【私募调研记录】重阳投资调研颀中科技

Group 1 - The core viewpoint of the news is that the well-known private equity firm, Rongyang Investment, recently conducted research on a listed company, Qizhong Technology, highlighting its customer base and revenue distribution [1] - Qizhong Technology's main end customers include BOE Technology Group, Huaxing Optoelectronics, Tianma Microelectronics, and Visionox [1] - In Q1 2025, the company's domestic sales accounted for approximately 64% of total revenue, while international sales made up about 36% [1] - In the display business segment, the revenue breakdown is as follows: 38% from high-definition televisions, 43% from smartphones, 7% from laptops, and 6% from monitors [1] - In the non-display business segment, power management contributes approximately 68% of revenue, while radio frequency front-end accounts for over 20% [1] - The impact of the recent U.S. tariff increase on the company is limited, but attention should be paid to changes in international trade policies and global semiconductor market demand [1] - More than half of the company's wafer supply comes from domestic wafer manufacturers such as SMIC, Jinghe Integrated, Yuexin, and Huahong, with the remainder sourced from foreign manufacturers like TSMC, Powerchip, World Advanced, and UMC [1] - In Q1 2025, the revenue contribution from large-size display driver chip packaging and testing was 36%, while small-size accounted for 56% [1]