Group 1: Market Trends and Growth - The global market size 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 the future [2][3] Group 2: Revenue and Profitability - 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 [3][4] Group 3: Accounts Receivable and Credit Risk - 97.98% of accounts receivable are aged within one year, indicating a reasonable aging structure that aligns with the company's sales and credit policies [3][4] - The company's major clients are leading enterprises in the LED display and commercial display industries, which minimizes the risk of uncollectible accounts [3][4] Group 4: Customer Structure and Dependency Risk - The company serves over 4,000 clients globally, with the top five clients accounting for 27.20% of total sales [4] - The largest client generated sales of 284 million yuan, representing 8.66% of total annual sales, indicating no significant reliance on a single customer [4]