For 1H26, revenue/attributable net profit (NP) were RMB3,111/63mn (+12.54/ +22.71% YoY), and recurring NP was RMB43mn (+47.43% YoY). For 2Q26, revenue/attributable NP were RMB1,656/35mn, with revenue up by 10.40% YoY and 13.78% QoQ, and attributable NP up by 27.56% YoY and 26.38% QoQ. 2Q26 attributable NP was largely in line with our estimate of RMB35mn. We expect growing sales of new products and new facilities (UTG and high-purity quartz sand) to boost revenue and profit. Maintain BUY.
New product sales and capacity expected to ramp up
The phase-II UTG facility, with an annual capacity of 15mn pieces, reached its intended usable condition in April 2026. Large-size automotive UTG and AR glasses UTG products are under testing, while aerospace UTG has entered small-batch sample delivery. The company plans to invest about RMB150mn to build a TGV advanced packaging glass pilot line at the phase-II UTG facility project site, mainly for key process optimization, product trial production, and customer verification. In applied materials, the 5ktpa semiconductor silica production line has entered trial production. Intermediate products, including silica sol and high-purity ultrafine spherical silica, have secured small batch orders. The spherical powder materials project for electronic packaging has completed the construction of two spherical silica and two spherical alumina production lines and has started batch supply to downstream customers. We believe new products and new facilities could contribute incremental earnings as new production lines ramp up, product yields improve, and customer-site verification moves forward.
Earnings forecast and valuation
Based on the company's 1H26 operating data, and considering that downstream consumer electronics demand could be dented by upstream material price hikes, we cut our 2026 attributable NP forecast by 12% to RMB178mn. We maintain our 2027/2028 attributable NP forecasts of RMB260/336mn, implying a 2027-2028 CAGR of 37.4%. To reflect UTG capacity ramp-ups, the company's expansion into new application scenarios such as glass substrates, and its key account wins, we value the stock at 2.04x 2027E PEG, a 50% premium over its peers' average of 1.36x on Wind consensus. Our target price is RMB21.01 (previous: RMB13.66, based on 1.5x 2026E PEG, above its peers' average of 1.0x 2026E PEG). Maintain BUY.
Risks: intensified competition, slower-than-expected capacity ramp-up, and weaker-than-expected scaling of new application scenarios such as glass substrates.

　　公司公布2026年中报：上半年实现收入/归母净利31.11/0.63亿元，同比+12.54%/+22.71%；实现扣非归母净利0.43亿元，同比+47.43%。其中Q2单季度实现收入/归母净利16.56/0.35亿元，收入同比+10.40%/环比+13.78%，归母净利同比+27.56%/环比+26.38%，Q2归母净利润基本符合我们的预期（0.35亿元）。我们看好公司UTG、高纯石英砂等新产品新产能逐步释放带动收入和盈利增长，维持“买入”评级。
　　显示材料毛利率同比提升，应用材料收入增长加快
