深天马A公告，公司拟1.5亿元-2亿元回购股份，资金来源为公司自有资金或银行贷款。本次回购股份价 格不超过12.43元/股，回购股份将用于减少公司注册资本。按回购资金上限2亿元测算，预计回购股份 数量约为1609.01万股，约占目前公司总股本的0.65%；按回购总金额下限1.5亿元测算，预计可回购股 份数量约为1206.76万股，约占目前公司总股本的0.49%。 ...

Core Viewpoint - The 13th China Electronic Information Expo (CITE 2025) showcased innovative display technologies from various manufacturers, highlighting advancements in OLED, Mini-LED, and other display technologies. Group 1: TCL Huaxing - TCL Huaxing presented its HVA Ultra Starry Screen, featuring 178° wide viewing angle, DCI-P3 98% color gamut, and a narrow bezel of 2.9mm, achieving picture quality comparable to OLED [2] - The company showcased its first mass-produced printed OLED 4K display with a 120Hz refresh rate and a bezel-less design, currently with a production capacity of 5.5K, aiming to expand to over 10K [4] - TCL Huaxing's environment light adaptive TV screen utilizes advanced a-Si In-cell Sensor technology to automatically adjust brightness and color temperature, effectively reducing energy consumption [5] - Additional products included an eye-care tablet with anti-reflective features and the world's thinnest LCD laptop module [7] Group 2: Tianma Microelectronics - Tianma Microelectronics focused on automotive display products, showcasing a 13-inch dual-screen curved OLED display that enhances readability and interaction for drivers [8] - The display features Corning's Cold Form™ technology, achieving a reflection rate of 0.5% and a color deviation of Delta E<0.8, creating an integrated large-screen visual effect [10] - The company also exhibited ultra-narrow bezel, high-resolution flexible screens, and low-power displays [11] Group 3: Hehui Optoelectronics - Hehui Optoelectronics displayed a flexible 11.3-inch AMOLED tablet with variable refresh rates from 1 to 120Hz, utilizing IGZO technology for low power consumption and high brightness [13] - In the automotive sector, a 13-inch 2.5K tandem AMOLED display was showcased, achieving peak brightness of 2500 nits and a lifespan four times longer than single-layer displays, with a 30% reduction in power consumption [15] - Other products included a 6.02-inch FHD+ flexible AMOLED phone display and a 27-inch 4K 120Hz AMOLED desktop monitor [17] Group 4: Longteng Optoelectronics - Longteng Optoelectronics presented a 14-inch interactive privacy screen with a resolution of 1920*1200 and a contrast ratio of 1500:1, featuring low blue light protection [18] - The company also showcased displays for the medical industry, including 8.4-inch, 12.1-inch, and 15-inch screens designed for clinical monitoring [20] - In the automotive display sector, a 12.3-inch anti-peep touch screen was exhibited, supporting FHD resolution and 1000 nits brightness [21] Group 5: Dahui International - Dahui International, a partner of AUO, highlighted a new generation of Micro LED transparent displays with a lifespan of 100,000 hours and a brightness of 1200 nits [24][26] Group 6: Philips Television - Philips showcased its 75-inch QD-MiniLED wall-mounted AI television MLED960, featuring a refresh rate of 288Hz and a color gamut of 93% DCI-P3 [27] - The 75-inch ambient light television PUF8568 intelligently adjusts ambient light to balance screen brightness, reducing visual strain [28] Group 7: Play Your Dream - Play Your Dream introduced the world's first Android-based spatial computer, featuring dual 8K Micro-OLED screens with a resolution of 27 million pixels and a refresh rate of 90Hz [31][33]

基于对公司未来发展的信心和长期价值的认可，为增强广大投 资者信心，维护投资者权益和资本市场稳定，公司控股股东中航国 际控股自愿承诺：自2025年4月8日起12个月内（即2025年4月8日至 2026年4月7日），不以证券交易所集中竞价或大宗交易的方式减持 所持有的公司股份。在上述承诺期间内，如公司发生资本公积转增 股本、派送股票红利、配股、增发等情形产生新增股份，亦遵守该 不减持承诺。 截 至 本 公 告 披 露 日 ， 中 航 国 际 控 股 直 接 持 有 公 司 股 份 291,567,326股，占公司总股本的11.86%。 公司董事会将对上述承诺事项的履行情况进行持续监督，并按 相关规定及时履行相关信息披露义务。 证券代码：000050 证券简称：深天马A 公告编号：2025-020 天马微电子股份有限公司 关于控股股东自愿承诺不减持公司股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 天马微电子股份有限公司（以下简称"公司"）于近日收到公司 控股股东中航国际控股有限公司（以下简称"中航国际控股"）出具 的《关于自愿不减持天马微电子股份有限公 ...

