Core Insights - The panel industry is showing signs of price stabilization, with expectations of a market reversal as the demand season approaches [1][4][5] - According to Omdia, prices for various sizes of TV panels are expected to stop declining by December 2025, with a slight decrease of $3 for 65-inch panels, while prices for monitor panels are predicted to remain stable [1][4] - Another research firm, Lottu Technology, also forecasts price stability for TV panels in December 2025, with non-strategic customer prices for 55/65/75-inch products expected to increase by $1-2 [1][4][5] Demand Season Insights - The months leading up to the Spring Festival are traditionally a peak demand season for the panel industry, as brands like TCL, Xiaomi, and Huawei prepare for promotional sales by purchasing panels in bulk [2][7] - The upcoming 2026 FIFA World Cup is anticipated to drive demand for large-sized TV panels, particularly those 50 inches and above, as consumers upgrade their TVs for viewing sports events [3][7] - Historical data from the Qatar World Cup indicates that even during a downturn, the demand for panels surged due to pre-event stocking, leading to a slowdown in price declines [3][7]

格隆汇12月3日丨TCL科技(000100.SZ)在投资者互动平台表示，过去几年，电视大尺寸化带来需求面积 的稳定增长，而行业供给侧产能则保持相对稳定，根据第三方机构数据，大尺寸LCD稼动率中枢逐年提 升，行业供需缺口显著收敛。 当前来看，由于明年是体育赛事大年，包括冬奥会和有史以来规模最大 的世界杯，下游品牌已逐渐开始备货，根据第三方机构预测，后续面板报价有望企稳回升。 ...

Core Viewpoint - The acquisition of Pioneer Corporation by CarUX, a subsidiary of Innolux Corporation, enhances CarUX's position in the global smart cockpit market by integrating Pioneer’s expertise in automotive audio, multimedia systems, and human-machine interface (HMI) software development [1][3]. Group 1: Acquisition Details - On December 1, CarUX announced the completion of the acquisition of Pioneer Corporation, making Pioneer a subsidiary of CarUX [1]. - The acquisition was part of a deal where EQT private equity fund sold 100% of Pioneer’s shares to CarUX for 163.6 billion yen (approximately 7.72 billion RMB) [3]. Group 2: Pioneer Corporation Overview - Pioneer, established in 1938, is a well-known supplier of automotive audio and navigation systems, providing solutions to major automotive manufacturers including Toyota [3]. - Under EQT's five-year restructuring plan, Pioneer focused on core automotive audio technologies and launched a new generation of automotive amplifier platforms, while also expanding into mobility services and AI-connected products [3]. Group 3: CarUX Overview - CarUX specializes in smart cockpit display solutions and has over 20 years of experience in automotive display and touch technology, offering a range of display technologies from LCD to Micro LED [4]. - For 2024, CarUX is projected to achieve revenues of approximately 50 billion New Taiwan Dollars (around 11.28 billion RMB) [4]. Group 4: Strategic Implications - The acquisition allows CarUX to integrate Pioneer’s strengths in audio, HMI, and software platforms, aiming to create a comprehensive smart cockpit system that enhances visual, auditory, and interactive experiences [4]. - This strategic move is expected to facilitate CarUX's entry into the supply chains of Japanese automotive manufacturers and expand its market penetration in the Asia-Pacific region [4].

Core Insights - The stock price of Woge Optoelectronics increased by 2.04% to 32.00 CNY per share, with a market capitalization of 7.189 billion CNY [1] - The company has seen a year-to-date stock price increase of 26.73%, with a recent 5-day increase of 14.16% [1] - Woge Optoelectronics reported a revenue of 1.9 billion CNY for the first nine months of 2025, a year-on-year growth of 15.66%, but a net profit loss of 66.94 million CNY, a decrease of 35.45% year-on-year [2] Financial Performance - The company’s main business revenue composition includes 51.83% from optoelectronic display devices, 29.63% from optoelectronic glass processing, and 18.44% from other sources [1] - Cumulative cash dividends since the A-share listing amount to 118 million CNY, with 21.36 million CNY distributed over the past three years [3] Shareholder Information - As of October 31, 2025, the number of shareholders increased to 20,900, with an average of 10,745 circulating shares per person, a decrease of 0.97% [2] - The top circulating shareholder is Changcheng Jiujia Innovation Growth Mixed A, holding 5.5 million shares, unchanged from the previous period [3]

