聚飞光电 20250825 摘要 聚飞光电受益于国补政策和市场对高品质的需求，境外市场需求稳定， 车用产品增长 30%，车用背光进入全球前三，全车用灯进入全球前十， 中尺寸平板和笔记本电脑业务增幅超 20%。 车用产品占比达 15%，MINI 背光电视占比增至 25%，传统电视灯条下 滑但境外需求旺盛，大尺寸背光占比 22%，传统照明占比 5%，其他 （光模块、光学模材等）占 7-8%，LED 按键灯等占 3%。 公司上半年收入增长 18.9%，但扣非净利润下降 6%，因产品结构调整、 大尺寸和 MINI 产品竞争加剧导致毛利率下降 2%，薪资和研发费用增加， 总部大厦折旧及政府补助减少。 未来几年，聚飞光电将重点发力 MINI 背光，不仅在国内，还将在境外实 现突破，海外业务将显著发展，与三星、LG 等公司合作逐步放量，通过 全球供货分散关税风险。 小尺寸显示屏增长良好，毛利率高于公司综合毛利，主要受国家补贴政 策拉动，应用于平板电脑和笔记本电脑。车载业务收入增长约 30%，照 明部分增速更快，实现翻倍增长。 Q&A 今年上半年聚飞光电的主要业务表现如何？ 今年上半年，聚飞光电的主营业务分为三块：LED、高 ...

Core Viewpoint - The DIC 2025 exhibition highlighted the growing importance of automotive display applications, showcasing innovations from various panel manufacturers and upstream suppliers in response to increasing market demand for vehicle displays [1][2][10]. Group 1: Exhibition Overview - The DIC 2025 exhibition took place from August 7 to 9 in Shanghai, featuring over 300 renowned companies from the display industry, covering various segments such as display panels, upstream materials, core equipment, and terminal applications [1]. - Automotive displays emerged as a key highlight, with major manufacturers like BOE, TCL Huaxing, and Visionox showcasing a range of applications including central control screens, head-up displays, and entertainment screens using technologies like LCD, OLED, Mini LED, and Micro LED [2]. Group 2: Market Demand and Growth - The automotive industry's shift towards electrification, intelligence, connectivity, and sharing is driving an increasing demand for display screens, evolving from single central control screens to multi-screen interactions and full-scene integration [10]. - According to TrendForce, the shipment volume of automotive panels is expected to reach 196.7 million units in 2024, marking a nearly 10% year-on-year growth, with projections for 2025 to exceed 200 million units, reaching 208.9 million units [10]. Group 3: Upstream Supplier Innovations - Upstream suppliers are responding to the rising demand for automotive displays, providing new opportunities for panel manufacturers beyond traditional consumer electronics [11]. - Companies like TuoMi Group showcased high-precision folding hinge products, utilizing advanced materials such as carbon fiber and titanium alloy to enhance strength and reduce weight [13]. - Chengdu TuoMi's breakthroughs in ultra-thin flexible glass (UTG) technology have improved bending performance, addressing traditional manufacturing defects, and are being developed for automotive applications [13]. - Sichuan Hongke Innovation Technology presented various automotive display glass products, including environmentally friendly high-aluminosilicate glass, which has been adopted by several automotive brands [14][16]. Group 4: Industry Trends and Future Outlook - The DIC exhibition indicated a collaborative effort among display panel manufacturers and upstream suppliers to enhance automotive display solutions, contributing to the industry's evolution towards more advanced and multifunctional display products [20]. - The ongoing investments and innovations in the automotive display sector suggest a promising future, with expectations for more comprehensive solutions to emerge in subsequent exhibitions, further supporting the automotive industry's transition towards new technologies [20].

Core Viewpoint - The article highlights the growth and potential of Jichuang North, a leading player in the display chip industry, driven by trends such as high-resolution demands, the rise of automotive displays, and opportunities for domestic replacements in the market [2][4][5]. Company Overview - Jichuang North was founded in 2008 by Zhang Jinfang with initial funding of 4 billion RMB from his father, the actual controller of Shanxi Jiaochangping Energy Industry Group [5]. - The company specializes in display driver chips, covering technologies such as LCD, OLED, LED, AR/VR, and automotive displays, with a focus on panel driving (DDIC), power management, and SoC integration [5][6]. - Jichuang North holds a global market share of 18.8% in smartphone LCD driver chips, ranking first globally, and over 45% in LED driver chips [5][6]. Industry Trends - The display chip industry is experiencing a surge due to three main trends: 1. **Visual Revolution**: Enhanced algorithms and high refresh rates are improving low-quality visuals [3]. 2. **Automotive Display Competition**: The global automotive chip market is growing at an annual rate of 6.5%, driven by increasing screen quality and quantity in vehicles [4][12]. 3. **Domestic Replacement Opportunities**: The market has historically been dominated by foreign firms, but domestic players are emerging [4][15]. Market Dynamics - The demand for high resolution and refresh rates is increasing, with products exceeding 8K resolution and refresh rates potentially reaching 300Hz to 480Hz in the coming years [8][9]. - Low power consumption is becoming crucial, especially for wearable devices and smartphones, prompting significant R&D investments in low-power display chips [10][11]. - The automotive display market is projected to grow significantly, with the average number of displays per vehicle expected to rise from 2.5 to 3.5 by 2026 [12]. Competitive Landscape - The automotive display driver chip market presents substantial opportunities for new entrants, with the global automotive chip market valued at approximately 164.5 billion RMB in 2022, expected to reach 273.3 billion RMB by 2029 [13]. - Historically, the market has been led by Taiwanese firms, but domestic companies like Jichuang North are beginning to capture market share [15][16]. - Jichuang North has launched automotive-grade display chips, filling gaps in the domestic market and achieving mass production [16].

