证券研究报告：电子 | 公司点评报告 股票投资评级 买入 |维持 公司基本情况 | 最新收盘价（元） | 28.83 | | --- | --- | | 总股本/流通股本（亿股）4.02 | / 4.02 | | 总市值/流通市值（亿元）116 | / 116 | | 52 周内最高/最低价 | 30.61 / 18.01 | | 资产负债率(%) | 15.8% | | 市盈率 | 68.64 | | 第一大股东 | 王亚龙 | 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 莱特光电(688150) 巩固 OLED 有机材料优势，布局 Q 布及钙钛矿市场 l 投资要点 8.6 代线投产释放 OLED 材料需求，国产替代加速推动。京东方 8.6 代高端触控 OLED 产线于 2025 年 12 月 30 日成功点亮，较计划提 前 5 个月。该产线主供笔记本电脑 ...

证券研究报告：电子 | 公司点评报告 | 最新收盘价（元） | 28.83 | | --- | --- | | 总股本/流通股本（亿股）4.02 | / 4.02 | | 总市值/流通市值（亿元）116 | / 116 | | 52 周内最高/最低价 | 30.61 / 18.01 | | 资产负债率(%) | 15.8% | | 市盈率 | 68.64 | | 第一大股东 | 王亚龙 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 莱特光电(688150) 巩固 OLED 有机材料优势，布局 Q 布及钙钛矿市场 l 投资要点 8.6 代线投产释放 OLED 材料需求，国产替代加速推动。京东方 8.6 代高端触控 OLED 产线于 2025 年 12 月 30 日成功点亮，较计划提 前 5 个月。该产线主供笔记本电脑、平板电脑等智能终端中尺寸高端 屏，是国内显示产业向中尺寸高画质 OLED 领域突破的关键落子。此 ...

来源：钛媒体 本周机构调研热度环比下降，被调研公司数量整体减少，但头部个股受关注度升高。调研数据不仅反映了资金关注方向，也折射出当前行业景气度 的变化趋势。谁是本周最受机构青睐的公司？ 翔宇医疗（688626） 【公司简介】 1月13日，翔宇医疗接待了多家机构调研，包括长江证券、海富通基金、山证资管、同泰基金、中邮证券、泉汐投资、国信证券、中国人保资产等 208家机构。翔宇医疗专注于康复医疗器械的研发、生产与销售，主营业务涵盖康复评定设备、康复训练设备、康复理疗设备等系列产品，广泛服务 于各级医疗机构、养老机构、康复中心等下游场景。公司深耕康复医疗领域多年，在产品技术研发与临床应用适配方面积累了深厚经验。随着人口 老龄化进程加快、居民健康意识提升以及国家对康复医疗产业支持政策的落地，公司在康复器械智能化、家用化等方向的布局正成为中长期成长的 核心驱动力。本次调研显示机构对其产品创新能力与市场拓展潜力保持高度关注。 【济安金信上市公司竞争力评级】 与全国 5168 家 A 股上市公司对比，翔宇医疗在八项能力维度中的表现如下： ● 机会（Opportunities）：相较于行业龙头三一重工及行业基准，翔宇医疗在多 ...

Core Viewpoint - The stock of Lite Optoelectronics has experienced fluctuations, with a recent decline of 2.01%, while showing an overall increase of 6.22% year-to-date and significant growth over various trading periods [1]. Financial Performance - For the period from January to September 2025, Lite Optoelectronics reported a revenue of 423 million yuan, representing a year-on-year growth of 18.77%. The net profit attributable to shareholders was 180 million yuan, reflecting a year-on-year increase of 38.62% [2]. - Since its A-share listing, the company has distributed a total of 277 million yuan in dividends, with 237 million yuan distributed over the past three years [3]. Shareholder and Market Activity - As of September 30, 2025, the number of shareholders for Lite Optoelectronics increased to 8,863, marking a rise of 17.55%. The average number of circulating shares per shareholder also increased by 90.90% to 45,406 shares [2]. - The stock's trading activity showed a net inflow of 1.88 million yuan from main funds, with significant buying and selling activity from large orders [1]. Company Overview - Lite Optoelectronics, established on February 21, 2010, and listed on March 18, 2022, specializes in the research, production, and sales of OLED organic materials. The company's main revenue sources include OLED organic materials (94.48%), cleaning solutions for panels (4.95%), and other intermediates [1]. - The company is categorized under the electronic chemicals industry and is associated with various concept sectors, including PCB, flexible electronics, new materials, and OLED [1].

1月15日，莱特光电涨5.31%，截至发稿，报28.75元/股，成交2.99亿元，换手率2.65%，总市值115.70亿 元。 数据显示，国寿安保基金旗下1只基金重仓莱特光电。国寿安保新蓝筹混合（007074）三季度持有股数 27.5万股，占基金净值比例为5.02%，位居第十大重仓股。根据测算，今日浮盈赚取约39.87万元。 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%，面板用清洗液4.95%，其他0.33%，其他中间体 0.23%。 国寿安保新蓝筹混合（007074）成立日期2019年5月29日，最新规模1.35亿。今年以来收益7.55%，同类 排名1698/8840；近一年收益74.7%，同类排名566/8094；成立以来收益65.3%。 从基金十大重仓股角度 国寿安保新蓝筹混合（007074）基金经理为李博闻。 截至发稿，李博闻累计任职时间3年160天，现任基金资产总规模3.95亿元，任职期间最 ...

