宸展光电分析师会议-20250829

Group 1: Report Overview - The research object of the report is Chenzhan Optoelectronics, belonging to the optoelectronic industry, and the reception time was on August 29, 2025 [16] - Participating research institutions include Penghua Fund, Yinhua Fund, CITIC Securities, Guotai Junan Asset Management, Guoshou Anbao, etc [2] Group 2: Company Operation - In the first half of 2025, the company achieved a revenue of 1.196 billion yuan and a net profit attributable to shareholders of 112 million yuan. Affected by the decline in sales in the North American new - energy vehicle market and the increase in equity incentive expenses, the revenue and net profit declined slightly, but the overall profitability remained strong [23] - The company's main business plans for 2025 include adjusting strategies for the ODM, OBM MicroTouch, and intelligent cockpit business segments, improving the global manufacturing system, enhancing R & D capabilities, and building a global team [24] Group 3: Key Questions and Answers Revenue Structure - In the first half of 2025, the ODM business contributed nearly 65% of the revenue, the vehicle - display business contributed over 28%, and the rest came from the MicroTouch self - owned brand business [25] Gross Margin - The company's comprehensive gross margin in the first half of 2025 was 23.92%, a 0.36% increase from the same period last year, mainly due to the decrease in the revenue contribution of low - margin vehicle - display products [25] - The decline in the gross margin of vehicle - display products was due to the small revenue scale and the fact that the Thai factory was still in the production - ramping - up period [25] Factory Capacity - The company's first factory in Thailand has entered mass production, mainly producing vehicle - display screens for North American new - energy vehicle manufacturers and meeting the all - in - one machine production needs of some European and American customers. The company plans to expand the production capacity of all - in - one machines in Thailand and may expand production capacity in Europe and America in the future [25] Orders and Revenue Outlook - The company's orders in the second half of 2025 meet expectations. The management will strive to achieve the revenue target for 2025 set in the second - phase restricted - stock equity incentive plan [26] Product Proportion - The proportion of all - in - one machines in the commercial display segment has steadily increased, reaching nearly 47% in the first half of the year [27] Self - owned Brand Business - The company has been focusing on the development of its self - owned brand business. In 2025, MicroTouch adopted the overseas subsidiary model to develop in synergy with the group and adjusted its business expansion strategy. As of now, it has obtained orders from many well - known global enterprises [27]