Core Viewpoint - The CES 2026 showcased significant advancements in display technologies, particularly in the automotive display sector, with a strong emphasis on OLED and Micro LED technologies, indicating a competitive landscape among leading panel manufacturers [87]. Group 1: Automotive Display Innovations - Major panel companies focused on automotive displays, with OLED technology emerging as a preferred choice due to its lightweight, flexible, and high-quality characteristics [2]. - BOE introduced the "HERO 2.0 smart cockpit," featuring the world's first Micro LED PHUD with a brightness of 50,000 nits and AI capabilities for voice and gesture control [3][5]. - Deepinma showcased a 49.6-inch panoramic "Tianxuan" screen, integrating various cockpit functions into a single display with a peak brightness of 10,000 nits [10][12]. - TCL Huaxing presented the HVA Ultra P-HUD system, which includes three LCD screens with a brightness of 11,000 nits and a 7.5% transmittance rate [14][15]. - Visionox introduced a flexible AMOLED dual-curved display solution that can bend to save space when not in use [20]. Group 2: Display Technology Developments - BOE displayed two large Micro LED products, including a P0.9 ultra-thin HDR Micro LED integrated machine with a peak brightness of 2,000 nits and a contrast ratio of over 20,000:1 [38]. - Deepinma launched the world's first fully laser giant transfer 108-inch seamless Micro-LED screen with a peak brightness of 1,500 nits and a contrast ratio of 1,000,000:1 [40]. - TCL Huaxing introduced a 98-inch HVA Ultra television display with over 18,000 backlight partitions and a BT2020 coverage rate exceeding 96% [44]. - Visionox unveiled a "glare-free AMOLED laptop solution" that significantly reduces eye strain by minimizing environmental light reflection [50][51]. - LG Display presented an 83-inch WOLED TV panel with a peak brightness of 4,500 nits and 99.5% DCI color gamut coverage [76]. Group 3: Industry Trends and Future Outlook - The competition among panel manufacturers is intensifying, with companies like AUO and Innolux focusing on Micro LED technology, while TCL Huaxing and Hehui Optoelectronics are deepening their expertise in OLED [87]. - The display industry is expected to enter a new development phase as demand for automotive, commercial, and consumer electronics continues to evolve [88].

（文章来源：证券日报） 证券日报网讯 12月30日，兆驰股份在互动平台回答投资者提问时表示，公司子公司兆驰半导体围绕 LED芯片全产业链累计申请专利1500余项，在外延、芯片、封装到模组全链路构建起自主可控的技术体 系。近期兆驰半导体新公布了两项与Micro LED生产密切相关的专利，涉及载盘优化与衬底创新等。 ...

华灿光电（300323.SZ）12月19日在投资者互动平台表示，公司未参与灯塔工厂建设，但在智能制造领 域持续投入。珠海Micro LED项目已实现较高程度的自动化与数字化集成，是公司实践高端化、智能化 战略的重要载体，未来将持续优化提升。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问贵公司有没有参与灯塔工厂的建设？ ...

Core Insights - PlayNitride announced the acquisition of 100% of Lumiode, Inc. for $2 million, aiming to enhance its technology and patent portfolio while expanding its North American customer base and sales channels [2][4] Group 1: Acquisition Details - The acquisition is expected to be completed by the end of 2025, which will add new feasibility for Micro LED in near-eye display applications [4] - PlayNitride aims to develop Micro LED AR glasses without being limited by existing CMOS solutions [4] Group 2: Market Position and Technology - PlayNitride plays a significant role in the Micro LED industry, providing services including Micro LED chips, COC processes, mass transfer technology, and turnkey solutions [3] - Lumiode focuses on near-eye display and medical markets with its unique Active TFT Thin Film technology, which may replace costly CMOS wafer bonding solutions [3][4] Group 3: Market Projections - TrendForce estimates that global shipments of Micro LED AR glasses will reach 21 million units by 2030, with a penetration rate of 65% for Micro LED technology in overall AR glasses [4][11]

证券日报网讯12月18日，利亚德（300296）在互动平台回答投资者提问时表示，新一代黑钻(Hi-Micro) 是目前最先进的Micro LED封装技术，该技术采用无衬底Micro LED芯片，体积更小、亮度更高、响应 更快，具备更高的稳定性与可靠性，广泛适用于高端显示等场景。目前Hi-Micro的需求海外相对更旺 盛。 ...

