Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [1][7]. Core Views - The company specializes in photomasks used in the electronic component manufacturing process, with a strong focus on both flat panel display and semiconductor photomasks. The company has experienced stable annual growth of over 20% in revenue [4][19]. - The flat panel display photomask market is projected to grow, with China expected to account for over 50% of the global market share due to its significant production capacity [51][52]. - The semiconductor photomask market presents substantial growth opportunities, with the company actively expanding its production capabilities for advanced process nodes [6][74]. Summary by Sections 1. Company Overview - The company primarily produces photomasks, which are essential for the photolithography process in electronic component manufacturing. Its main products include quartz photomasks and soda-lime photomasks, with quartz masks being used for high-precision applications [19][28]. - The revenue from flat panel display photomasks is expected to remain dominant, accounting for 77.2% of total revenue in 2024, while the share of semiconductor photomasks is gradually increasing [4][33]. 2. Flat Panel Display Market - The global market for flat panel display photomasks is approximately 6.9 billion RMB, with China projected to hold a market share exceeding 50% due to its leading position in panel production [51][52]. - The demand for photomasks is driven by the ongoing evolution of display technologies, including larger screen sizes and higher resolutions, which require advanced photomask solutions [59][68]. 3. Semiconductor Market - The semiconductor photomask market in China is valued at around 12.9 billion RMB, with a low domestic production rate of less than 10% [74]. - The company is investing in a new production facility in Foshan to enhance its capabilities in producing advanced photomasks for nodes ranging from 130nm to 28nm [6][74]. 4. Financial Forecast and Valuation - The company is expected to achieve revenues of 14.2 billion RMB in 2025, with a growth rate of 28.0%, and a net profit of 2.5 billion RMB, reflecting a year-on-year increase of 45.2% [5][7]. - The projected price-to-earnings (PE) ratio for 2025 is 37.9, indicating a potential upside of 13.0% from the current valuation [7].

证券代码：688138 证券简称：清溢光电 公告编号：2025-029 深圳清溢光电股份有限公司 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 是否涉及差异化分红送转：是 ? 每股分配比例 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东（公司回购专用证券账户除外） 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》等相关规定，公司回购的股份不享 有股东大会表决权、利润分配、公积金转增股本、认购新股和配股等权利。 每股现金红利0.17元（含税） ? 相关日期 股权登记日 除权（息）日 现金红利发放日 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经深圳清溢光电股份有限公司（以下简称"公司"）2025 年 5 月 26 日的2024年年度股东大会审议通过。 二、 分配方案 公司拟向全体股东每 10 股派发现金红利人民币 1.70 元（含税） ...

中信证券股份有限公司 关于深圳清溢光电股份有限公司差异化权益分派特殊除权 除息事项的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为深圳清 溢光电股份有限公司（以下简称"公司"或"清溢光电"）2023 年度向特定对象 发行 A 股股票（以下简称"本次发行"或"本次向特定对象发行"）的保荐人， 根据《中华人民共和国公司法》、《中华人民共和国证券法》、《上海证券交易所上 市公司自律监管指引第 7 号——回购股份》等有关规定，对公司 2024 年度利润 分配所涉及的差异化权益分派进行了审慎核查，核查情况及意见如下： 2024 年 2 月 16 日，公司召开第九届董事会第十六次会议，审议通过了《关 于以集中竞价交易方式回购股份方案的议案》。截至 2025 年 1 月 17 日，公司本 次股份回购方案已实施完毕，通过上海证券交易所交易系统以集中竞价交易方式 累计回购公司股份 1,723,419 股。预计在实施 2024 年度利润分配的股权登记日 1 前，公司回购专用账户（账号：B886381071）中合计持有 1,723,419 股，不参与 利润分配。 （二）申请特殊除权除息处理的依据 根据《上市 ...

