Core Viewpoint - Akita Microelectronics has completed the main structure of its Chunhua Technology Building project, which is expected to significantly enhance the company's industrial capacity and support for technological innovation and business expansion [1][2]. Group 1: Project Overview - The Chunhua Technology Building project has a total investment of approximately 380 million yuan, covering an area of 9,678.98 square meters with a total construction area of 54,159.24 square meters [2]. - The project includes one factory and one dormitory building, with the factory being 9 stories high (49.95 meters) and the dormitory 20 stories high (69.95 meters) [2]. - The project commenced in October 2024 and was originally scheduled for completion in October 2025. It is now transitioning to the internal decoration, equipment installation, and outdoor supporting facilities construction phase [2]. Group 2: Company Performance - In 2024, Akita Microelectronics achieved a revenue of 1.085 billion yuan, representing a year-on-year growth of 9.02%. However, the net profit attributable to shareholders decreased by 25.91% to 90.6059 million yuan [5]. - The company is increasing its investment in electronic paper projects and is actively advancing production line construction and personnel configuration. It has established basic mass production capabilities for electronic paper products and achieved small batch shipments [5]. - The company's projects related to automotive curved bonding technology and high-contrast touch and display driver integrated modules have completed project acceptance and are now in the market promotion phase [5].

近日，三星显示、维信诺、和辉光电、清溢光电、深康佳、康宁、劲拓股份、华兴源创、天德 钰、合力泰、迈为股份相继披露2025年第一季度报告。 得益于旗舰智能手机Galaxy S25和高附加值产品的强劲销售，公司合并营收达79.14万亿韩元（约 人民币4024.87亿元），创下季度新高。尽管DS部门面临季度营收下滑的不利因素，但营业利润仍 增至6.7万亿韩元（约人民币340.15亿元）。 其中， 三星电子子公司三星显示第一季度综合营收为5.9万亿韩元（约人民币299.65亿元），营业 利润为0.5万亿韩元（约人民币25.31亿元） 。 移动显示业务方面，三星显示报告称，受季节性因素影响，利润环比下降。大尺寸显示业务的业 绩有所改善，主要得益于为主要客户推出新的QD-OLED显示器产品。 2025年第二季度，移动显示器业务在追求可折叠产品等新产品稳定供应的同时，对盈利前景持保 守预期。对于大尺寸显示器业务而言，由于即将推出的新产品，公司预计游戏显示器的需求将增 长。 2025年下半年，在市场不确定性日益增加的背景下，三星显示的目标是通过差异化的技术和产品 来提升移动显示器业务的销售额。在大尺寸显示器业务方面，三星显示 ...

