Core Viewpoint - The company is facing significant challenges in Q1 2025, including a decline in global consumer demand, increased trade policy uncertainty, and intensified industry competition, leading to a reported loss. The company is implementing systematic measures to improve operational efficiency and profitability [1][6]. Performance Disclosure Highlights - In Q1 2025, the company reported a substantial decline in performance, primarily due to slow recovery in global consumer demand, increased trade policy uncertainty, and intensified competition, resulting in a loss. The company is focusing on enhancing operational efficiency and profitability through supply chain adjustments and price transmission to mitigate tariff risks [1][6]. R&D Investment Plan - The company plans to invest 1.315 billion yuan in R&D in 2024, focusing on three core areas: new display technologies (40%), AI and intelligent functions (30%), and smart manufacturing upgrades (20%). Additionally, 10% of the investment will be allocated to emerging application scenarios [2][6]. Response to Tariff Impact - In 2024, approximately 20% of the company's revenue will come from North America. To mitigate the impact of tariff policies, the company is dynamically adjusting production between domestic and overseas factories, particularly increasing capacity in Mexico and Thailand based on existing orders and customer demand [3][6]. Policy Benefits - The company's products are benefiting from trade-in and energy-saving subsidy policies, which are stimulating demand for new products, especially in the large-size and high-end segments (high-definition, gaming, OLED, MiniLED). The company is actively seizing market opportunities presented by these policies to convert them into long-term competitive advantages [4][6]. Business Layout - The company aims to solidify its market position in the display business while optimizing the product structure in the television segment. Both business areas will collaborate in technology R&D, market channels, and brand building to promote sustainable development in the display industry, unaffected by short-term revenue fluctuations [5][6].

Group 1: Market Overview - In 2024, the expected shipment of Mini LED TVs is 8.2 million units, with a penetration rate of 3.8%. By 2025, shipments are projected to reach 11.56 million units, representing a year-on-year growth of approximately 50% [2][3] - The global market share of the company's backlight modules in 2024 is estimated to exceed 10% based on shipment volume [3][4] - The combined market share of major brands like Hisense, TCL, and Xiaomi in the Mini LED TV segment is 64%, indicating a dominant position of Chinese solutions in this hot category [3][4] Group 2: Financial Performance and Projections - The company's Mini LED backlight module revenue in Q1 2025 has increased by over 100% year-on-year [4][5] - For 2025, the revenue target for display modules is set between 1.2 billion to 1.5 billion CNY, while the revenue from automotive display business is projected at 50 million CNY. The net profit target for achieving stock incentive goals is approximately 170 million CNY [5][6] Group 3: Industry Trends and Policies - Recent government policies promoting consumption through subsidies for replacing old products have significantly boosted demand, although the core demand for high-quality display parameters remains unchanged [3][4] - The display industry is experiencing stable global shipment volumes of around 200 million units, with a clear trend towards smart screens and technology-driven demand [4][5] Group 4: Strategic Focus and M&A Outlook - The company maintains an open attitude towards mergers and acquisitions within the industry, focusing on next-generation display technologies and applications in AI and health [6] - The strategic focus for 2025 is on core module development, accelerating automotive display business, and actively engaging in MicroLED material applications [5][6]

Group 1 - BOE (京东方) participated in the 2025 International Display Week and won the Annual Display Award for its innovations [1][3] - The event, hosted by the Society for Information Display (SID), featured over 200 companies, including industry giants like BOE and TCL, showcasing advancements in display technology from AI to virtual reality [3] - BOE presented over 30 new products powered by its three major display technology brands: ADS Pro, f-OLED, and α-MLED, along with cutting-edge applications in light field display, 3D, micro display, AI, and sensing [3][4] Group 2 - The CEO and CTO of BOE highlighted "technological innovation, green sustainability, and artificial intelligence" as the three main themes of this year's International Display Week [4] - BOE's exhibition focused on a "technology + green" theme, featuring a low-carbon green area and hosting a green ecology forum [4] - The company aims to leverage AI technology to expand consumer scenarios and plans to introduce more innovative technologies and products based on "AI + display" in collaboration with global partners [4]

