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].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [9] Core Insights - The company reported strong performance in the first three quarters of 2025, achieving revenue of 2.79 billion yuan, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 170 million yuan, up 64.6% year-on-year [5] - The company is expanding its investment in the robotics sector, particularly in joint actuators, which is expected to open new growth opportunities [6] - The growth in profits is attributed to the increase in the scale of the transmission business and the recovery of the touch control industry, leading to improved gross margins [6] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 2.79 billion yuan, with a net profit of 170 million yuan, and a non-recurring net profit of 140 million yuan [5] - In Q3 alone, the company reported revenue of 1.04 billion yuan, a year-on-year increase of 3.9%, and a net profit of 60 million yuan, up 70.3% year-on-year [5] - The company forecasts revenue growth rates of 26% in 2024 and 25% in 2025, with net profit expected to reach 230 million yuan in 2025 [3][6] Business Expansion and Strategy - The company plans to invest 30 million yuan to increase the registered capital of its subsidiary, Ma'anshan Landai Machinery, to enhance its capabilities in the new energy vehicle transmission sector [6] - The company is focusing on expanding its robotics business, having made a strategic investment in a robotics joint venture, which is expected to enhance its market competitiveness [6] Valuation Metrics - The report provides earnings forecasts for 2025-2027, with net profits projected at 230 million yuan, 339 million yuan, and 518 million yuan respectively, leading to corresponding P/E ratios of 37.9, 25.8, and 16.9 [3][6] - The company’s return on equity (ROE) is expected to improve from 5% in 2024 to 16% by 2027, indicating strong profitability potential [3][6]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 15% against the benchmark index within the next 6 to 12 months [4][18]. Core Insights - The company achieved a revenue of 1.75 billion yuan in the first half of 2025, representing a year-on-year growth of 8.3%, with a net profit attributable to shareholders of 110 million yuan, up 61.6% year-on-year [6][7]. - The growth in profit is attributed to the expansion of the power transmission business and the recovery of the touch control industry, which improved gross margins [7]. - The company is actively exploring the robot joint actuator market, which is expected to be a new growth point, having made a breakthrough in early 2025 [7]. - Revenue forecasts for 2025-2027 are projected at 4.43 billion, 5.39 billion, and 6.69 billion yuan, respectively, with net profits expected to be 230 million, 340 million, and 520 million yuan [8][14]. Financial Performance - The company reported a significant increase in net profit in Q2 2025, with a year-on-year growth of 79.1% and a quarter-on-quarter growth of 9.4% [6][7]. - The earnings per share (EPS) are projected to increase from 0.19 yuan in 2024 to 0.79 yuan in 2027 [4][8]. - The company’s net asset return rate is expected to improve from 5% in 2024 to 16% in 2027 [4]. Market Position and Comparisons - The company’s projected P/E ratios for 2025-2027 are 37.0, 25.2, and 16.5, respectively, compared to the average P/E of comparable companies at 42.7, 35.0, and 28.9 [11][14]. - The report highlights the company's strategic focus on the rapidly growing new energy vehicle market and the recovery of the touch control sector as key drivers for future growth [7][14].

Group 1: Company Overview and Investor Relations - The investor relations activity was conducted by Shenzhen Laibao High-Tech Co., Ltd., involving a site visit and presentation on the company's 2025 semi-annual report and business operations [1][2]. Group 2: Touchscreen Business Insights - The demand for notebook computer touchscreens is expected to grow in 2025, driven by an anticipated increase in global notebook shipments to 183 million units, a 4.9% increase from 2024 [3][4]. - The company aims to leverage its relationships with well-known global notebook brands to achieve year-on-year sales growth in touchscreen products [3][4]. Group 3: Challenges in Touchscreen Market - The touchscreen business faces challenges from increasing competition and the rise of integrated touch display products, which may impact sales growth and profitability [4][7]. - Economic fluctuations and consumer purchasing behavior may also affect the demand for notebook touchscreens [4]. Group 4: Automotive Touchscreen Business - The automotive touchscreen segment serves major Tier 1 suppliers and is expected to continue growing, supported by the shift towards electric and smart vehicles [5][6]. - The product line includes various touchscreen and glass components, with increasing demand for larger and more complex designs [5][6]. Group 5: Microcavity Electronic Paper Display (MED) Project - The MED project aims to capture opportunities in the mid-to-large size color electronic paper market, with an expected annual sales revenue of approximately 916.65 million yuan upon reaching full production [9][10]. - The project involves constructing a production line with a monthly output capacity of 320,000 units for 12.3-inch displays and 50,000 units for 31.2-inch displays [10]. Group 6: Market Potential for MED Products - The global electronic paper display market is projected to reach $72.3 billion by 2025, with a compound annual growth rate (CAGR) exceeding 50% [12]. - The demand for color electronic paper is expected to grow significantly, particularly in educational and advertising applications [12][13]. Group 7: Technical and Production Developments - The company has established a solid technical foundation for the MED project, including proprietary technologies and partnerships for material supply [19][21]. - The project is currently in the equipment installation phase, with plans for small-scale production by the end of 2025 [26][27]. Group 8: Financial Implications and Risks - The MED project requires a total investment of 9 billion yuan, with construction costs of 8.3 billion yuan and working capital of 700 million yuan [26]. - The project may impact the company's financial performance before it becomes profitable, necessitating careful management of expenses [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 company has transformed from a small parts manufacturer into a significant player in the automotive components and electronic consumer goods sectors, focusing on both power transmission and touch display businesses [4][7]. Group 1: Power Transmission Business - The company has rapidly developed a product line centered on new energy reducers and components for new energy transmission systems [5]. - It maintains stability in its product offerings related to automotive engine balance shaft assemblies and both automatic and manual transmission components [5]. - New products, such as integrated robotic joint modules, are injecting new growth momentum into the company's development [5]. Group 2: Touch Display Business - The company employs a major client strategy and has become a supplier for well-known industry players like Corning, Innolux, BOE, Quanta Computer, Compal, Foxconn, and Huaqin Communications [6]. - Its products are used in renowned electronic brands, including Amazon, Lenovo tablets, Acer laptops, and Microsoft tablets/laptops [6]. - In the automotive touch screen segment, the company collaborates with brands like Geely, Zeekr, and Great Wall, developing high-value-added products such as dual-screen, triple-screen, and curved screens for vehicle dashboards [6]. Group 3: Overall Business Strategy - The company operates across two major fields: automotive components and electronic consumer products, positioning itself as a versatile player in these industries [7].

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 Insights - BlueDye Technology Group Co., Ltd. reported a revenue of 1.751 billion yuan for the first half of 2025, representing a year-on-year growth of 8.32% [1] - The net profit attributable to shareholders reached 109 million yuan, showing a significant increase of 61.56% year-on-year [1] Business Segments - The company focuses on power transmission and touch display businesses, actively advancing its operations according to its development strategy and annual business plan [1] - In the power transmission sector, the company continues to optimize its industrial layout, with a growing sales proportion from core components for new energy vehicles, while maintaining market share in traditional fuel vehicle components [1] - The company launched an innovative product, the "integrated joint module for robots," marking a new phase in its strategic layout within the intelligent equipment sector [1] - In the touch display business, the company is seizing opportunities in the rapidly growing markets for cover glass and in-vehicle touch screens, while enhancing quality management to better meet customer needs [1]