Core Viewpoint - The company anticipates a steady increase in the gross margin of its automotive display business by the third quarter of 2025, despite facing competitive market pressures and pricing challenges [2]. Group 1: Company Insights - The company is optimistic about the automotive display market, believing that the growth in automotive demand and the trend of specification upgrades will continue [2]. - The automotive display business primarily focuses on module shipments with a high degree of customization [2]. - The company plans to enhance product technology solutions and specifications, increasing the penetration of LTPS technology in automotive products and upgrading product sizes [2]. Group 2: Market Challenges - The company acknowledges the intense market competition and pricing pressures, which may have a certain transmission effect on the upstream supply chain [2]. - There is a commitment to continuously increase the complexity and integration of product modules to enhance the value of automotive products [2]. - The company aims to increase the proportion of high value-added products to strive for stable gross margins [2].

（文章来源：证券日报） 证券日报网1月14日讯 ，深天马A在接受调研者提问时表示，2025年以来，行业柔性OLED手机显示产 品需求端温和增长，供给端竞争格局持续演进，相关产品市场价格阶段性承压。2025年前三季度，公司 两条柔性产线均保持良好的运营：TM17运营效率持续改善、产品结构优化和全维度降本的大力推进， 前三季度净利润同比改善超30%，经营质效明显提升。同时，积极推进中尺寸、穿戴领域的多元化拓 展，2025年实现了首款柔性穿戴量产出货，打开了新的业务增长空间。公司重要联营公司TM18产线持 续爬坡，并着力强化高规格产品能力，旗舰高端产品出货量持续攀升，已实现旗舰产品在国内头部品牌 全覆盖，支持多款旗舰机型首发，并积极推进行业新技术前瞻布局。公司将持续在产线能力提升、全维 度降本等方面下功夫，并在市场端持续提升柔性OLED产品结构的高端化和在中尺寸、穿戴等领域的多 元化拓展，不断提升产品价值度，稳健应对市场变化。 ...

（文章来源：证券日报） 证券日报网1月14日讯 ，深天马A在接受调研者提问时表示，公司坚持"2+1+N"战略，持续聚焦主业内 生增长，同时密切关注行业发展趋势，在新产线布局时，会综合考量自身战略发展方向、行业技术迭代 趋势、市场需求变化、宏观经济走势等多种因素审慎规划，力争不断强化在产业链关键环节的竞争实 力，稳步推进中长期高质量发展。关于未来是否会有相关新线布局，还请以公司披露的信息为准。 ...

（文章来源：证券日报） 证券日报网1月14日讯 ，深天马A在接受调研者提问时表示，公司聚焦显示主业，同时积极布局基于面 板工艺与TFT驱动技术的非显示应用技术开发，建立了MPG平台（多项目玻璃基板技术平台），稳步推 进与行业伙伴在面板级超材料智能天线、微流控、智能调光、大面积指纹识别、柔性传感器等领域开展 技术开发与合作，将面板制造技术赋能更广泛的应用领域。目前，公司相关业务主要还在孵化和培育 期，部分技术已经小批量，公司将持续探索市场需求和优化产品方案。 ...

这些"空中力量"的茁壮成长，离不开西安得天独厚的发展沃土，雄厚的航空产业积淀、浓郁的科技创新 氛围、顶尖的科研攻关实力、充足的专业人才储备，共同构成了低空经济发展的"孵化器"与"助推器"， 为西安低空经济的快速崛起提供了坚实保障。 政策赋能更添发展动力。近年来，西安市精准施策，先后出台多项行动方案，为低空经济发展保驾护 航，如《西安市现代流通战略支点城市建设方案》提出以各类低空飞行活动为牵引，积极发展相关领域 融合发展的综合性经济形态，催生培育低空经济关联设备，提升现代流通服务效能；《西安市促进未来 产业创新发展实施方案(2024—2027年)》中则提出打造未来产业应用场景，低空经济产业位列其中。 如今的西安，低空之上愈发繁忙：飞行培训、航空救援、空中搜索、森林灭火、农林喷洒、观光旅游等 各类活动有序开展，低空飞行应用场景不断丰富，低空经济热度持续攀升。 从实验室里的前沿探索，到千行百业的深度应用，从单一装备研发到全产业链协同发展，西安正深耕低 空领域，推动技术创新与产业融合双向发力，让低空经济成为带动区域经济转型升级的新增长极。 中新网西安1月14日电 (李一璠张一辰)中国自主研发的"天马-1000"无人运 ...

