Core Viewpoint - The company Nanji Guang has successfully transformed its business model from primarily mobile backlight modules to larger-sized screen backlight modules, resulting in a significant turnaround in financial performance for 2024, with a revenue of 457 million yuan and a net profit of 20.62 million yuan, compared to a loss of 305 million yuan in 2023 [1][2]. Group 1: Business Transformation - Nanji Guang has shifted its focus from mobile backlight displays to a broader range of applications, including tablets, laptops, automotive displays, and home entertainment, creating a comprehensive product matrix [2][3]. - The company has established long-term partnerships with major display module suppliers and has successfully entered the supply chains of globally recognized brands such as Nintendo, Lenovo, Huawei, and Xiaomi [3]. Group 2: Market Positioning - The company has positioned itself as a core supplier of backlight modules for the upcoming Nintendo Switch 2, which features a 7.9-inch LCD screen with a resolution of 1080p, indicating a strong foothold in the mid-to-large size backlight market [4]. - The anticipated global sales of the Switch 2 are projected to reach 15 million units in 2025, with Nanji Guang's backlight modules expected to contribute approximately 600 million yuan in additional revenue, representing over 30% of its total revenue for 2024 [5]. Group 3: Industry Trends - The company is poised to replace Japanese and Korean suppliers due to its rapid response capabilities and cost advantages, while also planning to expand into Mini/MicroLED products to align with industry trends [7]. - The strategic focus on "technology upgrades + scene expansion" is expected to drive significant revenue growth in the mid-to-large size backlight business over the next three years, potentially elevating the company to the top tier of global backlight module suppliers [7].

Core Viewpoint - Despite the downturn in the consumer electronics industry, the company Nanji Guang (stock code: 300940) achieved a remarkable 11-fold increase in net profit, showcasing its ability to break through challenges and redefine competitive dynamics in the display industry [1][2]. Financial Performance - In 2024, Nanji Guang reported revenue of 457 million yuan, a decrease of 2.5% year-on-year, but net profit surged to 20.62 million yuan, a year-on-year increase of 106.76% [2]. - The first quarter of 2024 saw explosive growth, with revenue reaching 186 million yuan and net profit at 29.73 million yuan, representing year-on-year increases of 265.54% and 367.01%, respectively [2]. Global Expansion - The company's overseas revenue share skyrocketed from 6.25% in 2023 to 48.42% in 2024, marking a staggering year-on-year growth of 675% [3]. - The gross margin for overseas business reached 29.42%, significantly higher than the industry average, validating the premium capability of its "technology going abroad" strategy [3]. Business Strategy - Nanji Guang shifted its focus from mobile phone dependency to a scenario-driven approach, restructuring its business to concentrate on higher-value segments such as large-size displays and advanced technologies like Mini/Micro LED [4]. - The company has established a technological moat in various segments, including tablets, laptops, and automotive displays, through proprietary technologies that enhance product performance [4]. Market Trends - The global laptop shipment is expected to grow by 3.60% in 2024, while tablet shipments are projected to reach 147.6 million units, reflecting a robust recovery [5]. - Nanji Guang's products are entering major supply chains for automotive and laptop displays, indicating a solid market position [5]. Technological Innovation - The company is leveraging its technological advancements to penetrate the Nintendo Switch 2 supply chain, enhancing product value through superior specifications [6]. - There are speculations about Nanji Guang potentially transitioning into a "display solution platform" by developing AI-based display optimization algorithms, which could create new growth avenues [7]. Future Outlook - The company is poised for a "Davis Double" as it embraces long-term growth strategies, aiming to define rules in the AI-driven display market [8].

