证券代码：002106 证券简称：莱宝高科 本次调研活动的主要沟通内容如下： 1、请问公司 2025 笔记本电脑用触摸屏的销售是否有望实现同比增长？ 答：根据全球行业咨询机构集邦咨询（TrendForce）发布的研究报告，一 方面，随着全球经济环境有望逐步改善、Windows 10 操作系统已于 2025 年 10 月 14 日终止升级和技术更新、商务笔记本电脑的换机需求刺激，与公司密切 相关的笔记本电脑用触摸屏的总体需求预计有望同步增长。另一方面，带有人 工智能（AI）功能的 AI PC 产品在 2024 年为发展元年，2025 年 AI PC 的硬件、 操作系统、人工智能操作及其他软件资源有望进一步升级并有望得到笔记本电 脑厂商进一步的深入开发新产品和推广应用，AI PC 产品 2025 年需求有望进一 步增长，从而有望带动全球笔记本电脑的需求增长。据集邦咨询（TrendForce） 预测，全球笔记本电脑 2025 年出货量将达 1.83 亿台，同比 2024 年度有望增长 4.9%。鉴于触摸屏起到替代键盘和鼠标操作的触摸控制功能，将为笔记本电脑 带来更为便捷的操控体验，笔记本电脑用触摸屏 2025 年的 ...

Group 1: MED Project Overview - The MED project involves the construction of a production line for micro-cavity electronic paper display devices (MED) with a monthly production capacity of 320,000 units for 12.3-inch displays and 50,000 units for 31.2-inch displays [2][3]. - The project is expected to achieve an annual average sales revenue of CNY 916.654 million upon reaching full production [3]. - The total investment for the MED project is estimated at CNY 9 billion, with CNY 8.3 billion allocated for construction and CNY 700 million for working capital [13]. Group 2: Project Progress and Funding - The MED project is progressing according to plan, with imported equipment arriving and installation underway [4][5]. - The project has secured a total registered capital of CNY 5.5 billion, and a loan agreement for up to CNY 3.5 billion has been signed with a banking consortium [5]. - As of September 30, 2025, CNY 563.9185 million of the loan has been utilized [5]. Group 3: Market Potential and Demand - The global electronic paper display market is projected to reach USD 72.3 billion by 2025, with a compound annual growth rate (CAGR) exceeding 50% [7]. - The demand for color electronic paper displays is expected to grow significantly, with applications expanding into various fields such as electronic book readers, digital signage, and educational tools [6][8]. - The company has established relationships with major global brands, including Lenovo, HP, and Dell, enhancing its market reach for MED products [8]. Group 4: Technical Capabilities and Innovations - The company has developed comprehensive production capabilities for MED products, including proprietary technologies for display components [9][10]. - Continuous improvements in technology are planned, focusing on enhancing contrast, color saturation, and response speed of MED products [12][25]. - The establishment of a new R&D center for display technology is part of the strategy to innovate and develop new products [10][12]. Group 5: Financial Implications and Risks - The MED project is expected to incur significant expenses during its construction phase, impacting the company's profitability until the project becomes operational [15][16]. - The company is committed to managing costs and preparing for the project's launch to mitigate financial risks [17]. - The overall sales performance of the MED project remains uncertain due to market conditions and competition [24][28].

Core Viewpoint - The company faces challenges in its automotive touch screen business due to ongoing price pressures and increasing competition from InCell integrated touch display technology, leading to uncertainty in achieving year-on-year sales growth in 2025 [2][3]. Group 1: Market Trends - The automotive industry is increasingly moving towards electrification, intelligence, and connectivity, which is driving the integration of traditional dashboard components into unified designs, resulting in a shift from single screens to dual and triple screen setups [2]. - There is a growing demand for customized designs and production of automotive cover glass in various shapes, including 3D, curved, and irregular forms, as product sizes expand [2]. Group 2: Sales and Production Outlook - The company reported a certain degree of growth in product production and sales in the first half of 2025 compared to the same period last year, as it actively works to meet customer delivery demands [3]. - The global market for automotive touch screens is expected to grow in line with the anticipated increase in global electric vehicle shipments, which will drive demand for larger and multi-screen touch displays [3]. Group 3: Strategic Initiatives - The company plans to enhance its development efforts with overseas Tier 1 automotive manufacturers, achieving positive progress in 2024, which is expected to lead to new product projects and increased demand for touch sensor panels in automotive touch screens [3]. - The company intends to expand its production capacity for automotive touch screens and cover glass in response to customer demand and will explore additional high-value product markets within the automotive touch screen segment [3]. Group 4: Overall Sales Projection - Overall, the company's automotive touch screen business is projected to continue experiencing year-on-year sales growth in 2025 [4].

