Group 1: Sanlipu - In 2024, Sanlipu achieved a total sales volume of polarizers of 33.07 million square meters, a year-on-year increase of 30.40% [1] - The company reported operating revenue of 2,589,692,805.31 yuan, up 25.25% from the previous year [2] - Net profit attributable to shareholders reached 68,091,111.50 yuan, reflecting a significant growth of 59.07% year-on-year [2] - The company’s cash flow from operating activities was 42,211,248.57 yuan, a slight increase of 1.70% compared to the previous year [2] - Sanlipu's gross profit margin improved, with the third and fourth quarters achieving record high revenues [1][2] Group 2: Business Expansion and R&D - Sanlipu's OLED product series continued to grow, with accelerated domestic substitution [3] - The company is advancing the construction of its second phase of production capacity in Hefei, focusing on trial production, yield improvement, and customer certification [3] - In 2024, Sanlipu submitted 29 new patent applications, including 19 invention patents and 10 utility model patents, and obtained 25 new authorized patents [3] Group 3: Hisense Visual - In 2024, Hisense Visual achieved operating revenue of 58.53 billion yuan, a year-on-year increase of 9.17% [4] - The net profit attributable to shareholders was 2.25 billion yuan, up 7.17% from the previous year [5] - The net cash flow from operating activities was 3.59 billion yuan, reflecting a growth of 22.79% year-on-year [5] Group 4: Technology and Product Development - Hisense Visual is focusing on three core display technologies: ULED, Micro LED, and laser display, accelerating platform innovation [5] - The company has seen growth in the shipment of Mini LED backlight TV products across various domestic and international markets [6] - In the AR field, Hisense Visual successfully completed the assembly of Micro LED ultra-small optical modules, achieving significant reductions in size and improvements in performance [6]

Core Viewpoint - BOE has introduced the industry's first 15.6-inch L-shaped curved OLED vehicle central control screen, showcasing advanced technology in display design and functionality [1]. Group 1: Product Features - The screen utilizes a thermal bending full lamination process, enhancing the 3D shaping capability of OLED displays [1]. - It features a thin design with a thickness of only 2.5mm, achieved through multi-layer integration of display panels and touch controls in a vacuum environment [1]. - The screen's core component is a 15.6-inch concave vehicle display module, designed with a fixed bending angle of 135° and a bending radius of 35mm, accommodating the natural arm extension of drivers [1]. Group 2: Technical Specifications - The resolution of the curved OLED display reaches 2880*1800, with a brightness exceeding 800 nits, ensuring clear visibility under strong light conditions [1]. - It boasts a million-level ultra-high contrast ratio and millisecond-level response speed, allowing real-time feedback of vehicle dynamic information [1].

Core Insights - TCL Huaxing has officially taken over the t11 LCD production line, increasing its global LCD capacity share to 22.9% [1][3] - The merger is expected to enhance the market share of the top three panel manufacturers, including BOE, TCL Huaxing, and Huike, to 66% [3] - The demand for large-sized TVs is driving TCL Huaxing's strategy to expand production capacity for 80-inch and above panels [3][4] Group 1 - TCL Huaxing's acquisition of the t11 line will allow for operational flexibility and optimization of product costs [3] - The initial production capacity of the t11 line will be 150k sheets, focusing on demand-driven production [3] - The company may consider adding monitor panel production to the t11 line in the future due to capacity constraints in the t9 facility [3] Group 2 - The implementation of the old-for-new subsidy policy in mainland China has led to a doubling of the penetration rate for MiniLED backlit TVs to 4.1% in 2024 [4] - The shipment volume of TV panels sized 75 inches and above is expected to grow by 8.2% year-on-year in 2024, driven by manufacturers' strategies to focus on larger sizes [4] - The concentration of supply structure in the TV panel market is anticipated to stabilize prices and balance supply and demand [4]

