Core Viewpoint - The company has a solid foundation in its TV ODM business, significant advantages in the LED industry chain, and is actively expanding into the optical communication sector, which is expected to open up long-term growth opportunities [1][2]. Financial Performance - In 2024, the company achieved revenue of 20.33 billion, a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.6 billion, a year-on-year increase of 0.9% [3]. - For Q4 2024, the company reported revenue of 4.16 billion, a year-on-year decrease of 7.1%, and a net profit of 230 million, a year-on-year decrease of 27.4% [3]. - In Q1 2025, the company generated revenue of 3.72 billion, a year-on-year decrease of 9.33%, with a net profit of 330 million, a year-on-year decrease of 19.30% [3]. - The company plans to distribute a cash dividend of 1.07 per 10 shares, totaling 484 million, with a dividend payout ratio of 30.23% [3]. Revenue Breakdown - In 2024, the smart display terminal business generated revenue of 15.0 billion, a year-on-year increase of 18.4%, with a gross margin of 13.1%, down 3.2 percentage points [3]. - The LED series business generated revenue of 5.33 billion, a year-on-year increase of 18.3%, with a gross margin of 28.6%, up 2.8 percentage points [3]. Profitability and Expense Ratios - In 2024, the overall gross margin decreased by 1.66 percentage points to 17.17%, with net profit margin down by 1.39 percentage points to 7.87% [4]. - For Q4 2024, the gross margin was 20.48%, with a net profit margin of 5.52%, down 1.55 percentage points year-on-year [4]. - In Q1 2025, the gross margin increased by 0.56 percentage points to 18.34%, while the net profit margin decreased by 1.11 percentage points to 8.99% [4].

Group 1: Industry Outlook - The industry has a broad development prospect, with a focus on light technology and a global smart manufacturing strategy [1] - The LED chip market is projected to grow, with a global market size of approximately $2.96 billion in 2024, reflecting a 9% year-on-year increase [2] Group 2: Company Performance - In 2024, the company achieved a revenue of 20.326 billion yuan, a year-on-year growth of 18.40% [4] - The net profit attributable to shareholders was 1.602 billion yuan, up 0.89% year-on-year, while the net profit after deducting non-recurring items was 1.585 billion yuan, increasing by 3.71% [4][6] Group 3: Growth Drivers - The company focuses on three main businesses: smart terminals, LED industry chain, and optical communication industry chain, aiming for global expansion and AI transformation [3] - The LED industry will leverage Mini/Micro LED technology to enhance R&D and market share [3] - Future strategies include entering the compound semiconductor industry, expanding into areas like indium phosphide and silicon carbide [3] Group 4: Dividend Policy - The company has implemented a positive cash dividend policy, distributing over 800 million yuan in cash dividends in 2022 and 2023 [8] - For 2024, the proposed cash dividend is 1.07 yuan per 10 shares, totaling approximately 484.38 million yuan, pending shareholder approval [8] Group 5: Partnerships - The company has established partnerships with major brands, including Xiaomi, Skyworth, and Samsung, particularly in the Mini LED backlight sector [9] - Its subsidiary has become the largest global manufacturer of Mini/Micro COB display modules [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - In 2024, the company achieved a revenue of 20.33 billion RMB, a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.60 billion RMB, growing by 0.89% [2]. - The company's Q1 2025 revenue was 3.72 billion RMB, a decrease of 9.33% year-on-year, with a net profit of 335 million RMB, down 19.30% [2]. - The company ranks second globally in TV ODM shipments, with a total shipment of 12.5 million units in 2024, reflecting a 14% year-on-year growth [3]. - The LED chip business has a monthly production capacity of 1.1 million pieces, with GaN chips leading the market at 1.05 million pieces per month [4]. - The company is expected to achieve net profits of 1.997 billion RMB, 2.461 billion RMB, and 2.895 billion RMB for 2025, 2026, and 2027 respectively, with growth rates of 24.64%, 23.21%, and 17.62% [5]. Summary by Sections Performance Review - The company reported a revenue of 20.33 billion RMB in 2024, with a net profit of 1.60 billion RMB, and a non-deductible net profit of 1.59 billion RMB, showing growth rates of 0.89% and 3.71% respectively [2]. Operational Analysis - The TV ODM business focuses on overseas markets and new emerging brands, with production capacity scaling up in 2024 [3]. - The LED chip segment has a dominant position in the market, particularly with Mini RGB chips, which have a market share exceeding 50% [4]. Profit Forecast and Valuation - The projected net profits for 2025, 2026, and 2027 are 1.997 billion RMB, 2.461 billion RMB, and 2.895 billion RMB, with corresponding PE ratios of 12, 10, and 8 [5].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002429 证券简称：兆驰股份 公告编号：2025-019 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 □是 √否 一、主要财务数据 3.第一季度报告是否经审计 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 ■ （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 其他符合非经常性损益定义的损益项目的具体情况 □适用 √不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告 ...

