Group 1 - The core viewpoint of the news is that the private equity firm Yuanlesheng Asset Management has conducted research on a listed company, focusing on the MiniLED television market and the company's growth prospects in both traditional and automotive display sectors [1] - The MiniLED television shipment volume is projected to reach 8.2 million units in 2024, with a penetration rate of 3.8%, and is expected to grow by approximately 50% to 11.56 million units in 2025 [1] - The company primarily serves global top 10 brand clients, and the unit value of MiniLED backlight modules varies significantly based on technical solutions [1] - The company has successfully integrated orders following the government's subsidy policy for replacing old consumer goods, which has accelerated order intake [1] - The traditional display terminal business has achieved its strategic goals, and the company plans to focus on expanding its automotive display business [1] - The company's net profit margin for Q1 2025 is reported at 18.05%, with revenue from MiniLED backlight modules expected to exceed 1 billion to 1.5 billion yuan, and automotive display revenue projected at 50 million yuan [1]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.183 billion CNY and a net profit of 118 million CNY, with a decrease in performance primarily due to the impact on terminal business [3] - The revenue for Q4 2024 was 419 million CNY, a significant increase of 157.68% year-on-year [3] - In Q1 2025, the company reported a revenue of 259 million CNY, a slight increase year-on-year, and a net profit of 46 million CNY, representing a 32% growth [3] Group 2: Business Segments - The revenue in 2024 was mainly derived from backlight modules and terminal display businesses, with Mini LED backlight modules accounting for over 50% of revenue [3] - The company’s terminal products include Mini LED-based direct display products and traditional TFT-LCD technology displays, with traditional displays currently dominating the market [3] - The company’s backlight module global market share exceeded 10% in 2024, with major competition in the Mini LED TV segment dominated by brands like Hisense, TCL, and Xiaomi, which together hold a 64% market share [3] Group 3: Market Trends and Policies - Since August 2024, national policies promoting consumption through subsidies have significantly boosted demand, leading to a rapid increase in orders for display products [4] - The display industry is characterized by a stable global shipment volume of around 200 million units, with ongoing technological advancements driving demand [4] Group 4: Strategic Planning - The company plans to focus on core businesses, particularly display modules and vehicle display products, while also exploring MicroLED technology applications [7] - The revenue forecast for 2025 is projected to be between 1.2 billion and 1.5 billion CNY for display modules and 50 million CNY for vehicle display business [7] - The company aims to achieve a net profit of approximately 170 million CNY to meet stock incentive targets [7] Group 5: Competitive Positioning - The company’s net profit margin for Q1 2025 was 18.05%, reflecting the effects of the contraction in traditional display terminal business [6] - The company maintains a competitive gross margin level comparable to peers, supported by effective budget management and government project initiatives [6]

Summary of the Conference Call for Xindai (芯瑞达) Company Overview - **Company**: Xindai (芯瑞达) - **Industry**: Mini LED Backlight Module and Automotive Display Key Points Financial Performance - Significant growth in Q3 revenue and net profit driven by Mini LED backlight module business [2][3] - Expected Mini LED TV shipments for the year to reach 12 million units, a 50% year-on-year increase [2] - Q1 net profit increased by 32% year-on-year, with a net profit margin of 18% [2][10] - Revenue target for 2025 set between 1.2 to 1.5 billion yuan, with Mini LED business contributing over 800 million yuan [2][9] Business Strategy - Focus on Mini LED backlight modules as the core business, with automotive display as a secondary growth curve [2][7] - Traditional LCD display business is shrinking, while automotive display is prioritized [2][5] - Development of Micro LED technology for automotive matrix headlights is underway [2][6] Market Dynamics - Mini LED backlight technology shows significant advantages over traditional LED, with potential market size increasing from $6-10 billion to $60-100 billion if fully adopted [2][9] - Rapid increase in Mini LED TV penetration due to government subsidies and growing demand for larger screen sizes [2][8] Product Development - Mini LED backlight technology has been in development since 2017, with successful implementation in Hisense U8 brand [3] - The company is also focusing on high-performance chip products for automotive smart cockpit applications through its subsidiary, Ruylong Electronics [4][22] Competitive Advantages - Strong cost control and efficient production processes contribute to stable gross margins [10][19] - Government subsidies and investment returns provide additional profit stability [10][20] - The company maintains a competitive edge through advanced technology solutions and effective budget management [19][20] Future Outlook - Continued emphasis on expanding Mini LED backlight module market share and optimizing product structure [11] - Anticipated revenue growth in automotive display sector, with targets of 500 million yuan in 2025 and 1 billion yuan by 2026 [17][26] - Ruylong Electronics expected to achieve profitability by 2026, with projected revenues of 300 to 500 million yuan [22][26] Additional Insights - The company’s display terminal business includes traditional LCD, automotive displays, and direct display business, with a strategic focus on automotive displays moving forward [5][18] - The average price of Mini LED products varies significantly based on product positioning, with high-end products priced between 1,000 to 2,000 yuan [11] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Xindai's robust growth trajectory and market positioning within the Mini LED and automotive display sectors.

