Market Overview - The demand for televisions is increasing as living standards improve, with Mini LED TVs becoming a popular choice due to their excellent picture quality. In 2024, the sales volume of Mini LED TVs in China is expected to reach 5.56 million units, accounting for 18.0% of the overall TV market, representing a 15 percentage point increase from the previous year. Predictions indicate that by 2025, the shipment of Mini LED products will grow to 9 million units, a 50% increase [1]. Screen Quality - TCL T7L Pro features a native contrast ratio of 7000:1, which is five times that of standard IPS screens, and has a low reflection rate of 1.8%, significantly reducing environmental light interference [3][6]. - Hisense's small ink E5Q Pro has not disclosed its contrast ratio but offers different screen configurations for various sizes, with the 100-inch version matching TCL's reflection rate, while smaller sizes have higher reflection rates [5][6]. Backlight Partitioning - TCL T7L Pro has 840 local dimming zones, while Hisense small ink E5Q Pro boasts 1248 zones. However, the effectiveness of picture quality is not solely determined by the number of zones, as excessive zones can lead to diminishing returns and halo effects [7][9]. Color and Brightness - Both models claim to cover 98% of the DCI-P3 color space, but TCL T7L Pro utilizes advanced quantum dot technology for better color stability and longevity, ensuring no color fading over time [11]. - TCL T7L Pro achieves a peak brightness of 2200 nits, providing a more realistic representation of high-light details compared to Hisense small ink E5Q Pro, which also claims 2200 nits but does not maintain brightness as effectively [13]. Picture Quality Chip - Hisense small ink E5Q Pro is equipped with an AI picture quality chip that enhances image parameters, while TCL T7L Pro features a dual-enhancement TSR AI chip that significantly improves the quality of lower-resolution content [14][16]. Smart System - TCL T7L Pro runs on a user-friendly system without startup ads, allowing direct access to content, while Hisense small ink E5Q Pro retains startup ads and has a more traditional interface [17][19]. Audio Experience - Hisense small ink E5Q Pro features a high-end sound system from Devialet, providing powerful bass and clear highs, while TCL T7L Pro uses Onkyo Hi-Fi sound, creating a 360-degree surround sound experience [20][22].

Core Viewpoint - Xiaomi has launched several significant products during its 15th anniversary event, including its first SUV model YU7, the Xiaomi 15S Pro smartphone, Pad 7 Ultra tablet, and the S Mini LED 2025 series television, showcasing advancements in technology and design [1][2]. Group 1: Xiaomi YU7 SUV - The Xiaomi YU7 is positioned as a luxury high-performance SUV with three versions: YU7 (long-range rear-wheel drive), YU7 Pro (long-range all-wheel drive), and YU7 Max (high-performance all-wheel drive) [2]. - All versions of YU7 support an 800V silicon carbide high-voltage platform, with specific pricing to be announced in July [2]. Group 2: Xiaomi HyperVision Display - The YU7 features the Xiaomi HyperVision panoramic display, which utilizes PHUD technology with three Mini LED screens to project information onto the windshield [4]. - The HyperVision display offers a 1.1m ultra-wide view, 108 PPD ultra-retina level clarity, peak brightness of 1200 nits, and 903-zone local dimming [6]. - The display is designed to provide driving information for the driver and entertainment for the passenger, with the ability to show blind spot images during turns [6]. Group 3: Xiaomi 15S Pro Smartphone and Pad 7 Ultra - The Xiaomi 15S Pro smartphone features a 6.73-inch OLED display with a resolution of 3200*1440, supporting a refresh rate of 1-120Hz and a peak brightness of 1800 nits [8]. - The smartphone is equipped with a Leica Summilux triple-camera system and a 6100mAh battery with 90W fast charging capabilities [8]. - The Pad 7 Ultra is Xiaomi's first OLED tablet, featuring a 14-inch OLED screen with a resolution of 3200*2136 and a peak brightness of 1600 nits [10]. - Both devices utilize Xiaomi's self-developed O1 processor, built on TSMC's 3nm process technology [11]. Group 4: S Mini LED 2025 Series Television - The S Mini LED 2025 series television starts at a price of 2999 yuan, with a promotional price of 2399.2 yuan after subsidies [13]. - The series includes various sizes, with peak brightness reaching 1700 nits and support for 4K 144Hz display [14]. - The television features a low-reflection screen and advanced optical film design, enhancing the viewing experience [14].

