诺瓦星云分析师会议-20250626

Group 1: Research Basic Information - The research object is Nova Star Technology, and the reception time is June 26, 2025. The listed company's reception staff includes the Chief Financial Officer and the Secretary of the Board, Zhang Zheng [17] Group 2: Detailed Research Institutions - The reception objects include Ping An Asset Management (an insurance asset management company) with relevant personnel Gu Haoqing, Zhang Xuxin, Gong Yankai, Tong Fei, and Wang Jing, and GF Securities (a securities company) with relevant personnel Wang Yuxiang, Wang Yajie, and Meng Xiangjie [18] Group 3: Proportion of Research Institutions - Insurance asset management companies and securities companies each account for 50% [19] Group 4: Main Content R & D Investment and Achievements - From 2022 - 2024, the company's R & D investment was 319.1845 million yuan, 441.9637 million yuan, and 540.2723 million yuan respectively, accounting for 14.68%, 14.47%, and 16.47% of operating income. As of the end of 2024, the company had 1,177 domestic patents (including 656 invention patents), 27 overseas patents (including 22 invention patents), 238 software copyrights, and 14 integrated circuit layout - design patents [22] LED Display Industry Development - The global LED display market is expected to grow steadily. In 2025, the market size is expected to reach $7.971 billion, and in 2028, it is expected to reach $10.236 billion, with a CAGR of 7% from 2023 - 2028. Mini LED is a new growth point, and its global market size is expected to reach $3.3 billion in 2028, with a CAGR of about 40% from 2024 - 2028. The company, having pre - laid out MLED technology, will be the biggest beneficiary of Mini LED growth [22][23] Ultra - high - definition Video Industry Trends - As the demand for visual experience increases, the display effect of ultra - high - definition video becomes more delicate and real. The industry is upgrading from 2K to 4K, and 8K is just starting. Ultra - high - definition technology will integrate with AI, high - performance computing, VR, etc., and video processing equipment will also be upgraded [23][24] Overseas Business - In 2024, the company's overseas business grew rapidly, with overseas revenue increasing by 32.03% compared to 2023, accounting for 19.10%. In 2025, the company will increase efforts in overseas markets, expand the overseas distribution system, and enhance its global influence [24]