Summary of Conference Call Notes Company and Industry Overview - The conference call pertains to Zhaochi Co., a company operating in the LED and television manufacturing industry, focusing on various segments including multimedia audio-visual products, chips, packaging, and backlight modules [1][2]. Key Points and Arguments Performance Highlights - In the first half of the year, multimedia audio-visual products, particularly televisions, accounted for approximately 70% of the company's revenue, while the LED segment is expected to contribute over 50% of total profits in the second half [2][2]. - The chip business generated over 25% of profits, showing continuous improvement compared to the previous year [2][2]. - The average selling price of chips increased from approximately 200 yuan per unit to nearly 250 yuan per unit, indicating significant potential for value enhancement [2][2]. Television Business Operations - The television business showed steady growth in the first half, with a year-on-year increase in shipment volume despite initial challenges from overseas factors and shipping logistics [3][3]. - Approximately 540,000 televisions were shipped in the first half, reflecting a 4% increase year-on-year, with a notable acceleration in growth during the second quarter [14][14]. Strategic Adjustments - The company shifted focus to producing 1.5mm pitch products to attract customers initially interested in 1.8mm or higher pitch products, aiming to drive growth in the indoor small pitch market [4][4]. - To mitigate the impact of rising shipping costs, the company has implemented a localized supply chain strategy, including assembling components in North America to avoid tariff risks [5][5]. Shipping and Trade Challenges - The shipping cost increase primarily affected exports to North America, leading to a temporary delay in orders. However, as shipping costs normalized, customer willingness to place orders improved [5][5]. - The company has been proactive in preparing for potential changes in international trade policies, including increasing production capacity in Vietnam to enhance resilience against market fluctuations [7][7]. LED Industry Insights - The LED chip sector remains competitive, with a focus on cost-effectiveness due to rapid technological innovation and high levels of product homogeneity [10][10]. - The company has established a vertically integrated production model in Nanchang, enhancing production efficiency and expanding into high-end chip markets through partnerships, such as with Samsung [11][12]. Future Outlook - The backlight business has grown from 10% to over 15% of total revenue, with expectations to reach 20% as global television production is projected to hit around 200 million units [18][18]. - The company aims to align the target gross margin of the backlight segment with that of its premium business, potentially exceeding 30% [18][18]. Market Strategy and Production Capacity - The company plans to focus on new market launches for products with a pitch of 1.56mm and above, adjusting pricing strategies to optimize order volumes [16][16]. - Production capacity is set to increase significantly, with the addition of 100 new production lines expected to enhance daily output to 20,000 square meters by September [15][15]. Brand and Supply Chain Management - The company will continue to collaborate closely with clients for brand building while maintaining a focus on market demand and price adjustments in high-margin segments [18][18]. - The production strategy involves pre-manufacturing standardized products to ensure high operational efficiency, with plans to manage inventory effectively [18][18].

Summary of the Conference Call Company and Industry Involved - The conference call pertains to Huachuang Home Appliances and its in-depth report on Jiaoqu Co., Ltd. [1] Core Points and Arguments - The call is part of the 145th session of Huachuang Home Appliances' deep discussions [1] - All participants are in a static mode, indicating a structured format for the call [1] - The content of the call is exclusively for Huachuang Securities Research Institute clients and does not constitute investment advice [1] - Participants are reminded to make independent investment decisions and bear their own investment risks [1] - Huachuang Securities disclaims any responsibility for losses incurred from the use of the content [1] Other Important but Possibly Overlooked Content - The call emphasizes the importance of self-reliance in investment decisions, highlighting the need for individual assessment of risks [1]

证券代码：002429 证券简称：兆驰股份 深圳市兆驰股份有限公司 投资者关系活动记录表 编号：2024-003 □ 特定对象调研 □ 分析师会议 □ 媒体采访 ■ 业绩说明会 投资者关系 □ 新闻发布会 □ 路演活动 活动类别 □ 现场参观 □ 其他 （现场调研） 参与单位名 称及人员 114 家机构142人次（详见附件《与会清单》） 姓名 时间 2024 年7月9日 地点 价值在线路演平台 上市公司 接待人员 副总经理兼董事会秘书：单华锦女士； 姓名 兆驰股份副总经理兼董事会秘书单华锦女士对公司 2024 年半年 度业绩预告情况进行介绍。 ...

