Core Viewpoint - The company is experiencing a decline in revenue and profit due to weak domestic market demand, but it is focusing on high-end products to maintain profitability and market position [1][6]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.533 billion yuan, a year-on-year decrease of 1.93%, and a net profit attributable to shareholders of 294 million yuan, down 9.33% [1]. - In Q2 2025, the company reported revenue of 912 million yuan, a year-on-year increase of 3.41%, but net profit decreased by 4.95% to 192 million yuan [1]. Market Trends - The MLED market is growing, with investment in China expected to reach approximately 84.58 billion yuan in 2024, a year-on-year increase of 50.30% [2]. - The company is positioned well in the COB display control market, which is distinct from traditional SMD control, ensuring profitability [2]. Product Development - The company is focusing on high-end video processing systems, with sales increasing by 5.51% year-on-year, although sales volume decreased by 8.06% [3]. - The introduction of the "PWM+PAM hybrid drive chip" for the Infinity MLED solution enhances image quality and demonstrates the company's technological leadership [5]. Future Outlook - The company is expected to maintain a leading market share and strong positioning in key growth segments like COB and MLED, which will help it outperform competitors during industry downturns [6]. - Revenue projections for 2025-2027 are 3.48 billion yuan, 4.24 billion yuan, and 5.67 billion yuan, with corresponding net profits of 605 million yuan, 862 million yuan, and 1.215 billion yuan [7].
诺瓦星云(301589)：聚焦高阶产品路径 静待行业景气复苏