【华安证券】路维光电（688401）-路维光电：业绩稳健增长，半导体掩膜版表现亮眼-250430（4页）.pdf

1、!#$%&()*+,-.*/01234 !#$%&()*+,-./0123456!#$%&()*+,-./0123456 !#$%!#$%l!#$%!#$%&()&()*+*+2024,-,-.2025/01-/01-2323 45 2024,6789:;?ABC 30.2%D67EFGHI?ABC 28.3%D67JHK 34.8%?ALMNO 0.3 pctP45 25Q1 6789:;?ABC47.1%?QANO 4.7%D67EFGHI?ABC19.7%?QANO?ABC 19.9%?QANO 29.8%D67JHK 34.1%?ANO?WX“”K:PK45EU 45RSGHIBVU8

2、9:;BP l OLED9TVB9TVB 2024,-45WX:;?OLED B?mBCP2024,45V-w*o NlV-o LTPO ci*oFPD PSM ci*o FMM(ci*tP l 8:Ah8:Ah 2024,7Ppqrs?457Nr?ci CoWoS tpqrsXDrs67P&q?2025H2c 40nm#ciP0U 2025,L:;?26,vD 40-28nm#qPBcdu?45:;Aq0fghP l !45 2025-2027,EFGHI 2.96/4.03/5.83=?#A$%2025-2026,GHI 2.34=&2.71=lP#PE 22.14/16.26/11.23

3、x?“B”$(P l)*g)*g N_+.)*?,-./)*?WX012#3)*tP Table_Profit Table_StockNameRptType!#$!#$%688401&45#$&()%*+,&()%*+,-+-+.!#$%2025-04-30 56789:33.85;12?/89:38.21/18.19 ABC8DEB:193 FGBC8DEB:116 FGBHI8%:59.86 AJK8L9:65.44 FGJK8L9:39.17 45456745456730089A89A Table_Author:;%:;%=?&()*%S0010524070001+,% 2A232A23

4、-./012 34567 895:;?ABC/D/0-DEC/.FGHI%JKLMNFGOPQR7STUVWXYZC/D/0DD2C -35%-25%-15%-5%5%15%25%35%45%4/247/2410/241/254/25路维光电沪深300Table_CompanyRptType1&()&()BB688401ZZ !#$%&()*+,-.*2/4/01234 l CXDECXDE FGFG:HH _abc_abc 2024A 2025E 2026E 2027E 4Kd 876 1252 1757 2475 Kdefg%h 30.2%43.0%40.3%40.8%ijklmnop 1

5、91 296 403 583 nopefg%h 28.3%54.9%36.2%44.7%qog%h 34.8%36.5%36.5%36.6%ROEg%h 13.7%17.6%19.3%21.8%rQKsgth 0.99 1.53 2.08 3.01 P/E 26.66 22.14 16.26 11.23 P/B 3.67 3.89 3.14 2.45 EV/EBITDA 16.47 14.62 11.35 8.14 MNOPQwindRST/012U Table_CompanyRptType1&()&()BB688401ZZ !#$%&()*+,-.*3/4 /01234 !#$%&()!#$

6、%&()Table_Finace MVWXYMVWXY Z Z :DE9 YY Z :DE9Z !#$!#$2024A 2025E 2026E 2027E !#$!#$2024A 2025E 2026E 2027E%&(%&(695 649 917 1607 )*+,)*+,876 1252 1757 2475 -.243 62 149 596 )*/0 571 795 1116 1569 1+23 250 257 293 378 )*4.567 4 8 11 10 891+3 1 3 5 7 :;?23 2 3 4 6 A=43 61 88 111 BC 177 221 279 349 DE