截至8月20日，东山精密股东户数10.08万，较上期增加22.26%；人均流通股13759股，较上期减少 18.21%。2025年1月-3月，东山精密实现营业收入86.02亿元，同比增长11.07%；归母净利润4.56亿元， 同比增长57.55%。 分红方面，东山精密A股上市后累计派现15.44亿元。近三年，累计派现7.31亿元。 机构持仓方面，截止2025年3月31日，东山精密十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股4937.07万股，相比上期增加852.05万股。南方中证500ETF（510500）位居第七大流通股 东，持股1750.94万股，相比上期减少156.36万股。兴全商业模式混合(LOF)A（163415）位居第八大流 通股东，持股1528.72万股，为新进股东。 今年以来东山精密已经4次登上龙虎榜，最近一次登上龙虎榜为7月17日，当日龙虎榜净买入1.65亿元； 买入总计9.37亿元 ，占总成交额比24.33%；卖出总计7.71亿元 ，占总成交额比20.03%。 资料显示，苏州东山精密制造股份有限公司位于江苏省苏州市吴中区太湖东路99号运河小镇总部产业园 12号楼，成立日期 ...

投资建议：公司深耕MLED 视频图像显控领域，借助显控系统与屏厂的高粘性卡位，以及出海的性价 比优势，加速放量高毛利率产品；前瞻布局MLED检测设备与芯片，挖掘全产业链核心价值。我们预测 公司2025-2027 年实现收入37.20、44.90、55.50 亿元，实现归母净利润6.84、8.80、11.92 亿元，对应PE 为24x、18x、14x，维持 "增持"评级。 风险提示：MLED 产业发展不及预期；视频设备出海不及预期；宏观经济波动风险 国内市场承压，海外市场增长势头良好。1H2025，公司国内收入下滑8.60%，海外收入增长21.40%，国 内市场仍受到宏观环境影响，随着国内市场企稳修复，下半年有望实现收入增速提速。 应收账款增幅收窄，现金回款加速。截至2025 年中期，公司应收账款比年初增加了0.25 亿元，同比下 降35.9%；经营现金流量净额达1.55 亿元，同比增长327.9%。公司现金回款加速，经营质量显著提升。 高端新品以及海外业务占比提升，驱动毛利率持续上行。1H2025，公司推出了以"PWM+PAM 混合驱动 芯片"为核心的Infinity 无极MLED 超高画质解决方案；公司升级 ...

事件：2025 年上半年实现营业收入15.33 亿元，同比下降1.93%；归母净利润2.94 亿元，同比下降 9.33%；归母扣非净利润2.86 亿元，同比下降8.60%。 2025Q2 单季实现营业收入9.12 亿元，同比增长3.41%；归母净利润1.92 亿元，同比下降4.95%；归母扣 非净利润1.88 亿元，同比下降4.22%。 国内市场需求疲弱的大环境没有明显的改变，公司聚焦高阶战略贯彻明确在公司一季报点评中，我们提 到过公司成长趋缓的主要原因在于国内商业直显市场的需求疲软，根据洛图科技的数据，2024 年，中 国小间距LED 显示屏市场的销售额为143.6 亿元，同比下降7.6%，公司作为 LED 直显显控上游核心供 应商，一定程度上受到行业约束。但从整个上半年的数据情况来看，公司保障利润率，聚焦高阶产品， 不做低价产品内卷的策略得到了良好的贯彻，公司二季度毛利率58.20%，扣非净利润率20.65%，基本 恢复到了过去两年较佳的季度盈利水准。 公司聚焦高端、进阶的应用场景，不断提升产品以及解决方案的品质水平，集成更多一体化功能，并且 根据客户应用习惯不断迭代改善操作体验，这条路径显然是在行业低谷 ...