每经记者｜陈鹏丽 每经编辑｜马子卿 5月21日晚，易天股份（SZ300812，股价20.67元，市值28.97亿元）发布公告称，公司拟以自有资金人 民币1元收购深圳市易天半导体设备有限公司（以下简称"易天半导体"）少数股东黄招凤持有的易天半 导体40%股权，对应注册资本400万元，并承担本次收购股权对应的认缴而尚未实缴部分360万元注册资 本的实缴义务。 此次收购之前，易天股份持有易天半导体60%股权。收购完成后，易天半导体将成为上市公司的全资子 公司。易天半导体经审计的财报显示，去年该公司实现营收385.4万元，净亏损接近6000万元。 与这项股权收购消息同步宣布的还有，易天股份与深圳市嘉霖富德房地产有限公司（以下简称"嘉霖房 地产"）终止了2023年6月签订的厂房定制服务协议。《每日经济新闻》记者发现，该协议涉及的厂房定 制总价为3.12亿元，易天股份为满足公司在深圳市宝安区沙井街道的经营场所需求，委托嘉霖房地产提 供厂房定制服务。 易天半导体去年亏损近6000万元，公司处于资不抵债的状态 公告显示，易天半导体40%的股权虽然作价1元，但公司需要承担实缴360万元注册资本的义务。公司 称，本次收购是为进一 ...

Group 1: Overseas Market and Product Distribution - The company's products, including color TVs, white goods, mobile phones, and tablets, are sold in overseas markets such as Asia-Pacific, Middle East, Central and South America, Eastern Europe, North America, and Africa [1]. Group 2: Impact of Major Shareholder's Actions - The company will strictly adhere to information disclosure requirements regarding the major matters planned by the controlling shareholder and will keep monitoring developments to fulfill disclosure obligations as per relevant laws and regulations [1]. Group 3: Improvement Measures for Color TV Business - Domestic sales focus on high-quality products, emphasizing high refresh rates (120Hz and above) and Mini LED technology, while promoting large-screen strategies (65 inches and above) [1]. - Sales channel transformation includes developing OTO (Online To Offline) and interest e-commerce channels to enhance synergy between black and white goods [1]. - For exports, the company aims to maximize profit while expanding scale, focusing on brand and manufacturing overseas [1]. - The company plans to increase efforts in developing strategic business clients to enhance OEM scale [1]. Group 4: White Goods Business Overview - The white goods segment includes refrigerators, washing machines, air conditioners, and freezers, with a focus on strengthening brand foundations through acquisitions like "New Fly" [2]. - The establishment of a joint venture in Ningbo enhances air conditioning manufacturing capabilities, while the acquisition of Beike addresses technology gaps in washing machines [2]. - The company is optimizing its supply chain and sales channels to improve product sales structure and competitiveness [2]. Group 5: PCB Business Development - The PCB business is managed by Shenzhen Konka Circuit Co., Ltd., which oversees four specialized factories producing various types of circuit boards, including metal substrates and HDI boards [2]. - The company is implementing a professional development strategy to enhance product layout and technical strength, focusing on core customer development and collaboration [2]. - Each factory is optimizing product structure and improving manufacturing capabilities to create lean factories [2].

