证券日报网讯 深天马A11月17日在互动平台回答投资者提问时表示，公司分红方案遵守规则的要求，综 合公司经营情况、未来发展规划等因素后作出。未来，公司将在具备分红条件的前提下结合公司的经营 发展规划，积极分红回报投资者。 ...

Group 1 - The company, Deep Tianma A, reported that as of November 10, 2025, the number of shareholders is 72,702, including margin accounts [2]

Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology and hardware advancements [7][8]. Key Insights - **Opportunities in AI GPU and ASIC Servers**: There are significant opportunities in upgrading AI GPU and ASIC server designs, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [7][8]. - **AMD Helios Server Rack**: The AMD Helios server rack project is gaining traction, indicating a positive trend in server hardware demand [7]. - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [7]. - **Power Solution Upgrades**: Transitioning to 800V HVDC power architecture and the growing adoption of liquid cooling solutions are highlighted as key upgrades [7]. - **PCB/Substrate Capacity Expansion**: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [7]. - **Data Network Improvements**: Upgrades in data and power interconnects are anticipated to improve data network transmission speed and capacity [7]. - **Consumer Electronics Demand**: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [7]. - **Upcoming Foldable iPhone Models**: Anticipation for the release of foldable iPhone models in the second half of 2026 is noted as a potential market driver [7]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, Hon Hai/FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek [7]. - Edge AI: Xiaomi, Lenovo, Luxshare [7]. Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as price, target price, EPS, P/E ratio, P/B ratio, and ROE [8]. - Notable companies included: - **Lite-On Tech**: Current price at 162.50, target price at 150.00, with a P/E ratio of 23.3 for 2025 [8]. - **Delta Electronics**: Current price at 922.00, target price at 1288.0, with a P/E ratio of 38.9 for 2025 [8]. - **Hon Hai**: Current price at 241.00, target price at 317.0, with a P/E ratio of 16.4 for 2025 [8]. - **Foxconn Tech**: Current price at 66.80, target price at 54.00, with a P/E ratio of 26.0 for 2025 [8]. Additional Considerations - The report emphasizes the importance of considering Morgan Stanley Research as one of several factors in investment decision-making, acknowledging potential conflicts of interest [4][5].

Core Insights - The Micro-LED industry in China is entering a significant window of opportunity, with companies like Tianma Microelectronics showcasing innovative products at the China International Import Expo [2] - The global Micro-LED display market is projected to reach approximately $800 million by 2028, indicating strong growth potential [2] - The industry is recognized as a key area for strategic development in China's "14th Five-Year Plan," aligning with national goals for innovation in emerging industries [2] Industry Overview - Micro-LED technology is a capital-intensive industry that integrates various advanced manufacturing processes, with China currently leading in the epitaxial chip sector [3] - Despite the advancements, the industry faces challenges primarily related to costs, which are influenced by manufacturing processes and yield rates [3] - The market has seen breakthroughs in applications such as AI/AR glasses and smartwatches, suggesting a pivotal moment for Micro-LED technology [3] Technical Challenges - Micro-LED technology has been in development for over 20 years but has faced slow commercialization due to challenges in epitaxy, chip production, mass transfer, and driving technologies [4] - Mass transfer technology, which involves transferring numerous Micro-LED chips from a source substrate to a target substrate, remains a critical bottleneck for mass production [4][5] - The industry is also grappling with the complexities of achieving full-color displays, with various methods still in experimental stages [5] Innovations and Developments - Tianma has developed customized automated mass transfer and bonding equipment, significantly improving transfer efficiency to 40 million chips per hour [5] - The company is focusing on high PPI, high transparency, and high brightness technologies, aiming to establish a fully controllable production process [7] - Recent advancements in high-precision projection exposure machines have enabled significant cost reductions while achieving high resolution and precision [9] Market Dynamics - The Micro-LED sector is experiencing increased investment interest, particularly in the AR market, with several companies securing substantial funding for technology innovation [10] - The competition in the large-screen market includes Mini LED technology, while Micro-LED shows advantages in small-screen applications like AR/AI glasses [9][10] - Companies are optimistic about reducing costs as production scales up, with expectations to achieve cost parity with OLED technology within 3 to 5 years [11]

Core Viewpoint - San Chuan Wisdom (300066) confirmed its stake in Zhongxi Tianma and directed investors to consult Zhongxi Tianma for specific details regarding its "annual processing of 50,000 tons of waste battery comprehensive recycling project" [1] Group 1 - San Chuan Wisdom is a shareholder in Zhongxi Tianma [1] - The company does not provide detailed information about the recycling project and suggests direct inquiries to Zhongxi Tianma [1]

