Investment Rating - Strong Buy (Maintained) with a target price of 6.5 RMB, representing a 23% upside from the current price of 5.29 RMB [1] Core Views - Revenue growth remains strong, driven by TV ODM shipments and LED industry growth [1] - Non-core business adjustments and exchange rate fluctuations have impacted profitability [1] - Mini LED cost reduction and volume expansion are expected to drive future profit growth [1] Financial Performance - 24Q1-Q3 revenue reached 16.16 billion RMB, up 27.4% YoY, with net profit of 1.37 billion RMB, up 7.9% YoY [1] - 24Q3 revenue was 6.64 billion RMB, up 34.2% YoY, but net profit declined 14.1% YoY to 460 million RMB [1] - 24Q3 gross margin was 14.4%, down 4.3 percentage points YoY, while operating expense ratio improved to 5.7%, down 1.05 percentage points YoY [1] Business Highlights - TV ODM shipments in 24Q3 reached 4.4 million units, up over 40% YoY, significantly outperforming the industry growth of 6% [1] - LED business, particularly Mini/Micro LED, continues to grow, with increasing shipments of backlight modules and COB displays [1] - The company is a top-tier global TV ODM manufacturer with a vertically integrated LED industry chain, providing a competitive moat [1] Future Outlook - Mini LED cost reduction and volume expansion are expected to drive the company's second growth curve [1] - LED chip and packaging business structure optimization, along with vertical industry chain synergy, will support future growth [1] Valuation and Forecast - Adjusted 24-26 EPS forecasts to 0.42/0.53/0.63 RMB (previously 0.48/0.59/0.70 RMB), with corresponding PE ratios of 13/10/8x [1] - DCF valuation supports the target price of 6.5 RMB, implying a 24 PE of 15x [1]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [5] Core Views - The company reported a revenue of 16.162 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 27.39%. The net profit attributable to shareholders was 1.373 billion yuan, up 7.93% year-on-year, while the net profit excluding non-recurring items was 1.311 billion yuan, an increase of 17.28% year-on-year [3] - The smart terminal segment continues to grow steadily, driven by the ODM business in the television sector, particularly benefiting from the North American market's seasonal demand [3][4] - The LED chip business maintains its industry-leading position, with a monthly output of 1.1 million chips, while the packaging segment is actively seeking new growth paths amid weak industry demand [4][5] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 6.642 billion yuan, a year-on-year increase of 34.15%, primarily due to the growth in television ODM shipments, which reached 4.4 million units, a 42% increase year-on-year [3] - The gross margin decreased by 3.3 percentage points to 14.38% in Q3, with asset impairment losses rising to 75.8 million yuan compared to 47.05 million yuan in Q3 2023 [8] Business Segments - The smart terminal segment is the most solid growth foundation, with the company expanding its product offerings to include displays and other terminal businesses [3] - The LED chip segment remains a significant cash flow contributor, with a strong market position and cost advantages, while the packaging segment is exploring high-tech, high-margin products [4][5] Market Outlook - Revenue forecasts for 2024-2026 are projected at 21.8 billion, 26.2 billion, and 31.2 billion yuan, respectively, with net profits of 1.825 billion, 2.301 billion, and 2.848 billion yuan, indicating a positive growth trajectory [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in TV ODM shipments, with Q3 2024 revenue reaching 6.64 billion yuan, a year-on-year increase of 34.1%, and a net profit attributable to shareholders of 460 million yuan, a year-on-year decrease of 14.1% [1] - The revenue for the first three quarters of 2024 was 16.16 billion yuan, up 27.4% year-on-year, with a net profit attributable to shareholders of 1.37 billion yuan, an increase of 7.9% year-on-year [1] - The report indicates that the fluctuation in quarterly profits was primarily due to internal business adjustments [1] Revenue Analysis - The multimedia audio-visual segment is expected to see Q3 revenue increase by over 35% year-on-year, driven by a peak season for a major North American client [1] - The LED industry chain is projected to have Q3 revenue growth of approximately 30% year-on-year, benefiting from improved internal supply ratios and increased demand for MiniLED backlighting [1] Profit Analysis - The gross margin for Q3 decreased by 4.3 percentage points year-on-year and 3.2 percentage points quarter-on-quarter, while the net profit margin decreased by 3.9 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [1] - The report highlights that the cost of TV panels remains high but has shown improvement quarter-on-quarter, and the chip segment contributed approximately 150 million yuan to profits, a slight year-on-year increase [1] Investment Recommendations - The report maintains a "Buy" recommendation, emphasizing the stability of the TV ODM business linked to major North American clients and the integrated layout of the LED industry chain, which is expected to continue contributing to performance [1] - The earnings forecast has been adjusted, with projected revenues for 2024-2026 at 21.7 billion, 25.1 billion, and 28.5 billion yuan, respectively, reflecting year-on-year growth of 26%, 16%, and 13% [2][3]