证券代码：000050 证券简称：深天马A 公告编号：2025-019 天马微电子股份有限公司 关于董事长提议回购公司部分股份的提示性公告 1、回购股份的种类：公司发行的人民币普通股（A 股）。 2、回购股份的用途：本次回购的股份将用于减少公司注册资本。 3、回购股份的方式：通过深圳证券交易所交易系统以集中竞价交 易方式进行股份回购。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 天马微电子股份有限公司（以下简称"公司"）于2025年4月8日 收到公司董事长彭旭辉先生（以下简称"提议人"）《关于提议天马 微电子股份有限公司回购公司部分股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1、提议人：公司董事长彭旭辉先生 2、提议时间：2025 年 4 月 8 日 二、提议回购股份的原因和目的 为维护公司全体股东利益，增强投资者信心，稳定及提升公司价 值，基于对公司未来发展的信心，公司董事长彭旭辉先生提议公司通 过集中竞价交易方式回购部分公司股份，回购的股份将用于减少公司 注册资本，优化公司资本结构，提升公司股东价值。 三、提议内容 第 1 页 共 3 ...

尊敬的各位股东投资人以及关注升天马的各界朋友们大家好欢迎参加天马微电子股份有限公司2024年度业绩说明会我是公司董事会秘书陈冰霞首先向大家介绍今天出席本次业绩说明会的公司管理层他们分别是公司董事长彭许辉先生董事总经理陈维先生 公司独立董事张宏先生及公司总会计师娄元宇先生在线开会公司高度重视加强与投资者及各界朋友的沟通和交流希望通过今天的会议能让大家更深入地了解公司的战略布局和经营情况今天的业绩说明会主要分为以下几个部分第一部分由公司董事长彭徐辉先生介绍公司基本情况第二部分由公司董事 总经理陈维先生介绍公司2024年经营情况和2025年工作计划第三部分由董事长彭熙辉先生对2025年公司发展做展望第四部分是公司管理层与参会的各位进行文字互动交流在正式开始之前请各位仔细浏览免责声明 好下面有请公司董事长彭旭慧先生致辞尊敬的各位股东投资人以及关注深天马的各界朋友们大家好感谢大家对深天马的关注和支持首先我将为大家简要介绍公司的基本情况天马威电子股份有限公司成立于1983年42年来始终聚焦显示领域 已成为新型显示产业骨干龙头企业作为产业链中承上启下战略枢纽位置的企业公司链接上下游共同推进新型显示产业的持续升级公司深耕中小 ...

Group 1: Financial Performance - In 2024, the company achieved revenue of approximately 33.5 billion CNY, representing a year-on-year growth of 3.79% [2] - The net profit attributable to shareholders improved by over 1.4 billion CNY, with net profit excluding non-recurring gains and losses improving by over 1.6 billion CNY [3][14] - The net cash flow from operating activities reached 5.752 billion CNY, a year-on-year increase of 45.33% [3] Group 2: Business Segments Performance - The automotive display business saw revenue growth of over 40% in 2024, maintaining the global number one position in automotive TFT-LCD and instrument display shipments for five consecutive years [4] - The smartphone display business accounted for approximately 35% of total revenue, with flexible AMOLED contributing over 60% of smartphone display revenue [4] - The IT display business continued to expand, with LTPS NB display products increasing market share globally [6] Group 3: Cost Control and Efficiency - The company implemented comprehensive budget management and cost control measures, resulting in a reduction of sales, management, and financial expenses by 2.28% year-on-year [11] - The gross profit margin improved by 6.47 percentage points, supported by effective cost reduction strategies [14] - The company’s R&D investment reached 3.347 billion CNY in 2024, focusing on key technology areas [20] Group 4: Market Expansion and Customer Relations - Domestic revenue accounted for over 60% of total revenue, with a year-on-year growth of approximately 10 percentage points, primarily driven by the automotive display business [8] - The company maintained strong relationships with major clients, receiving multiple quality awards from brands like Xiaomi and OPPO [28] - The company is actively exploring new markets and customer segments, achieving significant breakthroughs in commercial display and automotive electronics [28] Group 5: Future Outlook and Strategic Initiatives - The company aims to achieve profitability in 2025, focusing on improving operational quality and efficiency across its main business segments [12] - A valuation enhancement plan has been established to improve investor relations and increase shareholder returns [34] - The company is committed to continuous innovation and technology development, with a focus on OLED and Micro-LED technologies [20][22]

Group 1: Automotive Display Business - The company's automotive display revenue grew over 40% year-on-year due to increased market share in the new energy sector and improved product specifications [2] - The company has maintained the global leading position in automotive TFT-LCD and instrument display shipments for five consecutive years, with the head-up display (HUD) also ranking first globally in 2024 [2][3] - In 2025, demand for automotive display products is expected to continue growing, driven by increased screen sizes and specifications, particularly in the domestic new energy market [3] Group 2: OLED Mobile Display Business - The flexible AMOLED smartphone business continued to grow rapidly in 2024, with significant improvements in profitability due to price recovery and product structure optimization [4] - The company anticipates continued growth in demand for flexible OLED technology in smartphones, supported by consumption stimulus policies [4] - The company aims to enhance production capacity and reduce costs in the AMOLED business to improve profit margins [4] Group 3: Market Competition and Strategy - The automotive display market is characterized by high barriers to entry and strong customer loyalty, requiring high product quality and reliable supply [5][6] - The company views automotive display as a strategic core business, leveraging 30 years of expertise to strengthen its competitive capabilities [6] - The company plans to invest in new production lines and advanced technologies to enhance its automotive display solutions [6] Group 4: Profitability and Financial Outlook - The overall gross margin for major business segments, including mobile, automotive, and IT, is expected to improve, with a year-on-year increase of 6.47 percentage points in 2024 [7] - Despite fluctuations in net profit due to new production line ramp-up and product structure changes, the company achieved steady revenue growth in 2024 [8] - The company is optimistic about turning a profit in 2025, focusing on improving operational quality and profitability across its main business segments [15] Group 5: Production Capacity and Investment - The TM19 production line, targeting automotive and industrial display markets, is designed for high efficiency and flexibility, with full product line activation expected in 2024 [10] - The company plans to gradually reduce capital expenditures while focusing on existing production line upgrades and strategic investments [13] - The company is considering potential mergers and acquisitions to strengthen its core competencies and adapt to market changes [14]