　　1）分板块看，26H1新型显示板块实现营业收入24.57亿元，同比+10.47%，毛利率同比提升1.87pct至18.61%，实现利润总额/净利润0.38/0.24亿元，同比+54.23%/+4.21%；公司显示材料部分业务呈现向好发展趋势，UTG二期项目全面投产，并持续推进良率提升、成本控制及亏损业务治理。2）应用材料板块实现营业收入6.55亿元，同比+21.03%，毛利率同比下降0.30pct至14.49%，实现利润总额/净利润0.56/0.42亿元，同比+13.44%/+2.43%；收入增长主要受主要产品量价回升带动，其中电熔氧化锆和活性锆实现满产满销，球形材料整体出货量同比增长50%以上。
　　期间费用率同比小幅上升
　　1）2026H1公司期间费用率14.56%，同比+0.75pct，其中销售/管理/研发/财务费用率为2.03%、4.20%、5.89%、2.45%，同比+0.08、-0.48、+0.62、+0.52pct，财务费用率提升主要受汇率变动及利息费用增加影响，研发费用率提升主要系公司持续加大研发投入。2）2026H1公司经营性净现金流1.66亿元，同比-35.84%，主要由于购买商品、接受劳务以及支付其他与经营活动有关的现金同比增加。3）公司26二季度末资产负债率63.16%，较25年末+1.52pct，资产负债率大致稳定。
　　新产品新产能有望逐步爬坡放量
　　1）公司UTG二期项目1,500万片产能已于26年4月达到预定可使用状态，大尺寸车载UTG、AR眼镜UTG产品正在开展验证测试，航天UTG已完成小批量样品交付。公司拟投资约1.5亿元在UTG二期项目厂区建设TGV先进封装玻璃中试线，主要用于关键工艺优化、产品试制及客户验证。2）应用材料方面，年产5,000吨半导体二氧化硅生产线已建成并投入试生产，中间产品硅溶胶和高纯超细球形二氧化硅已取得小批量订单；电子封装用球形粉体材料项目已完成2条球硅和2条球铝生产线建设，并实现向下游客户批量供货。我们认为，随着新增产线爬坡、产品良率提升及客户验证持续推进，公司新产品、新产能有望逐步贡献业绩增量。
　　盈利预测与估值
　　基于公司2026年上半年经营数据，并考虑下游消费电子需求可能受上游材料涨价影响，我们下调公司2026年归母净利润预测至1.78亿元（较前值下调12%），维持公司27-28年公司归母净利预测为2.60/3.36亿元，27-28年CAGR为37.4%。可比公司Wind一致预期均值对应27年1.36xPEG，但考虑公司UTG等新产能投产爬坡和开拓玻璃基板等新应用场景，导入部分核心客户供应链，给予公司27年2.04xPEG（较可比公司溢价50%），对应目标价21.01元（前值13.66元，基于26年1.5xPEG，可比公司Wind一致预期均值1.0xPEG），维持“买入”评级。
　　风险提示：市场竞争加剧、产能爬坡进度不及预期、玻璃基板等新应用场景放量不及预期的风险。

　　投资要点
　　显示材料全产业链布局。新型显示行业受益万物显示浪潮与新一代信息技术催化，发展前景广阔。公司拥有完整显示材料产业链，产品矩阵涵盖UTG、超薄电子玻璃、ITO导电膜玻璃、3A盖板玻璃、显示触控一体化模组等，各类玻璃基材与显示模组广泛覆盖消费电子、车载、工控市场。业务端平板、笔电海外业务增长亮眼，车载显示实现多款重点车型量产配套。从产能端来看，龙海玻璃二期项目实现产品下线，ITO用1.1mm玻璃达到行业领先；国显科技加速推进高端平板触控显示模组、车载大尺寸显示模组贴合项目建设，“新型物联网移动显示模组智能工厂”入选国家卓越级智能工厂。公司持续加码Mini-LED、车载显示模组，前瞻布局AMOLED、Micro-LED等前沿技术，持续拓宽应用边界，夯实长期增长基础。
　　UTG持续突破应用边界。UTG是柔性显示核心关键材料，具备高透光、耐磨耐腐蚀、结构强度高、可反复弯折、回弹性能优异等特性，可替代传统CPI膜应用于折叠屏终端，同时延伸至车载显示、卷曲大屏、智能穿戴、航空航天柔性太阳能电池、AI眼镜等多元场景。公司自主研发30微米UTG，建成国内唯一贯通“高强玻璃—极薄薄化—高精度后加工”的全国产化完整产业链，产品性能行业领先。当前公司UTG持续迭代升级，工艺精度、可靠性不断优化，实现头部终端旗舰机型独供，并持续向各类前沿新兴应用拓展。公司年产1500万片超薄柔性玻璃（UTG）二期项目已完成主体产线建设，实现批量交付，正聚焦产线自动化、智能化，推进设备对中大尺寸产品的兼容改造，以实现产品的全面导入。此外，公司近期公告，拟在蚌埠市高新区超薄柔性电子玻璃（UTG）二期项目厂区内，总投资1.5亿建设TGV先进封装玻璃中试线，开展关键工艺优化研发，推进产品试制、客户验证等相关工作。
　　多元高端新材料打开成长空间。新材料行业向高端功能化升级，新能源、半导体、先进封装需求持续景气。公司应用材料围绕锆、硅、钛布局多元化产品矩阵，锆系氧化锆产品稳居行业龙头，并延伸发展球形粉体、纳米钛酸钡、高纯石英、空心玻璃微珠等高附加值新材料，广泛覆盖新能源、半导体、先进陶瓷、生物医疗、航空航天领域。公司多项前沿技术实现产业化突破，高纯球硅、纳米锆微珠切入半导体、MLCC优质客户，推进关键材料国产替代。未来公司持续扩充高附加值新材料产能，深耕电子级、半导体级材料研发，巩固行业领先地位，持续释放业绩弹性。
　　投资建议：
　　我们预计公司2026/2027/2028年营收分别为66/79/102亿元，归母净利润分别为2/3/5亿元，首次覆盖给予“买入”评级。
　　风险提示：
　　技术迭代和研发投入不及预期的风险；市场竞争加剧风险；客户订单不及预期；行业周期性波动风险。

Triumph Science&Technology(TST)has reported 2025 revenue/attributable NP of RMB5.88bn/129mn,+20.15/-8.20%YoY,below our expectation of RMB265mn mainly due to lower revenue and gross margin than we expected.TST reported a2025 recurring attributable NP of RMB91mn,turning to profit from loss.For 4Q25,revenue/attributable NP reached RMB+1.57bn/RMB-1mn,+19.00%YoY/+1.62%QoQ,with profitability mainly impacted by reduced other income and increased credit impairment.The YoY revenue growth in 2025 was primarily driven by the display materials business.We remain positive on TST’s growth potential from new products such as UTG and high-purity quartz sand as new capacity gradually comes on stream,which should in our view drive both revenue and profit growth.Maintain BUY.