Core Viewpoint - TCL Huaxing has officially taken over the LCD 8.5 generation line (t11) from LG Display, enhancing its production capacity and market share in the LCD panel industry [1]. Group 1: Company Developments - TCL Huaxing now owns a total of 2 6th generation, 4 8.5 generation, 1 8.6 generation, and 2 10.5 generation LCD production lines, positioning itself as a major player in the market [1]. - The acquisition of t11 is expected to increase TCL Huaxing's global LCD production capacity share by 3.6 percentage points to 22.9% [1]. - The combined market share of the top three panel manufacturers, BOE, TCL Huaxing, and Huike, is projected to rise to 66% following the acquisition [1]. Group 2: Market Trends and Strategies - TCL Huaxing plans to expand its production capacity for large-sized TVs, particularly those 80 inches and above, to maintain its competitive edge in the 55-inch segment [2]. - The company may also consider incorporating monitor panel production into t11, given the increasing demand for IT panels [2]. - The implementation of a subsidy policy in China since August last year is expected to double the penetration rate of MiniLED backlit TVs to 4.1% in 2024, driven by energy-saving features [2]. Group 3: Supply and Demand Dynamics - The demand for LCD panels, especially for TVs 85 inches and above, is expected to grow, necessitating increased production capacity to meet this rising demand [3]. - The concentration of supply in the TV panel market is anticipated to help balance supply and demand, contributing to price stability for TV panels in the future [3].

从行业分布来看，电子行业个股在调研热度前十榜单中占据重要地位。盛美上海、汇顶科技和深南电路 分别以25次、24次和19次的调研次数位列前十。 上周公募调研超百家公司，德赛西威最受关注 转自：新华财经 新华财经上海3月24日电 公募基金的调研维持活跃态势。据公募排排网最新统计数据，上周（2025年3 月17日至23日）有136家公募机构对103只A股个股展开调研，覆盖24个申万一级行业，合计调研次数达 668次。 在103只被调研个股中，有40只个股被调研频次不低于5次，相当于每个交易日至少接受一次公募机构调 研。具体来看，21只个股获得5至9次调研，10只个股获得10至19次调研，6只个股获得20至29次调研， 另有3只个股被调研不少于30次。其中，计算机行业龙头德赛西威以43次调研位居榜首，成为最受公募 机构关注的个股。参与调研的机构阵容强大，包括华夏基金、天弘基金等43家知名公募机构。 从机构排名来看，嘉实基金以18次的调研次数位居榜首。该机构重点关注的个股中，浙江荣泰、江河集 团和塔牌集团表现突出，上周股价涨幅显著。博时基金以16次的调研次数紧随其后，其调研组合中的科 兴制药、东方精工和塔牌集团同样录得 ...

Core Viewpoint - The company, Visionox, reported a significant revenue increase of 33.80% in 2024, reaching 7.929 billion yuan, driven by the growth in high-end product shipments and improved gross margins [4][5]. Financial Performance - Visionox achieved a revenue of 7.994 billion yuan from OLED products, marking a 46.01% increase year-on-year, with a gross margin growth of 35.03% [5][6]. - The company's overseas revenue reached 808 million yuan, reflecting a growth of 43.83% compared to the previous year [5]. Product Development and Market Expansion - Visionox is a pioneer in new display technologies, focusing on OLED displays, and has expanded its product offerings to include AMOLED panels for smartphones, wearables, tablets, laptops, and automotive displays [5][6]. - The company reported a 44.3% year-on-year increase in AMOLED smartphone panel shipments, ranking third globally [5]. - Visionox launched a 14.2-inch automotive AMOLED screen in collaboration with Hongqi, marking a successful entry into the automotive display market [5]. Production Capacity and Technological Advancements - The company optimized its 5.5-generation AMOLED production line in Kunshan and maintained high utilization rates in its 6th-generation flexible AMOLED production line in Gu'an [6]. - Visionox's 8.6-generation AMOLED production line, utilizing the ViP technology, commenced construction in September 2024, focusing on the mid-size AMOLED market [8]. - The company introduced new technologies, including a new luminescent material system and low-power high-performance solutions, enhancing its core competitiveness [8]. Strategic Goals and Market Position - Visionox is progressing towards its mid-term strategic goals, focusing on strengthening its foundation in small-size displays while expanding into mid-size and large-size markets [7]. - The company is enhancing its competitiveness in the OLED and Micro-LED sectors, where foreign manufacturers currently lead, but Visionox is making significant advancements in core technologies [7].