Core Viewpoint - The company Deep Tianma has made significant advancements in its Micro LED production line, with product lighting achieved by June 2024 and full process integration expected by the end of 2024, aiming for small batch shipments in 2025 [1]. Group 1: Micro LED Business Development - Deep Tianma is focusing its Micro LED business on automotive displays and splicing display applications, while also exploring large-size screens, consumer displays, wearable displays, and professional display applications [3]. - The company has collaborated with leading automotive manufacturers and PID terminal manufacturers, launching its first product in the PID field in partnership with industry leaders [3]. - Deep Tianma has introduced a 1.63-inch, 403 PPI Micro LED display product, which is the world's first glass-based product with the highest PPI [3]. Group 2: Market Trends and Competitors - The company has made breakthroughs in automotive Mini LED products, achieving mass shipments to domestic and international clients, with a technology solution that boasts an ultra-high display contrast ratio exceeding 1,000,000:1 [3]. - Other companies in the Micro LED sector, such as BOE Huacan, Nox Vision Technology, and Chongqing Konka Optoelectronics, have also made significant progress in their Micro LED projects [3][4]. - On March 19, BOE Huacan held a product delivery ceremony for the world's first 6-inch Micro LED production line, officially delivering COW and MPD products to customers [3]. - Nox Vision Technology announced the commencement of its Micro LED micro-display chip production line, focusing on AR/MR wearable devices and micro-projection systems [4]. - A collaboration agreement was signed between Changzhi High-tech Zone and Chongqing Konka Optoelectronics to establish an advanced MLED manufacturing center [4].

Core Viewpoint - The LCD TV panel prices are expected to continue rising in March 2025, driven by stable demand and the impact of China's trade-in policy [3][10]. Group 1: Market Overview - From February 2025 to the present, the panel index has increased by 2.24%, underperforming compared to major indices like the Shanghai Composite and Shenzhen Component [3][8]. - As of March 13, 2025, the total market capitalization of the A-share panel industry is 562.467 billion yuan, with an overall price-to-book ratio of 1.61x, which is at the 61.0% percentile of the past five years [3][8]. Group 2: Price & Cost - In February 2025, the prices for various sizes of LCD TV panels were as follows: 32-inch at $38, 43-inch at $64, 50-inch at $103, 55-inch at $129, and 65-inch at $177, with month-on-month increases of 2.7%, 1.6%, 1.0%, 0.8%, and 1.1% respectively [10]. - The prices for IT panels in February 2025 remained stable for most sizes, with a slight increase for the 23.8-inch panel [10]. Group 3: Supply & Demand - In January 2025, the global shipment area for large-size LCD panels increased by 7.34% year-on-year, with a total shipment of 71.494 million units, reflecting a 12.42% year-on-year growth [14][17]. - The average size of LCD TVs is projected to increase, contributing to the growth in demand for LCD panels [20]. Group 4: Performance Review - In January 2025, the global revenue for large-size LCD panels was $5.426 billion, showing a year-on-year increase of 6.85% [37]. - Major LCD manufacturers in China reported a total revenue of 510.133 billion yuan in 2023, with a slight year-on-year growth of 0.94% [42]. Group 5: Investment Recommendations - The report recommends focusing on key players in the LCD panel supply chain, particularly BOE Technology Group [7].

点击 关注我们 报告发布日期：2025年3月20日 报告名称:《LCD行业月报- 预计3月LCD TV面板价格延续增长 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 LCD行业月报-预计3月LCD TV面板价格延 续揭长 2025-03-20 | 胡剑 胡慧 叶子 张大为 连欣然 行情&业绩回顾：2025年2月至今面板(申万)指数 上涨2.24%,3Q24中国主要LCD厂商平均毛利率同环比下 滑行情回顾:2025年2月至今面板(申万)指数上涨2.24% ，跑输上证指数、深证成指、沪深300指数1.09pct、3.4 8pct、0.24pct;其中深天马A、龙腾光电分别上涨1.07% 、1.35%，京东方A、TCL科技、彩虹股份分别下跌3.36 %、6.39%、8.14%。估值方面,截至3月13日A股面板行 业总市值5624.67亿元,整体PB (LF) 为1.61 ...