Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 410 million to 480 million yuan for the first half of 2025, representing a decrease of 436 million to 506 million yuan compared to the same period last year, which is a year-on-year decline of 47.59% to 55.23% [1][2] - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is expected to be between 360 million to 430 million yuan, reflecting a decrease of 401 million to 471 million yuan year-on-year, which corresponds to a decline of 48.25% to 56.68% [2] - The main reasons for the expected decrease in performance include a decline in TV panel product prices compared to the same period last year, leading to a decrease in gross profit from the panel business, a significant drop in the sales volume of G6 substrate glass due to market factors, and an increase in financial expenses related to the provision for financial liabilities arising from external investments in subsidiaries [2] Group 2 - The company has been enhancing the production capacity configuration of large-size high-refresh liquid crystal panel products, improving operational efficiency, and accelerating the construction of the G8.5+ substrate glass project to expand the scale of the substrate glass business, with continued growth in the production and sales revenue of G8.5+ liquid crystal substrate glass products year-on-year [2]

瞭望塔财经通过证监会官网了解到，惠科股份有限公司（以下简称"惠科股份"）于6月30日正式向深交所主板递交招股书，拟募资85亿元，其中10亿元明确 用于补充流动资金及偿还银行贷款。 1、面板巨头的资本之路 瞭望塔财经从官网了解到，惠科股份成立于2001年，从电视整机代工起家，2015年切入上游面板制造领域。公司目前在全球液晶电视面板市场份额排名第 三，仅次于京东方和TCL华星。 2025年1月，惠科股份在浏阳经开区签约投资90亿元的Mini-LED背光/直显模组及整机项目。该项目距离其2019年落户浏阳的280亿元8.6代线项目仅过去五年 多。浏阳经开区官员在签约仪式上透露："2024年，长沙惠科光电持续满产，已成为园区第二个百亿级企业。" 瞭望塔财经前言：面板行业的价格波动曲线，往往是资本投入的反向指标，而惠科选择在业绩回暖之年冲刺IPO。 而在公司财务表现上，数据如过山车般起伏。2022年亏损20.97亿元，2023年盈利28.26亿元，2024年净利润进一步提升至36.73亿元。这种剧烈波动背后，是 面板行业强周期性的直接体现。 | | | 惠科股份近三年主要财务指标 (2022-2024年) | | | ...

作者｜刘相君 在半导体显示面板行业经历惊心动魄的"过山车"周期后，这家巨头卷土重来。 出品｜搜狐财经 2025年上半年的最后一天，即6月30日，惠科股份有限公司（以下简称"惠科股份"）向深交所主板递交招股书获受理，此次公司拟募资金额达85亿元，坐上 A股市场上半年第二大IPO的"宝座"。 这并不是惠科股份第一次冲刺上市了，公司曾于2022年6月首次闯关创业板，彼时拟募资金额达95亿元，走过一轮问询，公司于2023年8月撤回申请，意味着 首次IPO折戟。 此次携年营收超400亿元、净利润近37亿元的亮眼成绩单归来，惠科股份看似风光无限的背后，是毛利率难返巅峰的困境，叠加远高于同行的负债率和低于 行业均值的研发费用率，这场85亿元的资本闯关之旅，能否破局周期魔咒？ 供货三星、小米、TCL 惠科股份是一家专注于半导体显示领域的科技公司，主营业务为半导体显示面板等核心显示器件以及智能显示终端的研发、制造和销售，主要产品包括多种 尺寸和类型的TV面板、IT面板、TV终端、IT终端以及各类智慧物联终端，广泛应用于消费电子、商用显示、汽车电子、工业控制、智慧物联等显示场景。 目前，公司已与三星、LG、小米、海信、TCL、海 ...

撰稿|张君 来源|贝多财经 6月30日，惠科股份有限公司（下称"惠科股份"）递交招股书，报考在深圳证券交易所主板上市，中金公司为其保荐人。 | 序号 | 股东名称 | 持股数量(万股) | 持股比例(%) | | --- | --- | --- | --- | | 1 | 惠科投控 | 298,316.0458 | 49.48 | | 2 | 深圳金飞扬 | 105.840.9578 | 17.55 | | 3 | 深圳惠同 | 45,231.1782 | 7.50 | | 4 | 绵投集团 | 30,843.1704 | 5.12 | | ર | 重庆平安基金 | 27,801.2154 | 4.61 | | 6 | 汇远实业 | 23.968.4304 | 3.98 | | 7 | 滁州城投 | 17,560.5536 | 2.91 | | 8 | 浏阳城建 | 11.968.1492 | 1.98 | | 9 | 京东方创投 | 11,600.0000 | 1.92 | | 10 | 前海朝恒 | 6,784.6776 | 1.13 | | 11 | 金品创业 | 6,121.2852 | 1.02 | ...