证券研究报告 | 公司点评 2024 年 07 月 09 日 兆驰股份(002429.SZ) 业绩超预期,LED 板块持续进击 事件:兆驰股份发布 2024 年上半年业绩预告。公司预计 2024H1 实现营业 收入 90-100 亿元,同比提升 16.35%-29.27%;单 Q2 实现营业收入 49-59 亿元,同比提升 21.26%-46.01%。预计实现扣非归母净利润 8.3-8.8 亿元, 同比提升 32.27%-40.23%;单 Q2 实现扣非归母净利润 4.3-4.8 亿元,同比 提升 46.78%-63.85%。 我们测算公司 2024 年上半年中枢归母净利率为 9.58%,同比+0.09pct;单 Q2 中枢归母净利率为 9.26%,同比+0.57pct。 2024 年 5 月电视 ODM 出货量回升。兆驰是全球头部 ODM 厂商,在北美 市场极具竞争力。据洛图数据,2024 年 5 月兆驰电视出货量 97 万台,同比 +6.6%,实现回升。2024 年 2 月沃尔玛宣布收购 Vizio,作为沃尔玛核心供 应商,3 月开始兆驰逐渐导入 Vizio 订单、此外 ONN 等核心客户稳定增长, 共同 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.90 [2][6]. Core Views - The company is expected to achieve a revenue of RMB 90-100 billion for 1H2024, representing a year-on-year growth of 16.35% to 29.27%. The net profit attributable to the parent company is projected to be RMB 8.9-9.3 billion, reflecting a year-on-year increase of 21.21% to 26.66% [2][3]. - The second quarter of 2024 is anticipated to show a revenue growth of 21.26% to 46.01% year-on-year, with net profit growth of 36.65% to 48.03% [2][3]. - The company is benefiting from a recovery in TV OEM orders and a positive trend in its LED business, particularly in Mini LED COB direct display and LED chip sectors [3][4]. Summary by Sections Revenue and Profit Forecast - The company forecasts a revenue of RMB 20,762 million for 2024, with a year-on-year growth of 20.94%. The net profit is expected to reach RMB 2,094 million, indicating a growth of 31.86% [9][14]. - The earnings per share (EPS) are projected to be RMB 0.46, RMB 0.53, and RMB 0.59 for 2024, 2025, and 2026 respectively [9][14]. Business Performance - The company has seen an increase in TV business shipment volumes, with a recovery in OEM orders contributing to this growth. The Mini LED COB direct display business is also performing well, with an increase in production capacity [3][4]. - The gross margin is expected to improve due to a higher proportion of revenue from high-margin COB direct display products and the release of more capacity for high-margin LED chip products [4][5]. Market Outlook - The report expresses optimism regarding the company's TV OEM growth, particularly in the North American market, as demand is expected to recover in the second half of the year [5]. - The LED business is also expected to benefit from an optimized product structure, with Mini LED COB direct display products gaining market share [5].

Financial Projections - The company expects revenue for the first half of 2024 to be between 900 million and 1 billion CNY, representing a year-on-year growth of 16.35% to 29.27% compared to 773.56 million CNY in the same period last year[3]. - The net profit attributable to shareholders is projected to be between 890 million and 930 million CNY, an increase of 21.21% to 26.66% from 734.27 million CNY in the previous year[3]. - The company anticipates a net profit after deducting non-recurring gains and losses to be between 830 million and 880 million CNY, reflecting a growth of 32.27% to 40.23% compared to 627.53 million CNY last year[3]. - For Q2 2024, revenue is expected to be between 490 million and 590 million CNY, with a year-on-year increase of 21.26% to 46.01% from 404.09 million CNY[4]. - The net profit attributable to shareholders for Q2 is projected to be between 48 million and 52 million CNY, showing a growth of 36.65% to 48.03% from 35.13 million CNY last year[4]. - The preliminary financial data provided is subject to final confirmation in the 2024 semi-annual report, and investors are advised to exercise caution[7]. Market Position and Strategy - The company has achieved over 50% market share in the COB industry, with ongoing capacity expansion to support increased penetration of Mini COB products[5]. - The company is implementing a Local strategy to deepen its global television market presence, focusing on local partnerships and overseas production bases to meet supply chain demands[5]. Business Transformation - Since 2017, the company has shifted its main business from terminal manufacturing to upstream LED components, enhancing its profitability through technological innovation and smart manufacturing[6].

