Core Insights - The silicon-based OLED microdisplay has become the core display solution for XR (AR/VR) devices due to its high resolution, high contrast, low power consumption, and miniaturization advantages, with applications expanding from consumer to industrial and medical fields as AI and XR technologies converge [1][10] - The global shipment of silicon-based OLED microdisplays is expected to reach 6.365 million units in 2024, a year-on-year increase of 25.1%, with a market size of $1.27 billion, growing by 13.4% year-on-year [10] Industry Overview - Microdisplays are defined as screens smaller than 2 inches with pixel sizes under 10 micrometers, with silicon-based OLED microdisplays utilizing single-crystal silicon wafers as driving backplanes and OLEDs as light-emitting units, offering high resolution, brightness, contrast, and rapid response [2][3] - The main technologies in the microdisplay market include Fast-LCD, LCoS, and silicon-based OLED, with silicon-based OLED showing significant advantages in contrast, response speed, and pixel density, particularly in VR and AR applications [3][4] Industry Barriers - The production of silicon-based OLED involves multiple processes requiring high technical precision, combining semiconductor and OLED display technologies, which creates significant entry barriers due to the need for breakthroughs in key processes [4][5] Development History - The development of China's silicon-based OLED microdisplay industry can be divided into four stages: laboratory exploration, technological breakthroughs, industrialization, and global competition, with leading companies achieving breakthroughs in performance metrics since 2024 [5][6] Industry Chain - The upstream of the silicon-based OLED microdisplay industry includes suppliers of raw materials, production equipment, and testing equipment, while the midstream focuses on R&D, design, and production, and the downstream encompasses application markets such as XR, electronic viewfinders, and infrared thermal imaging [7][8] Current Market Status - The XR field is the core demand market for silicon-based OLED microdisplays, expected to account for 50.39% of the market in 2024, driven by the need for high information density and immersive display effects [8][10] Competitive Landscape - The XR market is primarily dominated by Sony and Visionox, with Sony holding a 50.8% share of global shipments in 2024, while Visionox ranks second with a 35.2% share [11][12] Company Analysis - Visionox is a leading provider of microdisplay solutions, with a diverse product range and a strong focus on R&D, achieving a production rate of 95.33% in the first half of 2025 [12] - Suzhou Qingyue Technology specializes in OLED and silicon-based OLED microdisplays, with a revenue of 0.13 billion yuan from its silicon-based OLED business in 2024, accounting for 1.69% of total revenue [13] Future Trends - The silicon-based OLED microdisplay industry is expected to focus on continuous performance upgrades, with advancements in brightness, optical efficiency, and power consumption [14] - The industry will accelerate the localization of the supply chain, enhancing collaboration and innovation across upstream and downstream sectors [15] - The integration of AI and XR technologies will drive the development of a cohesive ecosystem, enhancing global competitiveness and shifting the industry from a "follower" to a "leader" position [15]

证券代码：000050 证券简称：深天马 A 天马微电子股份有限公司 投资者关系活动记录表 的应用领域。目前，公司相关业务主要还在孵化和培育期，部分技术已经小 批量，公司将持续探索市场需求和优化产品方案。 3、公司柔性 OLED 业务的发展情况？ 答： 2025 年以来，行业柔性 OLED 手机显示产品需求端温和增长，供 给端竞争格局持续演进，相关产品市场价格阶段性承压。2025 年前三季度， 公司两条柔性产线均保持良好的运营： TM17 运营效率持续改善、产品结构优化和全维度降本的大力推进，前 三季度净利润同比改善超 30%，经营质效明显提升。同时，积极推进中尺寸、 穿戴领域的多元化拓展，2025 年实现了首款柔性穿戴量产出货，打开了新的 业务增长空间。 公司重要联营公司 TM18 产线持续爬坡，并着力强化高规格产品能力， 旗舰高端产品出货量持续攀升，已实现旗舰产品在国内头部品牌全覆盖，支 持多款旗舰机型首发，并积极推进行业新技术前瞻布局。 公司将持续在产线能力提升、全维度降本等方面下功夫，并在市场端持 续提升柔性 OLED 产品结构的高端化和在中尺寸、穿戴等领域的多元化拓展， 不断提升产品价值度，稳健应对 ...