Group 1 - The core viewpoint of the news is that Huike Co., Ltd. has officially submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise 8.5 billion yuan for various projects and working capital [1][3] - Huike is a leading technology company in the semiconductor display field, focusing on the research, manufacturing, and sales of semiconductor display panels and smart display terminals [1][2] - The company ranks third globally in TV panel shipment area, fourth in display panel shipment area, and third in smartphone panel shipment area for the year 2024, with a significant lead in the 85-inch LCD TV panel shipment area [1][2] Group 2 - Huike is the first company in mainland China to establish and operate G8.6 high-generation production lines and holds the most G8.6 high-generation lines globally, enabling mass production of various display panels [2] - The company has developed multiple core technologies, enhancing product performance, production efficiency, yield, and cost optimization, which constitute its competitive advantages [2] - Huike has established deep partnerships with numerous global brands, including Samsung, LG, Xiaomi, and others, enhancing its market presence [3] Group 3 - The company's revenue for 2022, 2023, and 2024 was 27.134 billion yuan, 35.797 billion yuan, and 40.31 billion yuan, respectively, with corresponding net profits of -1.428 billion yuan, 2.566 billion yuan, and 3.339 billion yuan [3] - The funds raised from the IPO will be allocated to projects including OLED research and development, Oxide research and industrialization, Mini-LED smart manufacturing, and to supplement working capital and repay bank loans [3]

2025年06月28日 证券研究报告 | LCD行业月报 京东方拟收购彩虹光电30%股权，行业竞争格局优化 行业研究 · 行业月报 电子 投资评级：优于大市（维持评级） 021-60893306 021-60871321 0755-81982153 021-61761072 010-88005482 hujian1@guosen.com.cn huhui2@guosen.com.cn yezi3@guosen.com.cn zhangdawei1@guosen.com.cn lianxinran@guosen.com.cn S0980521080001 S0980521080002 S0980522100003 S0980524100002 证券分析师：胡剑 证券分析师：胡慧 证券分析师：叶子 证券分析师：张大为 联系人：连欣然 LCD行业月报：京东方拟收购彩虹光电30%股权，行业竞争格局优化 1Q25中国主要LCD厂商（深天马A、TCL科技、京东方A、彩虹股份、龙腾光电、友达、群创光电、瀚宇彩晶）平均毛利率同比提升1.81pct、环比提升 3.60pct至14.89%，净利率同比提升1.74pct、环比提升 ...

2025 年 06 月 21 日 京东方 A (000725) ——拟收购彩虹光电 30%股权，竞争优势再扩大 报告原因：有信息公布需要点评 买入（维持） | 市场数据： 2025 年 06 月 20 日 | | | --- | --- | | 收盘价（元） | 3.93 | | 一年内最高/最低（元） | 4.92/3.59 | | 市净率 | 1.1 | | 息率（分红/股价） | - | | 流通 A 股市值（百万元） | 144,255 | | 上证指数/深证成指 3,359.90/10,005.03 | | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 3.52 | | 资产负债率% | 50.67 | | 总股本/流通 A 股（百万） | 37,414/36,706 | | 流通 B 股/H 股（百万） | 693/- | 一年内股价与大盘对比走势： 06-20 07-20 08-20 09-20 10-20 11-20 12-20 01-20 02-20 03-20 04-20 0 ...