Financial Performance - The company's revenue for Q1 2025 was ¥3,723,108,865.95, a decrease of 9.33% compared to ¥4,106,096,108.72 in the same period last year[5] - Net profit attributable to shareholders was ¥334,578,442.37, down 19.30% from ¥414,605,058.76 year-on-year[5] - Basic and diluted earnings per share were both ¥0.0739, reflecting a decline of 19.32% compared to ¥0.0916 in the same period last year[5] - Operating profit for the current period is $389.64 million, compared to $481.04 million in the previous period, reflecting a decline of approximately 19.1%[18] - Net profit for the current period is $357.67 million, down from $453.84 million, indicating a decrease of around 21.1%[19] - Basic and diluted earnings per share are both $0.0739, compared to $0.0916 in the previous period, a decline of approximately 19.5%[19] Cash Flow - The net cash flow from operating activities decreased by 26.47% to ¥695,755,478.67 from ¥946,180,856.75 in the previous year[5] - Cash flow from operating activities increased to $5.47 billion from $4.27 billion, an increase of about 28.1%[21] - Net cash flow from operating activities amounted to ¥695,755,478.67, a decrease of 26.5% compared to ¥946,180,856.75 in the previous period[22] - Total cash inflow from operating activities reached ¥5,763,686,298.58, an increase of 22.6% from ¥4,699,855,420.94[22] - Cash outflow from operating activities was ¥5,067,930,819.91, up 35.0% from ¥3,753,674,564.19[22] Assets and Liabilities - Total assets increased by 0.91% to ¥29,264,631,621.76 from ¥29,001,028,420.68 at the end of the previous year[5] - Total liabilities decreased slightly to CNY 12,579,984,797.79 from CNY 12,674,054,457.03, a reduction of about 0.75%[15] - The company's equity attributable to shareholders rose to CNY 16,219,625,558.68 from CNY 15,885,047,116.31, an increase of approximately 2.1%[15] - The non-current assets totaled CNY 10,215,422,265.29, down from CNY 10,384,232,192.43, indicating a decrease of approximately 1.6%[14] Inventory and Receivables - Inventory increased by 34.67% to ¥118,135.83 million due to increased stock of core raw materials to meet order demands[8] - Accounts receivable decreased to CNY 3,809,195,117.74 from CNY 5,016,117,010.98, representing a decline of about 24.1%[14] - Inventory increased significantly to CNY 4,588,873,980.56 from CNY 3,407,515,694.01, marking an increase of approximately 34.6%[14] Investment and Financing - Investment income grew by 109.41% to ¥91.00 million, attributed to higher returns from bank products[8] - The net cash flow from investing activities increased by 84.65% to ¥183,675.62 million compared to the previous year[8] - Cash inflow from financing activities totaled ¥631,243,531.53, a decrease of 66.7% compared to ¥1,894,949,249.94[22] - Cash outflow from financing activities was ¥537,895,410.82, down 52.0% from ¥1,120,295,304.29[22] Other Financial Metrics - Research and development expenses for the current period are $198.89 million, slightly up from $188.57 million, an increase of approximately 5.5%[18] - Tax expenses increased to $39.08 million from $24.58 million, representing a rise of about 58.7%[18] - Other income for the current period is $76.36 million, down from $83.97 million, a decrease of approximately 9.1%[18] - The company reported an investment income of $1.74 million, compared to $0.83 million in the previous period, an increase of approximately 109.5%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 100,108[10] - The company’s total equity increased to CNY 16,684,646,823.97 from CNY 16,326,973,963.65, reflecting a growth of about 2.2%[15] Audit Status - The first quarter report was not audited[23]

