LED显控龙头，技术升级助力成长

Investment Rating - The report indicates a strong investment outlook for the company, with projected revenue growth and profitability improvements over the coming years [19][84]. Core Insights - The company is positioned in a rapidly growing market for LED display technology, particularly in the small-pitch segment, which is expected to expand significantly due to increasing demand for high-definition displays [10][19]. - The company has established a solid customer base, with major clients contributing to nearly 40% of its revenue, and is benefiting from the capacity expansion plans of these clients [8][19]. - The company has a competitive edge in technology, particularly with its micro-pitch LED display quality engine technology, which enhances display precision and color management [10][11]. Summary by Sections Market Position and Growth - The company is a leader in the LED display control system market, with a significant share of the market concentrated among top manufacturers [8][19]. - The revenue and net profit for 2023 are projected to be CNY 304.6 million and CNY 61.8 million, respectively, reflecting year-on-year growth of 40.10% and 100.56% [19][84]. Product Development and Technology - The company has developed advanced technologies for video processing and display control, including a comprehensive product line that supports various display formats [31][32]. - The integration of video processing and display control systems is a key trend, enhancing system reliability and reducing costs [61][70]. Financial Performance - The company has shown consistent revenue growth, with a projected increase in total revenue from CNY 21.74 billion in 2022 to CNY 74.91 billion by 2026 [84]. - The gross margin is expected to improve, with the LED display control system and video processing system contributing significantly to profitability [84][87]. R&D and Innovation - The company has a strong focus on R&D, with a high R&D expense ratio compared to peers, and has filed 88 patents, indicating robust innovation capabilities [27][46]. - The company is actively expanding its product offerings in the 4K and 8K ultra-high-definition display markets, which are anticipated to drive future growth [71][84].