深圳市兆驰股份有限公司 2024年第二次临时股东大会决议公告 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 证券代码：002429 证券简称：兆驰股份 公告编号：2024-033 2、本次股东大会不涉及变更前次股东大会决议。 3、本次股东大会采用现场投票及网络投票相结合的方式召开。 4、对于涉及中小股东利益的重大事项，公司对中小股东表决采取单独计票。 一、会议召开情况 1、会议召集人：公司董事会。 2、会议方式：本次股东大会采用现场投票及网络投票相结合的方式。 3、会议召开时间： （1）现场会议时间：2024 年 7 月 2 日（星期二）15:00 （2）网络投票时间：2024 年 7 月 2 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 2024 年 7 月 2 日 9:15-9:25，9:30--11:30 和 13:00--15:00；通过深圳证券交易所互联网投票系统进行 网络投票的具体时间为 2024 年 7 月 2 日 9:15--15:00 的任意时间。 4、现场会议召开地点：深 ...

关于深圳市兆驰股份有限公司 2024 年第二次临时股东大会 之法律意见书 致：深圳市兆驰股份有限公司 北京市金杜（深圳）律师事务所（以下简称本所）接受深圳市兆驰股份有限 公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券 法》）、《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员 会《上市公司股东大会规则（2022 年修订）》（以下简称《股东大会规则》）等中 华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中国香 港特别行政区、中国澳门特别行政区和中国台湾地区）现行有效的法律、行政法 规、规章、规范性文件和公司章程的有关规定，指派律师出席了公司于 2024 年 7 月 2 日召开的 2024 年第二次临时股东大会（以下简称本次股东大会），并就本 次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 北京市金杜（深圳）律师事务所 1. 经公司 2024 年第一次临时股东大会审议通过的《深圳市兆驰股份有限 公司章程》（以下简称《公司章程》）； 2. 公司 2024 年 6 月 15 日刊登于《证券时报》《上 ...

证券代码：002429 证券简称：兆驰股份 公告编号：2024-032 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》 ...

Investment Rating - The report gives a "Strong Buy" rating for the company with a target price of 7 yuan, representing a 15x PE for 2024 [1][8] Core Viewpoints - The company is a leader in the display industry, with a strong position in TV ODM and a vertically integrated LED supply chain, which has opened a second growth curve [1] - The core advantage lies in the company's ability to reduce costs and scale production in the Mini LED sector, which is expected to drive profit growth [1][6] - The company's LED business has shown rapid growth, with a CAGR of 20.8% since 2018, and is expected to benefit from the increasing penetration of Mini LED technology [1][6] Business Segments LED Business - **Upstream (Chip Segment):** The company's subsidiary, Zhaochi Semiconductor, is a top-tier player in the LED chip market, with a leading market share and profitability. It is the only chip manufacturer in the industry to achieve full production and sales throughout the year, with significant profitability after non-recurring items [1][6][16] - **Midstream (Packaging Segment):** Zhaochi Guangyuan, the company's packaging subsidiary, was one of the first in China to achieve mass production of Mini LED backlight modules and has secured a significant share of the market with leading customers [1][6][16] - **Downstream (Backlight + Direct Display Applications):** The company benefits from the global surge in Mini LED TV orders and has made breakthroughs in COB packaging technology, which is expected to enhance its competitiveness as production lines expand [1][6][16] Traditional Business (TV ODM) - The company's TV ODM business is stable and serves as a "cash cow," supporting its expansion. It is expected to benefit from the recovery in TV demand and increased orders from North American customers [1][6] - The company is also diversifying its revenue streams through its smart home networking business and internet TV ecosystem, including short video production and distribution [1][6] Financial Projections - The report forecasts the company's net profit for 2024-2026 to be 2.121 billion yuan, 2.573 billion yuan, and 3.081 billion yuan, respectively, with corresponding PEs of 10x, 9x, and 7x [1][8] - The company's revenue is expected to grow at a CAGR of 14.2% from 2023 to 2026, driven by the rapid penetration of Mini LED technology and the company's full industry chain layout [1][8] Industry Insights - The Mini LED industry is at a turning point, with cost reductions and technological breakthroughs driving commercialization and market penetration [6][7] - The LED display market is expanding, with Mini LED technology becoming a key driver of growth, particularly in high-end TV and large-scale commercial display applications [6][7] - The TV ODM industry is consolidating, with leading Chinese manufacturers gaining market share, and the company is well-positioned to benefit from this trend [6][7]