Core Insights - The company reported a revenue of 20.326 billion yuan for 2024, representing a year-on-year growth of 18.4%, with a net profit attributable to shareholders of 1.602 billion yuan, up 0.89% [1] - The global LED chip market is projected to reach approximately 2.96 billion USD in 2024, reflecting a 9% year-on-year increase, with improvements in the competitive landscape of the LED industry [2] - The company has established a comprehensive presence across the entire LED industry chain, enhancing its resilience during industry downturns and positioning for greater growth during recovery [3] Industry Overview - The LED chip market is experiencing a stabilization in prices for general lighting chips, while high-value chips like Mini/Micro LED and high-power lighting chips are undergoing rapid technological advancements [2] - The global TV market is expected to see a shipment of 230 million units in 2024, a growth of approximately 2% from 2023, driven by sports events and government subsidy policies in China [2] - The ODM market for TVs is projected to reach a total shipment of 11.2 million units in 2024, marking a 5.7% increase from the previous year [2] Business Strategy - The company has effectively integrated resources across multiple business segments, including LED chips, packaging, lighting, and display products, fostering synergy within the LED industry chain [3] - The company serves both as an ODM business client for TV manufacturers and as a supplier for LED backlighting, creating a vertical integration that enhances operational resilience [3] - The deep collaboration across the vertical supply chain allows the company to better navigate industry cycles and capitalize on recovery opportunities [3] Financial Projections - Revenue projections for the company are estimated at 24.188 billion yuan, 27.333 billion yuan, and 30.613 billion yuan for the years 2025 to 2027, respectively [4] - Net profit forecasts for the same period are 2.076 billion yuan, 2.455 billion yuan, and 2.837 billion yuan [4] - The company is assigned a target price of 5.5 yuan based on a 12x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]

Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 5.5 yuan for the next six months [4][7]. Core Views - The company achieved a revenue of 20.326 billion yuan in 2024, representing an 18.4% year-on-year growth, and a net profit of 1.602 billion yuan, which is a 0.89% increase compared to the previous year [1][4]. - The global LED chip market is expected to grow by 9% in 2024, reaching approximately 2.96 billion USD, with improvements in the competitive landscape of the industry [2][3]. - The company has established a comprehensive LED industry chain, enhancing its resilience during industry downturns and providing greater growth potential during recoveries [3]. Financial Performance - The projected revenues for 2025, 2026, and 2027 are 24.188 billion yuan, 27.333 billion yuan, and 30.613 billion yuan, respectively, with corresponding net profits of 2.076 billion yuan, 2.455 billion yuan, and 2.837 billion yuan [4][13]. - The company’s net profit margin is expected to improve from 7.9% in 2024 to 9.3% by 2027 [14]. Market Dynamics - The report highlights that the TV market is expected to see a 2% increase in global shipments in 2024, driven by sports events and government incentives in China [2]. - The ODM market for TVs is projected to grow by 5.7% year-on-year, indicating a positive trend for the company's operations in this segment [2]. Business Strategy - The company is effectively integrating resources across multiple business lines, including LED chips, packaging, and lighting products, which enhances operational synergy and market competitiveness [3]. - The vertical integration of the LED supply chain allows the company to leverage its capabilities across different segments, providing a robust framework for growth [3].