股票代码：300389 股票简称：艾比森 深圳市艾比森光电股份有限公司 2025 年 12 月 18 日投资者关系活动记录表 编号：2025-005 | | 特定对象调研 分析师会议 | | --- | --- | | 投资者关系 | 媒体采访 业绩说明会 | | 活动类别 | 新闻发布会 路演活动 | | | 现场参观 其他（线上会议） | | 活动参与单位或 | 浙商证券 | | 人员 | | | 时间 | 年 月 日 2025 12 18 | | 地点 | 公司 | | 上市公司 | 董事会秘书孙伟玲女士 | | 接待人员姓名 | | | | 董事会秘书孙伟玲女士从公司经营情况、行业发展情 | | | 况等角度与投资者进行了沟通交流，主要内容如下： | | | 1、为什么公司三季度业绩能有如此好的增长趋势？ | | | 答：（1）全面推进国际市场渗透，深耕海外本地化 | | | 经营。公司坚持"品牌整机、合法合规"的理念，凭借独 | | | 特的差异化产品设计，为客户创造价值，在激烈的市场竞 | | 投资者关系活动 | 争中赢得了市场认可，国内业务区在坚持经营质量优先的 | | 主要内容 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][13]. Core Insights - The company has shown steady revenue growth, with a 15.66% year-on-year increase in revenue for the first three quarters of 2025, reaching 1.9 billion yuan. However, the net profit attributable to shareholders decreased by 35.45% to -67 million yuan [3][4]. - The company's glass processing and display device businesses are developing steadily, benefiting from industry trends towards lightweight, high-definition, and large-size products. A significant technological breakthrough in glass-based ECI technology is expected to enhance profitability and solidify the company's leading position in the glass processing sector [4][5]. - The company is advancing its glass-based TGV technology and GCP technology, which are being extended to various fields, including Micro LED direct display and advanced packaging for high-performance chips. This diversification is expected to accelerate commercialization and enhance market competitiveness [5]. Financial Projections - Revenue projections for the company are 2.65 billion yuan in 2025, 3.33 billion yuan in 2026, and 5 billion yuan in 2027, with corresponding net profits of -110 million yuan, 141.78 million yuan, and 498.55 million yuan respectively. The company anticipates significant growth in net profit starting in 2026 [6][9][12]. - The report highlights a projected revenue growth rate of 19.4% in 2025, 25.6% in 2026, and 50.4% in 2027, indicating a strong upward trend in financial performance [9][12]. Company Overview - The latest closing price of the company's stock is 32.40 yuan, with a total market capitalization of 7.3 billion yuan. The company has a total share capital of 225 million shares, all of which are circulating [2]. - The company's largest shareholder is Yi Weihua, and it has a debt-to-asset ratio of 67.7% [2]. Market Performance - The stock has shown a performance trend with a notable increase of 57% from December 2024 to December 2025, reflecting positive market sentiment towards the company's growth prospects [8].

Core Viewpoint - Leyard (300296.SZ) emphasizes that Micro LED is a strategic product for the company, targeting broader application markets and is a key focus of its R&D efforts [1] Group 1: Financial Performance - The company has achieved a doubling of revenue from Micro LED over the past two years [1] - As of the half-year mark, new orders for Micro LED have exceeded 600 million yuan, representing a year-on-year growth of over 40% [1]

Core Viewpoint - Avaco, a South Korean display equipment manufacturer, is likely to secure a follow-up order for the second phase of BOE's 8.6-generation OLED production line, following a letter of intent (LOI) from BOE [1] Group 1: Business Developments - Avaco has received a purchase intention letter from BOE for the procurement of vapor deposition logistics equipment for the second phase of its OLED production line [1] - The B16 production line, located in Chengdu, Sichuan, China, is crucial for BOE's strategy in the tablet and laptop OLED market, with a planned capacity of 32,000 units per month [1] - Avaco's performance has rebounded significantly this year, with double-digit growth in both revenue and profit for the first three quarters, attributed to the successful delivery of the first phase project and the procurement opportunity for the second phase [1] Group 2: Technical Strengths - Avaco possesses sputtering coating equipment and vacuum logistics systems, along with expertise in atomic layer deposition (ALD) technology and related automation logistics technology for OLED packaging [4] - The product line of Avaco covers various display technologies, including LCD, OLED, and next-generation Micro LED [4] Group 3: Market Position and Strategy - Avaco has historically been a core supplier for the "LG system," having established a close partnership with LG Display since its inception [4] - To reduce reliance on a single customer and address cyclical fluctuations in the display industry, Avaco has been actively diversifying its customer base, focusing on the Chinese market [4] - In addition to BOE, Avaco is also engaging with other Chinese panel manufacturers such as TCL Huaxing and Tianma [4] Group 4: Business Expansion - Avaco is expanding its business beyond the display sector, transitioning towards lithium battery manufacturing equipment in response to the slowdown in display panel investments [4] - The company has successfully developed roll presses and slitters for battery electrode manufacturing, leveraging its expertise in rolling and precision handling, and has begun supplying to major battery manufacturers like LG Energy Solution [4]

Core Viewpoint - Company Sanan Optoelectronics (三安光电) is focusing on becoming a leader in the industrialization of Micro LED display devices through its wholly-owned subsidiary, Aimpulse Optoelectronics (艾迈谱光电) [2] Group 1 - The latest production capacity of Aimpulse Optoelectronics is reported to be 2,000KK per month [2]