兆驰股份 20250825 摘要 兆驰股份受美国关税政策影响，电视机 ODM 业务承压，主要因北美市 场订单减少。公司积极应对，加速将生产线转移至越南，以降低关税影 响，预计 2025 年第三季度起利润有望恢复。 兆驰股份在 LED 行业已成为领军企业，通过产业链一体化模式（从蓝宝 石切割到封装和直显模组），实现了接近 20%的净利润率，提升了盈利 能力和抗风险能力。 公司通过电视机 ODM 和 LED 产业链闭环，实现高度一体化生产。进军 光通信领域，利用 LED 芯片技术优势，横向切入磷化铟、砷化镓和氮化 镓等光通信芯片材料，并收购瑞谷通信以补充光器件能力。 兆驰股份光通信业务发展迅速，预计 2025 年营收可达四五亿元，已实 现 100G 以下速率光模块产品的验证和出货。2026 年目标是发展 100G 以上速率产品，提高自有芯片比例，毛利率有望接近 25%。 微软推动基于 Micro LED 技术的光学链技术，可能为数据中心链路传输 带来突破，兆驰股份作为 Micro LED 行业龙头，有望受益于该技术在中 国市场的应用潜力。 Q&A 兆驰股份近期的业绩表现如何？其主要原因是什么？ 兆驰股份在 202 ...

证券代码：002429 证券简称：兆驰股份 公告编号：2025-032 深圳市兆驰股份有限公司 关于持股5%以上股东部分股份被司法冻结的公告 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。 特别提示： 1、本次股份冻结事项系因持股 5%以上股东南昌兆驰投资合伙企业（有限合伙） （以下简称"南昌兆投"）对他人提起诉讼。为防止对方在诉讼过程中转移财产等， 南昌兆投向法院申请对对方财产进行查封、冻结。依据《中华人民共和国民事诉讼 法》第一百零三条等法律法规的规定及法院要求，南昌兆投需提供相应数额的财产 担保，本次被冻结的股票即为南昌兆投为查封、冻结对方财产提供的担保措施。 2、本次股份冻结事项不会对公司的生产经营、公司治理产生不利影响，不涉及 业绩补偿义务履行等情形。公司将持续关注本次股份冻结事项的进展情况，并按照 相关法律法规的要求及时履行信息披露义务。敬请广大投资者注意投资风险。 深圳市兆驰股份有限公司（以下简称"公司"）于近日收到南昌兆投的通知， 并通过中国证券登记结算有限责任公司系统查询，获悉其所持公司的部分股份被司 法冻结，具体情况如下： | | 是否为控 ...

本报讯 （记者李昱丞）8月23日，深圳市兆驰股份有限公司（以下简称"兆驰股份"）披露2025年半年报。公司2025年上半 年营收同比微降10.89%至84.83亿元，其中LED产业链营收达到28.08亿元，逆势同比增长8.67%，贡献净利润4.03亿元。 智能终端业务方面，兆驰股份上半年虽受国际贸易政策冲击，但通过"海外产能+高端产品"策略稳住基本盘，其中越南生 产基地半年内产能从200万台扩张至1100万台（增幅5倍），覆盖智能电视、显示器等多品类，上半年海外出货量占比提升至 45%，有效规避关税壁垒；高端化方面，公司首款搭载MiniLED背光的4K智能电视于今年6月登陆欧洲市场（获欧盟RED网络 安全认证），在德国IFA展上斩获10万台订单，单价较传统机型高30%，推动智能终端业务毛利率微升0.8个百分点至12.5%。 上半年最亮眼的"增长极"，是公司深耕多年的LED产业链。其中，MiniRGB芯片单月出货量突破1.5亿颗（15000KK组）， 市占率超50%。上半年，公司Mini/MicroLED显示出货面积同比翻倍增长，以P1.25点间距为基准，公司Mini/MicroLED显示模 组产能为25000 ...