Display material revenue growth pacing up,with GPM up YoY
In 2025,TST’s display materials/applied materials revenues reached RMB4,626/1,139mn,+31.40/-2.16%YoY,with the GPMs at 17.89/16.13%,up by 0.46/0.21pp YoY.The display business saw accelerated revenue growth vs the 2023/2024 YoY growth rates of 4.71/7.65%,mainly driven by increased business volume from new products such as UTG,3A cover glass,and automotive display modules.Its major subsidiary Shenzhen Guoxian reported 2025 revenue/net profit of RMB3,948/150mn,up by 28.18/9.78%YoY,showing notable growth.Benefiting from YoY GPM improvements in both the display and applied materials businesses,the company’s consolidated GPM reached 18.06%in 2025,up by 1.09pp YoY.Additionally,TST continued expanding internationally,with overseas revenue totaling RMB2,344mn in 2025,up by 14.01%YoY,including a20%YoY increase in core consumer electronics(tablets,laptops)international market revenue.
2025 expense ratio down YoY;NOCF notably improved
For 2025,the company’s expense ratio was 14.36%,down by 0.43pp YoY,with the sales/administrative/R&D/financial expense ratios at 1.72/4.75/5.84/2.05%,YoY changes of-0.39/-0.35/-0.14/+0.45pp.The increase in the financial expense ratio was mainly owing to higher forex losses,but the rapid growth in overall revenue helped dilute the sales and administrative expense ratios.The net operating cash flow for 2025 reached RMB476mn,surging by 229.59%YoY,primarily driven by YoY revenue growth and continued reduction in the‘two capitals’(inventory and accounts receivable)through the‘Three Major Battles’initiative.The company’s interest-bearing debt ratio was 36.58%at the end of 2025,down by 0.53pp YoY.
Earnings forecasts and valuation
Based on the company’s 2025 operating data and considering potential impacts on downstream consumer electronics demand from rising upstream material costs,we lower our revenue and gross margin forecasts,now projecting the company’s 2026/2027/2028 attributable NP at RMB202/261/336mn(previous:RMB330/380mn for 2026/2027,downward revisions of 38/32%),with a2025-2027 CAGR of+43.4%.We assign a2026E PEG of 1.5x to the company(unchanged)given the imminent commissioning of new capacities for high-purity quartz sand and UTG,expansion into new application scenarios,and existing integration into supply chains of certain core customers,above its peers’average of 1.0 on Wind consensus.Our target price is RMB13.66(previous:RMB16.94 based on 2025E 1.5x PEG).Maintain BUY.
