洛图科技(RUNTO)最新发布的《全球显示器市场品牌出货季度数据报告》显示，2025年全球显示器市 场品牌整机出货量达1.28亿台，较上一年度增长1.1%。其中，OLED显示器成为增长亮点，出货量同比 激增72%至2450万台，展现出高端显示技术的强劲发展势头。 分出货节奏来看，上半年，受多重积极因素驱动，全球显示器市场出货量同比增长了2.8%。下半年， 出货量同比微降0.5%。 洛图科技(RUNTO)表示，整体上看，2026 年的显示器市场将迎来三大核心机遇。一是技术升级红利： OLED、Mini LED 成本下探，渗透率快速提升，高端市场溢价空间变得充足；AI的全面赋能，将打开 产品差异化新赛道。 二是场景扩容：电竞产业持续扩容、内容创作生态繁荣、AI PC 换机周期启动， 带动高刷、高色准显示器需求增长。三是供应链的局部优化：中国大陆面板厂在2026年将迎来OLED和 喷墨打印技术方面的突破，降低供应链依赖。长远来看，市场价值仍将提升，并从"销量驱动"转向"价 值驱动"，长期增长动力依然充足。 在品牌竞争格局方面，Dell(戴尔)以2250万台的出货量蝉联全球第一，尽管其市场份额同比下降5%。 TPV( ...

错期叠加高基数致 2 月排产承压，出口韧性持续优于内销 空调排产：高基数叠加春节错期导致数据下滑，内外销均面临短期调整。2026 年 2 月，家用空调内销排产 455.5 万 台，同比-38.1%；出口排产 693 万台，同比-26.5%。内销大幅下滑主要系春节错期及去年同期的高基数效应，企业为 保障节前备货将大量产能前移至 1 月，且当前渠道端面临较高库存压力。出口端同样受高基数阻碍，同时欧美传统市 场消费疲软、关税信号回荡令渠道商观望，部分企业加速海外基地布局以规避贸易壁垒，导致国内排产弹性加大。 冰箱排产：假期因素致产销回落，海外新兴市场提供支撑。2026 年 2 月，冰箱内销排产 260 万台，同比-17.1%；出口 排产 340 万台，同比-8%。内销受春节假期停工及宏观需求疲软双重影响，以旧换新政策短期内难以完全抵消宏观低 迷，但随着节后复工及政策落地，预计 3 月排产有望回升。出口同样受假期影响有所下滑，市场区域分化明显：对美 出口因产能替代持续收缩；欧洲市场受益于本地产能退出，提供补充空间；非洲、拉美等新兴市场贡献主要增量。 洗衣机排产：内需增长乏力，出口步入高位盘整期。2026 年 2 月， ...

证券研究报告 | 2026年01月26日 2026年01月27日 TCL 电子（01070.HK） 与索尼达成战略合作，有望加速电视业务全球扩张 优于大市 |  | 公司研究·公司快评 |  | 家用电器·黑色家电 |  投资评级：优于大市（首次） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈伟奇 | 0755-81982606 | chenweiqi@guosen.com.cn | 执证编码：S0980520110004 | | 证券分析师： | 王兆康 | 0755-81983063 | wangzk@guosen.com.cn | 执证编码：S0980520120004 | | 证券分析师： | 邹会阳 | 0755-81981518 | zouhuiyang@guosen.com.cn | 执证编码：S0980523020001 | | 证券分析师： | 李晶 | | lijing29@guosen.com.cn | 执证编码：S0980525080003 | 事项： 公司发布公告，公司与索尼于 1 月 20 日订立不具法律约束力的意向备忘录，拟在 ...