据证券之星公开数据整理，近期诺瓦星云（301589）发布2025年中报。截至本报告期末，公司营业总收 入15.33亿元，同比下降1.93%，归母净利润2.94亿元，同比下降9.33%。按单季度数据看，第二季度营 业总收入9.12亿元，同比上升3.41%，第二季度归母净利润1.92亿元，同比下降4.95%。本报告期诺瓦星 云公司应收账款体量较大，当期应收账款占最新年报归母净利润比达156.24%。 本次财报公布的各项数据指标表现一般。其中，毛利率58.57%，同比增5.62%，净利率19.13%，同比减 7.83%，销售费用、管理费用、财务费用总计3.33亿元，三费占营收比21.73%，同比增19.13%，每股净 资产40.12元，同比增6.91%，每股经营性现金流1.68元，同比增327.91%，每股收益3.22元，同比减 12.5% 财务报表中对有大幅变动的财务项目的原因说明如下： 在建工程变动幅度为-31.13%,原因:公司在建工程转固。 短期借款变动幅度为179.18%,原因:公司取得银行贷款增加。 经营活动产生的现金流量净额变动幅度为327.91%,原因:上年同期公司购买商品、接受劳务支付的现金 较多 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [4][10]. Core Insights - The MLED market continues to grow, with a projected investment amount of approximately 84.58 billion RMB in 2024, reflecting a year-on-year increase of 50.30%. The growth rate for 2025 is expected to exceed 30% [2]. - The company's focus on high-end video display processing systems has resulted in a 5.51% year-on-year increase in sales revenue, although sales volume decreased by 8.06%. This indicates a strategic shift towards high-end products [3]. - The MLED chips and equipment are expected to become a unique growth segment for the company in 2025-2026, driven by the increasing demand from leading domestic brands [4][9]. Summary by Sections MLED Market Growth - The MLED display market is becoming a new growth point, with superior characteristics compared to traditional LED displays. The investment in MLED projects has surpassed 56 billion RMB in the first half of 2025 [2]. High-End Video Display Processing - The company is concentrating on high-end product paths, leading to a 2.33% increase in gross margin. The transition from 2K to 4K and the nascent stage of 8K technology presents significant growth opportunities [3]. Financial Performance - In the first half of 2025, the company reported a revenue of 1.533 billion RMB, a decrease of 1.93% year-on-year, and a net profit of 294 million RMB, down 9.33% year-on-year. However, the gross margin for Q2 reached 58.20%, indicating a recovery in profitability [7][9]. Future Outlook - The company is expected to achieve revenues of 3.48 billion RMB in 2025, with a net profit of 604.73 million RMB, reflecting a year-on-year growth of 1.96% [10][12]. The focus on high-value segments and technological advancements positions the company favorably for future growth [9].

Group 1: Company Growth and Market Trends - The global market for Mini LED direct display is expected to reach $3.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 40% from 2024 to 2028 [2][3] - The company has proactively positioned itself in the MLED sector, launching core detection equipment and integrated circuits, which will lead to rapid revenue growth in this area [2][3] - Despite domestic market pressures, overseas market growth is anticipated to remain strong, supported by a comprehensive overseas sales system and a broad partner network [3] Group 2: Product Applications and Innovations - The company's products are widely used in various fields, including stage performances, surveillance, competitive events, exhibitions, commercial advertising, virtual filming, celebrations, conferences, television broadcasting, information dissemination, creative displays, and smart cities [3] - As MLED technology advances, the application scenarios for LED displays are expanding from outdoor to indoor settings, and from professional markets to commercial and consumer markets [3] - The company plans to explore high-value areas and potential applications continuously, focusing on technological innovation and product upgrades [3] Group 3: Financial Performance and R&D Investment - The company's gross profit margin is expected to improve in 2024 due to the rapid growth of the MLED industry and the introduction of high-value products in downstream applications [3][4] - In 2024, overseas revenue accounted for 19.10% of total revenue, an increase of 3.57% compared to the previous year, contributing to the overall improvement in gross profit margin [4] - R&D investments from 2022 to 2024 were 319.18 million, 441.96 million, and 540.27 million yuan, representing 14.68%, 14.47%, and 16.47% of revenue, respectively [5][6] - As of the end of 2024, the company holds numerous domestic and international patents, including 1,177 domestic patents and 656 foreign patents [6]

Core Viewpoint - The article discusses the sale of a 10% stake in LG Display (China) by Skyworth Group to LG Display (Guangzhou) for 1.3 billion yuan, marking Skyworth's exit from the investment, which is perceived as a "fire sale" given the significant undervaluation of the asset [1][5][13]. Group 1: Transaction Details - Skyworth's subsidiary signed an agreement to sell a 10% stake in LG Display (China) for 1.3 billion yuan, after which Skyworth will no longer hold any shares in the company [1][5]. - The sale price represents a significant discount, with the book value of the shares being approximately 740 million yuan, indicating a sale at about 55.5% and 62.7% of their book value [13][14]. - Skyworth aims to use the proceeds from the sale to improve liquidity and fund other business operations [14]. Group 2: Industry Context - LG Display's Guangzhou factory is a critical asset in the Chinese panel industry, with a total investment of 4 billion USD and a production capacity of 180K, contributing to 4% of the global TV panel market [10][11]. - The factory's operational challenges, including a drop in utilization rates to around 50%, have led to speculation about its future, with TCL and BOE expressing interest in acquiring the asset [8][10]. - The sale of the factory is seen as a reflection of the broader struggles within the global panel industry, where LG Display is shifting focus towards OLED and MLED technologies [10][11]. Group 3: Company Performance - Skyworth's revenue declined by 6.6% year-on-year to 29.83 billion yuan in the first half of the year, despite a slight increase in gross profit [19][21]. - The company has reduced its workforce by 3,000 employees while simultaneously increasing investment in facilities and equipment by over 60% to 342 million yuan [21]. - Skyworth's reliance on its home appliance segment, particularly TVs, has increased, with this segment accounting for 51.7% of total revenue, while other segments like new energy have seen significant declines [21][22].