Core Viewpoint - The recent launches of the 2026 Haval Dog and Leapmotor B01 highlight the growing collaboration between automotive manufacturers and display technology providers, particularly in the integration of advanced display solutions in vehicles [1][5]. Group 1: Haval Dog - The 2026 Haval Dog offers three models with a price range of 123,900 to 149,900 yuan [2]. - It features a 14.6-inch floating central control screen and a 12.3-inch full LCD instrument panel, both supplied by Tianma Microelectronics, with a resolution of 1920*1080 for the central screen [3]. - The vehicle provides two powertrain options: a 1.5T engine with 184 horsepower and a 2.0T engine with 238 horsepower, the latter equipped with a sixth-generation intelligent four-wheel drive system [5]. Group 2: Leapmotor B01 - The Leapmotor B01 is available in six configurations, with CLTC range options of 430 km, 550 km, and 650 km, priced between 89,800 and 119,800 yuan [6]. - It includes an 8.8-inch full LCD instrument panel and a 14.6-inch 2.5K HD central control screen, also supplied by Tianma Microelectronics [7]. - The vehicle's motor power options are 132 kW and 160 kW, with torque ratings of 175 N·m and 240 N·m respectively [9].

Core Viewpoint - LG Display (LGD) has secured a contract for automotive display screens from a globally recognized automobile manufacturer, marking a significant achievement in its product supply strategy [1][3]. Group 1: Project Details - The project is a result of close collaboration among LGD's product planning, sales, development, and process departments, breaking away from the traditional supply route through Tier 1 automotive electronic system suppliers [3]. - LGD will provide P-OLED technology displays, which utilize flexible plastic substrates, offering lightweight and bendable features while maintaining high display quality [4]. Group 2: Market Position and Financials - LGD is already a well-known supplier of automotive panels, with projected revenue from its automotive display business reaching 2.281 trillion Korean Won (approximately 12 billion RMB) in 2024, marking its first time surpassing the 2 trillion Korean Won threshold [5]. - In the automotive display sector, LGD primarily supplies LCD and OLED panels, which are used in various applications including central control screens, instrument panels, co-driver entertainment screens, rear-seat entertainment screens, and electronic rearview mirrors, with products already implemented in mass-produced models from renowned car manufacturers such as Mercedes-Benz, BMW, Audi, General Motors, and Toyota [5].

Core Viewpoint - Leapmotor has launched the new C11 model, featuring significant upgrades in appearance, interior, and power systems, with a price range of 149,800 to 165,800 yuan [1]. Group 1: Product Features - The new C11 offers both pure electric and range-extended versions, with a focus on advanced technology and user experience [1]. - The interior has replaced the previous three-screen layout with a 17.3-inch 2K resolution central control screen, powered by Qualcomm's SA8295P chip and running on Leapmotor OS 1.0 PLUS, which supports DeepSeek and Tongyi Qianwen large model [1]. - The new model includes a 60-inch AR-HUD feature in the top two models, with a brightness of 16,000 nits, ensuring visibility in bright conditions and offering three intelligent scene modes: speed mode, AR mode, and map mode [4]. Group 2: Standard and Optional Features - Standard features across all models include tire pressure display, 360° panoramic imaging, electric adjustment for front seats, memory for the driver's seat, panoramic sunroof with sunshade, six airbags, electric folding mirrors, electric trunk, 50W wireless charging for the front row, dual-zone air conditioning, and rear air vents [4]. - All versions except the 640 Smart Edition come with rear privacy glass, heated and ventilated front seats, and advanced driving assistance features [4]. - The top configurations for both pure electric and range-extended versions, known as the Smart Edition, additionally offer a 7.1.4 Dolby Atmos sound system with 21 speakers, Nappa leather seats, front seat massage functions, four-way lumbar support for the driver's seat, four-way leg support for the passenger seat, heated and ventilated second-row seats, and a heated steering wheel [4].