Financial Performance - The company's revenue for Q3 2024 reached ¥6,642,487,868.83, an increase of 34.15% year-on-year, while the revenue for the year-to-date period was ¥16,162,431,171.52, up 27.39% compared to the same period last year[2] - Net profit attributable to shareholders for Q3 2024 was ¥461,907,613.45, a decrease of 14.08% year-on-year, with a year-to-date net profit of ¥1,372,694,231.78, reflecting a 7.93% increase[2] - The company's basic earnings per share for Q3 2024 was ¥0.1032, down 14.71% year-on-year, while the year-to-date figure was ¥0.3032, up 7.90%[2] - Total operating revenue for Q3 2024 reached CNY 16,162,431,171.52, an increase of 27.0% compared to CNY 12,687,145,382.06 in the same period last year[15] - Net profit attributable to shareholders increased to CNY 1,551,317,241.97, up from CNY 1,355,108,196.66, representing a growth of 14.5% year-over-year[15] - The net profit for Q3 2024 reached CNY 1,456,747,151.65, an increase of 10.1% compared to CNY 1,322,331,280.01 in Q3 2023[16] - The operating profit for Q3 2024 was CNY 1,683,707,494.45, up from CNY 1,352,871,060.58 in the same period last year, reflecting a growth of 24.4%[16] - The total comprehensive income attributable to the parent company for Q3 2024 was CNY 1,372,694,231.78, up from CNY 1,271,857,986.18 in Q3 2023, reflecting an increase of 7.9%[16] Assets and Liabilities - Total assets at the end of Q3 2024 amounted to ¥30,265,127,949.41, representing a 13.25% increase from the end of the previous year[2] - The total assets of the company reached CNY 30,265,127,949.41, compared to CNY 26,723,545,986.88 in the previous year, marking an increase of 13.5%[14] - The total liabilities increased to CNY 14,143,615,470.78 from CNY 11,496,569,155.52, reflecting a rise of 23.0%[14] - The company's equity attributable to shareholders rose to CNY 15,703,277,645.82, compared to CNY 14,801,657,466.36, an increase of 6.1%[14] Cash Flow - The net cash flow from operating activities decreased by ¥589,740,200.00, or 70.87%, mainly due to payments to suppliers[7] - The net cash flow from operating activities for Q3 2024 was CNY 242,384,055.74, a decrease of 70.8% from CNY 832,124,240.09 in Q3 2023[19] - The net cash flow from investing activities for Q3 2024 was -CNY 1,271,002,850.24, an improvement from -CNY 1,811,429,911.29 in the same period last year[19] - The net cash flow from financing activities for Q3 2024 was CNY 1,434,643,237.08, compared to CNY 691,077,314.76 in Q3 2023, showing an increase of 107.2%[19] Shareholder Information - The total number of common shareholders at the end of the reporting period is 64,014, with the largest shareholder, Nanchang Zhaochi Investment Partnership, holding 19.64% (889,084,227 shares) of the total shares[8] - The largest shareholder, Shenzhen Capital Operation Group, holds 14.73% (666,818,300 shares) of the total shares[9] - The company reported a total of 4,526,940,607 shares as of December 31, 2023, which serves as the basis for the dividend distribution[10] - The company's cash dividend distribution plan for 2023 is to distribute a total of RMB 479,855,704, with a cash dividend of RMB 1.06 per 10 shares[11] Operational Highlights - The company reported a significant increase in accounts receivable, which grew by ¥2,173,160,400.00, or 46.85%, due to increased sales during the reporting period[6] - The company is actively expanding into the optical communication device sector, building a vertical industry chain to broaden its business scope[5] - The company has established a leading position in the Mini LED and Micro LED sectors, focusing on innovation and technology upgrades to enhance profitability and competitiveness[5] - Research and development expenses for the quarter were CNY 660,425,713.85, compared to CNY 524,997,051.47 in the previous year, indicating a growth of 25.8%[15] Inventory and Current Assets - The total current assets increased to RMB 19,143,826,531.45 from RMB 15,484,026,964.75, reflecting a growth of approximately 23.5%[12] - Accounts receivable rose significantly to RMB 6,811,367,305.75 from RMB 4,638,206,893.87, indicating an increase of about 46.9%[12] - Inventory increased to RMB 3,323,186,660.05 from RMB 2,678,354,450.59, representing a growth of approximately 24.1%[12] - The total non-current assets include fixed assets valued at RMB 7,319,832,466.25, which increased from RMB 7,229,460,251.26[12] - The company has a total of 1,081,246,955.57 in accounts receivable financing, up from 385,295,746.29, marking an increase of approximately 180.5%[12] Taxation - The company experienced a 120.44% increase in taxes payable compared to the beginning of the year, attributed to rising tax liabilities during the reporting period[7]