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 - The collaboration between Tianyouwei and Sanfeng Group aims to enhance market competitiveness and expand customer base through a joint venture, leveraging both companies' strengths in technology and market resources [1][4]. Group 1: Joint Venture Details - Tianyouwei plans to establish a joint venture, Fujian Tianyouwei Electronic Technology Co., Ltd., with Sanfeng Group in Fuzhou, Fujian Province, where Tianyouwei will hold a 70% stake and Sanfeng Group 30% [1]. - The joint venture is intended to accelerate customer development for passenger vehicles and improve product market share [1]. Group 2: Sanfeng Group's Profile - Sanfeng Group focuses on structural long-term value investment and industrial upgrading, with interests in industrial new materials, AI technology, and modern automotive life [2]. - The company has developed projects addressing critical technology gaps in areas such as automotive glass and new energy thermal management systems, serving major domestic and international manufacturers [2]. Group 3: Tianyouwei's Strategic Expansion - Tianyouwei, a leading domestic automotive instrument manufacturer, has been actively expanding its international business, including the establishment of a factory in Mexico aimed at the North American market [3]. - The company plans to invest €65 million to set up a wholly-owned subsidiary in Morocco, which will serve as a key overseas production base to enhance collaboration with local manufacturers and penetrate the European market [3]. Group 4: Strategic Synergy and Future Outlook - The partnership is seen as a strategic fit, combining Sanfeng Group's experience in industrial upgrading with Tianyouwei's technological expertise, fostering innovation and mutual growth [4]. - The collaboration is viewed as a stepping stone for Tianyouwei to capitalize on the internationalization trend in the automotive industry, transitioning from "product export" to "ecosystem export" [4].

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].

Group 1: MED Project Overview - The MED project aims to develop micro electric-chamber display technology, which is a type of electronic paper display that relies on ambient light for information display, offering advantages such as low power consumption and high contrast [4][5][6]. - The project is positioned in the mid-to-large size color electronic paper market, targeting applications in electronic labels, e-books, and various display terminals [5][10]. Group 2: Market Potential and Growth - The global electronic paper display market is projected to reach $72.3 billion by 2025, with an annual growth rate exceeding 50% [11]. - The demand for color electronic paper displays is expected to surge, with 2023 marking the beginning of significant industrial applications [10][11]. Group 3: Technical and Production Capabilities - The company has established a pilot production line for mid-size MED modules and has successfully created multiple product samples [13][14]. - The project includes the construction of a new R&D center focused on developing high-performance color electronic paper displays and integrated touch display technologies [14][15]. Group 4: Financial and Investment Aspects - The total investment for the MED project is estimated at RMB 9 billion, with RMB 8.3 billion allocated for construction and RMB 700 million for working capital [19]. - The company has completed the capital contributions from shareholders, amounting to RMB 5.5 billion, and plans to secure a RMB 3.5 billion syndicated loan by September 2024 [19][21]. Group 5: Challenges and Risks - The project faces challenges related to the maturity of color electronic paper display technology and the high costs associated with production [16][21]. - The company anticipates that the MED project will impact profitability during the construction phase due to increased operational and development costs [21][23]. Group 6: Future Outlook - The company aims to achieve small-scale production of MED products by the second half of 2025, focusing on educational and outdoor applications [17][19]. - The MED project is expected to enhance the company's core competitiveness and expand its international market presence [6][10].

