Core Viewpoint - The global automotive LED market is expected to face significant price pressure in 2025 due to ongoing economic uncertainties, but a recovery in automotive production is anticipated in the second half of 2025, leading to projected market values of $3.451 billion for automotive LEDs and $35.729 billion for automotive lighting by 2025 [1]. Group 1: Automotive Lighting Trends - Automotive lighting is shifting towards personalization, communication displays, driver assistance, and safety upgrades [3]. - Adaptive headlights (ADB) enhance nighttime visibility and reaction time to obstacles, with a projected market penetration rate of 21.6% by 2029 despite current economic uncertainties [5][6]. - The introduction of Micro/Mini LED technology in adaptive headlights is expected to improve safety through flexible pixel control, with manufacturers like Volkswagen and Tesla adopting these technologies [5][6]. Group 2: Tail Light Innovations - The trend in automotive lighting includes personalized and communication displays, with Mini LED tail lights being integrated into various vehicle models [7]. - Ams OSRAM's ALIYOS technology allows for flexible Mini LED arrangements, enabling dynamic visual effects for design and information display [7]. Group 3: Decorative Lighting Market - The decorative lighting segment, including ambient lights and grille lamps, is projected to reach $311 million by 2029, with a compound annual growth rate of 28% from 2024 to 2029 [8]. - Intelligent ambient lighting, featuring built-in ICs for RGB LEDs, is expected to see a high growth rate of 69% [8]. Group 4: Mini LED Display Trends - Mini LED technology is being adopted by major automotive manufacturers, enhancing display quality with features like HDR and local dimming [10]. - Companies such as NIO, General Motors, and Ford are expected to implement Mini LED displays in their vehicles by 2024, with further expansions planned through 2029 [10]. Group 5: Market Size and Revenue Performance - The global automotive lighting market is projected to slightly decline to $34.658 billion in 2024 due to pricing pressures and inventory adjustments, despite a rise in electric vehicle sales [12]. - The top ten automotive lighting manufacturers for 2024 include Koito, Valeo, and Forvia Hella, among others [12]. Group 6: LED Manufacturer Revenue - The leading automotive LED manufacturers for 2024 are ams OSRAM, Nichia, and Lumileds, with ams OSRAM being favored for high-end and electric vehicles due to its product quality [14]. - The revenue of Everlight is expected to grow by over 40% in 2024, driven by demand in China, Europe, and South Korea [14].

Core Insights - The display industry is a crucial part of the electronic information sector, encompassing upstream raw materials, midstream panel manufacturing, and downstream terminal applications [1] - The global display market is projected to reach $134.7 billion in 2024 and $172.1 billion by 2030, indicating significant growth potential [2][5] Market Size and Projections - According to QYResearch, the global display market size is expected to grow from $134.7 billion in 2024 to $172.1 billion by 2030, with a notable increase in AMOLED market share to 52.94% by 2030 [2][3] - The detailed revenue projections for various segments are as follows: - Global market: $792 billion in 2024, peaking at $1721 billion in 2030 - LCD (large size): $702 billion in 2024, declining to $689 billion by 2030 - AMOLED (large size): $80 million in 2024, increasing to $231 million by 2030 [3][6] Key Players in LCD and OLED - Major LCD manufacturers include: - BOE (China): Known for large-screen production - TCL Huaxing (China): Specializes in gaming screens - Innolux (Taiwan): Focuses on automotive displays - LG Display (South Korea): Renowned for IPS Nano Color technology - Sharp (Japan): Produces IGZO panels [11] - Key OLED manufacturers are: - Samsung Display (South Korea): Dominates rigid OLED market - LG Display (South Korea): Known for WOLED TVs - BOE (China): Rapidly advancing in foldable screens - Visionox (China): Innovating in under-display camera technology - Tianma (China): Focused on automotive OLED displays [16][18] Industry Trends - The OLED industry is at a cyclical low but is expected to enter a new growth phase soon, driven by advancements in technology and increasing demand [19] - The outdoor television market is expanding, particularly in North America, as consumer interest in outdoor entertainment rises [23] Research and Reports - QYResearch provides comprehensive market research reports covering various aspects of the display industry, including market size, growth potential, and competitive analysis [26][27]

Core Viewpoint - Nintendo Switch 2 has been officially launched globally, receiving positive market feedback during the pre-sale phase, which has drawn attention to the related supply chain [2] Group 1: Company Overview - Nanji Guang, the manufacturer of the backlight module for Switch 2, has achieved stable mass delivery of its products, which is expected to positively impact the company's development [2] - The company has maintained a research and development expense ratio of over 5% of its revenue in recent years, with a total of 320 patents, including 28 invention patents, by the end of 2024 [7] Group 2: Technical Challenges and Innovations - The development of the ultra-thin light guide plate required by Nintendo posed significant technical challenges, with initial yield rates as low as 5% [4][5] - After nearly five years of intense technical development, Nanji Guang achieved a breakthrough with a product yield rate below 0.4%, setting a record for Nintendo [6] Group 3: Market Position and Future Prospects - The company reported a revenue of 186 million yuan, a year-on-year increase of 265.54%, with net profit and gross margin reaching new highs [8] - Market research predicts that Switch 2 sales could reach 14.7 million units in 2025, supported by a strong user base of 105 million active Switch consoles [8] - Nanji Guang is expanding its product matrix to cover various fields, including tablets, laptops, gaming, automotive displays, and healthcare displays, and has entered the supply chains of major companies like Lenovo and Huawei [8][9]

