Leyard(300296)2024-04-11 16:00Market Growth and Trends - The global market for LED displays is projected to grow at a CAGR of +18.4% from 2022 to 2027, reaching a value of 63.44 billion during this period[41]. - By 2028, it is expected that products with a pixel pitch of less than 1.0mm will account for over 35% of the B2B market sales, with products under 1.4mm increasing to 68.4%[16]. Government and Sector Applications - The share of government sectors in China's mainland market remains at 71.6%, with increasing applications in public security, education, media, and military sectors[14]. - In 2023, the company achieved a revenue of ¥1.53 billion from government clients, with a significant increase in new orders amounting to ¥50 billion[36]. Technological Innovations - More than 50% of display manufacturers are currently investing in Micro LED technology, indicating a significant industry shift towards this innovation[18]. - The company is the first in the industry to publish a Micro LED white paper and has defined Micro LED chip specifications, leading the standardization efforts[19]. - The company has developed a quantum dot COB product in collaboration with Saphlux, which significantly enhances color performance and consistency compared to traditional displays[32]. - The company is collaborating with LG to expand into the overseas cinema market, aiming for diverse installation needs[87]. - The company has developed and fully implemented the "LeadView Smart Integrated Service Platform," which integrates audio-visual information publishing, equipment management, and data analysis, enhancing operational efficiency and business effectiveness[131]. Product Development and Market Strategy - The company plans to mass-produce Micro LED displays with a pixel pitch of 0.3mm by 2024, catering to commercial and high-end residential display needs[45]. - The company is focusing on enhancing the cost-performance ratio of its products to meet market demands and improve competitiveness[21]. - The company aims to cover high, medium, and low-end markets with new product offerings in 2024[55]. - The company plans to launch a large-scale OEM COB Micro LED module in 2024, replacing SMD small-pitch products[63]. - The company is actively exploring market expansion opportunities and new strategies to adapt to changing industry dynamics and consumer preferences[14]. Financial Performance - Confirmed revenue for 2023 is expected to exceed ¥40,000 million, with a target of over ¥80,000 million for 2024[55]. - In 2023, the company's domestic revenue from smart display reached 39.66 billion CNY, accounting for 61.02% of total revenue, while overseas revenue was 25.34 billion CNY, making up 38.98%[153]. - The net profit for 2023 was approximately ¥285.71 million, with a net profit margin of 3.75%, an increase from 3.45% in 2022[178]. - The company has seen a decline in the proportion of direct sales from 56.16% in 2022 to 48.11% in 2023, indicating a strategic shift towards channel sales[135]. Challenges and Market Dynamics - The company experienced a revenue decline of 15.76% in North America in 2023 compared to the previous year, but still achieved an 8% growth compared to 2021[50]. - The smart display segment experienced a revenue decline of over 25% due to a drop in domestic channel business, while the cultural tourism night tour segment saw a 20% increase in orders but a slight revenue decrease due to extended income recognition cycles[176]. - Domestic channel business orders declined by over 30%, impacting overall domestic demand forecasts[187]. - The gross margin for domestic smart display products decreased by 10 percentage points in 2023 due to a decline in channel business performance[192]. Research and Development - The company holds a total of 1,416 patents in the smart display field, including 143 invention patents and 767 domestic utility model patents[200]. - The company has maintained a leading position in technology innovation, having pioneered several key technologies in the LED display industry since its inception[170]. - The company is focusing on AI and spatial computing technologies, with new products like the OptiTrack motion capture system and a low-cost, high-performance motion capture solution[147][150]. Industry Collaborations and Partnerships - The company has integrated a complete industry chain for Micro LED technology, collaborating with partners to enhance essential auxiliary products[175]. - The company has developed a smart pole product line that integrates various devices for urban management, enhancing smart city infrastructure[167].