Group 1 - The core point of the news is that Shenzhen Tianma A shares increased by 5.12% to 10.47 CNY per share, with a trading volume of 329 million CNY and a turnover rate of 1.31%, resulting in a total market capitalization of 25.733 billion CNY [1] - Tianma Microelectronics Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on November 8, 1983, with its listing date on March 15, 1995. The company's main business involves display core businesses for mobile smart terminals like smartphones and tablets, as well as key businesses for automotive displays and value-added services in medical and industrial control sectors. The revenue composition is 99.05% from displays and display modules, and 0.95% from other sources [1] Group 2 - From the perspective of major fund holdings, data shows that one fund under China Europe Fund has a significant position in Shenzhen Tianma A. The China Europe Value Selection Mixed A Fund (021181) held 4.5854 million shares in the third quarter, accounting for 2.53% of the fund's net value, making it the largest holding. The estimated floating profit today is approximately 2.3386 million CNY [2] - The China Europe Value Selection Mixed A Fund (021181) was established on May 21, 2024, with a latest scale of 422 million CNY. Year-to-date return is 4.21%, ranking 3669 out of 8838 in its category; the one-year return is 37.94%, ranking 3657 out of 8089; and the return since inception is 46.82% [2]

Core Viewpoint - The company has shown significant growth in its automotive business, with a 24% year-on-year increase in sales for the first three quarters of 2025, driven by traditional automotive displays, automotive electronics, and domestic new energy sectors [1][3]. Group 1: Automotive Business - The automotive business sales increased by approximately 24% year-on-year in the first three quarters of 2025, with traditional automotive displays stable and growth in automotive electronics and new energy sectors [1][3]. - The gross margin for the automotive business has remained stable year-on-year, with expectations for continued growth despite competitive pressures [6]. - The company plans to enhance product value through improved technical solutions, increased LTPS technology penetration, and product size upgrades [1][6]. Group 2: Flexible OLED Business - The flexible OLED business has seen a significant improvement, with net profit from the TM17 production line increasing by over 30% year-on-year, and the launch of the first flexible wearable product [5]. - The TM18 production line is ramping up production of high-end flagship products, achieving coverage of major domestic brand flagship models [5]. Group 3: Non-Display Business - The company is focusing on non-display applications based on panel technology and TFT driving technology, establishing an MPG platform for developing technologies in areas like smart antennas and microfluidics [4]. - Current non-display business initiatives are in the incubation phase, with some technologies already in small-scale production [4]. Group 4: Micro-LED Business - The company has been developing Micro-LED technology since 2017, focusing on automotive and splicing display applications, with plans for small-scale production of standardized display modules in 2025 [6]. - The company has launched industry-leading Micro-LED products, including a 108-inch and a 135-inch 4K seamless splicing display, showcasing advancements in size, contrast, color range, and brightness [6]. Group 5: Future Planning and Strategy - The company adheres to a "2+1+N" strategy, focusing on mobile and automotive displays as core businesses, with IT displays as a key growth area and non-display applications as value-added businesses [2][9]. - Future projects include the construction of the 8.6-generation panel production line (TM19), new display module production line (TM20), and full-process Micro-LED production line, aimed at enhancing long-term competitiveness [2][9].

Core Viewpoint - The company expects a significant growth in its automotive business, projecting a year-on-year sales increase of approximately 24% for the first three quarters of 2025, driven by traditional vehicle segments and rapid growth in automotive electronics and domestic new energy sectors [1] Group 1 - The traditional vehicle segment is showing steady growth, contributing positively to overall sales [1] - The automotive electronics and domestic new energy businesses are experiencing rapid growth, indicating a shift in market demand [1] - The company remains optimistic about the future of the automotive display market and plans to actively seize growth opportunities and industry transformation trends [1] Group 2 - The company aims to continue focusing on growth points in automotive electronics and new energy sectors to drive sustained and healthy development of its automotive business [1]

Core Viewpoint - The company has been focusing on Micro-LED technology since 2017, targeting applications in automotive displays and seamless display solutions [1] Group 1: Micro-LED Technology Development - The joint venture's Micro-LED production line is set to be operational in 2024, with small batch shipments of standardized display unit modules expected in 2025 [1] - The company plans to launch the industry's first 108-inch 4K seamless splicing Micro-LED large screen using full laser mass transfer technology in November 2025 [1] - In December 2025, the company will introduce a 135-inch 4K+ seamless splicing product, achieving breakthroughs in several core technical indicators [1]

Group 1: Automotive Business Performance - In the first three quarters of 2025, the company's automotive business sales increased by approximately 24% year-on-year, driven by stable growth in traditional vehicles and rapid expansion in automotive electronics and domestic new energy sectors [1] - The gross margin of the automotive business showed a steady increase year-on-year in the first three quarters of 2025, with expectations of continued growth despite competitive pressures [4] Group 2: Flexible OLED Business Development - The flexible OLED production lines maintained good operational efficiency in the first three quarters of 2025, with net profit improving by over 30% year-on-year [3] - The company successfully launched its first flexible wearable product in 2025, opening new avenues for business growth [3] Group 3: Micro-LED Business Progress - The company has been developing Micro-LED technology since 2017, focusing on automotive and splicing display applications, with the first standard product launched in 2025 [6] - The company introduced industry-leading Micro-LED products, including a 108-inch 4K seamless splicing display and a 135-inch 4K+ version, showcasing significant advancements in technology [6] Group 4: Future Plans and Strategic Focus - The company adheres to a "2+1+N" strategy, focusing on mobile and automotive displays as core businesses while exploring growth in IT displays and non-display applications [9] - Future projects include the construction of the 8.6 generation panel line (TM19), new display module line (TM20), and full-process Micro-LED line, aimed at enhancing long-term competitiveness in the display sector [10]