Core Viewpoint - The company is shifting its focus towards the Mini LED backlight technology, aiming to accelerate commercialization and meet market demand, as evidenced by its new funding plan and project adjustments [1][8]. Group 1: Funding and Project Details - The company plans to raise up to 1.5 billion yuan through a private placement, with over 70% (1.06 billion yuan) allocated to the "Glass-based Mini LED Display Backlight Module Project" [1][2]. - The Glass-based Mini LED Display Backlight Module Project will be implemented by the wholly-owned subsidiary Jiangxi Dehong, with a construction period of 24 months and an expected annual production capacity of 6.05 million glass-based Mini LED backlight modules [2][3]. - The remaining funds will be used to supplement working capital and repay bank loans, totaling 440 million yuan [2][3]. Group 2: Strategic Adjustments - The company has terminated its previous fundraising plan for the "Glass Substrate Mini/Micro LED Substrate Project," which was also aimed at raising up to 1.5 billion yuan [5][6]. - The decision to terminate the previous plan was based on a comprehensive consideration of external market conditions and the company's strategic direction [6][8]. Group 3: Market Trends and Opportunities - The company emphasizes the advantages of glass-based materials in performance, particularly as Mini LED backlight products require higher display quality and precision [3][4]. - The market penetration of Mini LED technology in televisions is rapidly increasing, with major manufacturers like Huawei, Hisense, Xiaomi, TCL, and Skyworth launching Mini LED TV products [8][9]. - TrendForce predicts that by 2025, the shipment of Mini LED backlight TVs will reach 11.5 million units, accounting for 6% of the global TV market [8][9]. Group 4: Product Development and Collaborations - The company has successfully launched the glass-based Mini LED flagship product "Daxian G9" in collaboration with Hisense, which has achieved strong sales [8][9]. - The first phase of the Jiangxi Dehong's 500,000 square meters glass substrate project is expected to be operational in the second half of 2024, supporting applications in automotive and large-size televisions [8][9]. Group 5: Competitive Positioning - The strategic adjustment aims to optimize resource allocation and seize the rapidly developing Mini LED market opportunities, thereby strengthening the company's market position in the new display sector [9].

Core Viewpoint - The company, Woge Optoelectronics, is raising up to 150 million yuan through a targeted stock issuance, with significant investments planned for the glass-based Mini LED display backlight module project and working capital [2]. Group 1: Investment and Financials - The company plans to invest 1.06 billion yuan in the "glass-based Mini LED display backlight module project" and 440 million yuan for "supplementing working capital and repaying bank loans" [2]. - The project aims to achieve an annual production capacity of 6.05 million glass-based Mini LED display backlight modules upon reaching full production [4]. Group 2: Technology and Innovation - Woge Optoelectronics has developed advanced glass-based Mini LED technology, focusing on high-precision glass-based circuit boards with minimal line width and spacing, enabling pixel-level light control comparable to OLED technology [3]. - The company has established a production line capable of producing 1 million square meters of glass-based Mini LED substrates annually, providing a solid technical foundation for the production of backlight modules [3]. Group 3: Patent and R&D - As of December 31, 2024, the company holds a total of 430 authorized patents, including 119 invention patents and 311 utility model patents [3]. - The company has successfully implemented a 3-micron thick copper plating technology required for glass-based Mini LED circuit boards and has developed capabilities for 6-8 micron thick copper plating processes [3].

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].

Summary of the Conference Call for Xindai (芯瑞达) Company Overview - **Company**: Xindai (芯瑞达) - **Industry**: Mini LED Backlight Module and Automotive Display Key Points Financial Performance - Significant growth in Q3 revenue and net profit driven by Mini LED backlight module business [2][3] - Expected Mini LED TV shipments for the year to reach 12 million units, a 50% year-on-year increase [2] - Q1 net profit increased by 32% year-on-year, with a net profit margin of 18% [2][10] - Revenue target for 2025 set between 1.2 to 1.5 billion yuan, with Mini LED business contributing over 800 million yuan [2][9] Business Strategy - Focus on Mini LED backlight modules as the core business, with automotive display as a secondary growth curve [2][7] - Traditional LCD display business is shrinking, while automotive display is prioritized [2][5] - Development of Micro LED technology for automotive matrix headlights is underway [2][6] Market Dynamics - Mini LED backlight technology shows significant advantages over traditional LED, with potential market size increasing from $6-10 billion to $60-100 billion if fully adopted [2][9] - Rapid increase in Mini LED TV penetration due to government subsidies and growing demand for larger screen sizes [2][8] Product Development - Mini LED backlight technology has been in development since 2017, with successful implementation in Hisense U8 brand [3] - The company is also focusing on high-performance chip products for automotive smart cockpit applications through its subsidiary, Ruylong Electronics [4][22] Competitive Advantages - Strong cost control and efficient production processes contribute to stable gross margins [10][19] - Government subsidies and investment returns provide additional profit stability [10][20] - The company maintains a competitive edge through advanced technology solutions and effective budget management [19][20] Future Outlook - Continued emphasis on expanding Mini LED backlight module market share and optimizing product structure [11] - Anticipated revenue growth in automotive display sector, with targets of 500 million yuan in 2025 and 1 billion yuan by 2026 [17][26] - Ruylong Electronics expected to achieve profitability by 2026, with projected revenues of 300 to 500 million yuan [22][26] Additional Insights - The company’s display terminal business includes traditional LCD, automotive displays, and direct display business, with a strategic focus on automotive displays moving forward [5][18] - The average price of Mini LED products varies significantly based on product positioning, with high-end products priced between 1,000 to 2,000 yuan [11] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Xindai's robust growth trajectory and market positioning within the Mini LED and automotive display sectors.