国信证券发布研报称，首次覆盖，给予TCL电子（01070）"优于大市"评级。预计TCL电子2025-2027年 营收1125.1/1265.4/1381.4亿港元，同比分别增长13.3%/12.5%/9.2%；归母净利润分别为24.1/28.2/32.5亿 港元，同比增长37.2%/16.8%/15.3%；对应EPS为0.96/1.12/1.29港元，对应PE为12.8/11.0/9.6倍。综合绝 对估值和相对估值，该行认为公司股票合理估值区间为15.29-17.64港元/股，对应2026年PE为13.7-15.8 倍。 国信证券主要观点如下： 近期事件 公司发布公告，公司与索尼于1月20日订立不具法律约束力的意向备忘录，拟在全球范围内成立一家合 资公司，承接索尼电视、家庭音响等家庭娱乐产品的开发、制造、销售及客户服务全流程。合资公司将 由TCL电子持股51%，索尼持股49%。）双方还将就专利、技术及品牌授权达成未来安排。 TCL电子与索尼合作，有望实现优势互补，加速索尼及TCL电视业务在海外市场的发展 TCL与索尼合资公司有望结合索尼在音视频领域的先进技术、品牌价值，和TCL电子在先进显示技术、 全球化规模 ...

Group 1 - The core viewpoint of the news is that Woge Optoelectronics (stock code: sh603773) has reached its daily limit up, with a price of 42.55 yuan, reflecting a 10.01% increase and a total market capitalization of 9.559 billion yuan [1] Group 2 - Woge Optoelectronics is transitioning from traditional display business to high-end fields such as Mini LED, focusing on glass-based Mini LED backlight modules with an annual production capacity of 6.05 million pieces, aligning with new display technology trends [2] - The company has full-process capabilities in the commercial aerospace sector, including UTG processing and CPI slurry, meeting the flexible substrate and protection needs for satellite flexible solar wings, with ongoing business collaborations and product testing [2] - In the first half of 2025, the company's R&D expenses accounted for 7.44%, higher than the industry average, with a total of 439 patents, indicating strong ongoing investment in R&D to enhance technical strength and drive business transformation [2]

Core Viewpoint - TCL is positioning itself as a leader in display technology by showcasing its SQD-Mini LED technology and the X11L television at CES, aiming to redefine what constitutes good picture quality in the industry [2][3][12]. Group 1: Product and Technology Highlights - TCL's X11L television features a peak brightness of 10,000 nits and over 20,000 backlight zones, earning multiple awards at CES, including the "Innovation Display Technology Gold Award" [2]. - The SQD-Mini LED technology combines monochrome blue Mini LED chips with Super QLED, achieving near-pixel-level control of light and significantly improving color accuracy and contrast [6][8]. - The X11L boasts 20,736 zones and an ultra-high contrast ratio of 800,000:1, effectively eliminating color bleeding issues common in RGB Mini LED technologies [6][8]. Group 2: Market Position and Strategy - TCL has achieved the global number one position in Mini LED television shipments with a market share of 28.8% and in 98-inch television shipments with a market share of 49.6% [3]. - In North America, TCL's television shipment volume ranked second with a market share of 13.5% in 2024, and the Mini LED television shipment volume saw a year-on-year growth of 153.3% [9][10]. - The company is focusing on localizing its operations in North America, establishing a complete ecosystem of local R&D, production, and marketing to better meet consumer needs [10]. Group 3: Industry Impact and Future Outlook - TCL's advancements in display technology signify a shift in the global perception of Chinese brands, moving from cost-effective products to high-end technological innovations [12][16]. - The company aims to establish new industry standards with its SQD-Mini LED technology, indicating a transition from merely meeting international standards to setting them [16]. - TCL's strategy includes a dual approach of high-end technology leadership and broad market accessibility, which is expected to reshape the competitive landscape of the global consumer electronics industry [12][16].

