点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 拟定增募集3亿元，扩建PSPI产能 公司于9月11日发布公告对《2025年度以简易程序向特定对象发行股票预案》进行进一步修订。本次定增 拟募集资金不超过29986.21万元，用于建设OLED显示核心材料PSPI材料生产基地项目（总投资约2.40亿 元，使用募集资金2.40亿元）和补充流动资金。本次修订稿明确了本次定增发行价格为17.20元/股，对应 发行数量约为1743万股，约占发行前公司总股本的7.0%。此次发行对象除自然人、基金公司、资管公司以 外，还包括厦门国贸产业发展股权投资基金合伙企业（有限合伙）这类具有产业资本背景的机构。 风险提示： 下游需求不及预期，新产品导入进度不及预期，设备订单交付进度不及预期。 9 ...

9月16日，莱特光电盘中上涨2.36%，截至10:29，报25.15元/股，成交3154.86万元，换手率0.71%，总市 值101.21亿元。 莱特光电所属申万行业为：电子-电子化学品Ⅱ-电子化学品Ⅲ。所属概念板块包括：小盘、专精特新、 柔性电子、OLED、融资融券等。 截至6月30日，莱特光电股东户数7540.00，较上期减少11.99%；人均流通股23785股，较上期增加 13.62%。2025年1月-6月，莱特光电实现营业收入2.92亿元，同比增长18.84%；归母净利润1.26亿元，同 比增长36.74%。 资金流向方面，主力资金净流入90.83万元，大单买入274.14万元，占比8.69%，卖出183.30万元，占比 5.81%。 莱特光电今年以来股价涨12.33%，近5个交易日涨2.91%，近20日跌6.02%，近60日涨5.32%。 资料显示，陕西莱特光电材料股份有限公司位于陕西省西安市高新区隆丰路99号3幢3号楼，成立日期 2010年2月21日，上市日期2022年3月18日，公司主营业务涉及主要从事OLED有机材料的研发、生产和 销售。主营业务收入构成为：OLED有机材料94.48%，面板用 ...

2025 年 9 月 14 日 行业研究 消费电子旺季来临，关注国产 OLED 材料放量 ——基础化工行业周报（20250908-20250912） 要点 iPhone 17 系列发布，2025H2 消费电子销售旺季开启。北京时间 9 月 10 日 凌晨，苹果公司召开 2025 年秋季新品发布会，正式推出 iPhone17、 iPhoneAir、iPhone17Pro 与 iPhone17ProMax 四款机型，全系配备 6.3- 6.9 英寸 OLED 全面屏，支持 ProMotion 自适应刷新率技术，显示效果全面 升级。此前，华为 Mate XTs 非凡大师机型已于 9 月 4 日亮相，小米等主流 厂商也将在后续陆续发布旗舰新品，标志着 2025 年下半年消费电子市场全 面进入新品集中发布期，有望激发换机需求，拉动全球智能手机出货回暖。 柔性 OLED 渗透率稳步提升，国产 OLED 面板生产商市场份额进一步增长。 2025 年上半年，尽管全球宏观经济仍存不确定性，智能手机显示面板市场总 体实现温和增长。群智咨询数据显示，2025H1 全球智能手机面板出货量约 10.9 亿片（Open Cell 口径） ...

Core Viewpoint - The company, LaiTe Optoelectronics, is experiencing fluctuations in its stock performance and financing activities, with a notable increase in revenue and net profit year-on-year, indicating potential growth in the OLED organic materials market [1][2]. Financing Activities - On August 29, LaiTe Optoelectronics saw a financing buy-in amount of 18.41 million yuan, with a net financing buy of 5.56 million yuan, while the total financing and securities balance reached 114 million yuan [1]. - The current financing balance of 113 million yuan accounts for 2.40% of the circulating market value, which is below the 50th percentile level over the past year, indicating a relatively low financing level [1]. - In terms of securities lending, the company repaid 650 shares and sold 600 shares on August 29, with a total selling amount of 15,800 yuan, while the securities lending balance stood at 926,000 yuan, exceeding the 70th percentile level over the past year, suggesting a higher lending activity [1]. Financial Performance - For the first half of 2025, LaiTe Optoelectronics reported a revenue of 292 million yuan, reflecting a year-on-year growth of 18.84%, and a net profit attributable to shareholders of 126 million yuan, which is a 36.74% increase compared to the previous year [2]. - The company has distributed a total of 205 million yuan in dividends since its A-share listing, with 165 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for LaiTe Optoelectronics decreased by 11.99% to 7,540, while the average circulating shares per person increased by 13.62% to 23,785 shares [2]. - Notable new institutional shareholders include Guotai Junan Advantage Flexible Allocation Mixed A and Hong Kong Central Clearing Limited, indicating a shift in the shareholder base [3].

