10月28日，龙图光罩跌2.52%，成交额9809.75万元。两融数据显示，当日龙图光罩获融资买入额 1471.26万元，融资偿还1397.56万元，融资净买入73.70万元。截至10月28日，龙图光罩融资融券余额合 计1.83亿元。 融资方面，龙图光罩当日融资买入1471.26万元。当前融资余额1.83亿元，占流通市值的10.90%，融资 余额超过近一年90%分位水平，处于高位。 融券方面，龙图光罩10月28日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 机构持仓方面，截止2025年9月30日，龙图光罩十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股40.96万股，为新进股东。华夏上证科创板半导体材料设备主题ETF（588170）位居第七 大流通股东，持股20.20万股，为新进股东。 责任编辑：小浪快报 资料显示，深圳市龙图光罩股份有限公司位于广东省深圳市宝安区新桥街道象山社区新玉路北侧圣佐治 科技工业园4#厂房101，成立日期2010年4月19日，上市日期2024年8月6日，公司主 ...

资料显示，深圳市龙图光罩股份有限公司位于广东省深圳市宝安区新桥街道象山社区新玉路北侧圣佐治 科技工业园4#厂房101，成立日期2010年4月19日，上市日期2024年8月6日，公司主营业务涉及半导体掩 模版的研发、生产和销售。主营业务收入构成为：石英掩模版82.00%，苏打掩模版18.00%。 截至6月30日，龙图光罩股东户数8082.00，较上期减少1.86%；人均流通股3303股，较上期增加1.89%。 2025年1月-6月，龙图光罩实现营业收入1.16亿元，同比减少6.44%；归母净利润3506.44万元，同比减少 28.93%。 机构持仓方面，截止2025年6月30日，龙图光罩十大流通股东中，诺安优化配置混合A（006025）退出 十大流通股东之列。 融资方面，龙图光罩当日融资买入2131.57万元。当前融资余额1.75亿元，占流通市值的9.41%，融资余 额超过近一年80%分位水平，处于高位。 融券方面，龙图光罩9月25日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 9月25日，龙图光罩跌 ...

9月25日，龙图光罩盘中下跌2.00%，截至13:13，报52.91元/股，成交1.52亿元，换手率8.13%，总市值 70.63亿元。 资金流向方面，主力资金净流出1862.88万元，特大单买入513.49万元，占比3.37%，卖出1522.27万元， 占比10.00%；大单买入4322.46万元，占比28.41%，卖出5176.56万元，占比34.02%。 龙图光罩今年以来股价跌9.77%，近5个交易日涨4.88%，近20日跌0.75%，近60日涨20.58%。 今年以来龙图光罩已经2次登上龙虎榜，最近一次登上龙虎榜为8月15日，当日龙虎榜净买入-4929.45万 元；买入总计2829.08万元 ，占总成交额比4.38%；卖出总计7758.53万元 ，占总成交额比12.01%。 截至6月30日，龙图光罩股东户数8082.00，较上期减少1.86%；人均流通股3303股，较上期增加1.89%。 2025年1月-6月，龙图光罩实现营业收入1.16亿元，同比减少6.44%；归母净利润3506.44万元，同比减少 28.93%。 分红方面，龙图光罩A股上市后累计派现5340.00万元。 机构持仓方面，截止2025 ...

责任编辑：小浪快报 资料显示，深圳市龙图光罩股份有限公司位于广东省深圳市宝安区新桥街道象山社区新玉路北侧圣佐治 科技工业园4#厂房101，成立日期2010年4月19日，上市日期2024年8月6日，公司主营业务涉及半导体掩 模版的研发、生产和销售。主营业务收入构成为：石英掩模版82.00%，苏打掩模版18.00%。 截至6月30日，龙图光罩股东户数8082.00，较上期减少1.86%；人均流通股3303股，较上期增加1.89%。 2025年1月-6月，龙图光罩实现营业收入1.16亿元，同比减少6.44%；归母净利润3506.44万元，同比减少 28.93%。 分红方面，龙图光罩A股上市后累计派现5340.00万元。 机构持仓方面，截止2025年6月30日，龙图光罩十大流通股东中，诺安优化配置混合A（006025）退出 十大流通股东之列。 9月24日，龙图光罩涨5.33%，成交额3.44亿元。两融数据显示，当日龙图光罩获融资买入额5352.30万 元，融资偿还3242.33万元，融资净买入2109.96万元。截至9月24日，龙图光罩融资融券余额合计1.87亿 元。 融资方面，龙图光罩当日融资买入5352.30万元 ...

