Group 1: Financial Performance - In 2024, the company achieved a total revenue of 1.183 billion CNY, with a net profit attributable to shareholders of 118 million CNY, and a net profit excluding non-recurring items of 100 million CNY, indicating a year-on-year decrease primarily due to the impact of display terminal business [3] - In Q4 2024, the company reported revenue of 419 million CNY, a significant year-on-year increase of 157.68%, positively influencing the annual performance [3] - In Q1 2025, the company generated revenue of 259 million CNY, a slight year-on-year increase, with a net profit of 46 million CNY, reflecting a growth of 32% [3] Group 2: Mini LED Business Insights - In 2024, the revenue from Mini LED display modules doubled year-on-year, accounting for over 50% of the company's total revenue [3] - The global market for Mini LED typical terminals is projected to reach 54.05 billion USD in 2024, with a year-on-year growth of 22.4%, and is expected to exceed 100 billion USD in 2025, growing by 95.9% [4] - The introduction of Mini RGB backlight technology enhances color gamut and display quality, positioning it as a competitive advantage over traditional display technologies [4] Group 3: Strategic Developments - The company is focusing on the development of new display terminal products, including Mini LED-based direct display products and automotive display terminals, while reducing reliance on traditional display terminals due to declining profitability [4] - The strategic goal for 2025 includes a revenue growth target of 40%-60% for display modules, with projected revenue between 1.2 billion CNY and 1.5 billion CNY [8] - The automotive display business is being developed in collaboration with the company's affiliate, RuLong Electronics, to enhance brand promotion and reduce communication costs [6][7] Group 4: Market and Policy Impact - National policies promoting consumption through subsidies have significantly boosted orders for display products, reflecting a strong market demand for high-quality display parameters [5] - The display industry is characterized by stable global shipments of around 200 million units, with ongoing technological advancements driving market growth [5]

Core Viewpoint - The article discusses the recent financial performance of four display-related companies, highlighting their revenue and profit changes, as well as strategic developments in their respective markets. Group 1: Hanbo High-tech - In 2024, Hanbo High-tech achieved revenue of 2.347 billion yuan, a year-on-year increase of 8.49%, but reported a net loss of 215 million yuan [2] - The company focuses on the automotive backlight display module market, collaborating with major Tier 1 suppliers and automakers [2] - Hanbo has made breakthroughs in Mini LED technology, launching projects with brands like NIO and Chery [2] Group 2: GoerTek - In Q1 2025, GoerTek reported revenue of 16.305 billion yuan, a decrease of 15.57%, while net profit increased by 23.53% to 469 million yuan [3][4] - The company's main business includes precision components, smart acoustic devices, and smart hardware, with products widely used in smartphones and VR devices [4] Group 3: Chipright - In 2024, Chipright's display module shipments reached 117 million units, a year-on-year increase of 5.59%, with revenue of 1.18 billion yuan, up 0.62% [6] - The net profit attributable to shareholders decreased by 28.83% to 118 million yuan [6] - The company is accelerating its Mini LED technology projects and expanding its automotive display business [8] Group 4: Feikai Materials - In 2024, Feikai Materials achieved revenue of 2.918 billion yuan, a year-on-year increase of 6.92%, and net profit of approximately 246 million yuan, up 119.42% [10][11] - The company focuses on electronic chemical materials, particularly in semiconductor and display materials [11][12] - In Q1 2025, Feikai reported revenue of approximately 701 million yuan, a year-on-year increase of 4.81%, with net profit doubling to around 120 million yuan [13]