Core Insights - The focus of the 2026 CES is the competition between Chinese and Korean companies in the Mini LED television market, highlighting advancements in RGB-Mini LED technology [2][4] - Major brands like Hisense, Samsung, LG, and TCL are showcasing high-end Mini LED televisions, emphasizing color richness and realism, with AI integration expected to deepen in the industry [2][4] Group 1: Technology Advancements - Hisense introduced RGB-Mini LED technology, incorporating a fourth cyan LED chip to address color issues and achieve 110% BT.2020 color gamut, while reducing blue light and energy consumption [3] - Samsung's Micro RGB Mini LED television utilizes sub-100 micron LED chips to enhance image quality, and LG's Micro RGB Mini LED also achieves 100% BT.2020 color gamut [3][5] - TCL's SQD-Mini LED television combines quantum dot technology with Mini LED, achieving 100% BT.2020 color gamut and a peak brightness of 8500 nits [3][5] Group 2: Market Trends - Mini LED televisions are expected to challenge OLED's position in the high-end market and are projected to grow significantly, with an estimated shipment of 21.1 million units in 2026, a 58% increase year-on-year [9] - Despite an overall decline in global television shipments, Mini LED televisions are anticipated to grow by 40%, reaching a market penetration of 10% [9] - The global shipment of Mini LED televisions is expected to reach 16.12 million units in 2026, marking a 30.1% increase, with the Chinese market leading the growth [10] Group 3: Competitive Landscape - Chinese brands are narrowing the gap with global leaders in the television market, with predictions that they may challenge for the top position by 2026-2027 [11] - The competition among brands has shifted from basic specifications to differentiated display technologies focusing on light sources, chips, and color management systems [5] - AI technology is set to play a significant role in enhancing television experiences, with expectations for deeper integration in 2026, moving towards generative AI applications [11]

Summary of Nova Star Cloud Conference Call Company Overview - **Company Name**: Nova Star Cloud - **Core Business Areas**: LED, Mini LED (MLEd) display control systems, video processing systems, and cloud computing - **Market Position**: Over 90% market share in the LED sector, with a stable main business over the past two years [3][4] Key Insights and Arguments - **Mini LED Business Growth**: The Mini LED business is experiencing exponential growth, with overseas operations gradually ramping up. 2025 is expected to be a year of stabilization, followed by rapid growth in 2026 [2][3] - **Revenue Forecast**: Due to macroeconomic impacts, revenue growth for 2024 is projected to slow to 7%, with LED business revenue showing single-digit growth. In the first half of 2025, LED revenue is expected to decline year-on-year, while high-margin video processing systems and related businesses are anticipated to grow [2][6] - **Video Processing Systems**: This segment is crucial for Nova Star Cloud, boasting a gross margin of 69.54%, significantly higher than the LED business. It serves high-end clients and has applications in virtual shooting, contributing positively to overall gross margin [2][7] - **Innovation in Chip and Control Systems**: The company is expanding into innovative areas such as driver chips and control systems, which are expected to generate significant revenue increases and improve profit structure and margins [2][3][8] Financial and Investment Insights - **Shareholding Structure**: The company has a stable shareholding structure, with founders holding 23% and 15% of shares, respectively, and having signed a concerted action agreement. The company has invested in Blue Arrow Aerospace, holding a direct stake of 0.8189% and an indirect stake of 0.3582% [4] - **Profit Projections**: Expected net profit for 2025 is around 600 million yuan, potentially reaching 800 million yuan in 2026. Current PE ratio is approximately 20 times, with a potential drop to below 14 times by 2027, indicating investment value [4][9] - **Risks**: Key risks include macroeconomic downturns, underperformance in new product development, and intensified market competition, which investors should monitor closely [4][9] Additional Important Information - **MLed Chip and Equipment**: Nova Star Cloud has made significant advancements in MLed chips and equipment, with driver chips set to commercialize in September 2024, expected to bring in over 100 million yuan in revenue. MLed detection equipment has been widely shipped to major clients [2][8] - **Revenue Breakdown**: In 2024, LED revenue is projected at 1.5 billion yuan, with growth in video processing systems and cloud computing. The shift towards higher-margin products is evident as video processing systems gain a larger share of revenue [6]