Group 1: Key Recommendations - Semiconductor industry: SMIC (688981) is positioned as a leading domestic wafer foundry, with expected growth driven by the explosion in demand for AI chips and the trend of localization in chip production [5] - Automotive industry: Geely Auto (00175) is anticipated to enter a phase of dual growth in volume and profit, supported by a strong new car cycle in the second half of the year [7] - Electronics industry: Zhao Chi Co., Ltd. (002429) is recognized for its successful integration in the electronics manufacturing sector, with new growth potential in the optical communication field [8] Group 2: Important Insights - SMIC's revenue forecast for 2025-2027 is projected at 67.573 billion, 78.360 billion, and 89.721 billion CNY, with a revenue growth rate of 16.9%, 16.0%, and 14.5% respectively, and net profit growth rates of 44.7%, 19.0%, and 17.0% [5] - Geely Auto's revenue forecast for 2025-2027 is expected to reach 378.380 billion, 449.380 billion, and 521.762 billion CNY, with growth rates of 57.53%, 18.76%, and 16.11% respectively [7] - Zhao Chi Co., Ltd.'s revenue for 2025-2027 is estimated at 20.934 billion, 26.557 billion, and 34.642 billion CNY, with growth rates of 2.99%, 26.86%, and 30.45% respectively [9] Group 3: Catalysts - For SMIC, key catalysts include orders for semiconductor equipment and breakthroughs in process yield [5] - For Geely Auto, catalysts involve new car launches and the completion of shareholding integration [7] - For Zhao Chi Co., Ltd., catalysts include performance recovery in the second half of the year and progress in customer integration for optical communication projects [9] Group 4: Market Trends - The macroeconomic outlook indicates a return to equilibrium for the Federal Reserve's dual objectives, with a focus on maintaining a balanced approach to monetary policy [12] - The A-share strategy emphasizes a balanced allocation between large financials and technology sectors, while also increasing attention to previously lagging sectors like real estate [15]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to the impact of U.S. tariffs and adjustments in traditional networking business, but is actively transforming and expanding into new markets [1][4]. Group 1: Financial Performance - Total revenue for H1 2025 was 8.483 billion yuan, a year-on-year decrease of 10.89%, with net profit attributable to shareholders at 661 million yuan, down 27.37% [1]. - In Q2 2025, revenue decreased by 12.08% year-on-year, and net profit fell by 34.12% [1]. - The multimedia business generated revenue of 5.675 billion yuan, a decline of 18.2% year-on-year, largely affected by the television and networking business [1]. Group 2: Business Transformation and Growth Areas - The company is shifting production capacity to Vietnam to mitigate tariff impacts and is focusing on strengthening its LED full industry chain advantages while entering the optical communication field [1]. - The LED full industry chain generated revenue of 2.808 billion yuan, an increase of 8.7% year-on-year, with a net profit of 403 million yuan, accounting for over 60% of total profits [2]. - The optical module and component business achieved revenue of 309 million yuan, with successful mass shipments of optical access network components to major domestic clients [1][2]. Group 3: Cost and Margin Analysis - The overall gross margin for H1 2025 was 16.84%, a decrease of 0.83 percentage points year-on-year, with multimedia and LED business gross margins at 11.48% and 27.66%, respectively [3]. - The overall expense ratio increased by 2.74 percentage points year-on-year, influenced by higher leasing costs and operational leverage [3]. Group 4: Future Outlook and Valuation - The company maintains EPS forecasts of 0.35, 0.39, and 0.41 yuan for 2025-2027, with a target price adjustment to 6.30 yuan based on an 18x PE valuation for 2025 [4].

Core Viewpoint - The company reported a decline in revenue and net profit for Q2 and H1 2025, indicating challenges in the multimedia and LED segments, while showing growth in the LED industry chain and potential recovery in the optical communication sector [1][2][4]. Revenue Analysis - Multimedia audio-visual revenue for H1 was 5.68 billion (down 18.2% YoY), with TV ODM shipments of 5.23 million units (up 3% YoY) [2]. - LED industry chain revenue for H1 was 2.81 billion (up 8.7% YoY), with semiconductor revenue at 1.42 billion (up 4% YoY) [3]. - Optical communication revenue for H1 was 309 million, showing monthly improvement and potential for profitability in H2 [4]. Profit Analysis - Q2 net profit margin was 6.9% (down 2.3 percentage points YoY), with gross margin down 1.9 percentage points YoY [5]. - H1 gross margins for multimedia and LED segments decreased by 1.0 and 3.9 percentage points respectively, with net profit distribution being approximately 46% and 54% [6]. Investment Outlook - The company maintains a "buy" rating, anticipating improvements in the profitability of the TV ODM Vietnam factory, flexibility from the LED industry chain, and growth potential in optical communication [7]. - Revenue forecasts for 2025-2027 are adjusted to 20.3 billion, 24.1 billion, and 28.4 billion respectively, with net profits expected to be 1.5 billion, 1.9 billion, and 2.4 billion [7].