Group 1 - The core viewpoint of the news highlights the financial performance and trading activities of Lite Optoelectronics, indicating a decline in stock price and mixed financing activities [1][2] - As of August 27, Lite Optoelectronics experienced a stock price drop of 1.03% with a trading volume of 144 million yuan, and a net financing outflow of 2.56 million yuan [1] - The company’s financing balance is reported at 106 million yuan, which constitutes 2.28% of its market capitalization, indicating a low financing level compared to the past year [1] Group 2 - For the first half of 2025, Lite Optoelectronics achieved a revenue of 292 million yuan, reflecting a year-on-year growth of 18.84%, and a net profit of 126 million yuan, up 36.74% year-on-year [2] - The company has distributed a total of 205 million yuan in dividends since its A-share listing, with 165 million yuan distributed over the past three years [3] - As of June 30, 2025, the number of shareholders decreased by 11.99% to 7,540, while the average number of circulating shares per person increased by 13.62% to 23,785 shares [2]

Core Viewpoint - Both Luvi Optoelectronics and Lite Optoelectronics reported revenue and net profit growth for the first half of the year, indicating a positive trend in the display and semiconductor materials industry [1]. Luvi Optoelectronics - Luvi Optoelectronics achieved operating revenue of 544 million yuan, a year-on-year increase of 37.48%, and a net profit of 106 million yuan, up 29.13% year-on-year [2]. - The revenue from quartz masks was 499 million yuan, accounting for 91.80% of total revenue, while soda masks contributed 41.3 million yuan, or 7.59% [3]. - Domestic revenue was 543 million yuan, making up 99.87% of total revenue, with overseas revenue at 726,900 yuan, or 0.13% [3]. - The company has begun using major equipment for its first-phase project, with plans to start trial production of 40nm semiconductor masks in the second half of 2025 [3]. - A new high-precision mask production base in Xiamen is set to be established by July 2025, with five production lines planned for AMOLED masks [3]. Lite Optoelectronics - Lite Optoelectronics reported operating revenue of 292 million yuan, an 18.84% increase year-on-year, and a net profit of 126 million yuan, up 36.74% year-on-year [4][5]. - The revenue from OLED organic materials was 276 million yuan, representing a 31.63% increase and accounting for 94.48% of total revenue [6]. - Domestic revenue was 279 million yuan, making up 95.63% of total revenue, with major clients including BOE [6]. - The company is progressing on its OLED terminal materials R&D and industrialization project, with a cumulative investment of 331 million yuan, reaching 58.78% completion [6].

Core Insights - The core viewpoint of the news is that LaiTe Optoelectronics has reported significant growth in revenue and net profit in the first half of 2025, driven by the increasing demand for OLED organic materials as the OLED technology penetrates various application scenarios [1][4]. Financial Performance - In the first half of 2025, LaiTe Optoelectronics achieved operating revenue of 292 million yuan, representing a year-on-year increase of 18.84% - The net profit attributable to shareholders of the listed company was 126 million yuan, reflecting a year-on-year growth of 36.74% [1]. Industry Growth - The demand for OLED technology continues to grow, with OLED panels gaining market share in smartphones, tablets, laptops, automotive displays, and wearable devices [2]. - According to Omdia, in Q1 2025, smartphones equipped with AMOLED displays accounted for 63% of global shipments, up from 57% in the same period last year [2]. - The compound annual growth rate (CAGR) for automotive OLED panel shipments is projected to be 54% from 2022 to 2027 [3]. Company Positioning - LaiTe Optoelectronics is one of the few domestic companies with independent patents and mass production capabilities in OLED organic materials, benefiting from the sustained growth in demand for these materials [1][4]. - The company has established long-term stable partnerships with major global OLED panel manufacturers, including BOE Technology Group, Tianma Microelectronics, TCL Huaxing, and Xinli Semiconductor [3]. Product Development - The company's Red Prime and Green Host materials have shown excellent performance and are in stable mass production, contributing to ongoing business growth [4]. - LaiTe Optoelectronics is actively developing new products and technologies, focusing on red, green, and blue light-emitting materials, as well as advanced technologies like blue phosphorescent materials and narrow-spectrum high color gamut MRTADF materials [6]. Technological Advancements - LaiTe Optoelectronics has a strong focus on R&D, with a total of 1,030 patent applications and 384 authorized patents, covering multiple countries and regions [5]. - The company is leveraging AI technology to enhance R&D efficiency and innovation capabilities, aiming to strengthen its core competitiveness in technology innovation [7].