Core Viewpoint - The company reported a revenue of 20.33 billion RMB for 2024, reflecting an 18.4% year-on-year increase, while the net profit attributable to shareholders was 1.6 billion RMB, up 0.89% year-on-year [1] Group 1: Financial Performance - The company achieved a revenue of 4.16 billion RMB in Q4 2024, a decrease of 7.05% year-on-year, with a net profit of 230 million RMB, down 27.41% year-on-year [1] - The company declared a cash dividend of 1.07 RMB per 10 shares, totaling 484 million RMB, which represents 30.23% of the net profit attributable to shareholders for 2024 [1] - The gross profit margin for 2024 was 17.2%, a decrease of 1.7 percentage points year-on-year, with the multimedia audio-visual products and services segment showing a gross margin of 13.1%, down 3.2 percentage points [3] Group 2: Business Segments - The multimedia audio-visual products and services segment generated a revenue of 15 billion RMB, an 18.4% increase year-on-year, with the company ranking second globally in TV ODM manufacturing [2] - The LED industry chain business achieved a revenue of 5.33 billion RMB, up 18.3% year-on-year, with significant contributions from semiconductor and packaging segments [2] - The company’s semiconductor segment, Zhaochi Semiconductor, reported a revenue of 2.63 billion RMB, a 27% increase year-on-year, with a net profit of 580 million RMB, up 69.5% [2] Group 3: Strategic Initiatives - The company is strategically investing in semiconductor laser chip projects and optical communication devices to establish a vertical integration in the optical communication industry [4] - The focus is on expanding production scale and accelerating technology upgrades for optical communication modules, targeting higher-speed optical modules [4] - The company aims to leverage its leadership in the LED industry to expand into core raw material chips for optical communication, enhancing overall industry upgrade [4] Group 4: Future Outlook - The company is transitioning from a terminal manufacturing enterprise to a technology-driven group, with projected net profits of 2.01 billion RMB, 2.35 billion RMB, and 2.67 billion RMB for 2025, 2026, and 2027 respectively [5] - The expected price-to-earnings ratios for 2025, 2026, and 2027 are 9.9x, 8.5x, and 7.4x respectively, maintaining a "buy" rating [5]

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected relative return of over 20% within six months [7][19]. Core Views - The company achieved a revenue of 20.33 billion RMB in 2024, representing an 18.4% year-on-year growth, while the net profit attributable to shareholders was 1.60 billion RMB, a slight increase of 0.89% [1]. - The company is focusing on developing a third growth curve in the optical communication sector through strategic investments in semiconductor laser chips and high-speed optical devices and modules [4]. - The dual-driven development of the TV ODM and LED industry chains is highlighted, with significant growth in multimedia audiovisual products and operational services [2]. Financial Performance Summary - The company reported a gross margin of 17.2% in 2024, a decrease of 1.7 percentage points year-on-year, with the multimedia audiovisual products and services segment showing a gross margin of 13.1% [3]. - The LED industry chain achieved a gross margin of 28.6%, an increase of 2.8 percentage points, driven by product structure upgrades and cost reductions in Mini LED technology [3]. - The company plans to distribute a cash dividend of 1.07 RMB per 10 shares, totaling 484 million RMB, which accounts for 30.23% of the net profit attributable to shareholders for 2024 [1]. Growth Projections - The company is projected to achieve net profits of 2.01 billion RMB, 2.35 billion RMB, and 2.67 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.9x, 8.5x, and 7.4x [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [7][19]. Core Views - The company achieved a revenue of 20.33 billion RMB in 2024, representing an 18.40% year-on-year growth, with a net profit of 1.60 billion RMB, up 0.89% year-on-year [1]. - The company is focusing on developing a third growth curve in the optical communication sector through strategic investments in semiconductor laser chips and high-speed optical devices and modules [4]. - The dual-driven development of the TV ODM and LED industry chains is highlighted, with significant growth in multimedia audiovisual products and operational services [2]. Financial Performance - The company reported a gross margin of 17.2% in 2024, a decrease of 1.7 percentage points year-on-year, while the LED industry chain's gross margin increased to 28.6%, up 2.8 percentage points [3]. - The company plans to distribute a cash dividend of 1.07 RMB per share, totaling 484 million RMB, which accounts for 30.23% of the net profit attributable to shareholders for 2024 [1]. Business Segments - The multimedia audiovisual products and operational services segment generated revenue of 15.0 billion RMB, with a year-on-year increase of 18.4%, while the LED industry chain achieved revenue of 5.33 billion RMB, also up 18.3% [2]. - The company’s semiconductor division, Zhaochi Semiconductor, reported revenue of 2.63 billion RMB, a 27.0% increase year-on-year, with a net profit margin of 22% [2]. Future Outlook - The company is expected to see net profits of 2.01 billion RMB, 2.35 billion RMB, and 2.67 billion RMB for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 9.9x, 8.5x, and 7.4x [4][6].