Investment Rating - The report assigns an "Accumulate" rating for the company [5]. Core Insights - The company specializes in backlight display modules and has become the exclusive supplier for the Switch 2, showcasing significant operational flexibility [3][4]. - The launch of Switch 2 exceeded market expectations, with first-month global sales reaching 5.82 million units, significantly surpassing the previous Switch model and setting a record for Sony's PS5 [4][57]. - The company is expected to benefit greatly from the ongoing demand for Switch 2, with projected net profits for 2025-2027 estimated at 245 million, 394 million, and 462 million yuan respectively [5][68]. Summary by Sections 1. Breakthrough in Core Technology and Business Transformation - The company has focused on the backlight display module sector, expanding from mobile phone backlights to industrial control, automotive, tablets, and laptops [3][14]. - The management's strategic foresight led to the development of a 0.3mm ultra-thin light guide plate, meeting Nintendo's standards and achieving a yield rate of 99.6% [3][26]. - The company has transitioned from a loss to profitability, marking a significant strategic shift [3][33]. 2. Switch 2 Unlocks Revenue Potential - The management's strategic vision and proactive technology development have positioned the company well within the supply chain of major clients [41][45]. - The Switch 2 has broken sales records, with Nintendo holding a 49% market share in the gaming console market as of 2024 [50][57]. - The company maintains a stable market share in the short term due to its unique position as the sole supplier for Switch 2, which is expected to generate over 700 million yuan in revenue [27][66]. 3. Profitability and Investment Forecast - The company is projected to see significant earnings elasticity in 2025, driven by the sustained demand for Switch 2 and stable pricing [5][68]. - The expected net profits for 2025-2027 are 245 million, 394 million, and 462 million yuan, with corresponding earnings per share of 1.1, 1.8, and 2.1 yuan [5][68].

Group 1 - The core point of the article is that Jiangmen Skyworth Display Technology Co., Ltd. has obtained a patent for an "OLED heat dissipation structure and display device," which aims to improve heat dissipation efficiency in OLED technology [1] - The patent, with authorization announcement number CN223182524U, was applied for on August 2024 and focuses on a new structure that includes a back plate, heat dissipation plate, double-sided foam, and liquid crystal panel [1] - The design eliminates gaps between the heat dissipation plate and the back plate, enhancing the overall heat dissipation performance of the device [1] Group 2 - Jiangmen Skyworth Display Technology Co., Ltd. was established in 2019 and is located in Jiangmen City, primarily engaged in the manufacturing of computers, communications, and other electronic devices [1] - The company has a registered capital of 25 million RMB and has participated in 21 bidding projects, holds 48 patent records, and possesses 63 administrative licenses according to Tianyancha data [1]