Core Insights - The SID Display Week 2025 officially opened in San Jose, California, showcasing cutting-edge display technologies and attracting top global tech companies [1] - TCL Huaxing, a leading player in the semiconductor display industry, highlighted its innovative products, including APEX and printed OLED technologies, which became the focal point of the event [1][2] Group 1: APEX Technology - APEX is TCL Huaxing's advanced display technology brand, focusing on enhanced display experiences, reliable visual health, sustainable low-carbon solutions, and limitless future possibilities [1] - Key innovations presented include a super-large 36:9 MLED display, ultra-bright Micro LED PHUD display, the world's first natural spectrum lightweight flat display, and the lowest power consumption LTPO laptop display [1] Group 2: Printed OLED Technology - TCL Huaxing has achieved breakthroughs in printed OLED technology, accelerating the development of a comprehensive product matrix covering all sizes, forms, and scenarios [2] - The company showcased several firsts in printed OLED technology, including the world's first printed OLED smartphone display, tablet display, and oxide printed OLED laptop display, garnering significant industry attention [2] - TCL Huaxing is committed to a multi-technology development strategy, expanding its product line to offer personalized, diverse, and intelligent display solutions for various fields and scenarios [2]

Core Viewpoint - TCL Huaxing showcased its advanced display technologies at SID2025, emphasizing its leadership in the semiconductor display industry and introducing innovative products that enhance user experience and promote sustainability [1][19]. Group 1: APEX Technology - APEX technology focuses on delivering an immersive display experience, emphasizing visual health, sustainability, and future possibilities through innovative products [2][18]. - The 36:9MLED display (219") offers ultra-high contrast and vivid color reproduction, providing an immersive experience with seamless large-scale display capabilities [4][2]. - The Micro LED PHUD display (14.3") enhances driving safety with high brightness and contrast, designed specifically for automotive applications [5][7]. - The first natural spectrum light thin panel display (12.1") promotes visual health by mimicking sunlight, balancing brightness and portability [8][10]. - The ultra-low power 8:9 art TV display (85") achieves A-grade energy efficiency through advanced materials and algorithms [10][12]. - The LTPO laptop display (14.5") features zero static power consumption and seamless refresh rates, significantly extending battery life [12][14]. - The narrow bezel dual-curved splicing display (23.6") combines aesthetic design with immersive technology for enhanced user experience [14][16]. - The smallest silicon-based Micro LED display (0.05") offers high resolution and brightness, suitable for next-generation wearable devices [15][18]. Group 2: Printed OLED Technology - TCL Huaxing's printed OLED technology has achieved commercial viability, with the first 21.6" printed OLED 4K professional display set for mass production [19][24]. - The first printed OLED mobile display (6.5") features high contrast and wide color gamut, ideal for gaming and media applications [21][19]. - The printed OLED tablet display (14") meets professional color requirements with high resolution and anti-glare coating [21][23]. - The printed OLED laptop display (14") combines oxide and printed OLED technologies for fast response and low power consumption, aligning with green initiatives [22][25]. - Additional products include 4K 120Hz printed OLED MNT display (27") and printed OLED TV display (65"), showcasing a comprehensive product matrix [24][27]. Group 3: Multi-Technology Collaboration - TCL Huaxing adopts a multi-technology strategy to enhance its product offerings across various applications, including TV, commercial displays, and automotive [28][30]. - The highest quality LCD TV display (98") features low reflection and wide viewing angles, enhancing user experience through advanced backlighting technology [30][28]. - The first mass-produced under-screen camera OLED laptop display (14") offers high screen-to-body ratio and immersive visual experience [30][32]. - The transparent Micro LED display (8.42") is designed for high-brightness environments, integrating smart interaction technologies [31][34]. Future Outlook - TCL Huaxing aims to become a leading global display solution provider, leveraging its extensive manufacturing and R&D capabilities to drive value creation in the display industry [36][34].