Investment Rating - The report indicates a positive outlook for the optical transceiver market and recommends TCL Technology as a preferred investment target due to its significant revenue from LCD panels [8][9]. Core Insights - The global smartphone market is expected to see a 5% decline in low-end smartphone shipments in 2026, while average selling prices are projected to rise by nearly 7% [1][3]. - AI-related PCB and server stocks are currently trading at P/E ratios below 20, with Google's contribution to revenue and profit expected to increase significantly by 2026 [6]. - The panel prices are stabilizing after a decline, with an anticipated upward trend starting in 2026, benefiting companies like TCL Technology [7][8]. - The optical transceiver market is performing well, with positive feedback from Google's Gemini 3 project, indicating strong demand for 1.6T and 800G products [9]. Smartphone Market Outlook - The low-end smartphone market is facing challenges, with manufacturers likely to increase prices by approximately 120 RMB per unit to offset rising costs [5][4]. - Semiconductor companies in the smartphone sector are dealing with inventory surplus issues, particularly in the CIS segment, which may lead to short-term difficulties [13]. PCB and Server Industry - The P/E ratios for AI-related PCB and server stocks are low, with expectations for Google's revenue contribution to rise from 15% to 20% and profit from 20% to 25% by 2026 [6]. Panel Industry Trends - TCL Technology holds a strong position in the LCD panel market, with 60%-70% of its revenue derived from this segment, making it a key player as panel prices are expected to rise [8][7]. Memory Market Trends - Memory prices are expected to continue rising until at least mid-2026, with limited impact from Chinese suppliers until 2027 [11]. - The transition from DDR4 to DDR5 is anticipated in 2026, as both types are expected to have similar pricing [12].

Investment Rating - The report assigns a "Buy-A" investment rating for the company, with a target price of 10.64 RMB for the next six months [4][6][12]. Core Insights - The company is demonstrating confidence in its future development by initiating a share buyback program, with a total amount between 50 million RMB and 100 million RMB, and a maximum repurchase price of 14.80 RMB per share [2][3]. - The company plans to issue shares to a specific investor, Hefei Jianshu, at a price of 7.01 RMB per share, which could increase Hefei Jianshu's stake to 31.89%, making it the controlling shareholder [3][12]. - The company is focusing on enhancing its competitive edge in the AMOLED industry by increasing investment and improving technology reserves, aiming for high-end product development [3][12]. Financial Projections - Revenue projections for 2025 to 2027 are 82.62 billion RMB, 87.57 billion RMB, and 92.83 billion RMB, respectively, with net losses of 20.06 billion RMB, 19.53 billion RMB, and 18.44 billion RMB during the same period [4][11]. - The company is expected to maintain a revenue growth rate of 4.2% in 2025, followed by 6% in 2026 and 2027 [11][15]. - The company's main products are OLED panels and modules, with a projected global market share of 11.2% in the smartphone AMOLED panel market, ranking third globally and second domestically [12][15]. Market Position - The company is positioned as a leading player in the domestic OLED panel industry, with significant market share potential compared to international competitors [12][15]. - The report highlights the competitive landscape of the AMOLED industry, emphasizing the need for the company to strengthen its market position through strategic investments [3][12].

Core Viewpoint - Deep Tianma A's stock has shown mixed performance in recent trading, with a slight increase of 2.03% on November 28, 2023, and a total market capitalization of 22.267 billion yuan. The company has reported significant revenue growth and profit increases in recent financial results [1][2]. Financial Performance - For the period from January to September 2025, Deep Tianma A achieved a revenue of 26.663 billion yuan, reflecting a year-on-year growth of 11.03%. The net profit attributable to shareholders reached 313 million yuan, marking a substantial increase of 166.25% compared to the previous year [2]. - The company has cumulatively distributed 1.429 billion yuan in dividends since its listing, with no dividends paid in the last three years [3]. Stock Market Activity - As of November 28, 2023, Deep Tianma A's stock price was 9.06 yuan per share, with a trading volume of 71.4812 million yuan and a turnover rate of 0.32%. The stock has seen a year-to-date increase of 0.33%, a 4.62% rise over the last five trading days, but a decline of 6.69% over the past 20 days and 11.87% over the last 60 days [1]. - The number of shareholders as of November 20, 2023, was 72,700, with an average of 33,791 shares held per shareholder, showing a slight increase in shareholder count but a decrease in average shares held [2]. Shareholding Structure - As of September 30, 2025, the top ten circulating shareholders included Hong Kong Central Clearing Limited, which held 110 million shares, an increase of 5.5005 million shares from the previous period [3].