Risks:weaker demand than we expect for foldable screens;slower construction than we expect for UTG production lines;product-iteration risks.

　　公司公布2025年年报：全年实现收入/归母净利58.80/1.29亿元，同比+20.15%/-8.20%，归母净利低于我们预期的2.65亿元，主要是收入和毛利率低于我们预测；全年实现扣非归母净利0.91亿元，实现扭亏为盈。其中Q4单季度实现收入/归母净利15.70/-0.01亿元，收入同比+19.00%/环比+1.62%，盈利主要受其他收益减少、信用减值增加影响。公司25年收入同比转增主要受益于显示材料业务驱动，我们看好公司UTG、高纯石英砂等新产品新产能逐步释放带动收入和盈利增长，维持“买入”。
　　显示材料收入增长提速且毛利率同比提升
　　2025年公司显示材料/应用材料实现收入46.26/11.39亿元，同比+31.40%/-2.16%；毛利率为17.89%/16.13%，同比+0.46/+0.21pct。其中显示业务收入同比增长提速，较23/24年同比增速4.71%/7.65%明显提速，主要得益于UTG、3A盖板、车载显示模组等新产品业务量增加。公司主要子公司深圳国显25年实现收入/净利润39.48/1.50亿元，同比+28.18%/+9.78%，增长较为明显。受益于显示材料和应用材料业务毛利率同比提升，2025年公司综合毛利率为18.06%，同比+1.09pct。此外，2025年公司国际化业务持续开拓，全年实现境外收入23.44亿元，同比+14.01%，其中平板、笔电等消费类核心业务国际市场收入同比+20%。
　　25年期间费用率同比下降，经营性净现金流明显改善
　　2025年公司期间费用率14.36%，同比-0.43pct，其中销售/管理/研发/财务费用率为1.72%/4.75%/5.84%/2.05%，同比-0.39/-0.35/-0.14/+0.45pct，财务费用率提升主要受汇兑损失增加影响，但整体收入的快速增长摊薄了销售和管理费用率。2025年公司经营性净现金流4.76亿元，同比大幅增长+229.59%，主要系公司收入同比增长及持续压降“两金”规模，深入开展“三大攻坚战”。公司25年末带息债务率36.58%，同比-0.53pct。
　　UTG二期项目投产在即有望加快各项新产业应用
　　据公司25年报，公司研发的30微米UTG是国内唯一覆盖“高强玻璃-极薄薄化-高精度后加工”全产业链的产品，已积极供应头部企业终端多款旗舰手机，并正在向AI眼镜、航天柔性太阳能电池等前沿应用领域延伸。产能方面，公司25年销售超薄电子玻璃1932万平米，同比-3.3%，而公司年产1500万片UTG二期项目已基本建成，预计今年4月将完全达到使用状态。而在应用材料板块，公司25年高纯石英砂销量同比+167%，稀土抛光粉销量同比增长23%；年产5000吨半导体二氧化硅生产线项目已建成试生产，中间产品硅溶胶和高纯超细球形二氧化硅已有小批量订单。
　　盈利预测与估值
　　基于公司2025年经营数据，并考虑下游消费电子需求可能受上游材料涨价影响，我们下调公司收入和毛利率预测，预计公司26-28年公司归母净利为2.0/2.6/3.4亿元（较前值3.3/3.8亿元分别下调38%/32%），25-27年CAGR+43.4%。可比公司Wind一致预期均值对应26年1.0xPEG，但考虑公司高纯石英砂、UTG等新产能即将投产和开拓新应用场景，且已导入部分核心客户供应链，给予公司26年1.5xPEG，对应目标价13.66元（前值16.94元，基于25年1.5xPEG），维持“买入”评级。
　　风险提示：折叠屏需求不及预期，UTG产线建设不及预期，产品迭代风险。