Core Viewpoint - The company, Nanji Guang, has successfully transitioned from significant losses to profitability, driven by strategic initiatives and strong performance in key product segments [1][2]. Financial Performance - In 2024, Nanji Guang achieved revenue of 457 million yuan and a net profit of 20.63 million yuan, marking a significant turnaround from previous losses [1]. - The fourth quarter of 2024 saw a remarkable revenue of 219 million yuan, a year-on-year increase of 151.9%, with a net profit of 22.17 million yuan and a gross margin of 18.6% [1]. - For the first quarter of 2025, revenue reached 186 million yuan, a year-on-year growth of 265.5%, with a net profit of 29.73 million yuan and a gross margin of 26.97%, the highest in nearly five years [1]. Strategic Developments - The company's transformation is attributed to three strategic pillars: becoming the exclusive supplier for Nintendo's Switch2, significant growth in automotive backlight module orders, and optimization of gross margin structure [2]. - The Switch2, featuring high-brightness Mini-LED backlighting, is expected to have a monthly delivery of over 1 million units starting from Q4 2024, contributing approximately 30% to revenue in 2025 [2]. - Automotive backlight module orders increased by 120% year-on-year, with successful entry into the supply chains of leading automotive companies like BYD and NIO [2]. Market Position and Technology - The global backlight module market is projected to reach 125 billion yuan by 2025, with Mini-LED penetration expected to exceed 20%, driven by growth in automotive and AR/VR applications [3]. - China, as the largest display panel producer, is anticipated to account for over 60% of global shipments in 2024, with rapid technological advancements pushing supply chain upgrades [3]. - Nanji Guang's Mini-LED chip transfer technology boasts a yield rate of 99.9%, with a planned annual production capacity of 4.3 million units at its Huizhou facility, targeting automotive, tablet, and AR/VR markets [3]. Innovation and R&D - The company holds a total of 255 patents, including 18 invention patents, focusing on core processes such as vacuum compression molds and optical microstructure design [4]. - In the Micro-LED sector, the company has achieved chip transfer technology below 100μm with a yield rate of 99.9%, with R&D investment accounting for 10.01% of revenue [4]. - The company has introduced a 10.1-inch automotive backlight module with a brightness of 1000 nits and a 30% reduction in power consumption, already applied in high-end models like the Li Auto L9 [4].

Core Viewpoint - Nanji Guang (stock code: 300940) has demonstrated strong performance and profitability growth in its 2024 annual report and 2025 Q1 report, providing a positive outlook in a challenging market environment [1] Financial Performance - In 2024, Nanji Guang achieved revenue of 457 million yuan and a net profit of 20.63 million yuan, marking a year-on-year increase of 106.76% and successfully turning a profit [2] - For Q1 2025, the company reported revenue of 186 million yuan, a year-on-year growth of 265.54%, and a net profit of 29.73 million yuan, up 367.01%, reaching a recent high [2] - The company's net profit for Q1 2025 exceeded the total net profit for the entire year of 2024, indicating strong growth momentum [2] Business Strategy and Market Position - Nanji Guang has optimized its business structure, expanding its backlight display module products into medium-sized categories, resulting in a gross margin increase to 15.87%, up 19.85% year-on-year [3] - The company has implemented cost control measures, reducing operating expenses by 53.83%, which has improved operational efficiency [3] - The termination of the 2022 restricted stock incentive plan has further released profit space by decreasing equity incentive expenses [3] Key Partnerships and Market Opportunities - The company's growth is significantly supported by its deep engagement in the consumer electronics sector, particularly as a core supplier for Nintendo's Switch gaming console [4] - With the anticipated success of the upcoming Switch 2, which could achieve global sales of 150 million to 250 million units, the backlight module market could reach a scale of 6 billion to 10 billion yuan [4] - In 2024, overseas revenue reached 221 million yuan, a year-on-year increase of 654.83%, with Nintendo orders being a key driver of this growth [4] Research and Development - Nanji Guang emphasizes R&D and technological innovation, holding 320 patents, including 28 invention patents, which bolster its product competitiveness [5] Future Outlook - The company is positioned for a "Davis Double Play" with improving performance and valuation amidst a recovering global smartphone market and consumer electronics industry [6] - Nanji Guang is advancing projects for Mini/Micro-LED display module production and medium-sized LCD display module production, with a total planned investment of 366 million yuan [6] - The company maintains a healthy financial structure with a debt-to-asset ratio of 28.47% and cash reserves of 138 million yuan, indicating strong growth potential [7] - Nanji Guang aims to leverage the global trend of smart upgrades in the consumer electronics industry, particularly opportunities arising from the proliferation of generative AI technology [7]

