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.

2025年面板行业竞争格局 范博毓 TrendForce集邦科技 研究副总经理 综观整体TFT-LCD产业的发展，陆系面板厂无论从产能面或是从出货规模来看，都已拥有高度主导权，过去 几年也透过按需生产的控产调节策略来逐步扭转亏损，运营渐渐走向正轨。进入2025年后整体产业仍有5大 关键点需要持续关注。 首先短期间面板厂的控产策略依然重要，未来则持续透过引导平均需求尺寸放大来达成供需自然平衡。再 者，产业已经整并至一个阶段，目前仍有少数潜在整并目标，如能持续整并，面板厂将可望持续拉高产业集 中度，继续扩大议价能力。 向上游观察国产零组件供应链情况，目前国内在数个主要部材如偏光板，背光模块等皆已取得主导权，驱动 IC也透过IC厂商，国内晶圆代工厂与封测厂的协力合作，逐渐拉高自制的比重，未来将在不同的零组件上持 续深化发展。 【TrendForce】 2025年2月26日、27日，TrendForce集邦咨询旗下LEDinside、WitsView将在金茂深圳 JW万豪酒店举办为期2天的2025集邦咨询新型显示产业研讨会（DTS 2025）。 研讨会首日主题为"微型和中小型显示专场"，会议上，来自显示面板、LED、 ...

Core Viewpoint - The global smartphone panel shipment is expected to grow by 11.4% in 2024, reaching 2.157 billion units, driven by the increase in new smartphone sales and demand for second-hand and refurbished devices. However, a decline of 3.2% is anticipated in 2025, with shipments expected to drop to 2.093 billion units due to stabilizing new device demand and a slight decrease in the second-hand market [1]. Group 1: Company Performance - BOE (京东方) remains the leading global smartphone panel supplier, with shipments projected at 613 million units in 2024 and expected to reach 630 million units in 2025, reflecting a growth of 2.7% [2]. - Samsung Display (三星显示) is forecasted to ship 378 million units in 2024, benefiting from Apple's demand for high-end AMOLED panels. However, shipments are expected to decline to 365 million units in 2025, a decrease of 3.5% due to potential changes in Apple's supplier strategy [3]. - HKC (惠科) is projected to ship 228 million units in 2024, with a slight increase to 230 million units in 2025, growing at a rate of 0.7% [4]. - CSOT (华星光电) is expected to see significant growth, with shipments reaching 215 million units in 2024, marking an 83.2% increase, and a slight rise to 223 million units in 2025 [5]. - Tianma (天马) is anticipated to ship 158 million units in 2024, with a potential 10% increase in 2025, despite facing challenges from declining LTPS LCD demand [6]. Group 2: Market Trends - The demand for AMOLED panels remains strong among smartphone brands, contributing to the overall increase in panel shipments, a trend expected to continue into 2025. However, the demand for LTPS LCD panels used in mid-range smartphones is weakening, posing challenges for suppliers focused on this technology [6]. - The market share of Taiwanese panel manufacturers is gradually shrinking due to the rapid growth of HKC and CSOT. In contrast, Japanese panel manufacturers are exiting the smartphone market, leading to a decline in their market share [6]. - Korean panel manufacturers maintain a competitive edge in the high-end smartphone market, with a market share of approximately 20% to 21% in 2024, while Chinese manufacturers are rapidly expanding their market share, projected to reach 69.8% in 2024 and potentially exceed 70% in 2025 [6].

印刷 OLED 赛道上，TCL 华星甚至没有同行者。但他们知道，还有更高的山峰矗立在面前。 2024 年 6 月的一个深夜，TCL 华星 10 多位工程师守在武汉的屏幕模组车间。他们面前的产线上只有一块 孤零零的屏幕。接下来 3 个多小时，他们的目光与那块屏幕紧紧相连。 TCL 科技首席技术官、TCL 华星首席技术官闫晓林正式宣布，首支投产的印刷 OLED 屏幕进入量产阶 段。 TCL 华星首款量产印刷 OLED 4K 显示屏（21.6 吋） 印刷 OLED 最显著的优势就是节约材料，降低生产成本。蒸镀工艺中，绝大部分材料会残留在掩膜板上， 利用率甚至不到 30%，而印刷工艺能达到 95% 以上。但节省材料的背后，需要从头开发材料和设备，来 满足极致苛刻的技术要求：1 毫升的液体需要分成 10 亿滴，按照每秒滴下 4 万次的频率工作，每一滴都必 须精准无误，同时还要确保铺展、干燥后完全均匀。 焦虑和压力都在积聚，即将到来的那一刻，检验着他们过去 11 年努力的价值。 为了保证生产质量，车间的温度始终保持在 20 多度，几乎没有波动；工程师们穿着包裹严密的无尘服， 与每一台设备、每一道工序隔开。在这种环境待上 ...

关于维信诺科技股份有限公司 发行股份及支付现金购买资产 并募集配套资金暨关联交易的问询回复 天职业字[2023]31406 号 目 录 发行股份及支付 现 金 购 买 资 产 并 募 集 配 套 资 金 暨 关 联 交 易 的 问 询 回复 - 1 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.mof.gov.cn）" 关于对维信诺科技股份有限公司发行股份及支付现金购买资产 并募集配套资金暨关联交易的问询回复 天职业字[2023] 31406 号 深圳证券交易所: 维信诺科技股份有限公司(以下简称"上市公司"或"维信诺")于 2023年 4 月 19 日收到贵所《关于对维信诺科技股份有限公司发行股份及支付现金购买资产并募集 配套资金暨关联交易的问询函》[并购重组问询函〔2023〕第 8 号](以下简称"问询 函")。 天职国际会计师事务所(特殊普通合伙)(以下简称"我们"或"申报会计师") 作为维信诺发行股份及支付现金购买资产并募集配套资金暨关联交易之标的公司合 肥维信诺科技有限公司(以下简称"合肥维信诺"或"标的公司")的审计机构,本 着勤勉尽责、诚实守信的原则,就问询函所 ...

江苏翔腾新材料股份有限公司 Jiangsu Topfly New Materials Co., Ltd. （南京市栖霞区栖霞街道广月路 21 号） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 声明：本公司的发行申请尚需经交易所和中国证监会履行相应程序。本招股说 明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 保荐人（主承销商） · 公告的招股说明书作为投资决定的依据。 （上海市静安区新闸路 1508 号） 江苏翔腾新材料股份有限公司 招股说明书（上会稿） 期后业绩下滑的重大风险提示 一、2022 年经营业绩下滑 （一）2022 年 1-9 月经营业绩同比下滑 根据天衡会计师事务所（特殊普通合伙）出具的《审阅报告》，发行人 2022 年 1-9 月经审阅但未经审计的主要财务数据如下： 1、合并资产负债表主要数据 2022 年 9 月 30 日，发行人资产总额较上年末有所减少，主要原因是受新冠 疫情等因素影响，收入规模减少，应收账款相应减少，导致流动资产减少；负 债金额较上年末减少 46.18%，主要原因是，公司采购及销售规模下降，同时发 行人及时归还了部分银行借款，导致应付账款和 ...