Core Insights - The "2025 International Display Week" (SID2025) showcased cutting-edge display technologies, with TCL Huaxing's "Printed OLED" products being a major highlight [1] - Printed OLED technology is seen as a transformative direction for the display industry, offering advantages such as high material utilization, low production costs, and suitability for large-scale production [2][3] - TCL Huaxing has successfully developed key technologies for Printed OLED, achieving full coverage from small to large sizes [2][3] Company Developments - TCL Huaxing's first mass-produced Printed OLED product has been successfully applied in high-end medical displays, receiving positive market feedback [3] - The company plans to expand into the gaming display market with a focus on high refresh rates and low latency OLED screens, differentiating from existing LCD and evaporated OLED products [3] - Future applications in laptops and tablets are anticipated, leveraging the low power consumption and high color gamut characteristics of Printed OLED [3] Industry Trends - The rise of Printed OLED technology is expected to significantly alter the global OLED industry landscape, potentially allowing Chinese manufacturers to catch up with leading Korean firms [3] - The evolution of OLED technology from monochrome displays to flexible screens and now to large-scale Printed OLED applications indicates ongoing advancements in the display sector [4] - By 2025, Printed OLED is projected to mature and promote widespread adoption of OLED technology, leading to lighter, more energy-efficient, and visually stunning display products [4]

Core Viewpoint - TCL Huaxing showcased its advanced display technologies at SID2025, emphasizing its leadership in the semiconductor display industry and introducing innovative products that enhance user experience and promote visual health, sustainability, and future possibilities [1][39]. Group 1: APEX Technology - APEX technology focuses on delivering an immersive display experience through innovations like a 36:9 MLED display (219") with ultra-high contrast and color accuracy, enabling seamless large-scale displays [3][5]. - The ultra-bright Micro LED PHUD display (14.3") is designed for automotive applications, enhancing driving safety with high brightness and contrast in bright environments [6][8]. - The introduction of the world's first natural spectrum light-weight flat display (12.1") aims to improve visual health by mimicking sunlight, balancing brightness and portability [9][11]. Group 2: Sustainability and Efficiency - TCL Huaxing presented an ultra-low power 8:9 art TV display (85") that achieves A-grade energy efficiency through advanced materials and algorithms [10][13]. - The world's lowest power LTPO laptop display (14.5") features a revolutionary design that allows for zero power consumption in static mode, significantly extending battery life to 24 hours [13][15]. Group 3: Future Innovations - The company introduced the world's narrowest spliced curved screen display (23.6") and the smallest silicon-based Micro LED display (0.05"), showcasing advancements in immersive visual experiences and high-resolution displays [16][17][21]. - The launch of the first printed OLED mobile display (6.5") and the first printed OLED tablet display (14") marks a significant step in commercializing printed OLED technology, enhancing color accuracy and user interaction [20][22][23]. Group 4: Industry Leadership and Vision - TCL Huaxing aims to lead the global display solutions market by integrating advanced technologies and expanding its product lines to meet diverse consumer needs [32][39]. - The company is committed to transforming its technological advancements into brand strength, focusing on quality, health, and sustainability in its product offerings [39][41].

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.183 billion CNY and a net profit of 118 million CNY, with a decrease in performance primarily due to the impact on terminal business [3] - The revenue for Q4 2024 was 419 million CNY, a significant increase of 157.68% year-on-year [3] - In Q1 2025, the company reported a revenue of 259 million CNY, a slight increase year-on-year, and a net profit of 46 million CNY, representing a 32% growth [3] Group 2: Business Segments - The revenue in 2024 was mainly derived from backlight modules and terminal display businesses, with Mini LED backlight modules accounting for over 50% of revenue [3] - The company’s terminal products include Mini LED-based direct display products and traditional TFT-LCD technology displays, with traditional displays currently dominating the market [3] - The company’s backlight module global market share exceeded 10% in 2024, with major competition in the Mini LED TV segment dominated by brands like Hisense, TCL, and Xiaomi, which together hold a 64% market share [3] Group 3: Market Trends and Policies - Since August 2024, national policies promoting consumption through subsidies have significantly boosted demand, leading to a rapid increase in orders for display products [4] - The display industry is characterized by a stable global shipment volume of around 200 million units, with ongoing technological advancements driving demand [4] Group 4: Strategic Planning - The company plans to focus on core businesses, particularly display modules and vehicle display products, while also exploring MicroLED technology applications [7] - The revenue forecast for 2025 is projected to be between 1.2 billion and 1.5 billion CNY for display modules and 50 million CNY for vehicle display business [7] - The company aims to achieve a net profit of approximately 170 million CNY to meet stock incentive targets [7] Group 5: Competitive Positioning - The company’s net profit margin for Q1 2025 was 18.05%, reflecting the effects of the contraction in traditional display terminal business [6] - The company maintains a competitive gross margin level comparable to peers, supported by effective budget management and government project initiatives [6]

