[Table_Title] 证券研究报告 / 公司动态报告 基本面保持良好，Micro-LED 车载应用加速推进 [Table_Summary] 基本面保持良好，盈利与现金流具备支撑能力。2025 年前三季度实现营 业收入 107.10 亿元，同比增长 16.09%；归母净利润 11.41 亿元，同比增 长 16.76%，扣非后净利润同比增长 19.90%，盈利能力持续改善。同时， 经营活动现金流净额达 17.71 亿元，同比大幅增长 301%，现金回笼能力 显著增强，反映主营业务运行健康、订单兑现能力较强。在研发端，公 司前三季度研发投入 6.41 亿元，占收入比重持续提升，为车灯智能化及 前沿技术布局提供稳定支撑。 车灯技术升级持续推进，全球客户与产能布局不断完善。公司在车灯技 术路径上，围绕 DLP、Micro-LED、Mini-LED、OLED 等方向推进智能 前 照 灯 、 像 素 化 显 示 灯 及 数 字 格 栅 等 产 品 研 发 ， 并 同 步 完 善 HCM/RCM/LCU/LDM 等车灯驱动与控制器体系，推动车灯产品向具备 更高精度控制与显示能力的系统化方向升级。在客户与布局层面，公司 ...

华泰证券研报指出，继25年4月iVISION智眸大灯布局后，星宇股份在Micro-LED产业布局再进一步，公 司与芯联集成、九峰山实验室签署战略合作协议，三方共同出资设立武汉星曦光科技有限公司，拟投资 30亿元建设Micro-LED智能光科技研发与制造项目，推进Micro-LED车载照明、光通信、AI显示等前沿 技术的研发与产业化。此次合作整合了"车载应用场景+芯片先进制造+国家级中试平台"，目标打通从 基础研发到工程化量产的产业闭环，将加速Micro-LED 车灯产业化推广和技术降本；同时也是公司向微 显示、光互连等高附加值领域延伸，谋求新成长曲线。考虑公司正逐步兑现新势力客户新车周期带来的 业绩增长以及战略布局机器人领域，给予公司26年10%估值溢价，给予公司26年28倍的PE目标，对应目 标价222.42元（前次为给予25年30倍PE，目标价191.25元），维持"买入"评级。 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 222.42 [1][5]. Core Insights - The company has made significant progress in the Micro-LED industry by signing a strategic cooperation agreement with ChipLink and Jiufengshan Laboratory to establish Wuhan Xingxi Light Technology Co., Ltd., with an investment of RMB 3 billion for R&D and manufacturing projects [1][2]. - The collaboration aims to integrate vehicle application scenarios, advanced chip manufacturing, and a national-level pilot platform, facilitating the industrialization of Micro-LED vehicle lighting and other advanced technologies [1][2]. - The Micro-LED market is projected to reach USD 15.7 billion by 2030, with significant demand expected in automotive displays, AR/VR, and specialty lighting [3]. - The company is positioned to leverage its partnerships to enhance competitiveness in high-end projects and expand into high-value areas such as micro-displays and AI displays [3][4]. Summary by Sections Strategic Cooperation - The company has deepened its Micro-LED strategy through partnerships that integrate key aspects of vehicle applications, chip manufacturing, and semiconductor research, creating a comprehensive industry ecosystem [2]. Market Potential - Micro-LED technology is recognized for its high brightness, rapid response, long lifespan, and pixel-level control, making it a crucial direction for future displays and light sources [3]. Growth Opportunities - The company is capitalizing on smart vehicle trends, expanding its global footprint with projects in Europe and North America, and diversifying into new business areas such as intelligent robotics [4]. Financial Projections - Revenue forecasts for 2025-2027 are RMB 166 billion, RMB 204 billion, and RMB 257 billion, respectively, with net profits projected at RMB 18.09 billion, RMB 22.68 billion, and RMB 28.52 billion [5][9].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 222.42 [1][5]. Core Viewpoints - The company is advancing its Micro-LED industry layout through a strategic partnership with ChipLink Integration and Jiufengshan Laboratory, establishing Wuhan Xingxi Light Technology Co., Ltd. with an investment of RMB 3 billion to develop Micro-LED technology for automotive lighting and other applications [1][2]. - The collaboration aims to create a complete industrial chain from basic research to engineering mass production, accelerating the commercialization of Micro-LED technology and reducing costs [1][3]. - The Micro-LED market is projected to reach USD 15.7 billion by 2030, with significant demand expected in automotive displays, AR/VR, and specialty lighting [3]. - The company is positioned to leverage its strengths in high-value products and expand into new business areas, including intelligent robotics and global markets [4]. Summary by Sections Strategic Cooperation - The company has signed a strategic cooperation agreement to enhance its Micro-LED strategy, integrating automotive applications, chip manufacturing, and semiconductor research [2]. Market Potential - Micro-LED technology is recognized for its high brightness, fast response, long lifespan, and pixel-level control, making it a key direction for future displays and light sources [3]. Growth Opportunities - The company is expanding its customer base with new energy vehicle manufacturers and has secured international projects with major automotive brands [4]. - New business ventures, such as intelligent robotics, are being explored to diversify growth avenues [4]. Financial Forecast - Revenue projections for 2025-2027 are RMB 166 billion, RMB 204 billion, and RMB 257 billion, respectively, with net profits expected to be RMB 18.09 billion, RMB 22.68 billion, and RMB 28.52 billion [5][9].

