全球最大PMOLED显示驱动IC供货商，电子纸业务值得期待

全球最大PMOLED显示驱动IC供货商，电子纸业务值得期待World's largest PMOLED display driver IC supplier&Electronic paper business worth looking forward to 最新动态 ➢业绩短期承压，毛利率保持稳健。2025H1，受新一代产品延迟推出影响，集团付运量同比减少11.3%至150.8百万件，但环比2024年下半年实现22.4%增长。终端市场持续降价，行业竞争日趋激烈，市场供需变化导致部分产品的平均售价及付运量出现调整，使销售收入同比下跌至45.9百万美元，而归母净利润约4.0百万美元。凭借成本管控与产品结构优化，集团25H1的毛利率保持39.6%的稳健水平。 ➢集团重点拓展电子纸领域产品多元化。七色电子显示标签的IC产品样板计划于25Q4问世；彩色显示电子纸技术亦已拓展至相框、胸牌等新应用领域。集团并在中、大型电子纸生态系统中进行全面布局。25H2，全彩电子纸笔记本驱动IC组随终端市场渗透持续出货；超大尺寸电子纸学习白板与超大型彩色电子零售标牌(Spectra6)驱动IC组已完成验证，预计25H2进入量产阶段；便携黑白电子书阅读器的驱动IC，预计25H2推出样板，全面捕捉电子纸市场不同受众群体的新兴需求。 动向解读 ➢依托行业领先优势，抓紧市场需求。25H1，尽管面临挑战，集团仍展现出稳健的经营韧性，得益于新型显示IC和OLED显示IC两大业务板块的行业领导地位，成功稳住运营基础。公司支持元太科技开发创新显示IC解决方案，成功实现四色显示；并完成四色显示卷标全型号制式升级，巩固了在电子货架卷标和零售标牌领域的领先地位。上半年，受惠于美国暂缓执行关税措施，零售商提前增加订单，集团把握电子显示标签市场需求激增的机会，带动新型显示IC产品的付运量显着上升。凭借先发优势，集团服务全球多家顶尖超市客户，顺应电子显示卷标在欧美及亚洲市场的普及趋势，持续扩大市场份额。作为全球最大PMOLED显示驱动IC供货商，集团在25H1虽面临OLED显示IC付运量及收入调整的挑战，但透过高效的成本控制，成功将毛利率维持在2024H2的稳定水平，充分展现了业务的韧性。凭借多元化产品组合，公司的OLED显示IC产品持续应用于智能家居、便携式设备及物联网(IoT)等领域。 ➢深化研发创新拓展产品边界。面对产品付运量与收入的阶段性压力，集团以技术突破为核心驱动力，积极拓展新应用领域，促进产品多元化，推动产品结构升级。25H2，在移动显示及触控IC方面，公司积极拓展技术边界：目前开发中的mini-LED背光方案，已完成FPGA开发平台搭建并获客户认可，概念产品顺利推进；对应的标准IC预计2025年下半年问世，将应用于车用HUD抬头显示器，助力智能车载显示技术的全面升级。 策略建议 ➢盈利预测。我们预测公司2025-2027年归母净利润分别为6百万美元、8百万美元、10百万美元，参考同行业公司，给予公司2026年30倍PE，按照美元兑港元7.85汇率计算，对应目标价0.75港元，首次覆盖给予“买入”评级。 风险提示 ➢代工依赖的风险、代工厂产能优先度的风险、客户集中度高的风险。 分析师介绍 分析师庄怀超，拥有北京航空航天大学本科学位和香港大学金融学硕士学位，主要覆盖能源化工和材料行业。 该分析师2022-2024年曾任职于海通国际研究部，团队2022年获得过亚洲货币第一名，该分析师2025年加入环球富盛理财有限公司，继续覆盖化工和新材料行业。环球富盛理财有限公司是一家香港的持牌券商机构，成立于2014年。 该分析师曾在wind发布报告超过600篇，主要覆盖标的包括： 1）化工&化肥：东岳集团、环球新材国际、中国联塑、阜丰集团、中国三江化工、浦林成山、中海石油化学、中国旭阳集团、龙蟠科技、彩客新能源、天德化工、中国心连心化肥、中化化肥、米高集团、大成生化科技； 2）能源&公用事业：中创新航、中集安瑞科、新奥能源、长江基建集团、中国能源建设、中煤能源、宏华集团、中海油田服务、安东油田服务、惠生工程、协合新能源、北京能源国际、绿色动力环保、中国光大绿色环保、首钢资源、新特能源、中裕能源、北京燃气蓝天； 3）有色&材料：中国宏桥、紫金黄金国际、万国黄金集团、潼关黄金、中国罕王、中广核矿业、稀美资源、首佳科技、信义光能、华新水泥、华润建材科技、大明国际。 微信：zhuangcharles邮箱：charles.zhuang@gpf.com.hk电话：(852)97487114; (86) 188 01353 3537 The Benchmark: Hong Kong Hang Seng IndexTime Horizon: 6 to 18 months SECTOR RATING DEFINITIONThe Benchmark: Hong Kong Hang Seng Index Time Horizon: 6 to 18 months DISCLOSURE OF INTERESTS (1) The Analysts and their associates do not serve as an officer of the issuer mentioned in this Research Report. (2) The Analysts and their associates do not have any financial interests in relation to the issuer mentioned in this Research Report. (3) Global Prosperity Financial Company Limited and/or its subsidiaries do not hold equal to or more than 1% of the market capitalization ofthe issuer mentioned in this Research Report. (4)Global Prosperity Financial Company Limitedand/or its subsidiaries have not had investment banking relationships with the issuermentioned in this Research Report within the preceding 12 months. (5) Global Prosperity Financial Company Limitedand/or its subsidiaries are not making a market in the securities in respect of the issuermentioned in this Research Report. (6) Global Prosperity Financial Company Limitedand/or its subsidiaries have not employed an individual serving as an officer of the issuermentioned in this Research Report. There is no officer of the issuer mentioned in this Research Report associated withGlobal ProsperityFinancial Company Limitedand/or its subsidiaries. DISCLAIMER This Research Report does not constitute an invitation or offer to acquire, purchase or subscribe for securities by Global Prosperity FinancialCompany Limited. Global Prosperity Financial Company Limited and its group companies may do business that relates to companies coveredin research reports, including investment banking, investment services, etc. (for example, the placing agent, lead manager, sponsor,underwriter or invest proprietarily). Any opinions expressed in this report may differ or be contrary to opinions or investment strategies expressed orally or in written form by salespersons, dealers and other professional executives of Global Prosperity Financial Company Limitedgroup of companies. Any opinionsexpressed in this report may differ or be contrary to opinions or investment decisions made by the asset management and investment bankinggroups ofGlobal Prosperity Financial Company Limited. Though best effort has been made to ensure the accuracy of the information and data contained in this Research Report,Global ProsperityFinancial Company Limited does not guarantee the accuracy and completeness of the information and data herein. This ResearchReportmay contain some forward-lookingestimates and forecasts derived from the assumptions of the future political and economic conditions withinherently unpredictable and mutable situation, so uncertainty may contain. Investors should understandand comprehend the investmentobjectives and its related risks, and where necessary consult their own financial advisers prior to any investment decision. This Research Report is not directed at, or intended for distribution to or use by, any person or entity who is a citizen orresident of or locatedin any