芯瑞达 20250508 摘要 • 芯瑞达三季度营收和净利润大幅增长，Mini LED 背光模组业务成核心驱动， 2D 业务占比显著提升，受益于国家补贴政策和 Mini LED 电视渗透率快速 提升，预计全年 Mini LED 电视出货量达 1,200 万台，同比增长 50%。 • 公司战略聚焦 Mini LED 背光模组，车载显示为第二增长曲线，积极布局 Micro LED 车载矩阵大灯。传统 LCD 显示终端业务收缩，车载显示业务 重点发展，已在奇瑞科技日展示智能座舱域控产品并完成定点。 • Mini LED 背光技术优势显著，单位价值远超传统 LED，市场容量潜力巨 大。若全球电视均采用 Mini LED 背光，市场规模将从 60-100 亿美元增 至 600-1,000 亿美元。公司目标 2025 年营收 12-15 亿元，Mini LED 业 务占比超 8 亿元。 • 2025 年一季度净利润显著提升，背光模组毛利率稳定，净利率达 18%。 公司通过技术方案增值、高效生产、严格预算管控和费用控制，实现盈利 能力领先，并受益于政府补助和理财收益。 • 车载显示业务采用 Mini LED 技术，覆盖传统 ...

Core Viewpoint - The company is focusing on improving its operational performance in the television and home appliance sectors through strategic initiatives and product upgrades, while also expanding its overseas business significantly. Group 1: Financial Performance - In Q1 2025, the company reported total revenue of 2.544 billion yuan, a year-on-year increase of 3.32% [8] - The net profit attributable to shareholders was 94.81 million yuan, showing a substantial year-on-year increase of 118.59% [8] - The company’s gross profit margin stood at 5.62% [8] Group 2: Business Strategy - The company is implementing a strategy focused on high-quality products, emphasizing large-screen televisions and advanced technologies like Mini LED [2] - The company is transforming its sales channels by promoting OTO (Online To Offline) and interest e-commerce to enhance synergy between different product categories [2] - The company aims to deepen professional integration and implement lean management to improve operational performance and ensure stable operations [6] Group 3: Product Development - The company launched flagship products in its television segment, including the Tianjing Mini I-LED series, and upgraded its home appliance offerings with new refrigerator and washing machine models [3] - The company introduced double-sided aluminum substrate products in its PCB business to enhance its product structure [3] Group 4: Overseas Expansion - In 2024, the company’s overseas revenue from home appliances grew by 47%, with significant increases in specific product categories: air conditioners up 85%, washing machines up 47%, freezers up 130%, and refrigerators up 22% [5] - The company successfully established its own brand business in Sri Lanka and expanded its customer base by acquiring 23 new clients in the overseas television market [5]

Core Insights - TCL Technology reported a total revenue of 164.8 billion yuan for 2024, with a net profit attributable to shareholders of 1.56 billion yuan, showing a decline compared to the previous year [1] - The semiconductor display segment was the main driver of performance, achieving a revenue of 104.3 billion yuan in 2024, a 25% increase year-on-year, and a net profit of 6.23 billion yuan [1][2] - The photovoltaic business faced significant challenges, with TCL Zhonghuan reporting a revenue of 28.4 billion yuan in 2024, a decline of over 50%, and a net loss of 9.82 billion yuan [1][4] Display Business Performance - The global panel industry saw a recovery in 2024, with TCL's semiconductor display business achieving a record revenue of 104.3 billion yuan, up 25% year-on-year, and a net profit increase of 62.4 billion yuan [2] - In Q1 2025, the display segment continued its growth, with revenue reaching 27.5 billion yuan, an 18% increase year-on-year, and a net profit of 2.33 billion yuan, up 329% [2] - TCL Huaxing ranked among the top two globally in TV panel shipments, with leading market shares in 55-inch, 65-inch, and 75-inch products [2] OLED and New Technologies - In the small-sized flexible OLED market, TCL's market share rose to fourth globally, although price competition remains a challenge [3] - TCL invested over 7 billion yuan in R&D for display technologies in 2024, focusing on Mini LED, Micro LED, and printed OLED [3] - The acquisition of LGD's Guangzhou panel and module factory is expected to enhance TCL's capacity and customer reach, although integration will take time [3] Photovoltaic Business Challenges - The global photovoltaic industry entered a deep adjustment phase in 2024, leading to significant price declines across the supply chain [4][5] - TCL Zhonghuan's revenue dropped to 28.4 billion yuan, a 52% decrease, with a net loss of 9.82 billion yuan due to rapid price declines and strategic misalignments [4][5] - The company is adjusting its product lines to align with new high-efficiency technologies and has begun to see improvements in Q1 2025 [5][6] Strategic Adjustments and Future Outlook - TCL Zhonghuan is collaborating with Saudi Arabia's Public Investment Fund to establish a large-scale crystalline silicon factory overseas, aiming to mitigate trade barriers and diversify risks [6] - The company is optimistic about improving its operational performance in 2025, driven by strategic adjustments and a focus on technology innovation [6]

