| 证券代码: | 000050 | 证券简称: 深天马 A | | --- | --- | --- | | 债券代码: | 149741 | 债券简称: 21 天马 02 | | 债券代码: | 149885 | 债券简称: 22 天马 05 | l 声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》《天马微电子股份有限公司 2021 年面向专业投资者公开发行公司债券 受托管理协议》(以下简称《受托管理协议》)等相关规定、公开信息披露文件、 天马微电子股份有限公司（以下简称"公司"或"发行人"）出具的相关公告文 件以及提供的相关资料等,由本次公司债券受托管理人中信证券股份有限公司 (以下简称"中信证券"）编制。 本报告仅对公司债券受托的有关事项进行说明,不构成针对公司债券的任何 投资建议。投资者应对相关事宜做出独立判断,而不应将本报告中任何内容据以 作为中信证券所作的承诺或声明。 中信证券股份有限公司 关于天马微电子股份有限公司聘任总经理之 临时受托管理事务报告 债券受托管理人 (11) 中信证券股份有限公司 CITIC Securities Company Limited ...

债券代码：149537.SZ 债券简称：21天马01 中国银河证券股份有限公司关于 天马微电子股份有限公司聘任总经理的 临时受托管理事务报告 债券受托管理人 1 1/5 1/5 2/5 声 明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业 行为准则》及《天马微电子股份有限公司2019年面向合格投资者公开发行公司 债券债券受托管理协议》（以下简称"《债券受托管理协议》"）等相关文 件，以及天马微电子股份有限公司（以下简称"发行人"或"公司"）披露的 相关公告，由"天马微电子股份有限公司2021年面向合格投资者公开发行公司 债券（第一期）（以下简称"21天马01"）"的债券受托管理人中国银河证券 股份有限公司（以下简称"中国银河证券"）编制。 2/5 中国银河证券作为"21天马01"的债券受托管理人，持续密切关注对"21 天马01"债券持有人权益有重大影响的事项。根据《公司债券发行与交易管理 办法》《公司债券受托管理人执业行为准则》等相关规定及《债券受托管理协 议》的约定，中国银河证券现就发行人相关情况报告如下： 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相 关事宜作出独立 ...

Group 1 - The company has not yet applied its display products in AI glasses but is currently utilizing them in AI-enabled smartphones and IT terminals [2] - The company is closely monitoring the development of AI technology across various fields to seize related display demands [2]

Group 1 - The company has indicated that its display products are being applied in AI-enabled smartphones and IT terminals, but not yet in AI glasses [1] - The company will closely monitor the development of AI technology across various fields to seize related display demands [1]

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company is positioned as a leading manufacturer in the small and medium-sized display panel sector, with a diversified display layout that includes LCD, AMOLED, and MicroLED technologies. It is expected to benefit from the recovery in demand for automotive and consumer electronics, as well as the growth of flexible OLED and MicroLED segments [1][9]. - The company has shown a significant improvement in profitability, with forecasts indicating a return to profitability in the coming years, driven by high-margin non-consumer businesses and improved operational efficiency [28][9]. Summary by Sections 1. Company Overview - The company specializes in the design, manufacturing, and sales of display devices and related materials, including LCD, AMOLED, OLED, and MicroLED panels, primarily used in mobile phones, automotive displays, IT displays, and professional displays [1][13]. - It has maintained a leading position in various display application markets, including TFT automotive displays and LTPS smartphone displays, with a strong global presence [1]. 2. Demand Side Analysis - The consumer electronics sector is experiencing a recovery, with smartphone demand gradually improving, supported by government subsidies. The automotive electronics market is also growing due to the rise of electric vehicles and the increasing penetration of smart cockpit technologies [2][39]. - The report highlights that the global smartphone display panel market is expected to grow, with AMOLED panels gaining market share over traditional LCDs [49][50]. 3. Supply Side Analysis - The report notes that the concentration of LCD production capacity is shifting towards mainland China, enhancing the competitive landscape and stabilizing profitability in the LCD panel industry [3]. - The domestic OLED production capacity is rapidly expanding, with local manufacturers increasing their market share, which is expected to create new growth opportunities for the company [3][9]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve a net profit of 312 million, 500 million, and 601 million yuan from 2025 to 2027, with corresponding EPS of 0.13, 0.20, and 0.24 yuan [9]. - The report anticipates that the company will continue to benefit from the recovery in downstream demand, optimized market competition, and the release of new production capacities, particularly in the automotive and professional display sectors [9].

Core Viewpoint - The launch of the Li Auto i8 six-seat pure electric SUV marks a significant step in the electric vehicle market, with three configurations priced between 321,800 to 369,800 yuan, and deliveries set to begin on August 20 [1]. Group 1: Product Details - The Li Auto i8 series features displays supplied by Tianma Microelectronics and BOE Technology Group [2]. - Tianma Microelectronics provides a 15.7-inch dual-screen for the center and co-driver, along with a 9.2-inch streaming rearview mirror for all models, while the Ultra version includes a 21.4-inch rear cabin entertainment screen from BOE [3]. - The 21.4-inch rear cabin entertainment screen from BOE is the first of its kind in Li Auto vehicles, boasting a 3K resolution, 1000 nit brightness, and a 1500:1 contrast ratio, along with low blue light eye protection technology certified by TÜV Rheinland [5]. Group 2: Market Landscape - BOE and Tianma Microelectronics are leading companies in the automotive display sector, with projected shipments of 41 million and 35.8 million units respectively in 2024 [8]. - BOE's customer base is primarily domestic, especially in the electric vehicle sector, with over half of its shipments expected to be for displays larger than 10 inches, and 10% for displays larger than 15 inches this year [8]. - Tianma Microelectronics focuses on European and American automotive manufacturers, with 90% of its shipments being for instrument panels and central information displays, while its 10-15 inch products are becoming a key segment as it expands in the domestic market [8].