Core Viewpoint - The company plans to raise up to 1.5 billion yuan for a glass-based Mini LED display backlight module project, working capital, and bank loan repayment, with detailed disclosures on capacity planning, market prospects, and operational status in response to the Shanghai Stock Exchange's inquiry [1] Group 1: Fundraising and Project Details - The total investment for the glass-based Mini LED display backlight module project is 2.006 billion yuan, with 1.06 billion yuan allocated from the raised funds for equipment purchase and installation [1] - Upon reaching full production, the project is expected to generate annual sales revenue of 3.116 billion yuan and a net profit of 246 million yuan, with a post-tax internal rate of return (IRR) of 14.26% and a payback period of 7.55 years [1] Group 2: Production Capacity and Market Demand - The project will achieve an annual production capacity of 6.05 million square meters, with a forecasted global shipment of 13.5 million Mini LED TV panels in 2025, including approximately 900,000 units of large-screen TVs over 80 inches [2] - The production capacity corresponds to approximately 80,000 to 100,000 units of 85-inch TVs, representing only 5.93% to 7.41% of the global Mini LED TV shipment, indicating significant market potential [2] Group 3: Customer Development and Technical Capabilities - The company has established partnerships with leading industry players, including AUO, with some projects already in mass production [2] - As of October 2025, the company reported revenue of approximately 12 million yuan from glass-based related businesses and had an order backlog of about 3.5 million yuan [2] - The company possesses core technologies required for the production of glass-based Mini LED display backlight modules, including 3-micron thick copper plating technology and 3-6 micron line width capabilities, with 439 domestic patents held as of June 30, 2025 [3] Group 4: Financial Performance and Challenges - The company's revenue has shown consistent growth from 1.398 billion yuan in 2022 to 2.221 billion yuan in 2024, but net profits attributable to the parent company have remained negative, primarily due to significant R&D and production line investments [3] - As of June 2025, the company's debt-to-asset ratio was 70.62%, with a current ratio of 1.03 and a quick ratio of 0.96, indicating lower solvency compared to industry averages [3] - Despite thorough feasibility studies, the company acknowledges potential challenges such as intensified market competition, technological obsolescence, and slower-than-expected capacity absorption [3] Group 5: Regulatory Compliance and Project Viability - The intermediary review concluded that the fundraising project aligns with the company's main business direction, has reasonable capacity scale, and does not present significant capacity absorption risks [4] - The company has the necessary technology, personnel, and customer reserves to implement the fundraising project, and its financial investment situation complies with relevant regulatory requirements [4]

Group 1: Market Trends - The global LED display market is projected to reach $79.71 billion by 2025 and $102.36 billion by 2028, with a compound annual growth rate (CAGR) of 7% from 2023 to 2028 [2][3] - Mini LED is identified as a new growth point, with the global market expected to reach $3.3 billion by 2028 and a CAGR of approximately 40% from 2024 to 2028 [3] Group 2: Company Products in MLED - The company has launched several products in the MLED field, including MLED core detection equipment and MLED core integrated circuits [4] - Key detection equipment includes the MLED Demura system, MLED lighting test machine, MLED color grading machine, and MLED fully automatic repair machine, enhancing production efficiency and quality [4] - Integrated circuits include MLED ASIC control chips, high-speed interface chips, and PWM+PAM mixed drive chips, improving display quality and meeting industry demands for high-quality and ultra-thin MLED displays [4] Group 3: R&D Investment - R&D investments for the first three quarters of 2024 and 2025 were $5.40 million and $3.88 million, respectively, accounting for 16.47% and 16.05% of revenue [4] - The company plans to maintain high R&D investment levels and focus on cutting-edge technology to enhance its competitive advantage [4] Group 4: AI Technology Integration - The company is actively exploring the application of AI technology in the video display control industry [5][6] - AI technology has been integrated into some products to enhance visual quality, with plans for continued exploration of potential applications [6]