今早刷新闻，一眼瞅见商务部那则反歧视调查的公告，手里咖啡差点没端稳 —— 这美国今年跟芯片杠上了吧？年初卡 AI 芯片出口，九月又把设计、制造、连材料环节都圈进调查里，这绳子勒得也太紧了点！说实话啊，我倒不是怕制裁本身， 就是看全球供应链那慌慌张张的样儿，跟多米诺骨牌似的，碰一下倒一片，真有点哭笑不得。 美国想靠关税和禁令，把产业链往自己那边拽，这点心思谁看不出来啊？可他们忘了芯片制造有多复杂 —— 不是说搬个工 厂、招几个人就能解决的。三星、台积电就算在美设厂，芯片造出来还得运到海外封装，来回折腾不说，搞不好还得被重 复征税。我之前刷到个数据，美国一年要进口几百亿美元的芯片，好多还是自己企业海外工厂造的，这波操作简直是给自 己挖坑，还得自己跳！ 最让我意外的是中国这边的反应。一开始我还以为，咱们也就被动应对下，后来才发现，早就在偷偷布局了！芯片进口量 是降了，但买设备的钱反而涨了 —— 这明摆着是要自己搞研发啊！北方华创的刻蚀机都能突破 14 纳米工艺了，寒武纪的 算力芯片也能跟英伟达掰掰手腕。商务部这次发起反歧视调查，更像是吹响了反击的号角，总算把主动权抢回来点，看着 还挺解气的。 不过话说回来，供应链恐 ...

万润股份（002643.SZ）9月18日在投资者互动平台表示，公司结合自身情况与下游需求，正在筹备万润 工业园二期C05项目，该项目包含约700吨的显示用PI成品材料产能，未来建成后将为公司显示用PI成品 材料发展提供产能支撑。 每经AI快讯，有投资者在投资者互动平台提问：公司OLED材料竞争对手奥来德最新定增计划显示将投 入大笔资金在"OLED 显示核心材料 PSPI 材料设备和产能"，请问公司PSPI布局多少吨产能？随着国内 8.6 代 OLED 大尺寸面板产线的建设开启，公司能否抓住此次市场机遇？ （记者 王晓波） ...

Group 1 - The company has signed a strategic cooperation framework agreement with BOE Technology Group, establishing a partnership focused on OLED technology [4][5] - The collaboration will cover four core areas, including the supply of OLED organic materials and evaporation source equipment, ensuring supply security and promoting innovation in key equipment technologies [5] - The company has secured a contract worth approximately 655 million yuan for the supply of linear evaporation sources for BOE's 8.6-generation OLED production line, with the first batch of equipment successfully delivered [5] Group 2 - The company plans to raise up to 299.86 million yuan through a private placement to expand its PSPI material production capacity, with total project investment estimated at 240 million yuan [6] - The revised private placement will have a share price of 17.20 yuan, with approximately 17.43 million shares to be issued, accounting for 7.0% of the pre-issue total share capital [6] - The issuance will include institutional investors with industrial capital backgrounds, in addition to individual investors and fund companies [6]

Core Viewpoint - Jilin OLED Materials Co., Ltd. (Aolaide) and BOE Technology Group Co., Ltd. (BOE) have signed a strategic cooperation framework agreement to enhance collaboration in the OLED sector [2][3]. Group 1: Strategic Cooperation Areas - The partnership will focus on four core areas: ensuring the security of evaporation source supply, consolidating competitive advantages, collaborating in OLED materials, and expanding cooperation space [3]. - Aolaide will provide BOE with OLED linear evaporation source equipment and ensure delivery acceptance, while BOE will list Aolaide as a major supplier to maintain production line stability [3]. - Both companies will jointly promote innovation and iteration of key equipment technologies, ensuring the safety of the industrial chain in OLED linear evaporation sources and perovskite deposition [3]. - Aolaide will supply BOE with OLED light-emitting materials, PSPI materials, and TFE Ink, focusing on development, validation, testing, and introduction services [3]. - The two companies will share industry and business information to explore new cooperation opportunities based on industry trends and technological research needs [3]. Group 2: Company Background and Financials - Aolaide was established in 2005 and specializes in the R&D, production, and sales of OLED organic light-emitting materials and evaporation source equipment, serving clients like Visionox, Hehui Optoelectronics, TCL Huaxing, BOE, and Tianma [3]. - In the first half of this year, Aolaide achieved revenue of 281 million yuan and a net profit of 27 million yuan [3]. - Earlier this year, Aolaide signed a 655 million yuan equipment supply contract with BOE and delivered the first batch of 8.6-generation linear evaporation source equipment in August [5]. - Aolaide's key functional materials R&D and industrialization project for OLED displays commenced in July, with a total investment of approximately 300 million yuan, focusing on PSPI materials, film packaging materials, low-temperature color photoresists, and organic light-emitting materials [5].

