【深天马A（000050.SZ）】盈利能力持续修复，车载业务成长迅速——跟踪报告之五（刘凯/朱宇澍）

Core Viewpoint - The company demonstrated strong revenue growth and improved profitability in Q2 2025, driven by its competitive advantages in various display segments, particularly in automotive and professional displays [4][6]. Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 9.163 billion, representing a year-on-year increase of 12.47% and a quarter-on-quarter increase of 10.25% [4]. - The net profit attributable to the parent company after deducting non-recurring items was -0.114 billion, showing a reduction in losses compared to previous periods [4]. - The gross profit margin improved to 16.18%, an increase of 3.8 percentage points year-on-year [4]. Group 2: Production and Capacity Expansion - In H1 2025, the company accelerated the ramp-up of its TM20 production line, leading to a significant increase in the number of projects and delivery scale for automotive and IT module products [5]. - The TM18 production line's output volume continued to rise, enhancing the company's capability for high-spec products and supporting the launch of multiple flagship models [5]. - The TM19 production line achieved rapid capacity growth and met delivery capability targets ahead of schedule, successfully introducing products across various applications [5]. Group 3: Competitive Position in Non-Consumer Display Business - In H1 2025, the revenue from non-consumer display businesses, including automotive and professional displays, accounted for over 50% of total revenue, with a growth rate exceeding 26% [6]. - The company maintained its leading position in the automotive display sector, achieving the highest global shipment volumes in automotive displays, instrument displays, and heads-up displays (HUD) [6]. - The shipment volume of LTPS automotive display products increased by over 76% year-on-year, positioning the company as the second globally and first domestically in this segment [6].