【LEDinside】 4月29日，惠科宣布推出全球首款116英寸Mini LED巨幕显示屏。 #惠科 #MiniLED #电视 ▶ 关于集邦 图片来源：惠科 据介绍，惠科116英寸巨幕屏基于G8.6高世代线制造，采用MMG（Multi-Model on Glass）套切技 术，将玻璃基板利用率提高至94%。该技术在确保量产良率的同时提升了生产效率，降低了成本。 每块屏幕经过出厂检测，保证亮度均匀性与色彩准确性。 产品采用4K分辨率，支持120Hz至170Hz多档刷新率，并通过倍频技术实现最高330Hz显示。搭载 7000:1对比度和低反射率屏幕，提升画面层次感并减少环境光干扰，适用于电影观看、体育赛事及 游戏场景。 值得一提的是，在显示器领域不断突破的同时，电视市场也掀起了百英寸以上Mini LED产品的竞 争热潮。据了解，从海信、TCL、创维、华为、索尼等品牌的市场动作来看，百英寸电视已成为今 年彩电行业的重要竞争焦点。各大品牌纷纷推出超大尺寸Mini LED电视。 例如，今年海信推出UX系列Mini LED电视，最大尺寸为116英寸，配备高达4万个独立背光分区； Vidda发布的X Pro 2026款Q ...

【WitsView整理】 4月27日，TCL电子公布2025年第一季度全球TV出货量数据。 TCL电子表示，凭借"TCL+雷鸟"双品牌与"中高端+大屏化"战略实施，结合Mini LED、量子点、 AI智能等前沿技术，TCL电子2025年第一季度全球TV出货量达651万台，同比增长11.4%；受益于 公司TV业务中高端产品占比提升，带动公司TV销售额同比增长22.3%。 二零二五年第一季度出货量数据（未经审计） 单位：台 | | 二零二五年第一季度 | 二零二四年第一季度 | | --- | --- | --- | | 大尺寸显示 -- TCL TV全球出货量 | 6,507,078 | 5.840.635 | | - 65吋及以上TCL TV全球出货量占比 | 27.7% | 23.2% | | - 65吋及以上TCL TV中国市场出货量占比 | 54.7% | 51.2% | | - 65吋及以上TCL TV国际市场出货量占比 | 19.6% | 14.7% | | - 75吋及以上TCL TV全球出货量占比 | 13.7% | 10.8% | | -75吋及以上TCL TV中国市场出货量占比 | 34.9 ...

【WitsView整理】 4月22日晚，翰博高新、歌尔股份、芯瑞达、飞凯材料4家显示相关企业披露了 最新业绩。其中，飞凯材料实现了营收与净利润的双增长。 翰博高新 2024年，翰博高新实现营业收入23.47亿元，同比增长8.49%；归母净利润为-2.15亿元。 | | 2024 年 | 2023 年 | 本年比上年增减 | 2022 年 | | --- | --- | --- | --- | --- | | 营业收入(元) | 2, 346, 596, 324. 08 | 2, 162, 913, 098. 84 | 8. 49% | 2,207,151,471.29 | | 归属于上市公司股东 | -214,808,258.44 | 52.947.409.33 | -505. 70% | -54, 353, 374. 57 | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | -236,694,072.68 | -63, 296, 890. 92 | -273. 94% | -74, 392, 062. 25 | | 的净利润(元) | | | | | | 经营活动产生 ...