Group 1: OLED Mobile Display Business - The flexible AMOLED smartphone business is expected to maintain rapid growth in 2024, with global shipments ranking third and an increase in flagship project coverage [2] - The company aims to optimize production capacity and reduce costs, leading to significant revenue growth and improved profitability in the AMOLED mobile segment [2] Group 2: Automotive Display Business - The automotive electronics business is projected to grow significantly in 2024, with revenue from automotive displays increasing by over 40% year-on-year, driven by market share gains in the new energy sector [3] - The company has maintained the global leading position in automotive TFT-LCD and instrument display shipments for five consecutive years, with HUD products expected to lead globally for the first time in 2024 [3] Group 3: Micro-LED Business Development - The Micro-LED business is focusing on automotive and splicing display applications, with plans for small batch shipments starting in 2025 after achieving product lighting in June 2024 [6] Group 4: Profitability and Margins - The overall gross margin improved by 6.47 percentage points year-on-year, with stable margins in automotive and specialty display sectors compared to the more volatile consumer goods sector [7] - In the mobile display segment, flexible AMOLED products now account for over 60% of sales revenue, indicating a shift in product structure towards higher-margin offerings [9] Group 5: Supply Chain and Material Localization - The company is actively promoting the localization of upstream materials for AMOLED production, with increasing domestic supply chain collaboration and resource pool expansion [8]

Group 1: Financial Performance - The company achieved a revenue of approximately 33.5 billion CNY in 2024, representing a year-on-year growth of 3.79% [4] - The overall gross margin improved by 6.47 percentage points year-on-year, with net profit attributable to shareholders increasing by over 1.4 billion CNY [5][14] - The net cash flow from operating activities reached 5.752 billion CNY, marking a year-on-year increase of 45.33% [5] Group 2: Business Segments - The smartphone and automotive display segments each accounted for approximately 35% of total revenue [4] - The automotive display business saw a revenue growth of over 40% year-on-year, maintaining the global leading position in car-grade TFT-LCD and HUD displays [5][7] - The flexible AMOLED smartphone business ranked third globally in terms of shipment volume, with significant growth in revenue and gross margin recovery [4][9] Group 3: Market Position and Strategy - The company maintained the global number one position in various display application markets, including automotive and professional displays [4] - The LTPS product revenue from non-mobile categories accounted for nearly 70% of total LTPS revenue, indicating a diversification strategy [10] - The company plans to enhance its AMOLED product offerings in 2025, focusing on expanding production capacity and optimizing costs [9][16] Group 4: Production and Technology Development - The TM20 production line for automotive modules has commenced mass production, with the TM19 line also achieving significant milestones [6][12] - The company is advancing its Micro-LED production capabilities, aiming for small batch shipments in 2025 [6] - The SLOD technology for flexible AMOLED displays is expected to reduce power consumption by 30% compared to conventional devices, with products set to be delivered to brand clients in 2025 [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's flexible OLED and automotive display segments are driving a recovery in operational performance, with significant improvements in profitability and revenue growth expected in the coming years [2][3][4] - The company achieved a revenue of 33.494 billion yuan in 2024, representing a year-on-year growth of 3.79%, and a notable reduction in net losses by 68.13% compared to the previous year [8][10] - The flexible OLED business is entering a phase of full-scale development, supported by a diversified customer base and improved production capabilities, leading to a significant increase in revenue contribution from mobile displays [2] - The automotive display segment is experiencing rapid growth, with a projected revenue increase of over 40% in 2024, and the company has secured record-high project values for automotive applications [3] - The IT business is also expanding, with an increase in market share for LTPS NB displays and successful delivery of new monitor products [4] Summary by Sections Mobile Segment - The mobile display business has optimized its structure, with a significant improvement in profitability driven by the flexible OLED segment, which now accounts for over 60% of mobile display revenue [2] Automotive Segment - The automotive display market is growing rapidly, with the company achieving the highest global shipment volumes in automotive displays and head-up displays, and entering large-scale deliveries in the automotive electronics sector [3] IT Segment - The IT business is focusing on high-end positioning, with LTPS LCD technology enhancing competitiveness and successful product launches, including a new 50" commercial display [4] Financial Performance - The company is expected to see revenue growth from 36 billion yuan in 2025 to 43.671 billion yuan in 2027, with net profits projected to turn positive by 2025 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's flexible OLED and automotive display segments are driving a recovery in operational performance, with significant improvements in profitability and revenue growth expected in the coming years [2][3][8] Summary by Sections Mobile Segment - The mobile display business has seen a notable improvement in profitability, with the flexible OLED segment entering a phase of full-scale development. The company has diversified its customer base and improved production capacity, leading to a substantial increase in revenue and profitability [2] Automotive Segment - The automotive display market is experiencing rapid growth, with the company achieving over 40% year-on-year revenue growth in 2024. The company holds the global leading position in automotive display shipments and has entered the automotive electronics sector, which is now in mass production [3] IT Segment - The IT business has strengthened its competitive position with LTPS LCD technology, achieving an increase in global market share for LTPS NB display products. The company has successfully launched its first large-screen commercial display product and is entering mass production for its IT products [4] Financial Performance - In 2024, the company achieved operating revenue of 33.494 billion yuan, a year-on-year increase of 3.79%. The net profit attributable to shareholders improved significantly, with a reduction in losses by 68.13% compared to the previous year [8][10]

