【私募调研记录】源乐晟资产调研芯瑞达

Group 1 - The core viewpoint of the news is that the private equity firm Yuanlesheng Asset Management has conducted research on a listed company, focusing on the MiniLED television market and the company's growth prospects in both traditional and automotive display sectors [1] - The MiniLED television shipment volume is projected to reach 8.2 million units in 2024, with a penetration rate of 3.8%, and is expected to grow by approximately 50% to 11.56 million units in 2025 [1] - The company primarily serves global top 10 brand clients, and the unit value of MiniLED backlight modules varies significantly based on technical solutions [1] - The company has successfully integrated orders following the government's subsidy policy for replacing old consumer goods, which has accelerated order intake [1] - The traditional display terminal business has achieved its strategic goals, and the company plans to focus on expanding its automotive display business [1] - The company's net profit margin for Q1 2025 is reported at 18.05%, with revenue from MiniLED backlight modules expected to exceed 1 billion to 1.5 billion yuan, and automotive display revenue projected at 50 million yuan [1]