证券代码：688138 证券简称：清溢光电 公告编号：2025-029 深圳清溢光电股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2025/6/24 | 2025/6/25 | 2025/6/25 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经深圳清溢光电股份有限公司（以下简称"公司"）2025 年 5 月 26 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 公司拟向全体股东每 10 股派发现金红利人民币 1.70 元（含税）。截至本公告 日，公司总股本 314,800,000 股，扣减回购专用证券账户中股份数 1,723,419 股后 为 313,076,581 股，以此为基数计算合计拟派发现金红利人民币 53,223,018.77 元 （含税）。公司 2024 年度不进行资本公积转增股本，不送红股。本年 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company is set to expand its production capacity significantly with a total investment of 3.5 billion RMB, focusing on high-precision and high-end semiconductor photomasks, which is expected to drive rapid growth [2][68]. - The company has shown strong revenue growth, with projected revenues of 1.434 billion RMB in 2025, representing a year-on-year growth of 29% [3][10]. - The domestic photomask market is expected to grow significantly due to the increasing demand for high-precision products and the trend of localization in the semiconductor industry [8][34]. Summary by Sections Company Overview - The company is the largest domestic photomask manufacturer, established in 1997, and has been rapidly expanding its operations, with revenues increasing from 487 million RMB in 2020 to an expected 1.112 billion RMB in 2024 [8][25]. - The company has established subsidiaries to independently operate its semiconductor business, indicating a strategic focus on this high-growth area [15][19]. Market Dynamics - The global photomask market is projected to reach 58 billion USD by 2025, with the domestic market expected to reach 100 billion RMB, driven by advancements in AI, new energy vehicles, and advanced packaging [2][59]. - The company is positioned to benefit from the ongoing shift of the panel industry to mainland China and the increasing demand for domestic alternatives in the photomask sector [34][42]. Financial Projections - The company’s revenue is forecasted to grow to 2.161 billion RMB by 2027, with a compound annual growth rate (CAGR) of approximately 26% from 2025 to 2027 [3][10]. - The net profit attributable to shareholders is expected to reach 402 million RMB by 2027, reflecting a strong growth trajectory [3][10]. Production Capacity Expansion - The company plans to add an annual production capacity of 2,665 high-precision photomasks and 25,120 high-end semiconductor photomasks following the completion of its new production base [2][68]. - The first phase of the production base construction has been completed, which will enhance the company's ability to meet the growing demand for high-precision photomasks [68]. Technological Advancements - The company is actively investing in high-end photomask technologies such as HTM and PSM, which are crucial for producing advanced photomasks [54][58]. - The development of photomasks for 130nm to 65nm processes is underway, indicating the company's commitment to advancing its technological capabilities [58][69].

Core Viewpoint - The 2025 TrendBank (Fifth) Lithography Industry Conference will be held on July 9-10, 2025, in Hefei, focusing on advancements in lithography technology and materials, as well as challenges in the domestic supply chain [2][21]. Summary by Sections Conference Overview - The conference will feature over 20 speakers from various sectors of the lithography industry, including academia and enterprises, discussing advanced lithography technologies and materials [13][21]. - The event aims to enhance collaboration between research institutions, universities, and enterprises to accelerate technological innovation and promote the upgrading of the lithography industry [21][22]. Participating Organizations - Notable participants include: - BOE Technology Group: A leading global semiconductor display product company [3]. - Jiageng Laboratory: Focused on high-end lithography materials and semiconductor cleaning materials [3]. - Bomi Technology: Engaged in the development of photosensitive polyimide and related semiconductor materials [3]. - Xingtai Technology: Specializes in the research and production of high-end lithography resins [3]. - Other participants include universities and research institutes such as Nankai University and Shanghai Institute of Measurement and Testing Technology [3][4]. Conference Agenda - The agenda includes discussions on: - EUV lithography, electron beam lithography, and nanoimprint technologies [12]. - The current state and challenges of domestic lithography materials, including photoresists and wet electronic chemicals [12]. - Key issues in the domestic production of lithography equipment and solutions to enhance self-sufficiency [12]. Key Highlights - The conference will feature three specialized sessions covering advanced lithography technologies, photoresists and wet electronic chemicals, and lithography equipment, providing a comprehensive view of the industry [13][21]. - Academic discussions will be held to establish a theoretical foundation for industry development [14]. Registration and Fees - Registration fees are set at RMB 2600 if paid by June 30, 2025, and RMB 2800 thereafter, which includes access to conference materials and meals [16][15]. Background and Industry Context - The lithography technology is crucial for semiconductor manufacturing, impacting chip performance and production costs [20]. - The domestic lithography industry faces challenges such as low self-sufficiency in high-end photoresists and reliance on imports for critical materials and equipment [20][21].

