每經AI快訊，清(qing)溢(yi)2024年1月13日，光電華金(jin)證券發布研報點(dian)評(ping)清(qing)溢(yi)光電（688138）。持續產(chan)品(pin)產(chan)化

掩膜版重要企業，推動國產替代空間巨大：公司是升級國內成立最早的平板顯示、半導體芯片、掩膜研報百姓彩票觸控、版國電路板等行業用掩膜版生產企業之一。空間產品聚焦于低溫多晶硅（LTPS）、華金金屬氧化物（IGZO）、證券有源矩陣有機發光二極體（AMOLED）、清溢MicroLED顯示、光電Micro OLED顯示、持續產品產化半導體芯片、推動百姓彩票最新網址Chiplet先進封裝技術等領域，升級為客戶提供品類多樣的平板顯示和半導體芯片用掩膜版。掩膜版是微電子制造過程中的圖形轉移母版，是平板顯示、半導體、觸控、電路板等行業生產制造過程中重要的關鍵材料。掩膜版的作用是將設計者的電路圖形通過曝光的方式轉移到下游行業的基板或晶圓上，從而實現批量化生產。作為光刻復制圖形的基準和藍本，掩膜版是連接工業設計和工藝制造的關鍵，掩膜版的精度和質量水平會直接影響最終下游制品的優品率。在掩膜版下游應用中，百姓彩票半(ban)導(dao)體(ti)(ti)和平(ping)(ping)板(ban)(ban)顯(xian)示(shi)(shi)是(shi)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)最主要的(de)(de)(de)(de)兩個應用(yong)(yong)領域。平(ping)(ping)板(ban)(ban)顯(xian)示(shi)(shi)領域的(de)(de)(de)(de)同(tong)(tong)一世(shi)代(dai)生產(chan)線，根據下游顯(xian)示(shi)(shi)產(chan)品的(de)(de)(de)(de)需(xu)求(qiu)，對分(fen)辨(bian)率、尺寸等主要技術指標(biao)的(de)(de)(de)(de)要求(qiu)不同(tong)(tong)，進(jin)而對掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)精(jing)(jing)度的(de)(de)(de)(de)要求(qiu)也存在高、中(zhong)(zhong)、低差異(yi)。中(zhong)(zhong)國(guo)大(da)陸(lu)(lu)(lu)平(ping)(ping)板(ban)(ban)顯(xian)示(shi)(shi)行業(ye)(ye)對掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)產(chan)品尤(you)其是(shi)高世(shi)代(dai)、高精(jing)(jing)度掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)產(chan)品的(de)(de)(de)(de)需(xu)求(qiu)將持(chi)續(xu)增(zeng)長。根據Omdia分(fen)析(xi)，預(yu)計(ji)2026年全(quan)球(qiu)8.6代(dai)及以下平(ping)(ping)板(ban)(ban)顯(xian)示(shi)(shi)行業(ye)(ye)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)銷售收入為1,112億日元，占(zhan)(zhan)全(quan)球(qiu)平(ping)(ping)板(ban)(ban)顯(xian)示(shi)(shi)行業(ye)(ye)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)銷售額的(de)(de)(de)(de)比例為92%，8.6代(dai)及以下平(ping)(ping)板(ban)(ban)顯(xian)示(shi)(shi)行業(ye)(ye)用(yong)(yong)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)需(xu)求(qiu)保(bao)持(chi)穩定增(zeng)長。根據Omdia分(fen)析(xi)，中(zhong)(zhong)國(guo)大(da)陸(lu)(lu)(lu)平(ping)(ping)板(ban)(ban)顯(xian)示(shi)(shi)行業(ye)(ye)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)需(xu)求(qiu)占(zhan)(zhan)全(quan)球(qiu)比重，從2017年的(de)(de)(de)(de)32%上(shang)升(sheng)到2021年的(de)(de)(de)(de)51%。未來隨(sui)著相(xiang)關產(chan)業(ye)(ye)進(jin)一步向國(guo)內轉移，中(zhong)(zhong)國(guo)大(da)陸(lu)(lu)(lu)平(ping)(ping)板(ban)(ban)顯(xian)示(shi)(shi)行業(ye)(ye)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)的(de)(de)(de)(de)需(xu)求(qiu)將持(chi)續(xu)上(shang)升(sheng)，預(yu)計(ji)到2025年，中(zhong)(zhong)國(guo)大(da)陸(lu)(lu)(lu)平(ping)(ping)板(ban)(ban)顯(xian)示(shi)(shi)行業(ye)(ye)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)需(xu)求(qiu)全(quan)球(qiu)占(zhan)(zhan)比將達到58%。在半(ban)導(dao)體(ti)(ti)芯(xin)片(pian)用(yong)(yong)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)領域，半(ban)導(dao)體(ti)(ti)芯(xin)片(pian)需(xu)求(qiu)的(de)(de)(de)(de)增(zeng)加，是(shi)推動半(ban)導(dao)體(ti)(ti)芯(xin)片(pian)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)市(shi)場增(zeng)長的(de)(de)(de)(de)主要因素。根據SEMI在2022年的(de)(de)(de)(de)分(fen)析(xi)報告，2022年全(quan)球(qiu)半(ban)導(dao)體(ti)(ti)芯(xin)片(pian)用(yong)(yong)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)市(shi)場規(gui)模約有52億美元，預(yu)計(ji)2023年市(shi)場規(gui)模將達到54億美元，同(tong)(tong)比增(zeng)長4%。受益于中(zhong)(zhong)國(guo)大(da)陸(lu)(lu)(lu)半(ban)導(dao)體(ti)(ti)芯(xin)片(pian)制造的(de)(de)(de)(de)快速(su)發展，中(zhong)(zhong)國(guo)大(da)陸(lu)(lu)(lu)半(ban)導(dao)體(ti)(ti)芯(xin)片(pian)用(yong)(yong)掩(yan)(yan)(yan)(yan)(yan)膜(mo)版(ban)(ban)(ban)市(shi)場規(gui)模出現快速(su)增(zeng)長的(de)(de)(de)(de)趨勢。