Core Insights - 壹倍科技 has completed a multi-hundred million yuan A+ round financing, aimed at market expansion, product development, and ensuring delivery [2][3] - The cumulative financing amount positions 壹倍科技 as the leader among Micro-LED equipment manufacturers, reflecting strong market confidence in the Micro-LED industry [3] - The company has established a comprehensive product line covering various stages of the front-end process, including PL performance testing and defect detection [3][4] Financing Details - The recent financing round was led by multiple investors including Guozhong Capital, Anxin Investment, PwC Capital, and others, with 后浪 Capital serving as the financial advisor [3] - Over its five-year history, 壹倍科技 has completed five rounds of financing, attracting top domestic financial and industrial investors [3] Product and Market Strategy - 壹倍科技's products include equipment for substrate, epitaxy, chip, mass transfer, and module processes, with a focus on PL detection and AOI measurement [3] - The company is actively expanding into mainland China, Taiwan, and overseas markets, making it one of the few front-end equipment suppliers venturing abroad in the current environment [4]

Core Viewpoint - The company Visonox (002387.SZ) is focusing on the Micro-LED technology through its subsidiary Chengdu Chenxian, aiming to deepen its presence in the commercial display sector [1] Group 1 - Chengdu Chenxian has released the world's first 108-inch P0.7 TFT-based Micro-LED display [1] - The company has also launched several domestic and international first Micro-LED splicing screens [1] - Visonox plans to actively promote the mass production of innovative results based on production line and customer demand [1]