一、首次回购公司股份的具体情况 2025 年 5 月 7 日，公司首次通过回购专用证券账户以集中竞价交易方式回 购公司股份 10,000 股，占公司总股本的 0.0045%，最高成交价为 19.82 元/股， 最低成交价为 19.81 元/股，成交总金额为 198,153.00 元（不含交易费用）。本 安徽芯瑞达科技股份有限公司 关于首次回购公司股份的公告 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。 安徽芯瑞达科技股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日 召开第三届董事会第十八次会议，审议通过了《关于公司回购股份方案的议案》， 同意公司使用自有资金或股票回购专项贷款资金以集中竞价交易方式回购公司 股份，回购股份用于未来实施股权激励计划。本次用于回购的资金总额不低于 人民币 1,000 万元（含），不超过人民币 2,000 万元（含）。若按回购金额上限 2,000 万元，回购价格上限 26.96 元/股测算，拟回购股份数量不超过 741,840 股， 约占公司目前总股本的 0.33%；若按回购金额下限 1,000 万元，回购价格上限 ...

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。 公司后续将根据市场情况在回购期限内实施本次回购方案，并根据相关法 律、法规和规范性文件的规定及时履行信息披露义务，敬请广大投资者注意投 资风险。 安徽芯瑞达科技股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日 召开第三届董事会第十八次会议，审议通过了《关于公司回购股份方案的议案》， 同意公司使用自有资金或股票回购专项贷款资金以集中竞价交易方式回购公司 股份，回购股份用于未来实施股权激励计划。本次用于回购的资金总额不低于 人民币 1,000 万元（含），不超过人民币 2,000 万元（含）。若按回购金额上限 2,000 万元，回购价格上限 26.96 元/股测算，拟回购股份数量不超过 741,840 股， 约占公司目前总股本的 0.33%；若按回购金额下限 1,000 万元，回购价格上限 26.96 元/股测算，拟回购股份数量不超过 370,920 股，约占公司目前总股本的 0.17%。具体回购股份的数量以回购期满时实际回购的股份数量为准。回购股份 实施期限为自公司董事会审议通过本次回购股份方案之 ...

Financial Performance - In 2024, the company reported a comprehensive sales gross margin of 20.47% and a net profit margin of 10.06% [1] - In Q1 2025, the comprehensive sales gross margin increased to 25.15%, with a net profit margin of 18.07% [2] - The significant decline in revenue in 2024 was attributed to intensified competition in overseas markets, slower new product rollout, increased expenses, and extended accounts receivable periods [2][3] Strategic Focus - In 2025, the company plans to reduce or eliminate its traditional display terminal business, with Q1 revenue primarily coming from the backlight module business [2][4] - The strategic focus for 2025 is on "focusing on core (modules), specializing, and moving up the industry," emphasizing the development of display module business and accelerating the automotive display sector [4] Growth Opportunities - The company anticipates a revenue growth of 40%-60% in display modules for 2025, aiming for a net profit of approximately 170 million yuan [4] - The display module business grew by 35% year-on-year in 2024, with MiniLED display modules experiencing a doubling in growth [5] - The automotive display business is identified as a second growth curve, with products already in the sampling phase and beginning mass shipments [6] Industry Outlook - The display industry is entering a rapid growth phase, driven by national subsidy policies and the accelerated penetration of MiniLED technology [5] - The global shipment volume in the large-size display market remains stable at around 200 million units, with the industry expected to expand further with advancements in MiniLED, MiniRGB, and MicroLED technologies [7][8]

证券代码：002983 股票简称：芯瑞达 公告编号：2025-026 安徽芯瑞达科技股份有限公司 回购报告书 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、本次回购基本情况 （1）回购股份的种类：公司发行的人民币普通股（A 股）； （2）回购股份的用途：拟用于未来实施股权激励计划，若公司未能在披露 股份回购实施结果公告后 3 年内完成授予完毕已回购股份，未授予的股份将依 法予以注销。 （3）回购价格区间：回购股份价格上限不高于 26.96 元/股（含），未超过 董事会审议通过回购股份决议前 30 个交易日股票交易均价的 150%。 （4）回购股份规模：本次回购股份的资金总额不低于人民币 1,000 万元（含）， 不超过人民币 2,000 万元（含）。按回购金额上限 2,000 万元，回购价格上限 26.96 元/股测算，预计回购股份数量约为 741,840 股，约占公司目前总股本的 0.33%； 按回购金额下限 1,000 万元，回购价格上限 26.96 元/股测算，拟回购股份数量不 超过 370,920 股，约占公司目前总股本的 0.17 ...