Financial Data and Key Metrics Changes - Company reported a 13% year-over-year sales growth to $3.7 billion in Q1 2025, with EPS growing more than three times the rate of sales to $0.54 [5][32] - Operating margin expanded by 250 basis points year-over-year to 18% [5][32] - For Q2 2025, the company expects sales to be approximately $3.85 billion and EPS guidance of $0.55 to $0.59, indicating a year-over-year EPS growth of about 21% [6][32] Business Line Data and Key Metrics Changes - Optical communications sales were $1.4 billion, up 46% year-over-year, with net income increasing by 101% [35] - Enterprise sales reached $705 million, up 106% year-over-year, driven by demand for new Gen AI products [35] - Display sales were $905 million, up 4% year-over-year, with a net income margin of 26.9% [37] - Specialty materials sales increased by 10% year-over-year to $501 million, with net income growing 68% [39] - Automotive sales were $440 million, down 10% year-over-year, primarily due to softness in European markets [42] Market Data and Key Metrics Changes - The company noted strong demand for US-made innovations, particularly in optical communications and solar sectors [14][26] - In the solar market, the company expects to grow from a $1 billion business in 2024 to a $2.5 billion business by 2028, driven by increased energy demand and favorable government policies [26][28] Company Strategy and Development Direction - The company is focused on its SpringBoard plan, aiming to add more than $4 billion in annualized sales and achieve a 20% operating margin by the end of 2026 [9][51] - The strategy includes leveraging US manufacturing capabilities to mitigate tariff impacts and capitalize on domestic demand [8][14] - The company is also emphasizing innovation in Gen AI and solar technologies as key growth drivers [22][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering the SpringBoard plan even in a potential macroeconomic downturn, citing a risk-adjusted approach to planning [9][21] - The company is seeing early signs of stronger demand for US-made products, which is expected to positively impact financial performance [14][26] - Management reiterated that the direct impact of current tariffs is minimal, with a projected impact of $10 million to $15 million for Q2 2025 [13][34] Other Important Information - The company plans to invest approximately $1.3 billion in capital expenditures and expects to generate significant free cash flow in 2025 [45][46] - The company has a strong balance sheet with a long average debt maturity of about 23 years [47] Q&A Session Summary Question: Pricing power in uncertain markets - Management highlighted their ability to pass on increased costs to customers, particularly in solar and optical segments, due to strong demand and unique product offerings [54][56] Question: Temporary capacity ramp costs - Management clarified that the costs associated with ramping up production are primarily operational expenses, not capital expenditures, and are expected to normalize as production scales [59][60] Question: Visibility in Gen AI orders - Management confirmed strong demand from major hyperscale customers, reinforcing growth expectations despite potential market fluctuations [64] Question: Supply constraints in optical segment - Management acknowledged supply constraints and indicated that pricing power could strengthen further with the introduction of next-generation products [69][71] Question: Customer conversations regarding tariffs and recession - Management noted increasing demand for US-based manufacturing and emphasized the importance of long-term commitments from customers amid tariff uncertainties [78][79] Question: End market demand in display segment - Management expects flat unit demand for displays but anticipates growth in the glass market driven by increasing screen sizes [87][88]

Core Viewpoint - The company, Nanji Guang, has successfully transitioned from significant losses to profitability, driven by strategic initiatives and strong performance in key product segments [1][2]. Financial Performance - In 2024, Nanji Guang achieved revenue of 457 million yuan and a net profit of 20.63 million yuan, marking a significant turnaround from previous losses [1]. - The fourth quarter of 2024 saw a remarkable revenue of 219 million yuan, a year-on-year increase of 151.9%, with a net profit of 22.17 million yuan and a gross margin of 18.6% [1]. - For the first quarter of 2025, revenue reached 186 million yuan, a year-on-year growth of 265.5%, with a net profit of 29.73 million yuan and a gross margin of 26.97%, the highest in nearly five years [1]. Strategic Developments - The company's transformation is attributed to three strategic pillars: becoming the exclusive supplier for Nintendo's Switch2, significant growth in automotive backlight module orders, and optimization of gross margin structure [2]. - The Switch2, featuring high-brightness Mini-LED backlighting, is expected to have a monthly delivery of over 1 million units starting from Q4 2024, contributing approximately 30% to revenue in 2025 [2]. - Automotive backlight module orders increased by 120% year-on-year, with successful entry into the supply chains of leading automotive companies like BYD and NIO [2]. Market Position and Technology - The global backlight module market is projected to reach 125 billion yuan by 2025, with Mini-LED penetration expected to exceed 20%, driven by growth in automotive and AR/VR applications [3]. - China, as the largest display panel producer, is anticipated to account for over 60% of global shipments in 2024, with rapid technological advancements pushing supply chain upgrades [3]. - Nanji Guang's Mini-LED chip transfer technology boasts a yield rate of 99.9%, with a planned annual production capacity of 4.3 million units at its Huizhou facility, targeting automotive, tablet, and AR/VR markets [3]. Innovation and R&D - The company holds a total of 255 patents, including 18 invention patents, focusing on core processes such as vacuum compression molds and optical microstructure design [4]. - In the Micro-LED sector, the company has achieved chip transfer technology below 100μm with a yield rate of 99.9%, with R&D investment accounting for 10.01% of revenue [4]. - The company has introduced a 10.1-inch automotive backlight module with a brightness of 1000 nits and a 30% reduction in power consumption, already applied in high-end models like the Li Auto L9 [4].