Core Viewpoint - Longtu Guangzhao's stock price increased by 3.85% on September 11, with a trading volume of 96.67 million yuan, indicating positive market sentiment towards the company [1] Financing Summary - On September 11, Longtu Guangzhao had a financing buy-in amount of 10.16 million yuan and a financing repayment of 13.40 million yuan, resulting in a net financing buy of -3.24 million yuan [1] - As of September 11, the total financing and securities lending balance for Longtu Guangzhao was 179 million yuan, which accounts for 10.40% of its circulating market value, indicating a high level of financing activity compared to the past year [1] - The company had no securities lending activity on September 11, with both securities lent and remaining at zero, also reflecting a high level compared to the past year [1] Company Overview - Longtu Guangzhao, established on April 19, 2010, is located in the Saint George Technology Industrial Park in Bao'an District, Shenzhen, Guangdong Province [1] - The company specializes in the research, production, and sales of semiconductor mask plates, with its main business revenue composition being 82% from quartz mask plates and 18% from soda mask plates [1] Financial Performance - For the first half of 2025, Longtu Guangzhao reported an operating income of 116 million yuan, a year-on-year decrease of 6.44%, and a net profit attributable to shareholders of 35.06 million yuan, down 28.93% year-on-year [2] - As of June 30, 2025, the number of shareholders for Longtu Guangzhao was 8,082, a decrease of 1.86% from the previous period, while the average circulating shares per person increased by 1.89% to 3,303 shares [2] - The company has distributed a total of 53.40 million yuan in dividends since its A-share listing [2] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders of Longtu Guangzhao saw the exit of the Noan Optimized Allocation Mixed A fund (006025) from the list [2]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Longtu Guangzhao, indicating a significant increase in stock price and trading volume on August 22, with a closing price increase of 3.94% and a transaction amount of 278 million yuan [1] - As of August 22, the financing balance of Longtu Guangzhao reached 191 million yuan, accounting for 9.86% of its market capitalization, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1] - The company specializes in the research, production, and sales of semiconductor mask plates, with its main revenue sources being quartz mask plates (81.31%) and soda mask plates (18.69%) [1] Group 2 - As of March 31, the number of shareholders for Longtu Guangzhao was 8,235, a decrease of 4.54% from the previous period, while the average circulating shares per person increased by 4.76% to 3,242 shares [2] - For the first quarter of 2025, Longtu Guangzhao reported a revenue of 54.37 million yuan, a year-on-year decrease of 8.97%, and a net profit attributable to shareholders of 17.33 million yuan, down 30% year-on-year [2] - The company has distributed a total of 53.4 million yuan in dividends since its A-share listing [3]

Core Viewpoint - The article discusses the critical role of photomasks in semiconductor manufacturing, highlighting the technological challenges and market dynamics that affect China's chip industry, particularly in the context of US export restrictions and the need for domestic alternatives [2][3]. Group 1: Photolithography and Photomasks - Photolithography is a key process in chip manufacturing, where patterns from photomasks are transferred onto silicon wafers, directly impacting chip performance and power consumption [5][8]. - The precision required for photomasks has reached atomic levels, with line width errors needing to be controlled within 5 nanometers, equivalent to one ten-thousandth of a human hair [3][4]. - The photomask manufacturing process involves complex steps including CAM data processing, coating, exposure, development, etching, and inspection, with each step having stringent requirements [15][17]. Group 2: Technical Challenges in Photomask Production - The photomask manufacturing process faces significant challenges, including the need for precise environmental control during exposure, where temperature fluctuations can lead to position drift of up to 0.5 nanometers [18][19]. - Position accuracy between different layers of photomasks is critical, with requirements for 7nm processes needing alignment within 1.5 nanometers [19][20]. - Exposure control is vital, as deviations in exposure energy can lead to significant variations in line width, affecting the final product quality [20][28]. Group 3: Market Dynamics and Trends - The global semiconductor materials market is projected to grow, with the photomask segment expected to reach a market size of approximately $5.4 billion by 2023, driven by increasing demand for advanced processes [49][50]. - The photomask market exhibits higher profit margins compared to flat panel displays, with advanced process photomasks showing significant improvements in profitability due to technological advancements [54][57]. - The shift of semiconductor manufacturing capacity to China is anticipated to increase domestic demand for photomasks, with projections indicating a rise in the number of 12-inch wafer fabs in the region [61][63]. Group 4: Photomask Industry Structure - The photomask supply chain is characterized by a heavy reliance on imports for key materials, with major suppliers located in Japan and Korea, leading to a significant domestic technology gap [42][44]. - The cost structure of photomasks is primarily composed of direct materials and manufacturing costs, with photomask substrates accounting for over 90% of direct material costs [46]. - The photomask industry is segmented into in-house production by wafer manufacturers and independent third-party suppliers, with the latter being more prevalent in mature process nodes [52].