Financial Performance - In 2024, the company reported a comprehensive sales gross margin of 20.47% and a net profit margin of 10.06% [1] - In Q1 2025, the comprehensive sales gross margin increased to 25.15%, with a net profit margin of 18.07% [2] - The significant decline in revenue in 2024 was attributed to intensified competition in overseas markets, slower new product rollout, increased expenses, and extended accounts receivable periods [2][3] Strategic Focus - In 2025, the company plans to reduce or eliminate its traditional display terminal business, with Q1 revenue primarily coming from the backlight module business [2][4] - The strategic focus for 2025 is on "focusing on core (modules), specializing, and moving up the industry," emphasizing the development of display module business and accelerating the automotive display sector [4] Growth Opportunities - The company anticipates a revenue growth of 40%-60% in display modules for 2025, aiming for a net profit of approximately 170 million yuan [4] - The display module business grew by 35% year-on-year in 2024, with MiniLED display modules experiencing a doubling in growth [5] - The automotive display business is identified as a second growth curve, with products already in the sampling phase and beginning mass shipments [6] Industry Outlook - The display industry is entering a rapid growth phase, driven by national subsidy policies and the accelerated penetration of MiniLED technology [5] - The global shipment volume in the large-size display market remains stable at around 200 million units, with the industry expected to expand further with advancements in MiniLED, MiniRGB, and MicroLED technologies [7][8]

Core Viewpoint - Tianshan Electronics (301379) reported strong revenue and net profit growth for Q1 2025 and the full year 2024, indicating robust business performance and shareholder returns through dividend distribution [1][2]. Financial Performance - Q1 2025 revenue reached 395 million yuan, a year-on-year increase of 31.52%, while net profit was 35.94 million yuan, up 42.24% [1]. - For the full year 2024, the company achieved revenue of 1.477 billion yuan, reflecting a 16.54% increase, and net profit of 150 million yuan, which is a 39.99% rise [1]. Shareholder Returns - The company announced a dividend plan for 2024, proposing a distribution of 556.97 million yuan, with a stock bonus of 4 shares for every 10 held and a cash dividend of 4 yuan per share, demonstrating commitment to shareholder returns [1]. Business Strategy and Growth - Tianshan Electronics focuses on continuous technological innovation and service upgrades, achieving breakthroughs in automotive and motorcycle electronic products, leading to rapid order growth [2]. - The company is enhancing customer loyalty through a one-stop professional display solution and expanding sales in industrial control, automation, and smart home applications [2]. - Investment in R&D for new products, including complex modules and automotive electronics, is aimed at optimizing product structure and reducing costs, thereby improving operational efficiency [2]. Future Outlook - For 2025, the company plans to focus on the "optical touch integration module construction project" to address capacity bottlenecks in smart home and automotive electronics [3]. - Tianshan Electronics aims to strategically position itself in high-value segments of the semiconductor and electronic information industry through partnerships and investments [3]. - The company will enhance its innovation capabilities by focusing on foundational technology research in automotive electronics, IoT, and AI, while expanding into high-value businesses [3]. - A dual incentive mechanism involving employee incentives and share buybacks will be established to strengthen team alignment and capital efficiency [3]. Market Expansion - The company intends to penetrate emerging markets in Southeast Asia while consolidating its advantages in industrial control and communication equipment [4]. - Tianshan Electronics will develop a comprehensive product matrix covering smart home, automotive electronics, and industrial IoT applications, driven by a dual engine of customized R&D and global delivery [4].