立足平(ping)(ping)板(ban)(ban)(ban)顯(xian)(xian)(xian)示(shi)行業(ye)，發布定(ding)增(zeng)預案，推動顯(xian)(xian)(xian)示(shi)和半導(dao)體掩(yan)膜(mo)(mo)版(ban)(ban)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)持續(xu)升(sheng)級：公司(si)生(sheng)產(chan)(chan)(chan)(chan)的(de)(de)掩(yan)膜(mo)(mo)版(ban)(ban)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)根據基(ji)板(ban)(ban)(ban)材質的(de)(de)不(bu)同(tong)主(zhu)要(yao)可分(fen)為(wei)(wei)石(shi)英掩(yan)膜(mo)(mo)版(ban)(ban)、蘇打掩(yan)膜(mo)(mo)版(ban)(ban)和其(qi)他（包含(han)凸版(ban)(ban)、菲林）。平(ping)(ping)板(ban)(ban)(ban)顯(xian)(xian)(xian)示(shi)行業(ye)用(yong)(yong)掩(yan)膜(mo)(mo)版(ban)(ban)包括薄膜(mo)(mo)晶體管液晶顯(xian)(xian)(xian)示(shi)器(qi)（TFT-LCD）掩(yan)膜(mo)(mo)版(ban)(ban)含(han)陣列（Array）掩(yan)膜(mo)(mo)版(ban)(ban)（a-Si/LTPS技術）及(ji)(ji)彩(cai)色(se)濾光片（CF）掩(yan)膜(mo)(mo)版(ban)(ban)、有(you)源矩(ju)陣有(you)機發光二極管顯(xian)(xian)(xian)示(shi)器(qi)（AMOLED）掩(yan)膜(mo)(mo)版(ban)(ban)、超(chao)扭曲向列型液晶顯(xian)(xian)(xian)示(shi)器(qi)（STN-LCD）掩(yan)膜(mo)(mo)版(ban)(ban)和Fine Metal Mask用(yong)(yong)掩(yan)膜(mo)(mo)版(ban)(ban)、MicroLED顯(xian)(xian)(xian)示(shi)用(yong)(yong)掩(yan)膜(mo)(mo)版(ban)(ban)和Micro OLED顯(xian)(xian)(xian)示(shi)用(yong)(yong)掩(yan)膜(mo)(mo)版(ban)(ban)等(deng)(deng)。公司(si)的(de)(de)平(ping)(ping)板(ban)(ban)(ban)顯(xian)(xian)(xian)示(shi)掩(yan)膜(mo)(mo)版(ban)(ban)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)和技術在(zai)(zai)業(ye)內有(you)較高(gao)(gao)(gao)(gao)(gao)的(de)(de)知名度(du)(du)，與國(guo)內主(zhu)要(yao)平(ping)(ping)板(ban)(ban)(ban)顯(xian)(xian)(xian)示(shi)面板(ban)(ban)(ban)廠商均有(you)合(he)作，服務的(de)(de)典型客(ke)戶包括京東方(fang)、惠科、華星光電(dian)(dian)、天馬、維信諾、信利(li)、龍騰(teng)光電(dian)(dian)、和輝光電(dian)(dian)、群創(chuang)光電(dian)(dian)、瀚宇彩(cai)晶等(deng)(deng)。2023年(nian)12月05日(ri)，公司(si)發布《2023年(nian)度(du)(du)向特定(ding)對(dui)象發行A股(gu)股(gu)票(piao)預案》，本(ben)次向特定(ding)對(dui)象發行股(gu)票(piao)募集(ji)資金總額不(bu)超(chao)過120,000.00萬元（含(han)本(ben)數），募集(ji)資金扣除相(xiang)關發行費用(yong)(yong)后將(jiang)用(yong)(yong)于高(gao)(gao)(gao)(gao)(gao)精(jing)度(du)(du)掩(yan)膜(mo)(mo)版(ban)(ban)、高(gao)(gao)(gao)(gao)(gao)端(duan)半導(dao)體掩(yan)膜(mo)(mo)版(ban)(ban)的(de)(de)生(sheng)產(chan)(chan)(chan)(chan)，“高(gao)(gao)(gao)(gao)(gao)精(jing)度(du)(du)掩(yan)膜(mo)(mo)版(ban)(ban)生(sheng)產(chan)(chan)(chan)(chan)基(ji)地建設(she)項(xiang)(xiang)目(mu)一期”，主(zhu)要(yao)生(sheng)產(chan)(chan)(chan)(chan)8.6代及(ji)(ji)以下高(gao)(gao)(gao)(gao)(gao)精(jing)度(du)(du)掩(yan)膜(mo)(mo)版(ban)(ban)，應(ying)用(yong)(yong)于a-Si、LTPS、AMOLED、LTPO、MicroLED等(deng)(deng)平(ping)(ping)板(ban)(ban)(ban)顯(xian)(xian)(xian)示(shi)掩(yan)膜(mo)(mo)版(ban)(ban)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)。“高(gao)(gao)(gao)(gao)(gao)端(duan)半導(dao)體掩(yan)膜(mo)(mo)版(ban)(ban)生(sheng)產(chan)(chan)(chan)(chan)基(ji)地建設(she)項(xiang)(xiang)目(mu)一期”，主(zhu)要(yao)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)為(wei)(wei)覆蓋250nm-65nm制(zhi)程(cheng)(cheng)的(de)(de)高(gao)(gao)(gao)(gao)(gao)端(duan)半導(dao)體掩(yan)膜(mo)(mo)版(ban)(ban)，本(ben)項(xiang)(xiang)目(mu)的(de)(de)建設(she)和實施能(neng)(neng)夠實現更(geng)高(gao)(gao)(gao)(gao)(gao)制(zhi)程(cheng)(cheng)節點的(de)(de)高(gao)(gao)(gao)(gao)(gao)端(duan)半導(dao)體掩(yan)膜(mo)(mo)版(ban)(ban)的(de)(de)開發及(ji)(ji)產(chan)(chan)(chan)(chan)業(ye)化，進一步打破(po)境外領(ling)先廠商壟(long)斷格局，提高(gao)(gao)(gao)(gao)(gao)國(guo)家在(zai)(zai)半導(dao)體產(chan)(chan)(chan)(chan)業(ye)鏈領(ling)域的(de)(de)國(guo)產(chan)(chan)(chan)(chan)化進程(cheng)(cheng)及(ji)(ji)自主(zhu)可控能(neng)(neng)力(li)，同(tong)時也能(neng)(neng)擴充公司(si)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)類型、提升(sheng)公司(si)產(chan)(chan)(chan)(chan)品(pin)(pin)(pin)競爭力(li)，進一步加大公司(si)在(zai)(zai)該領(ling)域的(de)(de)領(ling)先優勢。

