南极光（300940.SZ）2024年净利暴涨超11倍，Switch中大尺寸赛道量价齐升

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].