Core Insights - The company reported a total revenue of 8.483 billion yuan for the first half of 2025, a year-on-year decrease of 10.89% [1] - The net profit attributable to shareholders was 661 million yuan, down 27.37% year-on-year [1] - The gross margin decreased to 16.84%, a decline of 4.74% compared to the previous year [1] Financial Performance - Revenue for Q2 2025 was 4.76 billion yuan, reflecting a 12.08% year-on-year decline [1] - Q2 net profit attributable to shareholders was 327 million yuan, down 34.12% year-on-year [1] - The company's net profit margin fell to 8.49%, a decrease of 18.24% year-on-year [1] Balance Sheet Analysis - Accounts receivable accounted for 290.59% of the latest annual net profit, indicating a significant amount of outstanding receivables [1] - Cash and cash equivalents decreased by 3.95% to 3.735 billion yuan [1] - Interest-bearing liabilities decreased by 24.24% to 5.042 billion yuan [1] Cost and Expense Management - Total selling, administrative, and financial expenses amounted to 334 million yuan, representing a 55.25% increase year-on-year [1] - Management expenses increased by 64.74%, primarily due to higher leasing costs [3] - Financial expenses surged by 181.06%, attributed to foreign exchange rate fluctuations [3] Cash Flow and Investment - Operating cash flow per share increased significantly by 270.28% to 0.21 yuan [1] - Investment cash flow net amount increased by 86.53%, due to an increase in the recovery of time deposits [3] - Financing cash flow net amount decreased by 194.72%, as the company did not obtain bank loans during the reporting period [3] Return on Investment - The company's return on invested capital (ROIC) was 8.87%, indicating average capital returns [4] - Historical median ROIC over the past decade was 6.15%, suggesting weak investment returns [5] - Analysts expect the company's performance in 2025 to reach 1.646 billion yuan, with an average earnings per share of 0.36 yuan [5]

Core Viewpoint - The patent litigation initiated by Lehman Optoelectronics against Zhao Chi Co., Ltd. has concluded in favor of Zhao Chi, with the court ruling that the accused products do not infringe on the claimed patents [2]. Group 1: Patent Litigation Outcome - Zhao Chi Co., Ltd. announced that all related patent lawsuits initiated by Lehman Optoelectronics have ended in a complete victory for Zhao Chi [2]. - The Guangdong High People's Court upheld the first-instance ruling, rejecting all appeals from Lehman Optoelectronics regarding the patent infringement claims [2]. - The court found that the Mini direct display COB product series produced and sold by Zhao Chi has essential differences from the patents claimed by Lehman Optoelectronics, thus not falling under the protection of those patents [2]. Group 2: Previous Developments - On May 28, Zhao Chi Co., Ltd. reported that the National Intellectual Property Administration declared a specific patent (patent number: 201921505524.0) completely invalid, marking another victory in the ongoing patent disputes with Lehman Optoelectronics [3].

Core Viewpoint - The company has demonstrated significant transformation achievements, with high-tech business profitability exceeding 60%, becoming a new growth engine despite a challenging macroeconomic environment [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.483 billion yuan and a net profit of 661 million yuan, showing a slight year-on-year decline due to external pressures [1]. - The LED industry chain segment reported operating revenue of 2.808 billion yuan, marking the highest performance for the same period in history, with a year-on-year growth of 8.67% and a net profit of 403 million yuan [2]. Business Segments Smart Terminal Business - The smart terminal business has undergone upgrades in globalization, production capacity, and market expansion, enhancing overall stability [3]. - The company established its first overseas production base in Vietnam, increasing annual production capacity from 2 million to 11 million units [3]. LED Industry Chain - The LED business has progressed from capacity leadership to technology and market leadership, with advancements in chip technology and production capabilities [4]. - The company has achieved significant growth in new display areas, with a market share exceeding 85% for products with a pixel pitch of 1.5mm and above [4]. Optical Communication Business - The optical communication business has rapidly developed, achieving operating revenue of 309 million yuan in the first half of 2025 [5]. - The company has secured long-term orders for BOSA devices, with a market share of 40% and plans for further product launches in 2026 [5]. Strategic Outlook - The company is embedding innovation into its development strategy, focusing on technological breakthroughs and market expansion to drive future growth [6]. - The transformation efforts are expected to create long-term value for investors and establish a solid direction for high-quality development in the next decade [6].

8 月 22 日晚间，国内 Mini/Mirco LED 龙头兆驰股份公布 2025 年半年报。在宏观环境全面承压的背景 下，兆驰股份转型成果斐然，报告期内高科技业务盈利占比突破 60%，强势崛起为公司新的增长引 擎，彰显出卓越的增长韧性。 智能终端业务：全球化、产能、市场三重升级协同驱动 智能终端业务作为兆驰股份的传统业务，在集团"转型"战略指引下，2025年上半年也通过在全球化、产 能、市场三重升级的牵引下实现稳定性全面提升。全球化方面，公司在越南成功打造首个海外生产基 地，未来将有序拓展更多海外基地，强化供应链灵活性与全球客户服务能力;产能端，海外生产基地年 产能从年初200万台大幅提升至1100万台，为全球市场拓展提供有力支撑;市场端，通过获得欧盟RED网 络安全认证，智能电视产品合规登陆欧洲市场，持续优化出货区域结构，进一步拓展市场份额。 LED产业链：从产能领先迈向技术领先与市场深耕 兆驰股份LED业务已从"产能领先"进阶为"技术领先+市场领先"。芯片端(兆驰半导体)攻克车载垂直结构 芯片技术难题，以02×06mil芯片量产能力引领Mini RGB芯片微缩化趋势，同时优化产能结构，提升高 端照明、 ...