Group 1: MED Project Overview - The MED project aims to address survival and development challenges while seizing opportunities in the global mid-to-large size color electronic paper market [4][18] - The project will enhance the company's core competitiveness and expand its international market presence [4][18] - The total investment for the MED project is estimated at RMB 9 billion, with RMB 8.3 billion allocated for construction and RMB 700 million for working capital [17] Group 2: Project Details - The project includes leasing existing industrial facilities in Huzhou, Zhejiang, and constructing a production line with a monthly capacity of 180,000 square meters of glass substrates [11] - The production line will cover sizes from 7.8 inches to 55 inches, with a monthly output of 3.2 million units for 12.3-inch displays and 500,000 units for 31.2-inch displays [11] - A new R&D center for advanced display technologies will be established to support ongoing product development [11] Group 3: Product Positioning and Market Potential - The MED products are positioned in the mid-to-large size color electronic paper market, targeting applications such as electronic labels, e-books, and digital signage [6][9] - The global electronic paper display market is projected to reach USD 72.3 billion by 2025, with a compound annual growth rate (CAGR) exceeding 50% [8] - The demand for color electronic paper displays is expected to surge, with 2023 marking the beginning of significant industrial applications [7][8] Group 4: Technical Performance and Development - The MED products will utilize micro electric-chamber display technology, which offers advantages such as low power consumption and eye protection [5][6] - There is potential for further improvements in technical performance, including contrast, color saturation, and response speed [10] - The company plans to optimize production processes and collaborate with partners to enhance product competitiveness [10][29] Group 5: Market Challenges and Strategies - The MED project faces challenges related to technology maturity and high production costs, which may hinder widespread adoption [12] - The company is actively working to establish stable supply chains and competitive pricing to stimulate market demand [12] - Strategies include expanding into new application areas and leveraging existing customer relationships to drive sales growth [15][19] Group 6: Future Outlook - The company anticipates that the MED project will contribute to new business and profit growth points, supporting sustainable development [18][19] - The MED project is expected to begin small-scale production by the second half of 2025, with full-scale production planned thereafter [13][16] - The company aims to maintain a proactive approach to project implementation and cost management to mitigate potential financial impacts during the construction phase [19][30]

Group 1: Company Overview and Financial Performance - Shenzhen Laibao High-Tech Co., Ltd. achieved a total sales revenue of 5.896 billion RMB in 2024, representing a year-on-year growth of 5.54% [3] - Sales revenue from notebook computer touch screens accounted for over 85% of the company's total sales revenue, while the automotive touch screen segment contributed less than 10% [3] Group 2: Market Trends and Future Projections - The global demand for notebook computer touch screens is expected to grow in 2025, driven by the end of Windows 10 upgrades and increasing demand for AI PC products [4] - TrendForce predicts that global notebook shipments will reach 183 million units in 2025, a year-on-year increase of 4.9% [4] Group 3: Automotive Touch Screen Business - The company's automotive touch screen clients include major manufacturers such as Changan, Geely, and Volkswagen [7] - The automotive touch screen segment is expected to continue growing in 2025, supported by the increasing demand for integrated display solutions in electric and smart vehicles [10] Group 4: Challenges and Competition - The company faces intensified competition from embedded structure touch screens, which may replace traditional capacitive touch screens [11] - The sales growth of notebook touch screens in 2025 is uncertain due to potential impacts from global economic conditions and consumer purchasing behavior [6] Group 5: Micro Electric Chamber Display (MED) Project - The MED project aims to capitalize on the growing market for large-size color electronic paper displays, with a total investment of 9 billion RMB [30] - The project is expected to enhance the company's core competitiveness and expand its international market presence [16] Group 6: Technical Development and Market Positioning - The MED products are designed for applications in electronic labels, e-readers, and various display terminals, focusing on low power consumption and eye protection [19] - The company plans to optimize the MED product's technical performance, including contrast and color saturation, to enhance market competitiveness [25] Group 7: Future Market Outlook - The global electronic paper display market is projected to reach 72.3 billion USD by 2025, with a compound annual growth rate of over 50% [23] - The demand for color electronic paper displays is expected to grow significantly, particularly in educational and advertising sectors [24]