Core Viewpoint - The article discusses the advancements and applications of Micro LED technology in the automotive sector, highlighting the successful launch of a 7-inch Micro LED standard product by Tianma Microelectronics, which showcases significant technical achievements and potential market growth in vehicle displays [2][5][11]. Group 1: Product Features and Technical Achievements - Tianma Microelectronics has successfully developed a 7-inch Micro LED product with a high transmittance rate of 61%, brightness of 1700 nits, NTSC color gamut exceeding 120%, a contrast ratio of 1,000,000:1, and microsecond-level response speed, making it suitable for automotive display applications [4][10]. - The product supports modular design, allowing for flexible configurations in various display scenarios, including HUD and central control screens, as well as panoramic HUD systems [4][5]. - The company has achieved full-process integration in its G3.5 Micro LED production line, overcoming key technical challenges such as backplane driving and mass transfer, enabling rapid capacity scaling [5][6]. Group 2: Market Trends and Future Outlook - Micro LED technology is gradually penetrating the automotive market, with applications in high-end production models, such as the Audi Q3, which features Micro LED headlights [7]. - Despite the slower adoption of Micro LED in vehicle displays compared to established LCD and OLED technologies, the unique characteristics of Micro LED, such as high brightness and contrast, are expected to attract more automotive manufacturers as the industry moves towards automation and smart connectivity [7][11]. - Various panel manufacturers, including Tianma, BOE, Innolux, AUO, and TCL, are actively showcasing their latest Micro LED automotive display solutions at trade shows, indicating a growing interest and potential for diverse applications in the automotive display sector [8][11].

Group 1: Company Capacity and Production - The company's production capacity is structured with a monthly output of over 2 million units at the Shenzhen facility and over 5 million units at the Jiangxi Wanzai facility, totaling a scalable capacity of over 7 million units per month [2] - The Wanzai facility covers an area of approximately 56,700 square meters, enabling rapid capacity expansion to effectively support core customer orders, including those for the Nintendo Switch 2 [2] Group 2: Market Performance and Sales Projections - The Nintendo Switch 2 achieved sales of 3.5 million units within the first four days of its launch, surpassing the PS5's first-month sales of 3.4 million units and the previous Switch's first-month sales of 2.74 million units [3] - It is projected that the annual sales of the Nintendo Switch 2 could exceed 20 million units in 2025, driven by the expansion of the 3A game lineup [3] Group 3: Research and Development Focus - Over the past three years, the company's R&D investment has accounted for 6.39% of its revenue, with a strategic focus on high-value areas such as esports displays, laptop displays, and automotive displays [3] - The company plans to advance the construction of the "Mini/Micro-LED display module production line" to seize market opportunities and respond to the demand upgrade in high-end display applications [3] Group 4: Disclosure and Compliance - The investor relations activity did not involve the disclosure of any undisclosed significant information [3]

Core Viewpoint - Tianshan Electronics announced the use of approximately 188.43 million yuan of remaining funds from its initial public offering to invest in new projects, including a vehicle LCD display module production line and a comprehensive capability enhancement project, in response to the booming demand in the global vehicle display market and the need to optimize production capacity to meet large-scale delivery requirements from major clients like BYD [1][5]. Group 1: Vehicle LCD Display Module Production Line Project - The total planned investment for the vehicle LCD display module production line project is 115.78 million yuan, fully funded by the remaining IPO funds [2]. - The project construction period is set for one year and includes the construction and renovation of production facilities, procurement of production equipment, and upgrades to production line technology [2]. - The project aims to increase annual production capacity by 25.35 million units, focusing on high-value products to meet the demand for intelligent and large-screen products in the automotive sector [5]. Group 2: Comprehensive Capability Enhancement Project - The comprehensive capability enhancement project has a total planned investment of 110.87 million yuan, with 72.65 million yuan from remaining IPO funds and 38.22 million yuan from the company's own funds [7]. - The construction period for this project is two years and includes the intelligent construction of warehouses and the establishment of a comprehensive production building to improve operational capabilities and competitiveness [7]. - The project is expected to further enhance the company's overall operational efficiency and market competitiveness in the vehicle display sector [7].

Core Viewpoint - Tianshan Electronics has approved the use of approximately 188.43 million yuan of remaining funds from its initial public offering to invest in new projects, including a vehicle LCD display module production line and a comprehensive capability enhancement project at the Tianshan Electronics Tanwei Park [1][2]. Investment Projects - The total investment for the vehicle LCD display module production line project is planned at 115.78 million yuan, fully funded by the raised capital. The project aims to enhance production capacity and meet the growing demand from major clients like BYD [4][5]. - The vehicle LCD display module production line is expected to add an annual production capacity of 25.35 million pieces, focusing on high-value products and responding to the demand for intelligent and large-screen products in the automotive sector [5][6]. - The comprehensive capability enhancement project has a total planned investment of 110.87 million yuan, with 72.65 million yuan from raised funds and 38.22 million yuan from the company's own funds. This project aims to improve operational capabilities and competitiveness through smart warehouse construction and production facility upgrades [7][8]. Market Context - The global demand for vehicle displays is surging, leading to a rapid increase in orders for Tianshan Electronics. The current production capacity is insufficient to meet the large-scale delivery requirements of major clients, necessitating the expansion of production lines and storage facilities [2][3]. - Tianshan Electronics has established itself as a key supplier in the domestic vehicle display market, covering a wide range of products from 3.5 to 17.3 inches and producing modules for various automotive applications [6].