Core Viewpoint - The stock of Qutian Micro has shown a mixed performance in recent months, with a year-to-date increase of 4.06% and a notable rise of 12.03% over the last five trading days, despite a decline of 15.70% over the past 60 days [2] Group 1: Stock Performance - As of November 28, Qutian Micro's stock price increased by 2.03% to 33.72 CNY per share, with a trading volume of 25.0031 million CNY and a turnover rate of 0.63% [1] - The company has seen a net inflow of 976,200 CNY from main funds, with large orders accounting for 12.81% of purchases and 8.90% of sales [1] - The stock has experienced a 20-day increase of 2.65% and a 60-day decrease of 15.70% [2] Group 2: Company Overview - Qutian Micro, established on November 5, 2004, is located in Longgang District, Shenzhen, and was listed on January 28, 2021 [2] - The company's main business involves the research, design, production, and sales of LCD display and touch control products, with revenue composition as follows: capacitive touch screens (31.70%), monochrome LCD modules (19.91%), color LCD modules (19.28%), monochrome LCD displays (16.90%), and others (12.21%) [2] - The company belongs to the electronic-optical optoelectronics-panel industry and is associated with concepts such as smart transportation, artificial intelligence, automotive electronics, smart home, and 5G [2] Group 3: Financial Performance - For the period from January to September 2025, Qutian Micro achieved a revenue of 975 million CNY, representing a year-on-year growth of 20.64%, while the net profit attributable to shareholders decreased by 12.83% to 63.7317 million CNY [2] - Since its A-share listing, Qutian Micro has distributed a total of 231 million CNY in dividends, with 143 million CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders decreased by 1.56% to 16,500, while the average circulating shares per person increased by 1.59% to 7,280 shares [2]

Core Viewpoint - The stock price of Qitian Micro has shown a positive trend recently, with a notable increase in trading volume and fluctuations in capital flow, indicating potential investor interest and market activity [1][2]. Company Overview - Qitian Microelectronics Co., Ltd. is located in Longgang District, Shenzhen, Guangdong Province, and was established on November 5, 2004. The company was listed on January 28, 2021, and primarily engages in the research, design, production, and sales of LCD display and touch control products [2]. - The main revenue composition includes: capacitive touch screens (31.70%), monochrome LCD modules (19.91%), color LCD modules (19.28%), monochrome LCD displays (16.90%), and others (12.21%) [2]. Stock Performance - Since the beginning of the year, Qitian Micro's stock price has increased by 5.17%. In the last five trading days, it rose by 8.19%, while it experienced a decline of 4.43% over the past 60 days [2]. - As of November 27, the stock price was 34.08 CNY per share, with a market capitalization of 4.09 billion CNY [1]. Financial Performance - For the period from January to September 2025, Qitian Micro achieved a revenue of 975 million CNY, representing a year-on-year growth of 20.64%. However, the net profit attributable to shareholders decreased by 12.83% to 63.73 million CNY [2]. - The company has distributed a total of 231 million CNY in dividends since its A-share listing, with 143 million CNY distributed over the past three years [3]. Shareholder Information - As of November 10, 2025, the number of shareholders for Qitian Micro was 16,500, a decrease of 1.56% from the previous period. The average circulating shares per person increased by 1.59% to 7,280 shares [2]. - As of September 30, 2025, a significant change occurred in institutional holdings, with Dazheng Zhongzheng 360 Internet + Index A exiting the top ten circulating shareholders [3].

Core Viewpoint - The stock of Visionox Technology Co., Ltd. has shown fluctuations, with a recent increase of 2.02% to 9.11 CNY per share, while the company has experienced a year-to-date decline of 11.38% [1] Financial Performance - For the period from January to September 2025, Visionox reported a revenue of 6.051 billion CNY, reflecting a year-on-year growth of 3.50%. However, the net profit attributable to shareholders was -1.623 billion CNY, which is an increase of 9.67% compared to the previous year [2] Shareholder Information - As of November 20, 2025, the number of shareholders for Visionox increased to 71,700, marking a rise of 14.69%. The average circulating shares per person decreased by 12.81% to 19,444 shares [2] Dividend Distribution - Since its A-share listing, Visionox has distributed a total of 53.2384 million CNY in dividends, with no dividends paid in the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder of Visionox, holding 11.0486 million shares, which is an increase of 2.8175 million shares from the previous period [3]