非经营性资金占用及其他关联资金 往来情况专项说明 天马微电子股份有限公司 容诚专字[2025]215Z0063 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于天马微电子股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]215Z0063 号 天马微电子股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了天马微电子股份有限公 司（以下简称深天马）2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所有者权益变 动表以及财务报表附注，并于 2025 年 3 月 13 日出具了容诚审字[2025]215Z0013 号的无保留意见审计报告。 根据中国证券监督管 ...

审计报告 天马微电子股份有限公司 容诚审字[2025]215Z0013 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-7 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9-128 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 审计报告 容诚审字[2025]215Z0013 号 天马微电子股份有限 ...

内部控制审计报告 天马微电子股份有限公司 容诚审字[2025]215Z0012 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 容诚审字[2025]215Z0012 号 天马微电子股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了天马微电子股份有限公司（以下简称"深天马"）2024 年 12 月 31 日的 财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是深 天马董事会的责任。 我们认为，深天马于 2024 年 12 月 31 日按照《企业内部控制基本规范》和 相关规定在所有重大 ...

涉及财务公司关联交易的存款、贷款等 金融业务的专项说明 天马微电子股份有限公司 容诚专字[2025]215Z0081 号 容诚会计师事务所(特殊普通合伙) 中国·北京 1 目 录 容诚专字[2025]215Z0081 号 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 关于天马微电子股份有限公司涉及财务公司关联 交易的存款、贷款等金融业务的专项说明 | 1-2 | | | 天马微电子股份有限公司 2024 年度与中航工业集 | | | 2 | 团财务有限责任公司存款、贷款等金融业务汇总表 | 1 | 2 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于天马微电子股份有限公司 金融业务的专项说明 天马微电子股份有限公司全体股东： 我们接受委托，根据中国注册会计师审计准则审计了天马微电子股份有 ...

2024 年度独立董事述职报告（梁新清） 天马微电子股份有限公司全体股东： 本人作为天马微电子股份有限公司（以下简称"公司"）第十届董事会独立董 事，2024年度严格按照《公司法》《证券法》《上市公司独立董事管理办法》 等相关法律法规以及《公司章程》的规定和要求，勤勉尽责履行独立董事法定 的责任和义务，积极出席了相关会议，对公司的业务发展及经营管理提出合理 的建议，充分发挥独立监督作用，维护公司和股东的利益。 现将2024年度本人履行独立董事职责的工作情况报告如下： 一、独立董事的基本情况 梁新清，男，1952年1月出生，硕士研究生学历。现任天马微电子股份有限 公司独立董事，中国光学光电子行业协会液晶分会常务副理事长兼秘书长，四 川虹科创新科技有限公司独立董事，深圳市路维光电股份有限公司独立董事。 曾任北京电子管厂五分厂技术员、车间副主任、车间主任，北京电子管厂电子 玻璃专业厂厂长，北京东方电子集团股份有限公司副总裁兼国际合作与投资部 经理，北京电子管厂副厂长兼资产经营委员会副主任；北京松下彩色显像管有 限公司副总经理；京东方科技集团股份有限公司总裁兼首席运营官、副董事长； 深圳市劲拓自动化设备股份有限公司独 ...