TIANMA(000050) 浙商证券·2025-03-17 05:33Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's flexible OLED and automotive display segments are driving a recovery in operational performance, with significant improvements in profitability and revenue growth expected in the coming years [2][3][4] - The company achieved a revenue of 33.494 billion yuan in 2024, representing a year-on-year growth of 3.79%, and a notable reduction in net losses by 68.13% compared to the previous year [8][10] - The flexible OLED business is entering a phase of full-scale development, supported by a diversified customer base and improved production capabilities, leading to a significant increase in revenue contribution from mobile displays [2] - The automotive display segment is experiencing rapid growth, with a projected revenue increase of over 40% in 2024, and the company has secured record-high project values for automotive applications [3] - The IT business is also expanding, with an increase in market share for LTPS NB displays and successful delivery of new monitor products [4] Summary by Sections Mobile Segment - The mobile display business has optimized its structure, with a significant improvement in profitability driven by the flexible OLED segment, which now accounts for over 60% of mobile display revenue [2] Automotive Segment - The automotive display market is growing rapidly, with the company achieving the highest global shipment volumes in automotive displays and head-up displays, and entering large-scale deliveries in the automotive electronics sector [3] IT Segment - The IT business is focusing on high-end positioning, with LTPS LCD technology enhancing competitiveness and successful product launches, including a new 50" commercial display [4] Financial Performance - The company is expected to see revenue growth from 36 billion yuan in 2025 to 43.671 billion yuan in 2027, with net profits projected to turn positive by 2025 [10]