【京东方精电（0710.HK）】车载+泛工业双轮驱动，系统业务与海外布局驱动长期发展——1H25业绩点评（付天姿/黄铮）

Core Viewpoint - The company reported a revenue of HKD 6.671 billion for 1H25, representing an 8% year-on-year growth, driven primarily by the demand from major clients in the automotive display sector [3]. Group 1: Automotive Display Business - The automotive display business generated revenue of HKD 6.245 billion in 1H25, marking a 9% year-on-year increase, with the company maintaining its position as a global leader in this segment [4]. - According to Omdia's data for January to June 2025, the company ranked first globally in total shipment volume and area for automotive TFT displays, with market shares of 18.2%, 19.9%, and 21.8% for total shipments, total shipment area, and shipments of displays 8 inches and above, respectively [4]. - The shipment volume of automotive LTPS products surged by 78%, while the shipment volume of TFT products measuring 15 inches and above also saw a significant increase of 56% [4]. Group 2: Industrial Display and Strategic Goals - The industrial display business achieved revenue of HKD 426 million in 1H25, reflecting a 5% year-on-year growth, indicating new growth potential [4]. - The company's strategic goal is to have the industrial revenue account for 10% of total revenue by 2027 [4]. Group 3: Tier 1 System Business and Overseas Expansion - The Tier 1 system business has become a new growth engine, with project values increasing by over 100% year-on-year in 1H25, and the company expects a revenue increase of over 20% for this segment in 2025 [5]. - The company aims to achieve breakeven for the Tier 1 business by 4Q25, with key clients including domestic brands like Xiaopeng and Leap Motor [5]. - The overseas business showed mixed results, with European market revenue growing by 9%, while revenues in the Americas, Japan, and South Korea declined by 17%, 34%, and 20%, respectively [5]. Group 4: Production Facilities - The second phase of the Vietnam factory is set to be completed and operational by June 2025, with an initial investment of approximately HKD 70 million for two production lines, and total investment expected to reach around HKD 300 million [7]. - The Chengdu factory has shown significant operational improvement, achieving breakeven in 1H25, with increasing revenue share and decreasing inventory turnover days [7].