UNILUMIN(SZ:300232) Guoxin Securities·2025-09-16 14:19Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - The company achieved a year-on-year revenue growth of 7.4% and a net profit growth of 20.6% in the first half of the year, driven by the deep exploration of domestic and international markets, rapid increase in Mini/Micro LED market share, and continuous advancement in light display solutions and AI content [1][3]. - Domestic revenue rebounded with a growth of 19.96%, accounting for 40.5% of total revenue, primarily due to increased demand in various application scenarios such as cinema, education, and cultural tourism [2]. - The company has made significant strides in Mini/Micro LED sales, doubling the sales area and exceeding 500 million yuan in sales, while also achieving breakthroughs in sales and technology [2][3]. - The company's strategy of integrating "LED+AI" aims to create a new era of display and interaction, focusing on intelligent scene ecosystems driven by hardware, IP, and scene services [3]. Financial Summary - In the first half of the year, the company reported a revenue of 3.658 billion yuan and a net profit of 121 million yuan, with a gross margin of 28.32% [1]. - The second quarter saw a revenue of 2.081 billion yuan, with a year-on-year decline in net profit to 67 million yuan [1]. - The company maintains its revenue and profit forecasts for 2025-2027, expecting revenues of 8.556 billion yuan, 9.592 billion yuan, and 10.779 billion yuan, respectively, with net profits of 258 million yuan, 339 million yuan, and 400 million yuan [3][4].