Core Viewpoint - Tianma showcased multiple Micro-LED transparent display technology products at the 2025 China International Import Expo, targeting applications in automotive displays and commercial showcases [1][11]. Product Highlights - 8.07-inch Head-Up Display: Features a compact design with a brightness of 10,000 nits, thin structure, wide color gamut, and fast response speed, suitable for display on automotive windshields [1]. - 8.07-inch Transparent Low Reflection Display: The industry's first Micro-LED low reflection transparent screen with a maximum PPI, over 50% transmittance at 167 PPI, and a reflection rate below 3%, adjustable brightness for applications like windows and dashboards [3]. - 9.38-inch Adjustable Transparency Display: The first Micro-LED screen with adjustable transmittance from 0.1% to 24%, adapts to ambient light conditions while maintaining high-definition visuals, ideal for automotive displays in complex lighting environments [5]. - 7.05-inch Ultra-Narrow Border Transparent Display: Features a border narrower than 0.1mm, over 60% light transmittance, and can be spliced into larger displays, targeting commercial showcases, smart homes, and automotive applications [7]. - 14.1-inch Invisible Teleprompter: Offers 10,000 nits brightness with a transparent glass design, allowing speakers to read scripts while interacting with the audience, suitable for speeches and meetings [9]. Technological Development - Since 2017, Tianma has been developing Micro-LED technology, achieving significant progress in glass-based Micro-LED transparent display technology, and has established the industry's first G3.5 generation fully automated mass transfer production line with high yield and a degree of domestic material capability [11]. - The company focuses on high transparency, high brightness, low reflection, and splicing features, exploring the application possibilities of transparent displays in automotive, commercial, and smart home scenarios [11]. - Research efforts are concentrated on the reliability and mass production feasibility of glass-based Micro-LEDs to validate the industrialization path of transparent displays [11].

Core Insights - The article highlights the advancements of Tianma Microelectronics in the Micro-LED display technology, showcasing its potential to reshape the display industry and establish a strong presence in the global market [1][2]. Technology Breakthrough - Micro-LED is recognized as the next mainstream display technology following LCD and OLED, with advantages such as self-emission, high brightness, long lifespan, low power consumption, and nearly infinite contrast ratio [2]. - The global Micro-LED display market is projected to reach approximately $800 million by 2028, with a compound annual growth rate (CAGR) of 70.4% from 2023 to 2028 [2]. - Tianma has established a G3.5 Micro-LED production line in Xiamen, which covers all critical processes and achieved full-process integration by December 30, 2024, marking a significant breakthrough in the field [2][5]. Product Development - Tianma has developed a transparent display solution with a maximum transparency rate of 70% and a unique adjustable transparency technology ranging from 0.1% to 24% [5]. - The company successfully lit its first 7-inch car-mounted Micro-LED standard product in the first half of 2025, paving the way for mass production [5]. Brand Positioning - Tianma aims to transform from a single product supplier to a "chain master" enterprise, integrating technology research, standard formulation, and ecosystem integration [6]. - The company has launched two industry standards for Micro-LED displays, which have been recognized as typical cases for application promotion by the Ministry of Industry and Information Technology [6]. Market Collaboration - Tianma has established partnerships with major automotive companies such as Li Auto, XPeng Motors, and GAC, capturing a significant market share in the automotive display sector [7]. - The company’s automotive display shipments reached approximately 21 million units in the first half of the year, reflecting a year-on-year growth of 24.7% [7]. Ecosystem Development - Tianma is committed to building a complete ecosystem for Micro-LED technology, leading the formation of a Micro-LED ecological alliance to address challenges in packaging equipment and mass production yield [8]. - The company has developed a three-dimensional sputtering technology to simplify manufacturing processes and significantly reduce costs [9]. Application Expansion - Beyond automotive displays, Tianma's PID standard modules are applicable in command centers, smart retail, and digital signage, showcasing the versatility of Micro-LED technology [9]. - The company has provided high-quality screens for flagship products from OPPO and Xiaomi, enhancing user experience with superior color gamut and resolution potential [9].