Core Viewpoint - The establishment of the new production base in Zhengzhou marks a significant step in the company's strategic layout, enhancing its competitiveness in the display industry and expanding its influence in the central and western regions of China [3]. Group 1: Zhengzhou Production Base - The Zhengzhou base covers approximately 1253 acres and is being built in two phases, with the first phase involving an investment of about 3 billion yuan, focusing on ultra-high-definition display modules and complete machine production lines, expected to achieve an annual output value of around 8 billion yuan upon reaching full capacity [1]. - The project commenced construction in September 2024 and has a total construction period of 180 days [1]. - The production facility will be the largest single production building in the TV industry, featuring high integration and advanced automation levels [2]. Group 2: Automation and Production Efficiency - The production line will utilize a dual-line testing design and a modular assembly line structure, which reduces costs associated with line and cleanroom construction while maximizing capacity utilization by accommodating multiple product sizes [2]. - The facility is designed with 13 efficient production lines on the first floor, with nearly 60% of processes expected to be automated, significantly improving efficiency and precision [2]. Group 3: Recent Project Developments - Since early 2025, the company has initiated several projects, including a Mini-LED backlight and direct display module project in Changsha, with a total investment of 9 billion yuan [4]. - A Mini-LED phase one project in Mianyang has also been launched, with a total investment of 5 billion yuan, expected to achieve an annual output value of 5 billion yuan by 2026 [5]. - The second phase of the electronic commerce project in Dongguan has started, with a total investment of 760 million yuan, focusing on the production of TV, LED displays, tablets, smartphones, and other smart IoT display terminal products [5].

Group 1 - The core viewpoint of the article is the strategic partnership between INNOCN and Samsung to develop QD-OLED displays in the Chinese market [1][2]. - INNOCN will act as Samsung's exclusive strategic partner in China, receiving comprehensive support for research and production of QD-OLED technology [2][3]. - QD-OLED technology is highlighted as the next-generation display technology, combining quantum dot technology with OLED's self-emissive advantages, offering wider color gamut, higher brightness, and longer lifespan [3]. Group 2 - Samsung will provide INNOCN with access to its core QD-OLED panel technology and customized R&D support, facilitating rapid technology transfer and production breakthroughs for INNOCN [3]. - INNOCN, a brand under Shenzhen Century Innovation Display Electronics Co., Ltd., focuses on integrating IoT, 5G, cloud terminals, and display technology to expand into niche industry applications [3]. - Currently, INNOCN is targeting the professional design sector and has launched several art displays [4].