证券代码：002429 证券简称：兆驰股份 公告编号：2024-044 深圳市兆驰股份有限公司 关于为下属子公司申请综合授信提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 4、保证最高本金余额：人民币1,530.00万元 5、保证范围：主合同项下的主债权、利息、复利、罚息、违约金、损害赔偿金、 实现债权的费用(包括但不限于诉讼费用、律师费用、公证费用、执行费用等)、因债 务人违约而给债权人造成的损失和其他所有应付费用等。 6、保证方式：连带责任保证。 一、 担保情况概述 深圳市兆驰股份有限公司（以下简称"公司"）分别于 2024 年 4 月 11 日、2024 年 5 月 9 日召开第六届董事会第十一次会议、2023 年年度股东大会，审议通过了 《关于为下属子公司申请综合授信提供担保的议案》，同意公司为下属子公司向银 行/金融机构等申请综合授信提供担保，担保金额为不超过人民币 782,000.00 万元， 具体担保金额、方式、范围、期限等以相关合同约定为准，担保额度可在子公司之 间按照实际情况调剂使用，担保额度有效期限自公司 2023 年年 ...

证券代码：002429 证券简称：兆驰股份 公告编号：2024-043 深圳市兆驰股份有限公司 关于为下属子公司申请综合授信提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、 担保情况概述 深圳市兆驰股份有限公司（以下简称"公司"）分别于 2024 年 4 月 11 日、2024 年 5 月 9 日召开第六届董事会第十一次会议、2023 年年度股东大会，审议通过了 《关于为下属子公司申请综合授信提供担保的议案》，同意公司为下属子公司向银 行/金融机构等申请综合授信提供担保，担保金额为不超过人民币 782,000 万元，具 体担保金额、方式、范围、期限等以相关合同约定为准，担保额度可在子公司之间 按照实际情况调剂使用，担保额度有效期限自公司 2023 年年度股东大会审议通过 之日起至 2024 年年度股东大会召开之日止。具体内容详见公司于 2024 年 4 月 13 日、2024 年 5 月 10 日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于为下属 子公司申请综合授信提供担保的公告》《2023 年年度股东大会决议公告》 ...

