Group 1: Company Development Trends - The global market size for Mini LED (MLED) is expected to reach $33 billion by 2028, with a compound annual growth rate (CAGR) of approximately 40% from 2024 to 2028 [2][3] - The company has proactively laid out relevant technologies in the MLED field and has launched core detection equipment and integrated circuits, anticipating rapid revenue growth from MLED [2][3] Group 2: Overseas Market Strategy - Despite domestic market pressures, the overseas market is expected to maintain good growth momentum, supported by a comprehensive overseas sales system covering key regions globally [3] - The company's overseas revenue increased by 32.03% in 2024, accounting for 19.10% of total revenue; in the first half of 2025, overseas revenue grew by 21.31% year-on-year, making up 22.89% of total revenue [3][4] Group 3: Product Innovation and Virtual Shooting - The company is focused on exploring high-value areas in downstream applications and is committed to continuous technological innovation and product upgrades to enhance profit margins [3] - Virtual shooting, a significant application area, offers advantages over traditional green screen methods, improving production efficiency and visual effects; the company's solutions are already applied in various domestic and international virtual studios [3][4] Group 4: Future Development Strategy - The company aims to enhance and solidify its market position by focusing on long-term development, innovating across R&D, production, and sales, and increasing investment in R&D [4] - There is a commitment to strengthen technical cooperation with leading enterprises and research institutions in the industry to maintain a competitive edge in emerging fields [4]

Investment Rating - The report has downgraded the investment rating to "Recommended" for Nova Star Cloud (301589) [2][8]. Core Views - The company achieved total operating revenue of 1.533 billion yuan in H1 2025, a year-on-year decrease of 1.93%. The total profit reached 336 million yuan, down 7.86% year-on-year, and the net profit attributable to the parent company was 294 million yuan, a decline of 9.33% year-on-year [2][4]. - The company is focusing on dual growth through commercialization and overseas expansion, with a notable 21.31% year-on-year increase in overseas revenue in H1 2025, indicating the effectiveness of its international strategy [4][8]. - The company has a strong commitment to R&D, with a 1.31% increase in R&D investment year-on-year, and 40.55% of its employees are engaged in R&D activities [8]. Financial Summary - The projected total operating revenue for 2025-2027 is 3.606 billion, 4.021 billion, and 4.582 billion yuan, with year-on-year growth rates of 10%, 11.5%, and 13.9% respectively [4][8]. - The net profit attributable to the parent company is expected to be 676 million, 777 million, and 928 million yuan for the same period, with growth rates of 14%, 14.9%, and 19.4% respectively [4][8]. - The earnings per share (EPS) are projected to be 7.32, 8.41, and 10.04 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 24, 21, and 18 [4][8]. Market Position and Strategy - The company is positioned as a leader in the MLED sector, with significant advancements in technology and product offerings, including the launch of core detection equipment and integrated circuit products [8]. - The company has established a global service system around major cities and is implementing a "7×24 hours" response mechanism to enhance overseas customer service capabilities [8]. - The company plans to maintain a high cash dividend payout, distributing 5.60 yuan per 10 shares, which reflects a commitment to shareholder returns while focusing on core business investments [8].

Core Viewpoint - Nova Star Cloud experienced a decline of 3.87% in stock price on September 18, with a trading volume of 246 million yuan, indicating potential market volatility and investor sentiment shifts [1]. Financing Summary - On September 18, Nova Star Cloud had a financing buy amount of 33.56 million yuan, with a net financing purchase of 6.18 million yuan after repayments [1]. - The total financing and securities balance reached 317 million yuan, with the financing balance accounting for 5.19% of the circulating market value, indicating a high level of leverage compared to the past year [1]. - The company had a securities lending balance of 77.79 thousand yuan, with a lending volume of 4,400 shares, also reflecting a high level compared to the past year [1]. Financial Performance - For the first half of 2025, Nova Star Cloud reported a revenue of 1.533 billion yuan, a year-on-year decrease of 1.93%, and a net profit attributable to shareholders of 294 million yuan, down 9.33% year-on-year [2]. - As of June 30, 2025, the number of shareholders decreased by 3.87% to 10,900, while the average circulating shares per person increased by 4.03% to 3,149 shares [2]. Dividend and Shareholding - Since its A-share listing, Nova Star Cloud has distributed a total of 627 million yuan in dividends [3]. - As of June 30, 2025, the top ten circulating shareholders saw a change, with Ruiyuan Growth Value Mixed A (007119) exiting the list [3].

