<p data-pm-slice="0 0 []"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">以ä¸æ¯é«çè¯å¸2025å¹´8æ15æ¥ç 究æ¥åä¸å ³äºåæ¢è¦ç7家ä¸å½ç§æå ¬å¸ç主è¦å 容æ»ç»ï¼</span></span></span></span></p><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="3sQI1wPGIG" style="" data-dir-key="3sQI1wPGIG"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸ãæ ¸å¿ç»è®º</span></span></strong></span></span></h3><ol class="list-paddingleft-1"><li><span data-marker="1."></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç»ä¸è¯çº§</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å¯¹ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">欧è²å ï¼002456.SZï¼ãç³åºä¿¡æ¯ï¼301236.SZï¼ã大åè¡ä»½ï¼002236.SZï¼ãç²¾æµçµåï¼300567.SZï¼ãä¸éå ¬å¸ï¼688630.SSï¼ãä¸å®å çµï¼600703.SSï¼</span></span></strong></span><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ãæ®å©çæ¯ï¼688206.SSï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åç»äº </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">"ååº"ï¼Sellï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è¯çº§ã</span></span></span></span></li></ol><ol class="list-paddingleft-1" start="2"><li><span data-marker="2."></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">åæ¢è¦çåå æ¯çæå¢é¿å¨è½ä¸è¶³ä¸ä¼°å¼è¿é«ï¼å»ºè®®æèµè 转åå ¶ä»æ çã</span></span></span></span></li></ol><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h3 data-slate-node="element" data-block-id="TClphP3xm7" style="" data-dir-key="TClphP3xm7"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">äºãåå ¬å¸åææè¦</span></span></strong></span></span></h3><h4 data-slate-node="element" data-block-id="xA5sIepHD5" style="" data-dir-key="xA5sIepHD5"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">1. 欧è²å ï¼O-filmï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç®æ ä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼11.37å ï¼äººæ°å¸ï¼ä¸åï¼ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡ç©ºé´</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼æªæç¡®ï¼å½åè¡ä»·æªååºï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿é»è¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">çå©å¢é¿ä¾èµä½æ¯å©çæå头模ç»ä¸å¡ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">2025å¹´é¢æµåå©æ¶¦å¢é¿24%ï¼YoYï¼ï¼ä½é¢ä¸´æ¯å©ååãèµäº§åå¼å人æ°å¸æ±çä¸å¤§é£é©ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é£é©ç¹</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼æå头模ç»æ¯å©ä¸åé¢æãèµäº§åå¼æ失æ©å¤§ã人æ°å¸åå¼ã</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h4 data-slate-node="element" data-block-id="5f5AMVx1m3" style="" data-dir-key="5f5AMVx1m3"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2. ç³åºä¿¡æ¯ï¼iSoftStoneï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç®æ ä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼38.6å ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å½åä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼54.26å ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡ç©ºé´</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼28.9%ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿é»è¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ITæå¡éæ±åå®è§ç»æµæç´¯ï¼å®¢æ·é¢ç®æ¶ç¼©ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ´ååæ¹PCä¸å¡è¿å±ç¼æ ¢ï¼è¥æ¶å¢éç²è½¯ï¼2025E YoY -5.4%ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ³é®é£é©</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ITæå¡éæ±è¶ é¢æå¤èãç«äºè¶ç¼ã客æ·å¤å åå éã</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h4 data-slate-node="element" data-block-id="9Aw6rZT7M1" style="" data-dir-key="9Aw6rZT7M1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3. 大åè¡ä»½ï¼Dahuaï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç®æ ä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼14.28å ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å½åä¼°å¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼16.3x 2025E P/Eã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿é»è¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å®é²å¸åºéæ±ç²è½¯ï¼å°¤å ¶æ¿åºä¸ä¸å°ä¼ä¸æ¯åºï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">åæ°ä¸å¡ï¼å¦AIæå头ï¼å¢éæ¾ç¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é£é©ç¹</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼AIæå头å éè½å°ãå®é²å¸åºç«äºç¼åãææ¬æ§å¶è¶ é¢æã</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h4 data-slate-node="element" data-block-id="K3AiyvmSPt" style="" data-dir-key="K3AiyvmSPt"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">4. ç²¾æµçµåï¼Jingceï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç®æ ä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼51.4å ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å½åä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼59.71å ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡ç©ºé´</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼13.9%ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿é»è¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å导ä½æ£æµè®¾å¤å¤äºåå±æ©æï¼è®¢åè§æ¨¡æéã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">é¢æ¿/æ¾ç¤ºè®¾å¤éæ±ä»æªæè±ä¸è¡å¨æã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¬åå</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼é¢æ¿è®¾å¤éæ±å¤èå¿«äºé¢æãå导ä½è®¾å¤è®¢åæ¾éã</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h4 data-slate-node="element" data-block-id="aeLgpF0hKp" style="" data-dir-key="aeLgpF0hKp"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">5. ä¸éå ¬å¸ï¼CFMEï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç®æ ä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼66.7å ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å½åä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼76.99å ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡ç©ºé´</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼13.4%ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿é»è¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">PCBæ¿å 设å¤ï¼LDIï¼å¸åºç«äºå å§ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">å导ä½LDI设å¤å°æªéè¿å®¢æ·è®¤è¯ï¼ç¼ºä¹å®é 订åæ¯æå¢é¿ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æºä¼ç¹</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼PCBéæ±åå¼¹ãå导ä½LDIææ¯çªç ´ãå¸åºä»½é¢æåã</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h4 data-slate-node="element" data-block-id="aMXsA5OiXs" style="" data-dir-key="aMXsA5OiXs"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">6. ä¸å®å çµï¼Sananï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç®æ ä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼10.0å ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å½åä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼12.25å ï¼</span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è¡ç©ºé´</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼18.4%ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿é»è¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¼ ç»LEDä¸å¡ç²è½¯æç´¯æ´ä½å¢é¿ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ°ä¸å¡ï¼SiC/GaN/Mini LEDï¼çæé¾æ¾éï¼æ±½è½¦è¯çé¢ä¸´ä»·æ ¼ååã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é£é©</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å°é¢ä¸å¡å¢é¿è¶ é¢æãMini LED/SiCææ¯çªç ´å éã</span></span></span></span></li></ul><hr style="border-style: solid;border-width: 1px 0 0;border-color: rgba(0,0,0,0.1);-webkit-transform-origin: 0 0;-webkit-transform: scale(1, 0.5);transform-origin: 0 0;transform: scale(1, 0.5);" /><p><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-zero-width="z" data-slate-length="0"></span></span></span></p><h4 data-slate-node="element" data-block-id="0rPfHAJQxz" style="" data-dir-key="0rPfHAJQxz"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">7. æ®å©çæ¯ï¼Primariusï¼</span></span></strong></span></span></h4><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç®æ ä»·</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼16.9å ï¼æªåå½åä»·ï¼ã</span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿é»è¾</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼ </span></span></span></span></li></ul><ul class="list-paddingleft-1"><li><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ä¸å¡éä¸äºæ¶ååEDAå·¥å ·ï¼é«é¨æ§ç设计类EDAå°æªçªç ´ã</span></span></span></span></li></ul><ul 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