Core Viewpoint - The article highlights the growing importance and demand for PSPI (photo-sensitive polyimide) materials in the semiconductor and OLED display industries, with significant investments and advancements being made by both domestic and international companies to enhance production capacity and meet market needs [2][3][4]. Group 1: Company Developments - Jilin Aolai De Optical Materials Co., Ltd. plans to raise up to 299.8 million yuan, with approximately 239.8 million yuan allocated for the construction of a PSPI materials production base, aiming for an annual capacity of 1,000 tons after three years [2]. - Asahi Kasei, a Japanese giant, plans to invest 16 billion yen (approximately 1 billion euros) to double its PIMEL™ PSPI production capacity by 2030 to meet the surging demand from advanced technologies [2]. - Domestic companies such as Wanrun Co., Ltd. and Aolai De have successfully validated their PSPI materials with leading panel manufacturers, indicating a shift towards local production and reduced reliance on imports [4][5]. Group 2: Market Trends and Innovations - PSPI is increasingly recognized as a critical material in high-end manufacturing sectors, including semiconductor packaging and flexible displays, with major suppliers being Asahi Kasei, Toray, and JSR [3]. - Recent innovations include Toray's STF-2000 PSPI, which allows for high-resolution patterning on films up to 200 micrometers thick, targeting new MEMS device applications [3]. - Companies like Ba Yi Space and Dinglong Co., Ltd. are advancing their PSPI products, with Ba Yi Space entering trial production and Dinglong Co., Ltd. achieving significant client certifications for their PSPI offerings [5][6]. Group 3: Investment and Future Outlook - Ba Yi Space is expected to generate orders in the second half of the year as it completes its PSPI production line, while Dinglong Co., Ltd. is focusing on expanding its patent database and product offerings in the semiconductor materials sector [5][6]. - Aisen Co., Ltd. has secured its first wafer factory order for its positive PSPI, with plans to achieve a production capacity of 2,000 tons, potentially generating over 3 billion yuan in revenue [8]. - The domestic PSPI industry is accelerating commercialization, with multiple companies reporting progress from production to client validation, indicating a robust growth trajectory in the sector [4][5].

Core Viewpoint - The strategic partnership between Aolide and BOE aims to enhance the development of the new display industry chain through deep collaboration and resource integration [1][2] Group 1: Strategic Partnership - Aolide and BOE signed a framework agreement to establish a strategic partnership, focusing on deep collaboration between leading companies in the industry chain [1] - The partnership will follow principles of equality, long-term stability, resource sharing, and market-oriented cooperation [1] Group 2: Key Areas of Cooperation - The companies will ensure the security of evaporative source supply, with Aolide providing OLED linear evaporative source equipment to BOE and being listed as a major supplier [1] - They will work together to enhance competitive advantages by promoting innovation and iteration of key equipment technologies, particularly in OLED linear evaporative sources and perovskite deposition [1] - Aolide will supply OLED materials, including OLED luminescent materials, PSPI materials, and TFE Ink, to support BOE's localization strategy and improve the competitiveness of OLED materials [1] Group 3: Expanding Collaboration - The partnership will explore new cooperation opportunities by sharing industry and business information, focusing on industry trends and collaborative innovation in technology research and development [2]

2025年9月，吉林奥来德光电材料股份有限公司发布以简易程序向特定对象发行股票募集资金使用可行 性分析报告（修订稿）。公司拟募资不超29,986.21万元，其中23,986.21万元用于OLED显示核心材料 PSPI材料生产基地项目，6000万元用于补充流动资金。PSPI项目建设期3年，建成后可提升PSPI材料量 产能力，缓解国内对进口材料依赖，满足下游市场需求。补充流动资金可满足业务发展需求、优化资本 结构。本次募资将加强公司产能布局，提升竞争力，虽短期可能摊薄收益指标，但长远看将增强盈利能 力和可持续发展能力。 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a sharp drop in its evaporation source equipment business, while its materials business showed resilience and growth [1][2][3] Financial Performance - The company achieved operating revenue of 281 million yuan, a year-on-year decrease of 17.87% [1][2] - Net profit attributable to shareholders was 27.005 million yuan, down 70.59% year-on-year [1][2] - The net profit excluding non-recurring gains and losses was 4.257 million yuan, a decrease of 93.31% year-on-year [1][2] - Basic earnings per share were 0.11 yuan [1] Business Segments - The company operates in the OLED industry, focusing on upstream organic light-emitting materials and evaporation source equipment [1] - In the materials segment, the company completed a full system layout for OLED terminal light-emitting materials, achieving a 21.99% increase in materials revenue to 257 million yuan [2] - The evaporation source equipment revenue was 23.3528 million yuan, reflecting a significant decline of 82.20% [2] Market Position and Strategy - The materials business has become a "ballast" for the company's performance, benefiting from increased demand in the downstream display panel industry [3] - Despite the short-term decline in the evaporation source equipment business, the company anticipates a recovery as the industry transitions from 6th generation to 8.6th generation production lines [3] - The company has signed a supply contract for the G8.6 evaporation source with BOE for the B16 project, indicating a strengthening competitive position in the equipment sector [3] - The company aims to leverage its dual advantages in equipment and materials to capture growth opportunities in the OLED upstream supply chain [3]

