编号：2025-007 深圳市南极光电子科技股份有限公司 投资者关系活动记录表 证券代码：300940 证券简称：南极光 | | ☑特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | | | 参与单位名称及 | 国元证券：沈晓涵 | | | | 景顺长城基金：王开展 | | | 人员姓名 | 中信资管：江自牧 | | | | 开源证券：仇方君 | | | | 建信理财：唐文成 | | | 时间 | 2025 年 6 月 30 日-2025 | 年 7 月 1 日 | | 地点 | 深圳市宝安区松岗街道芙蓉路 | 5 号公司六楼大会议室、电话会议 | | 上市公司接待人 | 董事长助理：那志立女士 | | | 员姓名 | 副总经理、董事会秘书：姜丽群女士 | | | | 证券事务代表：朱安娜女士、艾庭双女士 | | | | | 1、目前公司的产能分布及爬坡情况，及任天堂 Switch 2 产能支 | | | 持情况？ | | | 投资者 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 28.81 CNY, corresponding to a market capitalization of 6.425 billion CNY [5][38]. Core Insights - The company is expected to benefit significantly from the launch of Nintendo Switch 2, with a diversified layout in full-scene display modules and a strong technological reserve in Mini/Micro-LED [4][37]. - The company has successfully transitioned from a focus on mobile backlighting to mid-size products, enhancing its revenue structure with high-margin gaming and tablet products [2][29]. Company Overview - Shenzhen Nanjiguang Electronic Technology Co., Ltd. was established in 2009, focusing on the R&D, production, and sales of LED backlight products, with applications in smartphones, tablets, gaming, automotive displays, and medical devices [1][12]. - The company has a stable ownership structure, with the founders holding a combined 39.03% of shares, ensuring control and liquidity [1][14]. Business Transformation and Growth Engines - The company is shifting from traditional mobile backlighting, which saw a revenue share drop from 91.15% in 2022 to lower levels due to declining LCD market share and increased competition [2][27]. - In 2024, the company became the exclusive supplier of backlight modules for the Nintendo Switch 2, meeting stringent technical requirements and driving a shift towards higher-margin products [2][29]. Financial Performance - The company faced a downturn from 2020 to 2023, with a net loss of 305.25 million CNY in 2023, but is projected to return to profitability in 2024 with a net profit of 20.63 million CNY [3][39]. - The gross margin is expected to improve significantly, rising from -3.47% in 2023 to 16.24% in 2024 and 26.97% in Q1 2025 [3][39]. Investment Recommendations - The company is anticipated to achieve net profits of 257 million CNY, 353 million CNY, and 457 million CNY from 2025 to 2027, benefiting from the anticipated sales of the Switch 2 exceeding expectations [4][38]. - The report highlights the potential for the company to expand its influence in the industry and attract high-end clients due to its successful collaboration with Nintendo [4][38].

数据来源：CINNO Research 雷鸟X3 Pro 2025中国·上海VR/AR产业博览会展会场景 郭晨凯 制图 ◎记者 柴刘斌 "科技巨头的入场，最大的意义在于其强大的品牌影响力和产业号召力，将为AR眼镜这一新兴品类带来 更广泛的社会关注和消费者认知。"AR眼镜厂商影目科技对记者表示，这对整个行业而言，是一次重要 的市场教育和信心背书，有助于推动AR眼镜从尝鲜走向主流。 雷神科技表示，众多厂家的进入将促使产业链上下游企业加强协同合作，实现资源共享、优势互补，共 同推动智能眼镜产业的发展。例如，硬件制造商、光学元件厂商可以与眼镜品牌商、软件开发商深度对 接，提高产业链的整体效率和竞争力。 戴上AR眼镜，导航指引悬浮于眼前，外语对话实时翻译，无屏办公随时开始，所见万物皆可"指哪问 哪"。这些不再是科幻电影中设想的未来场景，已成为部分群体真实的生活片段。 当Google、联想等科技巨头带着新款智能眼镜入场，雷鸟创新用万元高端产品叩开大众市场，AR眼镜 已逐渐从极客手中的"炫酷玩具"走进普通人的生活，站在了行业破局的前夜。 近日，上海证券报记者通过与多家AR眼镜厂商交流、实地体验多款产品，深入了解行业近况与发 ...

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.32 billion CNY, representing a year-on-year growth of 28.64%. The net profit attributable to shareholders was 106 million CNY, up 132.90%, and the net profit excluding non-recurring items was 94 million CNY, a significant increase of 1,813.63% [2] - In Q1 2025, the company reported a revenue of 340.73 million CNY, a year-on-year increase of 15.18%. The net profit attributable to shareholders was 30.61 million CNY, growing by 51.88%, while the net profit excluding non-recurring items reached 26.92 million CNY, up 57.19% [2] Group 2: Business Strategy - The company has established a diversified business layout of "1+2+N", focusing on consumer electronics as the core business, with a steady recovery in profitability due to economic recovery [2] - The two core businesses are the rapidly growing automotive display sector and the mass production phase of LIPO technology, both of which have promising market prospects [2] - The company is actively exploring new growth points in emerging areas such as AR/VR displays and precision structural components [2] Group 3: R&D Innovations - The company adheres to a "technology-driven" business philosophy, focusing on core products to enhance its competitive edge [3] - Ongoing R&D projects include advancements in Mini-LED technology for automotive and VR applications, as well as innovations in OLED display technologies [3] - As of December 31, 2024, the company has filed a total of 543 patents, including 155 invention patents, with 417 granted, showcasing its commitment to innovation [3]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 8.312 billion CNY, a year-on-year increase of 7.25%, with non-consumer businesses accounting for over 50% of revenue and mobile display business over 30% [3] - The net profit attributable to shareholders reached 96.41 million CNY, improving by nearly 400 million CNY year-on-year, with net cash flow from operating activities increasing by 37.51% to 2.223 billion CNY [3] Group 2: Business Segments - The flexible OLED mobile business showed improved profitability, with the TM18 production line achieving a monthly output of over 4KK in March [3] - The automotive business experienced over 30% year-on-year revenue growth, with significant profit increases, benefiting from the rapid growth of automotive electronics and new energy sectors [4] - The professional display segment maintained a positive trend, with revenue and profits both achieving year-on-year growth of over 30% [3] Group 3: Strategic Focus and Development - The company views automotive display as a strategic core business, leveraging 30 years of expertise to enhance competitiveness in the automotive display market [6] - Plans to expand the Micro-LED technology into automotive and professional display applications, with a focus on high transparency and seamless splicing products [7][8] - The company aims to strengthen its market position in automotive electronics and new energy sectors, with a focus on AMOLED product mass production [4][11] Group 4: Market Outlook and Challenges - The company anticipates continued growth in the automotive display market, driven by increasing demand and specifications, despite facing competitive pressures and pricing challenges [9] - The company is committed to enhancing product complexity and integration to improve the value of automotive products and maintain stable profit margins [9] Group 5: Non-Display Applications - The company is developing non-display applications based on panel technology, including panel-level smart antennas and flexible sensors, with the PAMETRIA technology offering significant advantages in performance and cost [10]