Core Viewpoint - The company is experiencing significant growth in its automotive display business, with a projected increase of over 40% in revenue for 2024, driven by expanding market share in the electric vehicle sector and improvements in product specifications and cost reduction strategies [1][3]. Automotive Business - The automotive display business is expected to continue its strong growth trajectory in 2025, supported by increasing demand for larger and upgraded screens, particularly in the domestic electric vehicle market [3]. - The company aims to enhance its competitiveness in the automotive electronics sector by focusing on AMOLED product mass production and delivery [3]. AMOLED Mobile Business - In 2024, the company anticipates a rapid increase in sales of flexible AMOLED products due to price recovery and product structure optimization [4]. - The company plans to leverage government consumption stimulus policies to stabilize product prices and maintain growth in downstream demand [4]. - The company will continue to optimize production capacity and seek new sales opportunities, particularly in high-specification products [4][5]. LTPS Diversification - The company is diversifying its LTPS product offerings to reduce reliance on mobile display markets, with non-mobile revenue accounting for nearly 70% of LTPS income in 2024 [6][7]. - The focus will be on enhancing profitability and operational flexibility within the LTPS production lines [7]. Depreciation Outlook - The company expects depreciation expenses in 2025 to remain stable compared to 2024, with a gradual decline anticipated as new production lines reach maturity [9]. TM19 Production Capacity - The TM19 production line is set to achieve full product line activation in 2024, with a phased capacity ramp-up planned for 2025 [10]. Profitability by Market Segment - The company reports that the profitability of its automotive and specialty display segments is more stable compared to consumer products, which are more sensitive to market price fluctuations [11]. - Overall, the company's gross margin is expected to improve by 6.47 percentage points year-on-year across major business segments, including mobile, automotive, and IT [12]. Mobile Business Structure - In 2024, flexible AMOLED products accounted for over 60% of the company's mobile display revenue, indicating a shift towards higher-value products [13][14]. AMOLED in Mid-Size Products - The company is actively promoting the application of flexible AMOLED technology in various fields, including automotive displays, with a focus on reducing power consumption through innovative designs [15].

Summary of the Conference Call for 深天马 Company Overview - **Company**: 深天马 (Shenzhen Tianma Microelectronics Co., Ltd.) - **Industry**: Display technology, specifically focusing on small to medium-sized displays for various applications including automotive, IT, and mobile devices Key Points and Arguments Financial Performance - In 2024, 深天马 achieved revenue of approximately 33.5 billion yuan, representing a year-on-year growth of 3.79% [3][5] - The company's gross margin improved by 6.47 percentage points, with net profit attributable to shareholders exceeding 1.4 billion yuan [3][5] - Operating cash flow reached 5.752 billion yuan, marking a 45.33% increase year-on-year, providing a solid foundation for 2025 [3][5] Business Segments - Mobile and automotive businesses each accounted for about 35% of total revenue, while professional display and IT display segments contributed 13% and 8%, respectively [3] - The automotive display market has seen significant growth, with the company holding the global number one position in pre-installed displays and instrument displays for five consecutive years, with market shares of 18.3% and 25.1% respectively [3][4] Production and Technology Advancements - The TM18 OLED production line in Xiamen has successfully delivered flagship products for multiple clients, while the TM19 line has entered mass production [6] - The company is investing in new Micro LED technology, with expectations to achieve small batch delivery capabilities by 2025 [6] Market Outlook - For 2025, the company aims to ship 100 million AMOLED screens, with specific targets of 50 million from the Wuhan production line and 40 million from the Xiamen line [10] - The demand for LTPS technology in automotive applications is expected to surge, prompting the company to shift focus towards larger-sized products [12][13] Strategic Focus - Future development will prioritize expanding domestic leadership, particularly in the automotive sector, while addressing challenges posed by LCD price fluctuations [7] - The company plans to enhance its competitive edge through the development of new technologies like Micro LED [7] Market Dynamics - The company anticipates a healthy supply-demand structure in the OLED market, with a projected 10% growth in smartphone OLED penetration in 2025 [15] - The automotive electronics segment is expected to continue outperforming industry averages, with significant growth in both international and domestic markets [20][25] Challenges and Risks - The company faces challenges from price volatility in the LCD market and the need for industry self-regulation to ensure high-quality development [18][24] - The depreciation from production lines, particularly from the Wuhan G6 plant, has increased significantly, but is expected to stabilize in the coming years [14] Additional Insights - The company has a strong customization and delivery capability in the automotive display sector, with a gross margin of approximately 19-20% [8][9] - The competitive landscape between rigid and flexible OLED screens is expected to drive technological advancements and market growth [16] Conclusion 深天马 is positioned for continued growth in the display technology sector, particularly in automotive and mobile applications, with a strong focus on innovation and market expansion. The company's financial health and strategic initiatives suggest a positive outlook for 2025 and beyond.