Investment Rating - The report maintains an "Accumulate-A" rating for the company Longtu Guozhao (688721.SH) [1][9] Core Views - The company's revenue for 2024 is projected to be 247 million yuan, representing a year-on-year growth of 12.92%, while the net profit attributable to the parent company is expected to reach 91.83 million yuan, a growth of 9.84% [2][4] - The growth rate of revenue and net profit for 2024 is significantly slower compared to 2023, primarily due to the saturation of production capacity at the Shenzhen factory. The new factory in Zhuhai is anticipated to release capacity and drive rapid growth in performance [4][5] - The company is focusing on the construction of a "high-end semiconductor chip mask manufacturing base" project, with major production equipment for the Zhuhai factory arriving and being installed since the end of Q1 2024 [4][5] Financial Performance Summary - In 2023, the company achieved revenue of 218 million yuan, a year-on-year increase of 35.13%, and a net profit of 83.61 million yuan, up 29.66% [4][11] - For 2024, the gross margin is expected to be 57.01%, slightly down by 1.86 percentage points from the previous year, while the net margin is projected at 37.25%, down by 1.05 percentage points [5][11] - The revenue contribution from quartz masks increased from 78.79% in 2023 to 81.31% in 2024, indicating a stable demand for this product line [5][11] Future Projections - The company is expected to achieve revenues of 348 million yuan, 509 million yuan, and 788 million yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41.0%, 46.6%, and 54.6% [7][11] - Net profits are projected to be 103 million yuan, 162 million yuan, and 263 million yuan for the same years, with growth rates of 12.3%, 57.0%, and 62.7% respectively [7][11]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][5]. Core Views - The company is expected to benefit from the domestic substitution logic in the semiconductor mask plate market, with a projected 10.5% year-on-year growth in net profit for 2024 [2][4]. - The company's revenue for 2024 is forecasted to be 247 million yuan, representing a year-on-year increase of 12.9%, while the net profit attributable to shareholders is expected to reach 92 million yuan, up 9.8% year-on-year [2][12]. - The report highlights the company's strong customer relationships with major clients such as Huahong Grace, Chipone, and BYD Semiconductor, indicating high customer stickiness and potential for future growth [3][4]. Financial Summary - **Revenue and Profitability**: - 2024 revenue is projected at 247 million yuan, with a growth rate of 12.9% year-on-year. The net profit is expected to be 92 million yuan, with a growth rate of 9.8% [2][12]. - The gross margin for 2024 is estimated at 57.01%, a decrease of 1.86 percentage points year-on-year, while the net margin is projected at 37.25%, down 1.05 percentage points year-on-year [2][12]. - **Business Segmentation**: - The quartz mask plate segment is expected to account for over 80% of total revenue in 2024, with a revenue of 200 million yuan, reflecting a year-on-year growth of 16.5% [3][4]. - The soda mask plate segment is projected to generate 46 million yuan in revenue, a slight decline of 0.5% year-on-year [3]. - **Future Projections**: - The company anticipates net profits of 121 million yuan, 156 million yuan, and 191 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 56, 44, and 36 [4][5]. Market Position - The company is identified as a rare independent third-party semiconductor mask plate manufacturer in China, with significant market potential as the global mask plate market is projected to reach 62.3 billion yuan by 2028 [4][5]. - The report emphasizes the increasing demand for mask plates driven by product iterations and production line expansions in the semiconductor industry, alongside a clear trend towards domestic substitution [4].