Industry and Technology Development - The LED industry began developing in China in the 1990s, experiencing three technological leaps, with LianYade leading the progress [2] - The first breakthrough occurred in 1998 when LianYade launched the first full-color LED screen in China, achieving the largest market share in the industry [2] - In 2010, the company developed small-pitch LEDs with a pixel pitch below 2.5mm, which have gradually replaced traditional DLP and LCD products over the past decade [2][3] - By 2020, the industry saw a breakthrough with the mass production of Micro LED technology, leading to the establishment of a joint venture for Micro LED production [3] - Micro LED technology is expected to replace many traditional display products, with LianYade's Micro LED series covering 80% of the indoor small-pitch LED market [3] Business Development and Strategy - Since its establishment in 1995, LianYade has focused on the R&D, production, and application of LED displays, expanding its business through horizontal mergers post-2012 [3][4] - The revenue share from display business decreased from 100% to around 50% in 2018 but has since rebounded to approximately 85% due to advancements in Micro LED technology [3][4] - The company has initiated a new three-year strategic cycle starting in 2022, focusing on solidifying its smart display business and expanding application markets [4] Financial Performance - In 2022, LianYade achieved a revenue of approximately 8.5 billion yuan, a decrease of about 4% year-on-year, with the smart display segment contributing around 7.2 billion yuan, marking a 5% increase [4] - The company experienced a significant decline in new orders for its cultural tourism segment, with a 61% drop year-on-year, leading to substantial losses [4] - Goodwill impairment amounted to approximately 236 million yuan, with the goodwill net value of other acquired companies reduced to zero [4] Future Outlook and Market Position - LianYade plans to continue investing in Micro LED technology to reduce costs and expand market scale, with a focus on smaller applications [3][4] - The company has achieved significant breakthroughs in Micro LED technology, with the black diamond series officially launched in October 2022 [4] - The company is optimistic about market recovery in 2023, despite current stability in the overall market [5]

Group 1: Industry and Technology Development - The LED industry in China has undergone three technological leaps since the 1990s, with Leyard leading the progress [2] - Leyard launched the first full-color LED screen in 1998, achieving the largest scale in the industry [2] - In 2010, Leyard developed small-pitch LED technology, which has gradually replaced DLP and LCD products in the market [3] - By 2020, the industry saw a breakthrough with the mass production of Micro LED technology, with Leyard establishing a joint venture for Micro LED production [3] - Leyard's Micro LED technology aims to replace traditional display products across various applications, including TVs and mobile devices [3] Group 2: Business Development and Strategy - Since its establishment in 1995, Leyard has focused on R&D, production, and application of LED displays [4] - After going public in 2012, Leyard expanded its business into cultural tourism and virtual reality through horizontal mergers [4] - The revenue share from display business decreased from 100% to around 50% by 2018, but has since recovered to approximately 85% due to advancements in Micro LED technology [4] - In 2022, Leyard initiated a new three-year strategic cycle, focusing on solidifying its smart display business and expanding applications [4] Group 3: Financial Performance and Market Strategy - Leyard's gross margin for overseas business decreased due to a strategic shift in market focus, particularly towards Asia, Africa, and Latin America [5] - The gross margin improved in Q3 2022 due to the production capabilities of the Hunan factory, reducing reliance on outsourcing [5] - Leyard aims to reduce Micro LED costs through various strategies, including improving chip production efficiency and exploring alternative materials [5] Group 4: Future Plans and Market Expansion - Leyard plans to enhance its presence in the cinema market by meeting technical requirements and obtaining DCI certification [6] - The company has received orders for 10 cinema screens and aims to further penetrate the cinema market [6] - Government investment in cultural tourism is expected to focus on enhancing tourist experiences through technology, with projects likely to be smaller in scale compared to previous years [6]

Group 1: Company Overview and Business Operations - Liard has developed LED small-pitch products since 2007, launching the world's first model in 2011 and has since undertaken hundreds of projects while continuously investing in R&D to meet market demands [3] - The company reported a revenue of 191.72 million CNY from small-pitch TVs in the first half of 2014, representing a 234.98% increase compared to the same period last year [2] - As of August 20, 2014, orders for LED small-pitch TVs reached 413 million CNY, achieving 82.6% of the annual order target [2] Group 2: Product Advantages and Market Strategy - LED small-pitch TVs offer numerous advantages including high brightness, energy efficiency, long lifespan, low maintenance costs, high refresh rates, flicker-free screens, wide viewing angles, and support for 3D and multi-window displays [2] - The cost of LED small-pitch TV components, particularly the LED chips, accounts for approximately 70% of the total cost, which is expected to decrease as chip prices decline [2] - The company plans to gradually introduce LED small-pitch TVs into the high-end consumer market in the fourth quarter of 2014 while continuing to develop new products to meet market needs [2] Group 3: International Market Performance - Revenue from overseas markets was approximately 59 million CNY in 2011, 85 million CNY in 2012, and reached around 200 million CNY in 2013, with overseas orders totaling 148 million CNY by June 30, 2014, marking an 85% increase year-on-year [3] - The company has established a basic overseas market structure, indicating rapid growth and promising future prospects [3] Group 4: Strategic Partnerships and Future Directions - In June 2014, Liard signed a strategic cooperation letter with Feisheng (Shanghai) Electronic Trading Co., which will exclusively procure from Liard for a certain international brand, enhancing market reach and brand recognition [4] - The company aims to pursue both organic growth and external acquisitions, focusing on finding investment and acquisition targets related to its "four-wheel business" strategy [4]

证券代码：300296 证券简称：利亚德 利亚德光电股份有限公司投资者关系活动记录表 编号：2014-026 | --- | --- | --- | |----------------|-------------------------------|---------------------------------| | | | | | 投资者关系活动 | ■ 特定对象调研 | □ 分析师会议 | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 日信证券 焦东伟 | | | 人员姓名 | 英大证券 刘杰 | | | | 中海基金 徐杰超 | | | | 大成基金 徐彦 | | | | 新华基金 孔雪梅 | | | | 兴业证券 于腾达 刘亮 | | | | 太平洋资产管理 陆晴炜 | | | | 第一创业证券 周志敏 | | | | 圆信永丰基金管理有限公司 杨祺 | | | | 航天科工资产管理有限公司 贾伟 | | | 时间 | 2014 年 7 月 ...