Group 1: Financial Performance - In 2024, the revenue from LED display control systems accounted for 46.17% of total revenue [3] - The gross profit margin for 2024 was 55.25%, an increase of 3% year-on-year [17] - The net profit margin remained stable despite a 40% increase in financial expenses due to exchange rate fluctuations [18] Group 2: Market Position and Product Development - The company plans to enhance its product offerings by focusing on Micro LED technology and custom solutions [3] - The video processing equipment revenue grew by 25% in 2024, but the gross margin decreased by 3% due to increased competition and raw material costs [32] - The company aims to maintain its market position by investing in advanced technologies and improving customer service [31] Group 3: Customer and Supply Chain Management - The accounts receivable turnover days increased by 5 days to 48 days, primarily due to extended payment terms from commercial display clients [16] - The company has a diversified supplier strategy to mitigate supply chain risks, particularly for chips and PCBs [18] - In 2024, the proportion of overseas revenue increased to 19.1%, with a focus on global market expansion [18] Group 4: Research and Development - R&D expenses increased by 18% in 2024, with a focus on AI video generation and edge computing technologies [29] - The company has a strong commitment to R&D, with a budget of 540 million yuan, significantly higher than industry peers [29] - The proportion of R&D personnel slightly decreased to 41.17% due to an increase in sales staff [27] Group 5: Environmental and Regulatory Compliance - The company’s environmental investment increased by 30% in 2024, reflecting its commitment to sustainability [20] - Government subsidies accounted for 12% of net profit, primarily from R&D grants and tax incentives [24] - The company actively participates in industry standard-setting to ensure product compliance and compatibility [25]

Core Insights - Nova Star Cloud aims to become a leading global provider of video comprehensive solutions, transitioning from a product R&D company to an innovative service-oriented enterprise [2] - The company reported a robust financial performance for 2024 despite increased market competition and rising costs, with several key indicators showing strong results [3][5] Financial Performance - In 2024, the company's revenue reached 3.28 billion yuan, a year-on-year increase of 7.38%, while net profit attributable to shareholders was 593 million yuan, a decrease of 2.31% [3] - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares, totaling approximately 59.42 million yuan, with a dividend payout ratio of 10% [2] Product Performance - Revenue from the LED display control system and video processing system grew by around 5% year-on-year, while the cloud-based information publishing and management system saw a growth rate close to 25%, leading among the four major product series [3] - The company's sales gross margin reached 55.25% in 2024, a historical high, and continued to grow in Q1 2025, approaching 60% [5] R&D and Innovation - The company has been increasing its R&D investment, reaching a historical high of 540 million yuan in 2024, with a stable growth trend in R&D intensity, which reached 16.47% [7] - The company holds 1,177 domestic patents and 27 foreign patents, showcasing its commitment to technological advancement [7] Market Position and Client Base - The company serves over 4,000 clients globally, including industry leaders such as Leyard and Absen, enhancing its market position and competitiveness [8] - In 2024, overseas business revenue reached 626 million yuan, a year-on-year increase of over 30%, contributing more than 19% to total revenue, marking a historical high [10]

Core Insights - Nova Star Cloud (诺瓦星云) reported a total revenue of 3.28 billion yuan for 2024, representing a year-on-year growth of 7.38% [1] - The company achieved a net profit attributable to shareholders of 593 million yuan, with a basic earnings per share of 6.57 yuan [1] - The company plans to distribute a cash dividend of 6.50 yuan per 10 shares, totaling 59.42 million yuan [1] Financial Performance - The domestic market contributed 2.65 billion yuan in revenue, a growth of 2.85% year-on-year, while the overseas market generated 626 million yuan, growing by 32.03% [2] - Research and development (R&D) investment reached 540 million yuan, an increase of 22.24%, with an R&D intensity of 16.47% [2] Business Overview - Nova Star Cloud focuses on algorithm-driven solutions for LED display and ultra-high-definition video applications, providing a full range of services from display control to video processing [1] - The company serves over 4,000 clients globally, including industry leaders like Leyard, Absen, and BOE [1][2] - The company has made significant advancements in the MLED sector, launching core detection equipment and integrated circuits, leading to rapid revenue growth in this area [2] Intellectual Property - As of the end of the reporting period, the company holds 1,177 domestic patents (including 656 invention patents), 27 foreign patents (including 22 invention patents), and 238 software copyrights [3] - The company aims to continue high-intensity R&D investments to support advancements in MLED and ultra-high-definition video technologies [3]