Company Overview - Full Name: Xi'an Nova Star Cloud Technology Co., Ltd [1] - Abbreviation: Nova Star Cloud [1] - Stock Code: 301589.SZ [1] - IPO Application Date: December 27, 2021 [1] - Listing Date: February 8, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - IPO Sponsor: Minsheng Securities [1] - Lead Underwriters: Wang Bing, Tong Mu [1] - IPO Legal Advisor: King & Wood Mallesons [1] - IPO Audit Firm: Dahua Certified Public Accountants [1] IPO Performance - Listing Cycle: Nova Star Cloud's listing cycle is 773 days, exceeding the average of 629.45 days for A-share companies listed in 2024 [1] - Underwriting Fees: The underwriting and sponsorship fees amount to 94.717 million yuan, with a commission rate of 5.81%, lower than the average of 7.71% [1] - First Day Performance: The stock price increased by 202.62% on the first day of listing compared to the issue price [1] - Three-Month Performance: The stock price rose by 230.22% over the first three months post-listing compared to the issue price [1] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 21.93 times, which is 73.05% of the industry average of 30.02 times [1] - Fundraising: Expected fundraising was 1.21 billion yuan, while actual fundraising reached 1.629 billion yuan, resulting in an oversubscription rate of 34.70% [1] Financial Performance - Revenue Growth: In 2024, the company's operating revenue increased by 7.38% year-on-year [1] - Net Profit Decline: The net profit attributable to the parent company decreased by 2.31% year-on-year [1] - Non-recurring Net Profit: The non-recurring net profit attributable to the parent company also decreased by 2.09% year-on-year [1] Additional Metrics - Abandonment Rate: The abandonment rate is 3.20% [1] - Overall Score: Nova Star Cloud's IPO project received a total score of 86, classified as Grade B [1] - Negative Factors: The negative factors affecting the score include the need for improved information disclosure quality, a listing cycle exceeding two years, a decline in net profit in the first accounting year post-listing, and an abandonment rate of 3.20% [1]

Company Overview - Full Name: Xi'an Nova Star Cloud Technology Co., Ltd [1] - Abbreviation: Nova Star Cloud [1] - Stock Code: 301589.SZ [1] - IPO Application Date: December 27, 2021 [1] - Listing Date: February 8, 2024 [1] - Listing Board: Shenzhen ChiNext [1] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [1] - IPO Sponsor: Minsheng Securities [1] - Legal Advisor: Beijing King & Wood Mallesons [1] - Audit Firm: Dahua Certified Public Accountants [1] Performance Evaluation - Disclosure Issues: Required to clarify whether the actual controller has changed in the last two years and to disclose relevant customer and supplier overlaps [1] - Regulatory Penalties: No deductions [2] - Public Supervision: No deductions [2] - Listing Cycle: Nova Star Cloud's listing cycle is 773 days, exceeding the average of 629.45 days for 2024 A-share listings [3] - Multiple Applications: Not applicable, no deductions [3] - Issuance Costs: Underwriting and sponsorship fees amount to 94.717 million yuan, with a commission rate of 5.81%, lower than the average of 7.71% [4] - First Day Performance: Stock price increased by 202.62% on the first day of listing [4] - Three-Month Performance: Stock price increased by 230.22% compared to the issuance price [5] - Issuance Price-Earnings Ratio: The issuance P/E ratio is 21.93 times, which is 73.05% of the industry average of 30.02 times [6] - Actual Fundraising Ratio: Expected fundraising of 1.21 billion yuan, actual fundraising of 1.629 billion yuan, with an oversubscription ratio of 34.70% [7] - Short-term Performance Post-Listing: Revenue increased by 7.38% year-on-year, while net profit decreased by 2.31% year-on-year [8] - Abandonment Rate: Abandonment rate is 3.20% [9] Overall Score - Total Score: Nova Star Cloud's IPO project scored 86 points, classified as Grade B [9] - Negative Factors: Disclosure quality needs improvement, listing cycle exceeds two years, net profit decline in the first accounting year, and abandonment rate of 3.20% [9]

