UNILUMIN(SZ:300232) Guoxin Securities·2024-05-08 00:30Investment Rating - The investment rating for the company is "Buy (Maintain)" [5] Core Views - The company reported a 127% year-on-year increase in net profit for 2023, with total revenue of 7.41 billion yuan, representing a 4.73% year-on-year growth [10] - In Q1 2024, the company faced pressure on revenue and profit, with revenue of 1.49 billion yuan, down 8.31% year-on-year and 36.27% quarter-on-quarter [10] - The company is actively expanding its Mini/Micro LED production capacity and has achieved full series coverage and mass production of Mini/Micro LED products [10] Financial Performance - In 2023, the company achieved a gross profit margin of 28.80%, an increase of 2.00 percentage points year-on-year [10] - The company expects revenue growth of 8.4% in 2024, reaching 8.03 billion yuan, and a net profit growth of 95.1%, reaching 282 million yuan [13] - The projected earnings per share for 2024 is 0.26 yuan, with a price-to-earnings ratio of 22.0 [13] Order Situation - The company secured new orders worth 7.03 billion yuan in 2023, with a backlog of 2.17 billion yuan at the end of the year [10] - In Q1 2024, new orders amounted to 1.74 billion yuan, showing year-on-year growth, with a backlog of 2.42 billion yuan at the end of the quarter [10] Technology and Strategic Initiatives - The company is advancing its COB and MIP technology routes and has launched an "AI + Multi-Display Terminal" technology strategy [10] - Collaborations with major companies such as Microsoft and Baidu have been established to enhance its AI applications [10]