Group 1 - The company positions itself as a "new materials platform enterprise" for future development [2] - The company aims to consolidate its advantages in OLED organic materials while actively seizing market opportunities in QD and perovskite materials [2] - The strategy involves a dual approach of deepening its main business and expanding into new areas to create a diversified layout in the new materials sector [2]

Core Viewpoint - The company highlights the synergy between OLED organic materials and perovskite materials, emphasizing their shared chemical foundations and high-purity preparation processes [2] Group 1: Company Developments - The company has deep technical expertise and extensive R&D and production experience in the OLED organic materials sector, which complements its efforts in perovskite materials [2] - The perovskite project is advancing in multiple areas, including material R&D, customer collaboration, intellectual property, and team building [2] - The company is enhancing partnerships with universities and research institutions to promote industry-academia collaboration [2] Group 2: Product and Technology Advancements - The company has achieved significant progress in material design, synthesis processes, and performance optimization for perovskite materials, with two additive products showing promising results in client tests [2] - Strategic cooperation has been established with leading downstream companies in the perovskite photovoltaic industry to drive innovation and industrialization of perovskite materials [2]

Group 1 - The core viewpoint of the article highlights that the basic chemical sector is expected to show significant growth, with a year-to-date increase of +41.4% as of December 26, 2025, ranking it fifth among all industries [3] - The basic chemical industry experienced a cyclical pattern in 2025, characterized by weak performance in the first half, a rebound driven by improved expectations in the middle, and active structural trends in the latter part of the year [3] - The performance of the basic chemical sector varied significantly across sub-industries, with lithium battery materials and phosphate chemicals benefiting from better-than-expected production and supply-demand improvements, leading to substantial price increases [3] Group 2 - The macroeconomic environment is gradually recovering, establishing a bottoming trend for the chemical industry, with downstream companies in a replenishment phase, which is expected to improve profitability [4] - The agricultural chemicals sector performed relatively well, with high prices for phosphate and potash fertilizers, while the pesticide industry is entering an initial recovery phase [4] - The lithium battery materials sector is seeing a significant recovery in profitability due to strong terminal demand and orderly expansion by leading companies [4] Group 3 - Emerging application areas such as AI, OLED, and robotics are becoming new growth engines for the basic chemical industry, driving strong demand for new materials [5] - The semiconductor industry is expanding due to increased AI computing power and data center construction, which in turn boosts demand for key materials like photoresists and electronic chemicals [5] - The rapid development of the humanoid robot industry is creating new demand for high-performance materials, with specific materials like PEEK and MXD6 showing high application potential due to their lightweight and high-strength characteristics [5]

Core Viewpoint - The company, Lite Optoelectronics, is expanding its business into the high-end electronic materials sector by establishing a subsidiary, Shaanxi Lite Quartz Materials Co., Ltd., focusing on the research, production, and sales of quartz fiber electronic cloth (Q cloth) [1][4]. Group 1: New Business Development - Lite Optoelectronics registered its subsidiary, Lite Quartz, on December 10, with a registered capital of 50 million yuan [4]. - The company has completed the formation of a core team for the new business, bringing in an experienced team for Q cloth research and production [4]. - The new business is currently in the planning and capacity construction phase, with some production equipment already purchased and discussions ongoing with upstream high-purity quartz sand suppliers and potential downstream customers [4]. Group 2: Market Opportunities - The electronic materials industry is upgrading towards high frequency, high speed, and low loss, presenting development opportunities for high-end electronic materials [4]. - Q cloth, as a third-generation high-end low-dielectric electronic cloth, has superior dielectric performance and heat resistance compared to traditional glass fiber cloth, providing significant support for the development of the next generation of information technology [4]. - The new business is expected to broaden the company's business layout in the electronic materials field and enhance its overall competitiveness in high-end electronic materials [4]. Group 3: Financial Performance - For the first three quarters of 2025, the company achieved a cumulative operating income of 423 million yuan, representing a year-on-year increase of 18.77% [5]. - The net profit attributable to shareholders of the listed company reached 180 million yuan, reflecting a year-on-year growth of 38.62% [5].

Core Viewpoint - The company Yulong Technology is attempting to go public on the ChiNext board after previously withdrawing its application for the Shanghai Stock Exchange, facing challenges such as high customer concentration and declining gross margins [1][3][4]. Group 1: IPO Attempts and Financials - Yulong Technology's IPO on the ChiNext was accepted on December 5 and entered the inquiry stage on December 19, following a failed attempt on the Shanghai Stock Exchange where it withdrew its application on June 30, 2023 [3][4]. - The company aims to raise approximately 1 billion yuan for projects and working capital, down from the previous target of 1.5 billion yuan [4]. - Financial data shows Yulong Technology's revenue for 2022-2024 and the first half of 2025 at approximately 749 million yuan, 698 million yuan, 1.095 billion yuan, and 597 million yuan, respectively, with net profits of about 66.84 million yuan, 75.72 million yuan, 121 million yuan, and 70.32 million yuan [9]. Group 2: Customer Concentration and Risks - Yulong Technology's largest customer is BOE Technology Group, contributing over 50% of its revenue, with sales to BOE amounting to approximately 576 million yuan, 549 million yuan, 586 million yuan, and 320 million yuan, representing 77.04%, 79.1%, 53.61%, and 53.58% of its main business income, respectively [5][7]. - The company has been criticized for its high customer concentration, which poses risks if the primary customer faces operational issues [8]. - Yulong Technology has been expanding its customer base beyond BOE, becoming a major supplier to other domestic manufacturers in the semiconductor display panel sector [8]. Group 3: Accounts Receivable and R&D - As of June 30, 2023, Yulong Technology's accounts receivable stood at approximately 443 million yuan, accounting for 48.79% of its current assets, indicating a growing trend in receivables [9]. - The company's R&D expense ratio has been lower than the industry average, with R&D expenses of approximately 34.96 million yuan, 29.91 million yuan, 34.91 million yuan, and 17.65 million yuan, representing 4.67%, 4.29%, 3.19%, and 2.95% of revenue, respectively [10].