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 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 27.6 CNY, indicating a potential upside from the current price of 18.16 CNY [5]. Core Viewpoints - The company has shown a strong recovery in profitability, achieving a net profit of 45.67 million CNY in 2023, compared to a loss in previous years, and is expected to continue this upward trend with projected profits of 103.46 million CNY in 2024 [4][25]. - The Mini LED backlight module market is expected to grow significantly, with a forecasted market size of 125 billion CNY by 2026, driven by the technology's advantages over traditional LCD displays [2][4]. - The company has established a strong competitive position in the Mini LED backlight module industry, leveraging its technological capabilities, customer relationships, and cost advantages [2][4]. Summary by Sections Company Overview - The company, established in 2007, specializes in the development, production, and sales of LED backlight display modules and has transitioned to focus on OLED narrow bezel technology [13][16]. - The company has formed partnerships with major players in the display industry, including BOE and TCL, and has a strong presence in various application fields such as mobile communications and automotive displays [13][16]. Mini LED Backlight Business - The company is positioned in the midstream segment of the Mini LED backlight module industry, focusing on design and manufacturing [34]. - The global Mini LED market is rapidly expanding, with significant growth expected in applications across consumer electronics, automotive displays, and VR devices [2][40]. - The company has invested heavily in Mini LED technology since 2016, achieving several technological breakthroughs and establishing a solid customer base [2][34]. OLED Narrow Bezel Technology - OLED technology is becoming the mainstream choice for small-sized displays, with a projected global penetration rate of 55% in smartphones by 2024 [3]. - The company has early investments in LIPO technology, which enhances the performance and reliability of OLED displays, positioning it well for future growth in this segment [3][4]. Financial Performance - The company experienced a decline in revenue from 2021 to 2023 but has successfully turned around its profitability, with a significant increase in gross margin from 6.4% in 2022 to 13.06% in 2023 [4][28]. - The company’s revenue is projected to grow to 1.3 billion CNY in 2024, with continued growth expected in subsequent years [4][25]. Research and Development - The company maintains a strong focus on R&D, with expenses constituting around 5% to 7% of revenue from 2021 to 2023, and has filed numerous patents in the Mini LED and Micro LED fields [28][30]. - The company is actively working on several innovative projects aimed at enhancing its product offerings and maintaining its competitive edge in the market [33].

Key Points Summary of 聚飞光电 Conference Call Company Overview - **Company**: 聚飞光电 (Jufei Optoelectronics) - **Industry**: LED products, specifically Mini LED backlighting and automotive LED applications Core Insights and Arguments - **2024 Performance**: The company reported strong performance in 2024 with revenue and profit growth driven by Mini LED backlighting for large-screen TVs and automotive LED products, which saw a growth of approximately 20% to 30% due to the rise of electric vehicles [3][5] - **Q1 2025 Performance**: In Q1 2025, revenue increased by 20% year-on-year, but profit decreased by 3% due to reduced government subsidies and lower financial returns. The company managed to achieve a 10% growth in net profit excluding non-recurring items [3][6] - **Market Confidence**: The company expressed confidence in the Mini LED backlighting market for 2025, planning to increase investments and expand its sales team to capture market opportunities [3][7] - **Production Capacity**: The company is focusing on expanding production capacity in Shenzhen, Huizhou, and Wuhu, with plans to build new facilities and upgrade existing ones to meet high-quality demand [3][9] - **Stock Incentive Plans**: The company is implementing stock incentive plans to ensure reasonable and achievable targets for employees, with a high dividend payout ratio compared to peers [3][11][12] - **Mini LED Growth**: Mini LED backlighting accounted for 25% of sales in Q1 2025, with revenue reaching 780 million, closely tied to the performance of major clients like Hisense and Xiaomi [3][14] - **Gross Margin Trends**: The gross margin decreased in Q1 2025 primarily due to the higher proportion of Mini LED products, which have lower margins compared to automotive lighting and displays [3][16] Additional Important Insights - **International Trade Preparedness**: The company has taken measures to mitigate risks from international trade uncertainties, including purchasing principal-protected deposits and strategic global market positioning [3][6] - **R&D Investments**: The company is increasing R&D investments, with a budget for new equipment at an all-time high, reflecting a commitment to future growth [3][13][34] - **Automotive Sector Growth**: The automotive division is expected to grow by 20% to 30% in 2025, driven by strong demand for automotive displays and lighting [3][21] - **Samsung Partnership**: Samsung remains a key customer, with the company's supply share increasing from 20% to approximately 30% to 40% in 2025 [3][26][27] - **Silicon Photonic Modules**: The company is exploring the silicon photonic module business, which is currently unprofitable but supported by government subsidies [3][32] - **Market Dynamics**: The small and medium-sized backlight market is expected to grow significantly in 2025, driven by government subsidies for high-end models [3][35] This summary encapsulates the key points from the conference call, highlighting the company's performance, market strategies, and future outlook in the LED industry.

【 IT之家 】 4月8日消息，三星宣布该公司将在今年推出一款115英寸的RGB Micro LED电视，这款电视隶属Neo QLED TV电视产品线，定位为超 高端版本。 作为比较，目前三星NeoQ LED TV产品线通常采用Mini LED背光技术。 图片来源：拍信网 据介绍，这款RGB Micro LED电视使用红、绿、蓝三色LED作为背光源，在通过色彩滤光片后也能保持较高的颜色纯度，相对于现有三星Mini LED背光电视颜色纯度更好。此外，正如"Micro LED"名称所暗示的，该电视采用尺寸更小的LED芯片，使局部调光区域数量更多，从而带来更高 的对比度。 Size Covered>18.5" and above Product covered>LCD TV panels Report format>Excel Update frequency>Monthly 三星同时声称这款RGB Micro LED电视支持全色域局部调光，并在功耗方面较之前的型号降低了20%。除了推出115英寸版本外，三星还将推出 75、85和98英寸三个尺寸版本。 在产品发布时间方面，韩媒TheElec透露，三星计划于6月正式 ...