Meeting Overview - The shareholders' meeting of Shenzhen Qingyi Optoelectronics Co., Ltd. was held on May 26, 2025, at the company's conference room in Nanshan District, Shenzhen [1]. - A total of 138 ordinary shareholders attended the meeting, holding 203,134,238 voting rights, which accounts for 64.8832% of the company's total voting rights [1]. Voting Results - All non-cumulative voting proposals were approved with significant majority support, including: - Proposal 1: 202,928,973 votes in favor (99.8989%), 196,099 against (0.0965%), and 9,166 abstentions (0.0046%) [1]. - Proposal 2: 202,924,914 votes in favor (99.8969%), 199,099 against (0.0980%), and 10,225 abstentions (0.0051%) [1]. - Proposal 3: 202,924,914 votes in favor (99.8969%), 199,099 against (0.0980%), and 10,225 abstentions (0.0051%) [2]. - Proposal 4: 202,727,071 votes in favor (99.7995%), 396,942 against (0.1954%), and 10,225 abstentions (0.0051%) [2]. Legal Compliance - The meeting was convened and conducted in accordance with relevant laws, regulations, and the company's articles of association, ensuring that all resolutions passed were legal and valid [3].

证券代码：688138 证券简称：清溢光电 公告编号：2025-028 深圳清溢光电股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 05 月 26 日 本次股东大会由公司董事会召集，由副董事长庄鼎鼎先生主持，采用现场投 票和网络投票相结合的方式进行表决。本次会议的召集、召开、决策程序符合《公 司法》《上海证券交易所科创板股票上市规则》和《公司章程》的相关规定。 （五） 公司董事、监事和董事会秘书的出席情况 二、 议案审议情况 审议结果：通过 表决情况： | 股东类型 | | 同意 | | 反对 | | 弃权 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 票数 | | 比例 | 票数 | 比例 | 票数 | 比例 | | | | | （%） | | （%） | | （%） | | 普通股 | 202, ...

上海市锦天城（深圳）律师事务所 关于深圳清溢光电股份有限公司 2024 年年度股东大会之 法律意见书 地址：深圳市福田中心区福华三路卓越世纪中心 1 号楼 21、22、23 层 电话：+86-755-82816698 传真：+86-755-82816898 邮编：518048 上海市锦天城（深圳）律师事务所 法律意见书 锦天城律师根据中国现行法律、法规和规范性文件的要求，按照律师行业公 认的业务标准、道德规范和勤勉尽责精神，对公司提供的有关文件和事实进行了 核查和验证，现出具法律意见如下： 1 上海市锦天城（深圳）律师事务所 关于深圳清溢光电股份有限公司 2024 年年度股东大会之 法律意见书 致：深圳清溢光电股份有限公司 深圳清溢光电股份有限公司（以下简称"公司"）2024 年年度股东大会（以 下简称"本次股东大会"）于 2025 年 5 月 26 日（星期一）召开。上海市锦天城 （深圳）律师事务所（以下简称"锦天城"）受公司委托，指派张健律师、王振 湘律师（以下简称"锦天城律师"）出席了本次股东大会。根据《中华人民共和 国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》《上市公 司股东会规则》 ...

Core Viewpoint - The article discusses the current state and future prospects of the photomask industry, highlighting the challenges faced by domestic companies in China and the potential for growth driven by increasing demand in downstream applications such as semiconductors and flat panel displays [2][3][4]. Group 1: Photomask Industry Overview - Photomasks are critical materials in microelectronics manufacturing, serving as templates for transferring circuit designs onto substrates or wafers [2][5]. - The global photomask market has been growing steadily, reaching a size of $5.2 billion by 2022 [2]. - The domestic photomask industry in China is currently lagging, with reliance on foreign imports for upstream equipment and materials [3][35]. Group 2: Market Dynamics - The demand for photomasks is driven by the growth of downstream industries, particularly in consumer electronics and semiconductor manufacturing [35][48]. - The photomask industry exhibits a counter-cyclical property, where sales can increase during downturns in the panel industry as manufacturers invest in new product development [3][48]. - The semiconductor photomask market is dominated by companies from the US and Japan, with a significant portion of the market share held by firms like Intel, Samsung, and TSMC [3][4]. Group 3: Domestic Companies and Development - Domestic companies such as Qingyi Optoelectronics and Luwei Optoelectronics are making strides in the photomask sector, with advancements in technology and market share [4][30]. - The article emphasizes the importance of mergers and acquisitions for domestic firms to enhance their technical capabilities and compete with established international players [4][30]. - The shift of panel and semiconductor production capacity to mainland China presents an opportunity for local photomask manufacturers to grow [4][65]. Group 4: Technological and Market Trends - The photomask production process involves several complex steps, requiring high precision and advanced technology [17][21]. - The industry is witnessing a trend towards larger and more sophisticated display panels, which in turn increases the demand for advanced photomasks [52][65]. - The market for photomasks is expected to continue growing, with projections indicating a rise in the domestic market size from 7.412 billion yuan in 2019 to 12.436 billion yuan in 2023 [48][49].