南极光（300940.SZ）2024年报深度解码：逆势破局背后的“正和博弈”与战略突围

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].