Core Viewpoint - A-share companies are expected to report significant profit growth for 2025, with several companies projecting year-on-year increases exceeding 100% [1][2]. Group 1: Company Performance Forecasts - Baiwei Storage anticipates a net profit of 850 million to 1 billion yuan for 2025, representing a year-on-year growth of 427.19% to 520.22% [2][4]. - Chenguang Biological expects a net profit of 350 million to 405 million yuan for 2025, with a growth rate of 272.14% to 330.62% [2][9]. - TCL Technology forecasts a net profit of 4.21 billion to 4.55 billion yuan for 2025, indicating a growth of 169% to 191% [2][9]. - Dazhu CNC predicts a net profit of 785 million to 885 million yuan for 2025, with a growth of 160.64% to 193.84% [2][10]. - WoHua Pharmaceutical expects a net profit of 80 million to 115 million yuan for 2025, with a growth rate of 119.76% to 215.90% [2][11]. - Haopeng Technology anticipates a net profit of 195 million to 220 million yuan for 2025, with a growth of 113.69% to 141.09% [2][11]. - Changlan Technology forecasts a net profit of 130 million to 160 million yuan for 2025, with a growth of 74.07% to 114.24% [2][11]. Group 2: Factors Driving Growth - Baiwei Storage attributes its significant profit growth to a recovery in storage prices and the delivery of key projects, leading to improved sales revenue and gross margins [4][5]. - Chenguang Biological's growth is driven by increased revenue and gross profit from its plant extraction business, particularly in chili red and other products [9]. - TCL Technology's growth is supported by its focus on semiconductor displays, new energy photovoltaics, and semiconductor materials, achieving high-quality growth with substantial revenue and cash flow [9]. - Dazhu CNC's growth is fueled by rising demand for high-layer boards and PCB manufacturing driven by AI infrastructure investments [10]. Group 3: Market Trends and Investment Opportunities - The report from CICC highlights that the upcoming earnings disclosures may reveal sectors and companies with improved or exceeding expectations, which could attract investor attention [2]. - Key areas of focus include sectors benefiting from AI technology, such as TMT, innovative pharmaceuticals, energy storage, and solid-state batteries, which are entering a growth cycle [11][12]. - The report suggests that companies with overseas expansion strategies, particularly in home appliances, engineering machinery, and non-ferrous metals, may present reliable growth opportunities [11][12].

报告期内，公司业绩主要影响因素如下：TCL华星坚持领先战略，夯实增长动能，锻造经营韧性，经营 效益持续向好，营业收入突破1,000亿元，净利润超80亿元，经营性现金流净额超400亿元，实现高质量 增长。TV和商显等大尺寸产品保持竞争优势，稳固经营基本盘;在中小尺寸产品领域，规模快速增长， 竞争力持续提高。报告期内，公司完成对原乐金显示(中国)有限公司(t11)100%股权收购，完善了大、中 尺寸LCD面板的产能布局;收购深圳市华星光电半导体显示技术有限公司(t6t7)部分少数股权，增厚公司 归母利润;扩建G5.5代印刷OLED产线(t12)，建设全球首条高世代印刷OLED产线(t8)，推动印刷OLED技 术的商业化进程，为未来显示技术升级奠定基础。 受光伏产业链各环节过剩影响，TCL中环（002129）正经历光伏产业的剧烈波动，公司秉持"在发展中 解决问题，在克服困难中找到机会"的信念，坚持产品技术创新和全球化战略，推进组织变革，改善盈 利能力。 TCL科技（000100）(000100.SZ)发布2025年度业绩预告，预计全年实现归属于上市公司股东的净利润 42.1亿元—45.5亿元，同比增长169%—19 ...

每经AI快讯，1月13日，沃格光电（603773）(603773.SH)发布2025年度业绩预告，预计2025年归属于母 公司所有者的净利润为-1亿元到-1.4亿元。上年同期净利润为-12,236.24万元。展望2026年，公司国内首 条8代OLED玻璃精加工产线将在上半年投产，玻璃基线路板在Mini/MicroLED新型显示、5G-A/6G通 讯、光模块(CPO)、半导体先进封装、生物芯片等领域的应用持续推进，目前处于多个产品和项目开发 验证阶段和转量产进程；同时，公司也将发挥航天CPI柔性膜材在卫星柔性太阳翼领域的一体化能力和 应用先发优势，积极推进产品测试和新客户拓展。随着公司各项业务陆续取得订单突破，公司经营有望 逐步改善。 ...

1月13日晚，TCL科技集团股份有限公司（以下简称"TCL科技"）发布2025年度业绩预告。其预计全年 实现归属于上市公司股东净利润42.1亿元-45.5亿元，同比上升169%-191%；扣除非经常性损益后归属于 上市公司股东的净利润28.9亿元-32.0亿元，同比显著上升869%-973%，盈利能力强劲。 报告期内，TCL华星坚持"领先战略"，通过深化产品结构改革和技术创新，实现营业收入突破1000亿 元，净利润超80亿元，经营性现金流净额超400亿元，实现高质量增长。TV和商显等大尺寸产品保持竞 争优势，稳固经营基本盘，在中小尺寸产品领域，规模快速增长，竞争力持续提高。 新能源光伏和半导体材料业务领域，报告期内，中环领先巩固半导体材料领域国内领先地位，全年实现 营业收入超57亿元，营收及出货量继续稳居国内第一；受光伏产业链各环节过剩影响，TCL中环正经历 光伏产业的剧烈波动，公司正通过坚持产品技术创新和全球化战略，推进组织变革，改善盈利能力。 此外，报告期内茂佳科技TV代工业务地位保持行业领先，显示器代工业务高速成长，并通过拓展高附 加值产品领域，实现了盈利能力的显著增强。公司其他业务板块经营稳健，继续贡 ...