Core Viewpoint - The rise of Chinese panel manufacturers and TV brands is intensifying competition for overseas companies, impacting their market share and profitability [2]. Group 1: Profitability of Major Companies - Samsung's VD/DA business reported an operating profit margin of 1.4% in Q2 2025, down 0.7 percentage points quarter-on-quarter and 2.0 percentage points year-on-year. The company plans to improve profitability by capitalizing on peak season demand and developing high-end TVs [4]. - LG Electronics' MS business experienced an operating profit margin of -4.4% in Q2 2025, a decline of 4.5 percentage points quarter-on-quarter and 6.9 percentage points year-on-year, facing challenges from Chinese TV brands. LG aims to enhance its WebOS platform and expand its influence in the Southern Hemisphere [4]. - Hisense's TV business is performing well, with continuous growth in shipment volume and market share, maintaining an operating profit margin around 5% in recent quarters [4]. Group 2: Panel Manufacturers' Performance - Samsung Display's (SDC) operating profit margin was 7.8% in Q2 2025, although it has decreased both quarter-on-quarter (by 0.7 percentage points) and year-on-year (by 5.4 percentage points) [7]. - AUO reported an operating profit margin of 2.2% in Q2 2025, remaining positive for two consecutive quarters, while Innolux (INX) had an operating profit margin of -1.4%, remaining negative for four consecutive quarters [7]. - BOE, as a leading domestic panel manufacturer, continues to maintain a positive operating profit margin in its TV panel business [7]. Group 3: Market Trends and Challenges - Domestic flexible AMOLED smartphone panel manufacturers are actively expanding capacity and increasing shipments, achieving a combined market share of over 50% by 2024, which is impacting SDC's profitability [10]. - SDC's quarterly profitability is subject to significant seasonal fluctuations, with operating profit margins decreasing from 12.4% in H1 2023 to 10.4% in H1 2024, and further down to 8.1% in H1 2025 [10]. - AUO's profitability has outperformed INX in recent quarters, attributed to a lower proportion of traditional display business, which has a lower gross margin compared to commercial and automotive displays [10]. Group 4: Strategic Developments - Innolux is actively developing Micro-LED and FOPLP businesses, although these new ventures are unlikely to generate profits in the short term. The company announced the acquisition of Japan's Pioneer in June 2025 to strengthen its automotive display business, which may improve profitability post-acquisition [11].

Core Viewpoint - Tianma Microelectronics Co., Ltd. reported a significant recovery in its financial performance for the first half of 2025, with a notable increase in revenue and net profit, driven by growth in key markets such as mobile displays, automotive displays, and IT products [2][10][11]. Financial Performance - The company's revenue for the first half of 2025 reached approximately CNY 17.48 billion, representing a 9.93% increase compared to CNY 15.90 billion in the same period last year [2][18]. - Net profit attributable to shareholders was CNY 205.90 million, a substantial turnaround from a loss of CNY 489.39 million in the previous year, marking an increase of CNY 695.29 million [2][11]. - The operating cash flow increased by 48.44% to CNY 3.97 billion, up from CNY 2.67 billion in the previous year [2][17]. Business Overview - Tianma Microelectronics focuses on providing customized display solutions and has established itself as a leader in the small to medium-sized display sector over the past 40 years [3][10]. - The company employs a "2+1+N" development strategy, emphasizing mobile displays and automotive displays as core businesses, while IT displays are identified as a key growth area [10][11]. Market Trends - The global small to medium-sized display market is showing signs of recovery, with demand driven by smartphones, automotive displays, and IT products [10][11]. - The penetration rate of OLED technology in mobile devices is increasing, and the automotive sector is experiencing a trend towards larger and multi-screen displays [10][11]. Competitive Advantages - The company maintains a strong competitive edge through a differentiated strategy centered on customer needs and a global production and marketing network [3][6]. - Continuous investment in R&D and innovation has led to advancements in display technologies, including Micro-LED and flexible AMOLED displays [3][12]. Product Development - Tianma has launched several innovative products, including the world's first integrated fingerprint recognition and color temperature sensing AMOLED display, which won the "Best OLED-Based Technology" award in 2025 [12][13]. - The company is also advancing in the automotive display sector with products like the 12.3-inch hidden display and the world's first light field 3D AR-HUD [12][13]. Supply Chain Management - The company has established strong relationships with thousands of suppliers, focusing on long-term collaboration and supply chain resilience [7][8]. - Efforts are being made to enhance local and diversified procurement strategies to strengthen supply chain security [7][8]. Social Responsibility - Tianma is committed to sustainable development and has implemented a carbon neutrality action plan, receiving recognition for its ESG practices [17].