Group 1 - The company, Tianma Microelectronics Co., Ltd., will participate in the "2025 Annual Online Collective Reception Day for Investors of Listed Companies in Shenzhen" [2] - The event is guided by the Shenzhen Securities Regulatory Bureau and the China Securities Investor Services Center, and organized in collaboration with the Shenzhen Listed Companies Association and Shenzhen Panorama Network Co., Ltd. [2] - The event is scheduled for November 20, 2025, aimed at enhancing interaction and communication with investors [2]

证券代码：000050 证券简称：深天马 A 公告编号：2025-076 特此公告。 天马微电子股份有限公司董事会 天马微电子股份有限公司 二〇二五年十一月十三日 关于参加2025年度深圳辖区上市公司投资者 第 1 页 共 1 页 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，天马微电子股份有限公司 （以下简称"公司"）将参加由深圳证监局和中证中小投资者服务中 心指导、深圳上市公司协会与深圳市全景网络有限公司联合举办的 "2025年度深圳辖区上市公司投资者网上集体接待日"活动，现将相 关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载 全景路演APP，参与本次互动交流，活动时间为2025年11月20日（周 四）14:30-17:00。届时公司高管将在线就公司业绩、公司治理、发 展战略、经营状况和可持续发展等投资者关心的问题，与投资者进行 沟通与交流，欢迎广大投资者踊跃参与！ ...

Group 1 - The core viewpoint of the news is that 深天马A has experienced fluctuations in stock price and trading volume, with a recent decline of 2.05% and a total market capitalization of 23.471 billion yuan [1] - As of October 31, the number of shareholders for 深天马A is 71,900, a decrease of 2.06% from the previous period, while the average circulating shares per person increased by 2.11% to 34,169 shares [2] - For the period from January to September 2025, 深天马A reported a revenue of 26.663 billion yuan, representing a year-on-year growth of 11.03%, and a net profit attributable to shareholders of 313 million yuan, which is a significant increase of 166.25% year-on-year [2] Group 2 - 深天马A has cumulatively distributed 1.429 billion yuan in dividends since its listing, with no dividends distributed in the last three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited is the fifth largest circulating shareholder of 深天马A, holding 110 million shares, an increase of 55 million shares from the previous period [3] - The company's main business involves display core businesses for mobile smart terminals, automotive displays, and value-added services in medical and industrial control sectors, with display screens and modules accounting for 99.05% of its revenue [1]

Core Viewpoint - Tianma showcased multiple Micro-LED transparent display technology products at the 2025 China International Import Expo, targeting applications in automotive displays and commercial showcases [1][11]. Product Highlights - 8.07-inch Head-Up Display: Features a compact design with a brightness of 10,000 nits, thin structure, wide color gamut, and fast response speed, suitable for display on automotive windshields [1]. - 8.07-inch Transparent Low Reflection Display: The industry's first Micro-LED low reflection transparent screen with a maximum PPI, over 50% transmittance at 167 PPI, and a reflection rate below 3%, adjustable brightness for applications like windows and dashboards [3]. - 9.38-inch Adjustable Transparency Display: The first Micro-LED screen with adjustable transmittance from 0.1% to 24%, adapts to ambient light conditions while maintaining high-definition visuals, ideal for automotive displays in complex lighting environments [5]. - 7.05-inch Ultra-Narrow Border Transparent Display: Features a border narrower than 0.1mm, over 60% light transmittance, and can be spliced into larger displays, targeting commercial showcases, smart homes, and automotive applications [7]. - 14.1-inch Invisible Teleprompter: Offers 10,000 nits brightness with a transparent glass design, allowing speakers to read scripts while interacting with the audience, suitable for speeches and meetings [9]. Technological Development - Since 2017, Tianma has been developing Micro-LED technology, achieving significant progress in glass-based Micro-LED transparent display technology, and has established the industry's first G3.5 generation fully automated mass transfer production line with high yield and a degree of domestic material capability [11]. - The company focuses on high transparency, high brightness, low reflection, and splicing features, exploring the application possibilities of transparent displays in automotive, commercial, and smart home scenarios [11]. - Research efforts are concentrated on the reliability and mass production feasibility of glass-based Micro-LEDs to validate the industrialization path of transparent displays [11].

Core Viewpoint - Changhai Co., Ltd. confirmed that Changzhou Tianma Group Co., Ltd. is a wholly-owned subsidiary, specializing in high-performance fiberglass and related products, which extends the company's main business chain [2] Group 1 - Changzhou Tianma Group produces unsaturated polyester resins and auxiliary materials, fiberglass adhesives, and composite materials [2] - The subsidiary plays a crucial role in the company's core business operations [2]