TCL华星坚持领先战略，夯实增长动能，锻造经营韧性，经营效益持续向好，营业收入突破1,000亿 元，净利润超80亿元，经营性现金流净额超400亿元，实现高质量增长。TV和商显等大尺寸产品保持竞 争优势，稳固经营基本盘；在中小尺寸产品领域，规模快速增长，竞争力持续提高。报告期内，公司完 成对原乐金显示（中国）有限公司（t11）100%股权收购，完善了大、中尺寸LCD面板的产能布局；收 购深圳市华星光电半导体显示技术有限公司（t6t7）部分少数股权，增厚公司归母利润；扩建G5.5代印 刷OLED产线（t12），建设全球首条高世代印刷OLED产线（t8），推动印刷OLED技术的商业化进 程，为未来显示技术升级奠定基础。 中环领先坚持"国内领先，全球追赶"战略，巩固半导体材料领域国内领先地位。全年实现营业收入超57 亿元，营收及出货量继续稳居国内第一。受光伏产业链各环节过剩影响，TCL中环正经历光伏产业的剧 烈波动，公司秉持"在发展中解决问题，在克服困难中找到机会"的信念，坚持产品技术创新和全球化战 略，推进组织变革，改善盈利能力。具体详见TCL中环于同日发布的《2025年度业绩预告》。茂佳科技 持续扩大领先优势，T ...

格隆汇1月13日丨TCL科技(000100.SZ)公布，预计2025年归属于上市公司股东的净利润42.1亿元—45.5亿 元，比上年同期上升169%—上升191%，扣除非经常性损益后归属于上市公司股东的净利润28.9亿元— 32.0亿元，比上年同期上升869%—上升973%。 TCL华星坚持领先战略，夯实增长动能，锻造经营韧性，经营效益持续向好，营业收入突破1,000亿 元，净利润超80亿元，经营性现金流净额超400亿元，实现高质量增长。TV和商显等大尺寸产品保持竞 争优势，稳固经营基本盘；在中小尺寸产品领域，规模快速增长，竞争力持续提高。报告期内，公司完 成对原乐金显示（中国）有限公司（t11）100%股权收购，完善了大、中尺寸LCD面板的产能布局；收 购深圳市华星光电半导体显示技术有限公司（t6t7）部分少数股权，增厚公司归母利润；扩建G5.5代印 刷OLED产线（t12），建设全球首条高世代印刷OLED产线（t8），推动印刷OLED技术的商业化进 程，为未来显示技术升级奠定基础。 中环领先坚持"国内领先，全球追赶"战略，巩固半导体材料领域国内领先地位。全年实现营业收入超57 亿元，营收及出货量继续稳居国 ...

每经AI快讯，1月13日，TCL科技(000100.SZ)公告称，公司发布2025年度业绩预告，预计归属于上市公 司股东的净利润为42.1亿元—45.5亿元，比上年同期增长169%—191%。报告期内，公司业绩主要影响 因素如下：TCL华星坚持领先战略，夯实增长动能，锻造经营韧性，经营效益持续向好，营业收入突破 1,000亿元，净利润超80亿元，经营性现金流净额超400亿元，实现高质量增长。TV和商显等大尺寸产 品保持竞争优势，稳固经营基本盘；在中小尺寸产品领域，规模快速增长，竞争力持续提高。报告期 内，公司完成对原乐金显示（中国）有限公司（t11）100%股权收购，完善了大、中尺寸LCD面板的产 能布局；收购深圳市华星光电半导体显示技术有限公司（t6t7）部分少数股权，增厚公司归母利润；扩 建G5.5代印刷OLED产线（t12），建设全球首条高世代印刷OLED产线（t8），推动印刷OLED技术的 商业化进程，为未来显示技术升级奠定基础。 ...

近日，京东方在成都投建的中国首条第8.6代AMOLED生产线实现首款产品成功点亮，标志着京东方在 中尺寸OLED技术研发、工艺调试与量产准备方面率先取得关键性突破，为后续产品量产交付奠定坚实 基础。 据悉，该产线总投资630亿元，设计产能每月3.2万片玻璃基板（尺寸2290mm×2620mm），聚焦行业前 沿技术和国际顶尖客户高端产品需求，主要生产笔记本电脑、平板电脑等智能终端高端触控OLED显示 屏。 记者从京东方了解到，该产线采用兼容柔性OLED与Hybrid OLED的FMM产品工艺，与其他技术路线相 比，在良率、生产效率、成品品质和发光效率上具有明显优势。通过采用低温多晶硅氧化物（LTPO） 背板技术与Tandem叠层发光器件制备工艺，该产线OLED屏幕实现更低功耗和更长使用寿命，带动下游 笔记本及平板电脑产品迭代升级。 目前，京东方已在成都、重庆、绵阳投建了三条第6代柔性AMOLED生产线，累计OLED显示屏出货量 超过5亿片。随着此次产线的点亮及明年量产，未来京东方将运行4条AMOLED生产线，持续提升OLED 产能。（记者 卢梦琪） 转自：中国电子报 ...