投(tou)資(zi)建(jian)議：我(wo)們預測2023-2025年公司分(fen)(fen)別(bie)(bie)實(shi)現營收9.39億元(yuan)(yuan)(yuan)(yuan)、11.59億元(yuan)(yuan)(yuan)(yuan)、14.32億元(yuan)(yuan)(yuan)(yuan)，同(tong)比增速分(fen)(fen)別(bie)(bie)為(wei)(wei)23.2%、23.4%、23.6%，分(fen)(fen)別(bie)(bie)實(shi)現歸母(mu)凈(jing)利潤1.35億元(yuan)(yuan)(yuan)(yuan)、1.79億元(yuan)(yuan)(yuan)(yuan)、2.30億元(yuan)(yuan)(yuan)(yuan)，同(tong)比增速分(fen)(fen)別(bie)(bie)為(wei)(wei)36.0%、32.6%、28.7%，對應PE分(fen)(fen)別(bie)(bie)為(wei)(wei)39.5倍、29.8倍、23.1倍，考慮到公司所處市(shi)場空間較(jiao)大，公司持(chi)(chi)續推動產品升級，未來定增落地產能釋放預計(ji)有望帶來新一(yi)輪業績成長，首次覆蓋，給予增持(chi)(chi)-A建(jian)議。

風險(xian)提示(shi)：下游需求不(bu)景氣、行業競爭加劇、產品升(sheng)級不(bu)及預(yu)期(qi)、定(ding)增推進不(bu)及預(yu)期(qi)

(來源：慧博投研)

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(編輯 曾健輝)