TIANMA(SZ:000050) Jin Rong Jie·2026-01-14 02:24Core Viewpoint - The company has shown significant growth in its automotive business, with a 24% year-on-year increase in sales for the first three quarters of 2025, driven by traditional automotive displays, automotive electronics, and domestic new energy sectors [1][3]. Group 1: Automotive Business - The automotive business sales increased by approximately 24% year-on-year in the first three quarters of 2025, with traditional automotive displays stable and growth in automotive electronics and new energy sectors [1][3]. - The gross margin for the automotive business has remained stable year-on-year, with expectations for continued growth despite competitive pressures [6]. - The company plans to enhance product value through improved technical solutions, increased LTPS technology penetration, and product size upgrades [1][6]. Group 2: Flexible OLED Business - The flexible OLED business has seen a significant improvement, with net profit from the TM17 production line increasing by over 30% year-on-year, and the launch of the first flexible wearable product [5]. - The TM18 production line is ramping up production of high-end flagship products, achieving coverage of major domestic brand flagship models [5]. Group 3: Non-Display Business - The company is focusing on non-display applications based on panel technology and TFT driving technology, establishing an MPG platform for developing technologies in areas like smart antennas and microfluidics [4]. - Current non-display business initiatives are in the incubation phase, with some technologies already in small-scale production [4]. Group 4: Micro-LED Business - The company has been developing Micro-LED technology since 2017, focusing on automotive and splicing display applications, with plans for small-scale production of standardized display modules in 2025 [6]. - The company has launched industry-leading Micro-LED products, including a 108-inch and a 135-inch 4K seamless splicing display, showcasing advancements in size, contrast, color range, and brightness [6]. Group 5: Future Planning and Strategy - The company adheres to a "2+1+N" strategy, focusing on mobile and automotive displays as core businesses, with IT displays as a key growth area and non-display applications as value-added businesses [2][9]. - Future projects include the construction of the 8.6-generation panel production line (TM19), new display module production line (TM20), and full-process Micro-LED production line, aimed at enhancing long-term competitiveness [2][9].