以下文章来源于MicroLED视界 ，作者LEDinside 根据TrendForce集邦咨询分析，Micro LED显示应用于家庭剧院、零售百货透明显示、车用显示(车窗透明显示屏、抬头显示、多变形态中控显示- Morphing Center Control)、扩增实境眼镜等。 MicroLED视界 . TrendForce集邦咨询旗下Micro LED研究处。研究领域包括Micro LED大尺寸显示、穿戴式装置、头戴式装置、车用显示、手机、IT显示等方面。 Touch Taiwan 2025于4月16日至18日在台北南港展览馆登场，Micro LED应用领域扩展至家庭剧院、智慧座舱、零售百货、扩增实境、穿戴式装 置，具备更轻薄、更高亮度、功耗低、体积小等优点，主要参展厂商包含富采(Ennostar)、友达(AUO)、Aledia、沃格(WG-TECH)、东捷 (Contrel)、錼创(PlayNitride)、群创(Innolux)等。 Micro LED产业在众多设备、材料、面板、品牌厂商不懈努力之下，已可见到三星Micro LED电视、Tag Heuer Micro LED手表成功量产。加上友 达、利亚 ...

点击 最 下方 "在看"和" 。"并分享 . "关注"材料汇 添加 小编微信 , 遇见 志同道合 的你 证券研究报告 OLED行业 2020年3月15日 【左化工】 OLED 产业的材料机遇 分析师:刘万鹏 分析师:李永磊 执业证书编号: S1220519110010 执业证书编号: S1220517110004 下 ( ) 材料汇 www.foundersc.com 目家 方正证券（601901. SH）是行业领先的大型综合类证券公司，致力于为客户提供交易、投融资、财富管理等全方位金融服务。 Founder Securities (601901.SH), an industry-leading large comprehensive securities company is committed to providing its clients with full services in stock transactions, investment & financing, wealth management, among others. > OLED 技术及相关产品简介； > OLED 行业产业链状况 ; ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][10] Core Views - The company is experiencing a performance recovery point, with significant growth expected in Mini modules and a gradual recovery in display terminals [2][13] - The company has announced a share buyback and incentive plan to anchor growth confidence [9][13] Revenue Analysis - Mini module revenue is expected to grow significantly, with a year-on-year increase of 35% for display modules and a projected doubling in Q4 [7][9] - Display terminal revenue has decreased by 45% year-on-year, but a recovery is anticipated in Q4 [7] Profit Analysis - The company reported a revenue of 259 million yuan in Q1 2025, a year-on-year increase of 3.4%, and a net profit of 46 million yuan, up 31.6% year-on-year [9] - For the full year 2024, the company expects a revenue of 1.183 billion yuan, a slight increase of 0.6% year-on-year, but a decline in net profit by 28.8% [9] Financial Forecast - The company forecasts revenues of 1.505 billion yuan in 2025, representing a year-on-year growth of 27.2%, and net profits of 156 million yuan, up 31.8% [12][13] - The projected gross margin is expected to improve to 22.5% in 2025 [12] Shareholder Returns - The company plans to distribute a dividend of 2.5 yuan per 10 shares, corresponding to a payout ratio of 47% [9] - The incentive plan includes granting 1.2668 million restricted shares to 70 individuals, including 5 executives, with a grant price of 8.36 yuan per share [9]

近年来，Micro LED技术因其在亮度、对比度、响应速度、能效和寿命等方面的卓越潜力，被业界广泛视为下一代显示技术的强有力竞争者。 Micro LED凭借其巨大的技术优势和广阔的应用前景，已成为了各大显示企业竞相投入、加速布局的战略高地。 一场围绕Micro LED的技术研发与 产业化竞赛正在展开。 目前，包括京东方、TCL华星、维信诺、深天马、友达、群创在内的面板企业已在Micro LED领域展开布局，但各面板厂商在Micro LED领域的投 资进度、规模、技术路线以及侧重点上各有不同，展现出多元化的发展态势。 京东方 京东方已在Micro LED领域布局多年，其通过战略控股华灿光电，并配套珠海晶芯项目，构建从上游 IC 设计、中游封装到下游应用的完整产业链 能力。 同时，京东方同时发展基于COG (Chip-on-Glass)和COB(Chip-on-Board) 技术的RGB Mini/Micro LED直显解决方案，以及Mini LED背光解决方案 。此外，京东方还与国际装备公司合作开发巨量转移技术，完成第2.5代巨量转移先导线建设。 2025年3月19日，京东方华灿光电6英寸Micro LED量产 ...