证券代码：002983 股票简称：芯瑞达 公告编号：2025-025 安徽芯瑞达科技股份有限公司 关于回购事项前十名股东和 前十名无限售条件股东持股情况的公告 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、前十名股东持股情况 | 4 | 深圳南山创维信息技术产业创 | 2229589 | 1.00 | | --- | --- | --- | --- | | | 业投资基金（有限合伙） | | | | 5 | 王鹏生 | 1794639 | 0.80 | | 6 | 华泰证券股份有限公司客户信 | 717856 | 0.32 | | | 用交易担保证券账户 | | | | 7 | 张武峰 | 529378 | 0.24 | | 8 | 西部证券股份有限公司客户信 | 418896 | 0.19 | | | 用交易担保证券账户 | | | | 9 | 盛伯根 | 384289 | 0.17 | | 10 | 李泉涌 | 369484 | 0.17 | 二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量（股） | 占无限售条件股 | | - ...

Group 1: Financial Performance - In 2024, the company achieved a total revenue of 1.183 billion CNY, with a net profit attributable to shareholders of 118 million CNY, and a net profit excluding non-recurring items of 100 million CNY, indicating a year-on-year decrease primarily due to the impact of display terminal business [3] - In Q4 2024, the company reported revenue of 419 million CNY, a significant year-on-year increase of 157.68%, positively influencing the annual performance [3] - In Q1 2025, the company generated revenue of 259 million CNY, a slight year-on-year increase, with a net profit of 46 million CNY, reflecting a growth of 32% [3] Group 2: Mini LED Business Insights - In 2024, the revenue from Mini LED display modules doubled year-on-year, accounting for over 50% of the company's total revenue [3] - The global market for Mini LED typical terminals is projected to reach 54.05 billion USD in 2024, with a year-on-year growth of 22.4%, and is expected to exceed 100 billion USD in 2025, growing by 95.9% [4] - The introduction of Mini RGB backlight technology enhances color gamut and display quality, positioning it as a competitive advantage over traditional display technologies [4] Group 3: Strategic Developments - The company is focusing on the development of new display terminal products, including Mini LED-based direct display products and automotive display terminals, while reducing reliance on traditional display terminals due to declining profitability [4] - The strategic goal for 2025 includes a revenue growth target of 40%-60% for display modules, with projected revenue between 1.2 billion CNY and 1.5 billion CNY [8] - The automotive display business is being developed in collaboration with the company's affiliate, RuLong Electronics, to enhance brand promotion and reduce communication costs [6][7] Group 4: Market and Policy Impact - National policies promoting consumption through subsidies have significantly boosted orders for display products, reflecting a strong market demand for high-quality display parameters [5] - The display industry is characterized by stable global shipments of around 200 million units, with ongoing technological advancements driving market growth [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10] Core Views - The company is experiencing a performance recovery point, with significant growth expected in Mini modules and a gradual recovery in display terminals [2][13] - The company has announced a share buyback and incentive plan to anchor growth confidence [9][13] Revenue Analysis - Mini module revenue is expected to grow significantly, with a year-on-year increase of 35% for display modules and a projected doubling in Q4 [7][9] - Display terminal revenue has decreased by 45% year-on-year, but a recovery is anticipated in Q4 [7] Profit Analysis - The company reported a revenue of 259 million yuan in Q1 2025, a year-on-year increase of 3.4%, and a net profit of 46 million yuan, up 31.6% year-on-year [9] - For the full year 2024, the company expects a revenue of 1.183 billion yuan, a slight increase of 0.6% year-on-year, but a decline in net profit by 28.8% [9] Financial Forecast - The company forecasts revenues of 1.505 billion yuan in 2025, representing a year-on-year growth of 27.2%, and net profits of 156 million yuan, up 31.8% [12][13] - The projected gross margin is expected to improve to 22.5% in 2025 [12] Shareholder Returns - The company plans to distribute a dividend of 2.5 yuan per 10 shares, corresponding to a payout ratio of 47% [9] - The incentive plan includes granting 1.2668 million restricted shares to 70 individuals, including 5 executives, with a grant price of 8.36 yuan per share [9]