Group 1: Patent Application - Xiamen Tianma Display Technology Co., Ltd. and Wuhan Tianma Microelectronics Co., Ltd. applied for a patent titled "Display Module and Display Device" with publication number CN120379485A, filed on April 2025 [1] - The patent aims to provide a display module that balances high light efficiency and low reflectivity, consisting of multiple components including a substrate, light-emitting device layer, reflective polarizing structure, first polarizing structure, cover plate, and anti-reflective layers [1] Group 2: Company Overview - Xiamen Tianma Display Technology Co., Ltd. - Established in 2020, Xiamen Tianma Display Technology Co., Ltd. is located in Xiamen and primarily engages in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 2,700 million RMB and has participated in 4,608 bidding projects, holds 679 patents, and possesses 79 administrative licenses [1] Group 3: Company Overview - Wuhan Tianma Microelectronics Co., Ltd. - Founded in 2008, Wuhan Tianma Microelectronics Co., Ltd. is based in Wuhan and focuses on software and information technology services [2] - The company has a registered capital of 1,628 million RMB, has participated in 2,606 bidding projects, holds 4,095 patents, and has 221 administrative licenses [2]

Core Viewpoint - The new Tank 500 from Great Wall Motors is set to launch in August with three power options: fuel, Hi4-T, and Hi4-Z, starting at a price of 335,000 yuan [1] Group 1: Product Features - The new Tank 500 features an updated front grille design and a new Dunhuang Green color option, alongside existing colors like Kunlun Gold, Pamir Silver, and Everest White [1] - Interior specifications include a 12.3-inch full LCD instrument panel, a 14.6-inch multimedia control screen, and a HUD display, all powered by the Coffee OS 3 smart operating system [1] - Additional interior features comprise wireless phone charging, independent rear air conditioning, heated and ventilated rear seats, a car refrigerator, and a newly added rear ceiling screen [4] Group 2: Powertrain and Performance - The new model is equipped with a plug-in hybrid system consisting of a 2.0T engine and an electric motor, with the engine producing a maximum power of 185 kW and the electric motor 120 kW, paired with a 37.1 kWh battery, offering a pure electric range of 110 km under WLTC conditions [4] - The Tank 500 Hi4-Z variant features a dual-motor setup with a combined power output of 455 kW and a 59.05 kWh battery, providing a pure electric range of 201 km under WLTC conditions [4][2]

Core Viewpoint - The recent launches of the 2026 Haval Dog and Leapmotor B01 highlight the growing collaboration between automotive manufacturers and display technology providers, particularly in the integration of advanced display solutions in vehicles [1][5]. Group 1: Haval Dog - The 2026 Haval Dog offers three models with a price range of 123,900 to 149,900 yuan [2]. - It features a 14.6-inch floating central control screen and a 12.3-inch full LCD instrument panel, both supplied by Tianma Microelectronics, with a resolution of 1920*1080 for the central screen [3]. - The vehicle provides two powertrain options: a 1.5T engine with 184 horsepower and a 2.0T engine with 238 horsepower, the latter equipped with a sixth-generation intelligent four-wheel drive system [5]. Group 2: Leapmotor B01 - The Leapmotor B01 is available in six configurations, with CLTC range options of 430 km, 550 km, and 650 km, priced between 89,800 and 119,800 yuan [6]. - It includes an 8.8-inch full LCD instrument panel and a 14.6-inch 2.5K HD central control screen, also supplied by Tianma Microelectronics [7]. - The vehicle's motor power options are 132 kW and 160 kW, with torque ratings of 175 N·m and 240 N·m respectively [9].

证券代码：000050 证券简称：深天马A 公告编号：2025-047 天马微电子股份有限公司 关于召开 2025 年第三次临时股东大会的通知 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、误导性陈述或者重大遗漏。 一、召开会议基本情况 1、股东大会届次：天马微电子股份有限公司 2025 年第三次临时 股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：公司第十届董事会第三十二次会 议审议通过了《关于召开 2025 年第三次临时股东大会的议案》。本 次股东大会会议召开符合有关法律、行政法规、部门规章、规范性文 件和公司章程的规定。 4、会议召开的日期、时间 （1）现场会议召开日期、时间：2025 年 8 月 12 日（星期二） 14:50 （2）网络投票日期、时间：2025 年 8 月 12 日。 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为： 2025 年 8 月 12 日 9:15－9:25、9:30－11:30、13:00－15:00； 通过深圳证券交易所互联网投票系统进行投票的具体时间为： 2025 年 8 月 12 日 9:15－15:00 ...