Core Viewpoint - The article highlights the financial performance of several companies in the display technology sector, showcasing growth in revenue and net profit for BOE and Tianshan Electronics, while Deep Tianma has turned a profit, and Huaying Technology has faced declines in revenue and profit [1][2][3][7][10]. Group 1: BOE (京东方) - In 2024, BOE achieved a total revenue of 198.38 billion yuan, representing a year-on-year increase of 13.66% [2] - The net profit attributable to shareholders was 5.32 billion yuan, up 108.97% year-on-year [2] - The gross margin for display devices was 12.76%, an increase of 4.62% compared to the previous year [2] - The IoT innovation business generated revenue of 33.83 billion yuan, a slight increase of 0.11% [2] - The MLED business saw significant growth, with revenue reaching 8.48 billion yuan, up 49.76% [2] - BOE maintained its position as the global leader in LCD mainstream application shipments, with notable growth in flexible OLED device shipments [2] Group 2: Deep Tianma (深天马) - In Q1 2025, Deep Tianma reported revenue of approximately 8.31 billion yuan, a year-on-year increase of 7.25% [3][4] - The net profit attributable to shareholders was approximately 96.41 million yuan, marking a turnaround from a loss [3][4] - The flexible AMOLED production line in Wuhan showed improved profitability, with rapid growth in shipments [4][5] - The automotive display sector experienced over 30% revenue growth year-on-year, with significant profit increases [5][6] Group 3: Huaying Technology (华映科技) - In Q1 2025, Huaying Technology reported revenue of approximately 342 million yuan, a decrease of 19.13% year-on-year [7][8] - The net profit attributable to shareholders was approximately -233 million yuan, indicating continued losses [7][8] - The company experienced a 65.01% decline in net cash flow from operating activities [8] Group 4: Tianshan Electronics (天山电子) - In 2024, Tianshan Electronics achieved revenue of approximately 1.48 billion yuan, a year-on-year increase of 16.54% [10][11] - The net profit attributable to shareholders was 150 million yuan, up 39.99% year-on-year [10][11] - The company reported significant growth in orders from the automotive electronics sector, contributing to the revenue increase [12]

2025年4月17日，由 EPIA 电子纸产业联盟与 TDUA 台湾显示器联合总会共同主办的"第四届电子纸产业发展生态论坛（ePSD 2025）"在 台北南港展览馆 Touch 台湾期间成功举办。本次论坛作为电子纸产业行业的盛会，聚焦产业最新发展状况、前沿技术与创新应用，吸引了众多 来自业界的重量级嘉宾以及关注电子纸产业的企业代表参与。 电子纸产业联盟理事长、元太科技董事长李政昊率先为论坛致开场词。他对电子纸产业联盟和 TDUA 台湾显示器联合总会为本次论坛的付出表 示感谢，并分享了对电子纸产业发展的深刻见解，强调了产业合作与创新的重要性，为论坛奠定了良好的开端。 随后，TDUA台湾显示器联合总会暨友达光电执行长暨总经理柯富仁博士发表致辞。他从行业发展的角度出发，阐述了电子纸技术在显示领域的 独特优势和广阔前景，为与会者带来了新的思考和启发。 接下来，深圳市商用显示系统产业促进会秘书长梁毅上台发表讲话，表达了对电子纸商显领域发展的期待，并分享了相关行业经验，为论坛增添 了丰富的内容。 电 子 纸 产 业 联 盟 理 事 长 元 太 科 技 董 事 长 李政 昊 T D U A 台 湾 显 示 器 联 合 总 ...