Core Insights - The company reported a strong performance in its 2025 semi-annual report, achieving operating revenue of 302 million yuan, a year-on-year increase of 8.06%, and a net profit attributable to shareholders of 46 million yuan, up 37.87% [1] - The adjusted net profit, excluding non-recurring gains and losses, reached 54.75 million yuan, reflecting a significant year-on-year growth of 65.5%, indicating robust profitability in its core business [1] Revenue Growth Drivers - The company's electrochromic film business experienced explosive growth, generating revenue of 73.77 million yuan, a substantial increase of 127.66% year-on-year, primarily driven by deep penetration in the automotive sector [2] - The overall conductive film business saw a revenue increase of 16.57%, maintaining a high gross margin of 43.20%, with ITO conductive films being a key product widely used in various important fields such as new energy vehicles and consumer electronics [2] Technological Advancements - The company has achieved large-scale stable production of key upstream materials for ITO conductive films, becoming the first in the domestic industry to master high-quality IM light-blocking films and PET high-temperature protective films, facilitating import substitution and vertical integration [3] - The AR optical film business also saw significant growth, with revenue reaching 25.6 million yuan, a year-on-year increase of 132.22%, driven by its application in automotive displays [4] Product Diversification and Market Expansion - The company has developed a diversified product matrix in the optical film sector, including customized optical decorative films, enhancing its product offerings [5] - The company is actively expanding its market presence by establishing stable partnerships with well-known touch module manufacturers and penetrating the end-user market, collaborating with major domestic and international brands [5] Future Outlook - The company plans to leverage its core technologies and advantages in scale, customer resources, and industry chain to further expand market size, promote vertical integration, and optimize product structure, aiming to enhance profitability and core competitiveness [6]

Group 1: Company Overview and Market Position - Jiangsu Riju Optoelectronics Co., Ltd. focuses on core technologies such as magnetron sputtering and precision coating, with a strong confidence in its core technologies [1] - The company has achieved a global market share of 52% for ITO conductive films, indicating a significant competitive advantage [2] - The current market for smart dimming glass in panoramic roofs has a penetration rate of 14.4% in 2024, up by 7.7 percentage points from the previous year [2] Group 2: Product Technologies and Applications - The company offers various dimming technologies, including PDLC, SPD, EC, and LC, with EC being the primary technology in current sales [6] - Smart dimming glass can reduce cabin temperature by 8-12°C, addressing challenges from high solar radiation [2] - AR optical films enhance display transparency by 4% and contrast ratio from 30:1 to 70:1, applicable in automotive displays and consumer electronics [2] Group 3: Financial Performance and Growth Expectations - Both dimming conductive films and optical films are expected to see growth in 2024, as they are key areas for the company's expansion [3] - The company is preparing to disclose its 2025 semi-annual report, which will provide updates on business progress [3] Group 4: Competitive Landscape and Future Outlook - The market for ITO conductive films is facing challenges due to the rise of in-cell touch technology, but there remains stable demand for customized solutions [7] - The company is actively supporting clients in various applications, including AI glasses and smart wearables, although no sales have been recorded yet [5]

Group 1: Financial Performance - The company's profit has significantly improved year-on-year due to three main factors: 1. The conductive film business structure optimization led to revenue growth, with the gaming touch button field generating revenue of 98.73 million, up 22.83% year-on-year [1] 2. The sales of dimmable conductive films in automotive applications reached 66.95 million, increasing by 122.70% year-on-year [1] 3. The 2A/3A optical film products achieved revenue of 29.45 million, a year-on-year growth of 104.19% [2] Group 2: Product Development and Market Trends - The embedded in-cell technology has improved the thickness by 0.3mm and increased light transmittance by 15%, with the yield rate rising from 65% three years ago to 88% in 2024, driving the penetration rate of LCD mobile phones to over 75% [2] - The company has established four major technology platforms for dimmable conductive films, focusing on automotive applications such as sunroofs and side windows [2][3] Group 3: Competitive Landscape and Future Outlook - The main competitors in the dimmable conductive film market include EC, SPD, LC, and PDLC technologies, with the company primarily focusing on EC electrochromic technology [3] - The OCA optical adhesive product has seen a revenue of 158 million, growing by 21.3% year-on-year, but has not yet achieved profitability due to market price competition and high R&D costs [5]

Group 1: Market Position and Growth - The company's EC (electrochromic) national market share has increased to 54.3% in 2024 [1][2] - The global market share of the company's ITO (indium tin oxide) conductive film is projected to reach 52% in 2024 [5] - The company achieved a revenue of ¥583,054,725.2 in 2024, representing a 22.00% year-on-year growth [3][4] Group 2: Revenue Drivers - The revenue from low-resistance ITO films in the gaming touch button sector reached ¥98,730,700, up 22.83% year-on-year [2] - The revenue from dimmable conductive films in automotive applications was ¥66,946,600, showing a significant increase of 122.70% [2][3] - The OCA (optically clear adhesive) optical glue generated revenue of ¥158,000,000, with a year-on-year growth of 21.3% [2] Group 3: R&D and Product Development - The company has established a comprehensive product matrix covering the entire display materials industry chain through increased R&D investment [3][4] - The company has completed the construction of four major technology platforms for dimmable materials: PDLC, SPD, EC, and LC [3] - The company holds 147 authorized patents, reflecting a robust innovation system aligned with market trends [5] Group 4: Future Outlook and Strategy - The company aims to expand its market share in the context of the Internet of Things and smart technology [3] - The focus will be on the development and promotion of dimmable conductive films and optical films [3][4] - The company is exploring potential applications in smart wearables and building projects, with preliminary sample certifications completed [4][5]

4月14日晚间，日久光电（003015）发布2024年年报，公司实现营业收入5.83亿元，同比增长22%；净 利润6747.42万元，同比成功扭亏。业绩增长的核心驱动力来自调光导电膜和光学膜业务的爆发式表 现，两大产品线营收同比增幅均超100%，成为公司转型升级的关键引擎。 报告期内，日久光电调光导电膜业务实现营业收入6694.66万元，同比大幅增长122.70%。作为国内少数 覆盖全技术路线的调光材料方案商，公司已建成PDLC(聚合物分散液晶)、SPD(悬浮粒子)、EC(电致变 色)及LC(染料液晶)四大技术平台，产品广泛应用于新能源汽车、智能座舱等车载场景。随着新能源汽 车市场持续扩容，公司调光导电膜的技术优势和垂直整合能力进一步凸显，未来有望持续受益于行业红 利。 2024年，日久光电光学膜产品成功实现量产并快速放量，该业务营收达2944.78万元，同比增长 104.19%。光学膜系列产品可应用于车载显示、折叠屏手机、液晶电视等高附加值领域，公司通过自主 研发的精密涂布和光学膜系设计技术，打破了海外厂商的垄断，逐步切入高端显示供应链。 日久光电凭借ITO导电膜全球52%的市场占有率(富士总研数据)和光学 ...