibility and market position in the high-end gaming display module sector [2][3] - The company has established stable partnerships with leading clients, including major brands in consumer electronics and automotive sectors, which supports its supply chain stability and profitability [4][6] - The international revenue share of Nanji Guang has significantly increased, rising from 6.25% in 2023 to 48.42% in 2024, indicating successful market expansion [5]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 28.81 CNY, corresponding to a market capitalization of 6.425 billion CNY [5][38]. Core Insights - The company is expected to benefit significantly from the launch of Nintendo Switch 2, with a diversified layout in full-scene display modules and a strong technological reserve in Mini/Micro-LED [4][37]. - The company has successfully transitioned from a focus on mobile backlighting to mid-size products, enhancing its revenue structure with high-margin gaming and tablet products [2][29]. Company Overview - Shenzhen Nanjiguang Electronic Technology Co., Ltd. was established in 2009, focusing on the R&D, production, and sales of LED backlight products, with applications in smartphones, tablets, gaming, automotive displays, and medical devices [1][12]. - The company has a stable ownership structure, with the founders holding a combined 39.03% of shares, ensuring control and liquidity [1][14]. Business Transformation and Growth Engines - The company is shifting from traditional mobile backlighting, which saw a revenue share drop from 91.15% in 2022 to lower levels due to declining LCD market share and increased competition [2][27]. - In 2024, the company became the exclusive supplier of backlight modules for the Nintendo Switch 2, meeting stringent technical requirements and driving a shift towards higher-margin products [2][29]. Financial Performance - The company faced a downturn from 2020 to 2023, with a net loss of 305.25 million CNY in 2023, but is projected to return to profitability in 2024 with a net profit of 20.63 million CNY [3][39]. - The gross margin is expected to improve significantly, rising from -3.47% in 2023 to 16.24% in 2024 and 26.97% in Q1 2025 [3][39]. Investment Recommendations - The company is anticipated to achieve net profits of 257 million CNY, 353 million CNY, and 457 million CNY from 2025 to 2027, benefiting from the anticipated sales of the Switch 2 exceeding expectations [4][38]. - The report highlights the potential for the company to expand its influence in the industry and attract high-end clients due to its successful collaboration with Nintendo [4][38].

Core Viewpoint - Weishi Electronics has restarted its fundraising plan for vehicle display components after terminating its previous convertible bond issuance, focusing on technological upgrades in its new projects [1][2][3]. Group 1: Fundraising and Project Details - The company plans to raise up to 480 million yuan through a private placement to fund the "lightweight vehicle new display component project" and to supplement working capital [2]. - The new project aims to increase production capacity by 4.33 million lightweight structural components and 1.85 million new vehicle backlight display modules [2]. - The products planned for this fundraising project are already in mass production and closely related to the company's main business of backlight display modules [2][4]. Group 2: Previous Convertible Bond Issuance - The company had previously attempted to issue convertible bonds but withdrew the application in April 2024 due to changes in the macro environment and adjustments in capital operation planning [3]. - The initial application for the convertible bonds was submitted in 2023 but faced multiple inquiries from the Shanghai Stock Exchange regarding project delays and feasibility [3][4]. Group 3: Project Delays and Reasons - The previous fundraising project, which included the expansion of backlight display modules, has faced multiple delays, with completion now expected by October 2025 [4][5]. - The delays were attributed to the need for additional space and equipment to accommodate larger display sizes, which required the acquisition of new land and construction of facilities [5]. - As of April 2025, the project has signed procurement contracts totaling 341 million yuan, with 77.85% of the raised funds already utilized [6].