据路维光电公布2025年半年报数据，上半年，该公司实现营收5.44亿元，同比增长37.48%；实现净利润 1.06亿元，同比增长29.13%；实现扣非净利润0.95亿元，同比增长27.59%；公司经营活动产生的现金流 量净额为2.67亿元，同比增长278.62%。 长江商报消息 ●长江商报记者 张璐 国产掩膜版龙头路维光电（688401.SH）经营业绩持续攀升。 8月19日，路维光电公告，2025年上半年实现营收5.44亿元，同比增幅达37.48%；净利润1.06亿元，同 比增长29.13%，扣非净利润0.95亿元，同比增长27.59%。三大核心盈利指标均保持两位数增长。 值得关注的是，公司现金流表现尤为亮眼，上半年经营活动产生的现金流量净额达2.67亿元，同比激增 278.62%。 对于业绩增长，公告明确，主要得益于产能提升及核心业务的协同发力。长江商报记者注意到，路维光 电于7月份完成6.15亿元可转债发行，拟投建高世代生产线扩产项目，重点提升AMOLED等产品产能， 未来产能释放或将进一步夯实其市场竞争力。 上半年净利增近三成 其中，2025年二季度，公司单季度实现营收2.84亿元，同比增长29.71% ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 54.45 CNY, maintaining the rating [6]. Core Views - The company reported strong performance in the first half of 2025, with revenue reaching 544 million CNY, a year-on-year increase of 37.48%, and a net profit of 106 million CNY, up 29.13% year-on-year [1][2]. - The growth in revenue is primarily driven by capacity expansion in both flat panel display and semiconductor mask businesses, with OLED mask sales leading the growth [2]. - The company has become a key supplier for BOE's G8.6 AMOLED production line, with the first set of products expected to be delivered in Q3 2025 [3][11]. - The semiconductor mask project is progressing, with plans for trial production of 40nm masks in the second half of 2025 [3][11]. Financial Performance - In Q2 2025, the company achieved revenue of 284 million CNY, a year-on-year increase of 29.71%, and a net profit of 57 million CNY, up 38.53% year-on-year [1][2]. - The gross margin for H1 2025 was 33.68%, a slight decrease of 0.5 percentage points year-on-year, while the net profit margin was 19.56%, down 1.38 percentage points year-on-year [2]. - The company expects revenues of 1.164 billion CNY, 1.572 billion CNY, and 2.169 billion CNY for 2025, 2026, and 2027 respectively, with net profits of 251 million CNY, 335 million CNY, and 500 million CNY for the same years [12][13]. Market Position and Future Outlook - The company is investing 2 billion CNY to build a mask production base in Xiamen, planning to establish 11 high-end production lines, with the first five lines expected to generate revenue in the second half of 2026 [11]. - The semiconductor mask project is set to cover various semiconductor manufacturing sectors, enhancing the domestic supply chain and promoting local substitution [11]. - The company is projected to benefit from increasing domestic mask penetration rates and continuous capacity expansion, justifying the assigned PE ratio of 42 for 2025 [12].