证券代码：002429 证券简称：兆驰股份 公告编号：2024-041 深圳市兆驰股份有限公司 1. 以 8 票同意、0 票反对、0 票弃权，审议通过了《关于公司内部业务整合的 议案》； 经审议，董事会同意对现有的显示业务进行垂直整合，将显示相关业务的整体 运营权集中至深圳晶显，通过统一的战略规划与执行，实现资源的高效配置与利用。 本次业务整合完成后，江西晶显将成为公司的控股孙公司，江西晶显、深圳晶显仍 纳入公司的合并报表范围内。为确保上述事项能顺利实施，公司董事会授权管理层 负责上述方案的具体执行。 具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露的《关于公司 内部业务整合的公告》。 三、 备查文件 第六届董事会第十五次会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、 董事会会议召开情况 深圳市兆驰股份有限公司（以下简称"公司"）第六届董事会第十五次会议通 知于二〇二四年九月七日以电子邮件方式发出，会议于二〇二四年九月十一日 10:00 在深圳市龙岗区布澜路128号兆驰集团大厦B座5楼会议室以现场及通讯方式召开， ...

深圳市兆驰股份有限公司 关于公司内部业务整合的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 1、本次公司内部业务整合事项，符合公司整体发展规划，旨在优化公司显示业 务的运行架构和资源配置，进一步提升公司的经营管理效率和质量。 2、本次业务整合是在公司合并报表范围内进行，不会导致公司合并报表范围变 更，不会对公司的生产经营产生重大影响，不存在损害公司及股东利益的情形。 3、本次交易不构成关联交易，也不构成《上市公司重大资产重组管理办法》规 定的重大资产重组。 一、内部业务整合方案概述 证券代码：002429 证券简称：兆驰股份 公告编号：2024-042 1、深圳市兆驰股份有限公司（以下简称"公司"或"兆驰股份"）目前的核心 显示业务主要分布在下属子公司深圳市兆驰晶显技术有限公司（以下简称"深圳晶 显"）和子公司江西兆驰晶显有限公司（以下简称"江西晶显"），双方在职能上 存在差异，为实现公司显示业务的研、产、销一体化，进一步强化各业务板块的管 理效能，提高运营效率，并满足公司长远的战略发展目标，公司拟对现有的显示业 务进行垂直整合，拟将显 ...

证券代码：002429 证券简称：兆驰股份 公告编号：2024-040 深圳市兆驰股份有限公司 关于"质量回报双提升"行动方案的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市兆驰股份有限公司（以下简称"公司"）为认真践行中央政治局会议提 出的"要活跃资本市场、提振投资者信心"及国务院常务会议提出的"要大力提升 上市公司质量和投资价值，要采取更加有力有效措施，着力稳市场、稳信心"的指 导思想，维护全体股东利益，增强投资者信心，促进公司长远健康可持续发展，公 司结合自身发展战略、经营情况及财务状况，制定了"质量回报双提升"行动方案， 具体举措如下： 一、聚焦主业，多业务群协同发展，推动公司高质量可持续发展 公司自成立以来，深耕智能制造领域，秉承"钉子精神"和开放协作的创新思 路，不断攻坚克难，将"制造"做到"极致"，且各业务群形成资源互补、优势共 济，最终实现多业务群协同发展，引领公司实现高质量可持续发展。目前，公司已 经成为全球消费类电子品牌和硬件厂商的重要合作伙伴，是全球领先的消费电子制 造商之一，是国家级高新技术企业及深圳市总部经济企业。旗下子 ...

2024 年 08 月 17 日 研 告 研 究 究 2024H1 业绩增长稳定，LED 业务迅速成长 报 —兆驰股份（002429.SZ）公司事件点评报告 增持(首次) 事件 分析师：毛正 S1050521120001 maozheng@cfsc.com.cn 分析师：吕卓阳 S1050523060001 lvzy@cfsc.com.cn 基本数据 2024-08-16 | --- | --- | |----------------------|-----------| | 当前股价（元） | 4.71 | | 总市值（亿元） | 213 | | 总股本（百万股） | 4527 | | 流通股本（百万股） | 4524 | | 52 周价格范围（元） | 4.22-5.96 | | 日均成交额（百万元） | 148.86 | 资料来源：Wind，华鑫证券研究 司 兆驰股份发布 2024 半年度业绩报告：2024 年 1 月 1 日至 2024 年 6 月 30 日，公司实现营收 95.2 亿元，同比增长 23.07%；实现归母净利润 9.1 亿元，同比增长 24.04%。 投资要点 ▌ 积极采取措施应对海外 ...