Company Overview - Company specializes in the research, production, and sales of LED backlight display modules, which are widely used in various display fields such as tablets, laptops, gaming, smartphones, automotive displays, medical displays, industrial control equipment, home appliances, and other consumer electronics [5][6] Industry Status and Trends - The LED backlight display module industry is closely linked to the development of the liquid crystal display (LCD) industry, which is a key focus of national support and policy encouragement [7] - The industry is experiencing a trend towards new technologies, with Mini/Micro-LED and OLED competing in the smartphone market, while LCD remains dominant in professional displays due to its longevity and stability [8][9] - The global tablet market is projected to reach 147.6 million units in 2024, reflecting a 9.2% year-on-year growth, indicating robust demand for backlight display modules across various applications [9] - The industry is moving towards lightweight, ultra-narrow bezel, and irregular designs to meet consumer demands for stylish and portable electronic products [10] - There is a growing trend towards larger display sizes, higher brightness, uniformity, and energy efficiency in backlight display modules to enhance user experience and meet market demands [11][12][13] Market Position - The company has established itself as a leading player in the backlight display module industry through over a decade of experience, strong product development, quality control, and supply capabilities [15] - The company is a qualified supplier for major LCD module manufacturers and has partnerships with well-known brands such as Nintendo, OPPO, VIVO, Xiaomi, Huawei, Samsung, and others [15]

证券代码：300940 证券简称：南极光 公告编号：2025-024 深圳市南极光电子科技股份有限公司 关于会计政策变更的公告 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。 深圳市南极光电子科技股份有限公司（以下简称"公司"）根据中华人民共 和国财政部（以下简称"财政部"）颁布的企业会计准则变更相应的会计政策， 本事项无需提交公司董事会和股东大会审议，不会对公司当期的财务状况、经营 成果和现金流量产生重大影响。现将有关情况公告如下： 一、本次会计政策变更概述 3、变更后采用的会计政策 本次会计政策变更后，公司将执行财政部颁布的《企业会计准则解释第 18 号》相关规定。其他未变更部分仍按照财政部前期颁布的《企业会计准则——基 本准则》和各项具体会计准则、企业会计准则应用指南、企业会计准则解释公告 及其他相关规定执行。 4、变更日期 公司根据财政部相关文件规定的起始日开始执行上述新会计政策。 1、会计政策变更原因 2024 年 12 月 6 日，财政部颁布了《企业会计准则解释第 18 号》（财会 〔2024〕24 号）（以下简称"准则解释第 18 号"），规定对 ...

深圳市南极光电子科技股份有限公司 2024 年度监事会工作报告 2024 年度，深圳市南极光电子科技股份有限公司（以下简称"公司"）监事 会严格按照《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国 证券法》（以下简称《证券法》）等法律法规及《公司章程》《监事会议事规则》 等公司制度的要求，本着对全体股东负责的态度，依法履行职权，列席、出席了 公司董事会和股东大会，并对公司规范运作情况、财务情况、募集资金存放使用 及管理等情况进行了监督，切实维护了公司和全体股东的合法权益。现将报告期 内监事会主要工作情况报告如下： 一、监事会会议召开情况 2024 年监事会共召开 6 次会议，会议的召集、召开程序符合有关法律、法 规、部门规章、规范性文件和《公司章程》的规定，具体工作情况如下： | 序号 | | | 时间 | | | 届次 | 审议议案 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 2024 22 | 日 | 年 | 4 | 月 | 第二届监事会第十 八次会议 | 1、《关于 2023 年度监事会工作报告的议案》 | | | ...

深圳市南极光电子科技股份有限公司 2024 年度内部控制自我评价及相关意见公告 证券代码：300940 证券简称：南极光 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。 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求(以 下简称"企业内部控制规范体系")，结合深圳市南极光电子科技股份有限公司(以下 简称"公司"或"本公司"或"南极光")内部控制制度和评价办法，在内部控制日常 监督和专项监督的基础上，公司对截至 2024 年 12 月 31 日（内部控制评价报告基准 日）的内部控制有效性进行了评价。现将公司 2024 年度内部控制的基本情况报告如 下： 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效 性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施 内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监 事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对报告内容的真实性、准确性和完整性承担 ...

深圳市南极光电子科技股份有限公司 2024 年度非经营性资金占用及其他关联资金往来情况汇总表 | 控股股东、实际控制 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 人及其附属企业 | | | | | | | | | | | 上市公司的子公司及 其附属企业 | 万载南极光电子 科技有限公司 | 全资子公司 | 其他应收款 | 2,191.70 | 731.79 | | | 2,923.48 资金往来 | 非经营性往 来 | | | 惠州市南极光显 | 全资子公司 | 其他应收款 | 120.00 | -101.39 | | 18.61 | 资金往来 | 非经营性往 | | | 示科技有限公司 | | | | | | | | 来 | | 小计 | | | | 2,311.70 | 630.40 | - | 18.61 | 2,923.48 | | | 其他关联方及其附属 | | | | | | | | | | | 企业 | | | | | | | | | | | 总计 | | | | 2,31 ...

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