Group 1 - Nova Star Cloud's stock price decreased by 0.29% on September 12, with a trading volume of 242 million yuan [1] - The financing buy-in amount for Nova Star Cloud on the same day was 48.26 million yuan, while the financing repayment was 27.77 million yuan, resulting in a net financing buy-in of 20.48 million yuan [1] - As of September 12, the total balance of margin trading for Nova Star Cloud was 330 million yuan, with a financing balance of 329 million yuan, accounting for 5.37% of the circulating market value [1] Group 2 - As of June 30, the number of shareholders for Nova Star Cloud was 10,900, a decrease of 3.87% from the previous period [2] - For the first half of 2025, Nova Star Cloud reported operating revenue of 1.533 billion yuan, a year-on-year decrease of 1.93%, and a net profit attributable to shareholders of 294 million yuan, down 9.33% year-on-year [2] - Since its A-share listing, Nova Star Cloud has distributed a total of 627 million yuan in dividends [3]

Group 1 - Nova Star Cloud (SZ 301589) announced that on September 12, 2025, it will accept investor research from GF Fund and others, with participation from Chairman and General Manager Yuan Shengchun and CFO Zhang Zheng [1] - For the year 2024, Nova Star Cloud's revenue composition is 100.0% from the video image display control industry [1] - As of the report date, Nova Star Cloud has a market capitalization of 16.4 billion yuan [1]

Group 1: LED Display Industry Outlook - The global LED display market is projected to reach $7.971 billion by 2025 and $10.236 billion by 2028, with a CAGR of 7% from 2023 to 2028 [3] - Mini LED is identified as a new growth point, with a forecasted market size of $3.3 billion by 2028 and a CAGR of approximately 40% from 2024 to 2028 [3] - The company has strategically positioned itself in the MLED sector, collaborating closely with key clients to develop core detection equipment and integrated circuits [3] Group 2: Ultra HD Video Industry Trends - The ultra HD video industry is transitioning from 2K to 4K, with 8K just beginning and significant growth potential towards 16K resolution [4] - The Chinese ultra HD video industry is expected to exceed 7 trillion yuan by 2025, driven by collaborative efforts among government and industry stakeholders [4] - Future applications of ultra HD technology will integrate with AI, high-performance computing, and VR/AR across various sectors [4] Group 3: Smart City Collaborations - The company's products are applicable in various fields, including smart cities, with ongoing collaboration projects [5] - Continuous monitoring of smart city industry developments is planned to identify suitable partnership opportunities [5] Group 4: Sales Strategy - The company employs a sales strategy that primarily focuses on direct sales, supplemented by distributors [6] - Different cooperation strategies are implemented based on customer needs and technical understanding [6] - Strategic partnerships are formed with strong and trustworthy distributors to enhance market position [6]

Core Viewpoint - Nova Star Cloud (301589.SZ) has indicated that its products are widely applicable in various fields such as performing arts stages, exhibitions, celebrations, and creative displays, but it has not yet served the drone performance sector [1] Group 1 - The company’s products are utilized in performing arts stages [1] - The company’s products are utilized in exhibitions and displays [1] - The company’s products are utilized in celebration activities [1] Group 2 - The company’s products are utilized in creative display applications [1] - The company has not yet entered the drone performance market [1]

Core Viewpoint - Nova Star Cloud (301589.SZ) has indicated that its products are widely applicable in various fields such as performing arts stages, exhibitions, celebrations, and creative displays, but it has not yet served the drone performance sector [1] Group 1 - The company’s products are utilized in performing arts stages [1] - The company’s products are utilized in exhibitions and displays [1] - The company’s products are utilized in celebration activities [1] Group 2 - The company’s products are utilized in creative display applications [1] - The company has not yet entered the drone performance market [1]