Core Viewpoint - BOE Technology Group plans to acquire a 30% stake in Xi'an Rainbow Optoelectronics Technology Co., Ltd. for no less than 4.85 billion yuan, indicating a strategic move to enhance its competitiveness in the TV panel market amid ongoing industry consolidation [2][3]. Group 1: Acquisition Details - The acquisition price for the 30% stake in Xi'an Rainbow Optoelectronics is set at a minimum of 4.85 billion yuan, with the final price to be determined at the time of the transaction [3]. - Xi'an Rainbow Optoelectronics is the only G8.6 VA production line owned by Rainbow Co., focusing primarily on TV panels, particularly 50-inch models [3]. - Rainbow Co. reported that nearly 88% of its 11.6 billion yuan revenue last year came from the liquid crystal panel business [3]. Group 2: Strategic Implications - BOE aims to leverage this acquisition to strengthen its market position and enhance its competitive edge in the evolving industry landscape [3][5]. - The acquisition is seen as a mutual benefit for both companies, with BOE seeking to improve its market influence in specific TV panel sizes, while Rainbow Co. looks to invest further in its glass substrate business [5]. - The deal is expected to allow BOE to consolidate its liquid crystal panel production capacity, potentially increasing its pricing power in the market [5][7]. Group 3: Industry Context - The liquid crystal panel industry is experiencing a trend of capital mergers and capacity integration, despite a lack of new production capacity being added [2][6]. - Major players in the industry, such as TCL Technology and Huike Co., are also engaging in significant acquisitions to enhance their market positions [6]. - The overall market demand for TV panels has been weak, leading manufacturers to control production to stabilize prices [6].

10日，两市股指早盘窄幅震荡，午后加速下探，创业板指、科创50指数等跌超1%。截至收盘，沪指跌 0.44%报3384.82点，深证成指跌0.86%报10162.18点，创业板指跌1.17%报2037.27点，科创50指数跌 1.47%，北证50指数跌约1%，沪深北三市合计成交14516亿元，较此前一日增加近1400亿元。行业方 面，半导体、军工、石油、酿酒、券商、汽车等板块走低，传媒、农业、医药、银行等板块拉升，种业 股、创新药、稀土概念等活跃。 东莞证券指出，政策积极落地预期、国内经济结构性亮点以及科技领域技术突破催化等，都有望带动市 场中结构性机会显现和股市赚钱效应的增加，短期大盘或保持震荡蓄势，若后续成交量能持续放大指数 有望实现突破，否则仍将维持震荡走势。 今日投资机会解析 TV面板价格有望迎来反转 受2025年一季度国补、关税等拉动的提前备货影响，TV厂商一季度末库存水位升高、二季度面板采购 需求下调，二季度整体呈现旺季不旺状态。但5月以来头部面板厂通过控产控价，TV面板价格基本持 稳。 中办国办部署深入推进深圳综合改革试点 中信证券表示，短期来看，随着年中大促推动TV厂商库存去化、面板厂开始规划2 ...

Core Viewpoint - The article discusses the sale of a 10% stake in LG Display (China) by Skyworth Group to LG Display (Guangzhou) for 1.3 billion yuan, marking Skyworth's exit from the investment, which is perceived as a "fire sale" given the significant undervaluation of the asset [1][5][13]. Group 1: Transaction Details - Skyworth's subsidiary signed an agreement to sell a 10% stake in LG Display (China) for 1.3 billion yuan, after which Skyworth will no longer hold any shares in the company [1][5]. - The sale price represents a significant discount, with the book value of the shares being approximately 740 million yuan, indicating a sale at about 55.5% and 62.7% of their book value [13][14]. - Skyworth aims to use the proceeds from the sale to improve liquidity and fund other business operations [14]. Group 2: Industry Context - LG Display's Guangzhou factory is a critical asset in the Chinese panel industry, with a total investment of 4 billion USD and a production capacity of 180K, contributing to 4% of the global TV panel market [10][11]. - The factory's operational challenges, including a drop in utilization rates to around 50%, have led to speculation about its future, with TCL and BOE expressing interest in acquiring the asset [8][10]. - The sale of the factory is seen as a reflection of the broader struggles within the global panel industry, where LG Display is shifting focus towards OLED and MLED technologies [10][11]. Group 3: Company Performance - Skyworth's revenue declined by 6.6% year-on-year to 29.83 billion yuan in the first half of the year, despite a slight increase in gross profit [19][21]. - The company has reduced its workforce by 3,000 employees while simultaneously increasing investment in facilities and equipment by over 60% to 342 million yuan [21]. - Skyworth's reliance on its home appliance segment, particularly TVs, has increased, with this segment accounting for 51.7% of total revenue, while other segments like new energy have seen significant declines [21][22].