Core Viewpoint - The company is focusing on differentiated, customized, and diversified display module products, with a strong emphasis on complex modules and automotive electronic terminals for future growth [1][2][4]. Group 1: Product Offerings - The company started with black and white LCD products and has expanded to color screens, automotive displays, and complex modules, with revenue contributions of 64% from color LCD modules, 22% from monochrome LCD modules, 11% from displays, and 3% from touch screens [1]. - The company provides customized services to high-quality clients across various industries, including smart home, smart finance terminals, communication equipment, industrial control, energy, healthcare, automotive electronics, and consumer electronics [1]. Group 2: Financial Performance - The company has shown steady growth, with a 5-year revenue CAGR of approximately 24% and a net profit CAGR of about 33% [2]. - The average product price increased from 9.7 to 14.6 yuan per unit from 2021 to 2024, reflecting a CAGR of 14% [2]. Group 3: Future Growth Areas - The company is focusing on complex modules and automotive electronic terminals, having made progress in developing smart serial display modules and variable light rearview mirror modules [2]. - The ASIC market is expected to grow rapidly due to the increasing demand for AI applications, with major companies like Google, Intel, and Amazon leading the way [3]. - The enterprise SSD market is projected to reach $39.6 billion globally and $9.1 billion in China by 2029, driven by trends in AI, data centers, and cloud storage [3]. Group 4: Strategic Partnerships - The company is collaborating with Tianlianxin and Xincun Technology to establish a full-chain layout for ASIC and enterprise storage modules, focusing on chip research and development, module manufacturing, and application implementation [4]. - Tianlianxin is responsible for developing ASIC chips and enterprise storage products, while Xincun Technology focuses on PCM chip design and manufacturing [4].
天山电子(301379)：天山电子深度：主业稳健成长 ASIC及存储模组全链条布局