Core Viewpoint - The company anticipates a significant decline in revenue and net profit for the first half of 2025, primarily due to reduced orders in its equipment business while its materials segment shows growth driven by new product introductions and increased demand for OLED materials [4][5]. Group 1: Financial Performance - For the first half of 2025, the company expects revenue between 270-290 million yuan, representing a year-on-year decrease of 15.23%-21.07% [4]. - The projected net profit attributable to shareholders is estimated to be between 25-29 million yuan, reflecting a decline of 68.41%-72.77% year-on-year [4]. - The expected net profit after deducting non-recurring items is forecasted to be between 4-4.8 million yuan, indicating a significant drop of 92.46%-93.71% compared to the previous year [4]. Group 2: Business Segments - The materials segment is projected to achieve revenue of 250-260 million yuan, showing a year-on-year growth of 18.7%-23.4%, driven by the continued ramp-up of OLED finished materials and the introduction of new products like PSPI [5]. - In contrast, the equipment segment is expected to generate revenue of 23-24 million yuan, which represents a substantial decline of 81.7%-82.5% year-on-year due to reduced orders for 6th generation OLED evaporation source equipment as the construction of related production lines nears completion [5]. Group 3: Strategic Developments - The company has commenced construction of a new base in Changchun, focusing on the R&D and industrialization of key functional materials for OLED displays, with an expected annual production capacity of 2,000 tons and an annual output value of 1 billion yuan upon completion [6]. - The project will be built in phases, with the first phase expected to be ready for trial production by June 2027 [6]. - Additionally, the company plans to raise up to 299.86 million yuan through a private placement to fund the construction of the PSPI materials production base and to supplement working capital [6].

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's material revenue is steadily growing, while equipment orders are experiencing a temporary decline. The company plans to increase PSPI production capacity through a private placement [1][4]. Summary by Sections Revenue and Profit Forecast - For the first half of 2025, the company expects revenue between 270-290 million yuan, a year-on-year decrease of 15.23%-21.07%. The expected net profit attributable to shareholders is between 25-29 million yuan, down 68.41%-72.77% year-on-year. The non-recurring net profit is projected to be between 4-4.8 million yuan, a decrease of 92.46%-93.71% [1][4]. Business Segments - The materials segment is expected to achieve revenue of 250-260 million yuan in the first half of 2025, representing a year-on-year growth of 18.7%-23.4%. This growth is attributed to the continued ramp-up of OLED finished materials and the introduction of new products like PSPI [2]. - The equipment segment is projected to generate revenue of 23-24 million yuan, reflecting a significant decline of 81.7%-82.5% year-on-year due to reduced orders for 6th generation OLED evaporation source equipment as the construction of 6th generation production lines nears completion [2]. New Projects and Capital Increase - The company has commenced construction of a new base in Changchun for key functional materials used in OLED displays, covering an area of 136,000 square meters. The project aims to achieve an annual production capacity of 2,000 tons and an annual output value of 1 billion yuan upon completion [3]. - The company plans to raise up to 299.86 million yuan through a private placement to fund the construction of the PSPI materials production base and to supplement working capital [3]. Profitability and Valuation - The report revises the profit forecast for 2025-2026 downwards and introduces a forecast for 2027. The expected net profits for 2025, 2026, and 2027 are 127 million yuan, 244 million yuan, and 354 million yuan, respectively [4][5]. - The company has successfully secured a contract for the 8.6 generation OLED production line linear evaporation source, which is expected to positively impact the performance in 2025-2026 [4]. Financial Metrics - The company’s projected revenue growth rates for 2025, 2026, and 2027 are 31.30%, 56.49%, and 35.88%, respectively. The expected net profit growth rates for the same years are 40.85%, 91.30%, and 45.29% [5][10].