Core Insights - The company, Nanji Guang, is the exclusive supplier of backlight modules for Nintendo's Switch2, which has seen impressive sales of over 3.5 million units within four days of its launch, surpassing the initial sales of both Sony's PS5 and the previous Switch model [1][2] - The company has reported significant financial improvements, achieving a revenue increase of 265.54% and a net profit growth of 367.01% in Q1 2024, marking a turnaround from previous losses [1][4] - The stock price of Nanji Guang has more than doubled, increasing over 100% since its low point in April 2025 [1][2] Company Performance - Nanji Guang's revenue for 2024 was reported at 457 million yuan, a slight decrease of 2.5% year-on-year, while net profit reached 20.63 million yuan, indicating a return to profitability [4] - In Q1 2024, the company achieved a revenue of 186 million yuan, with net profit exceeding 29.73 million yuan, reflecting a growth rate of over three times compared to the previous year [4][6] - The company has shifted its strategy from a heavy reliance on the mobile supply chain to a more diversified approach, targeting multiple application scenarios and both domestic and international markets [4][5] Market Position and Strategy - Nanji Guang is the only backlight module supplier certified by Nintendo, which enhances its credibility and market position in the high-end gaming display module sector [2][3] - The company has established stable partnerships with leading clients, including major brands in consumer electronics and automotive sectors, which supports its supply chain stability and profitability [4][6] - The international revenue share of Nanji Guang has significantly increased, rising from 6.25% in 2023 to 48.42% in 2024, indicating successful market expansion [5]

Group 1 - The global consumer electronics market has shown signs of recovery since the second half of 2023, with a projected 2.53 million PC shipments in 2024, representing a 2.6% year-on-year growth [1] - Companies in the consumer electronics supply chain have reported improved performance, with Nanji Guang (300940.SZ) achieving revenue of 457 million yuan and a net profit of 20.63 million yuan in 2024, marking a turnaround from previous losses [1] - The company has indicated a clear improvement trend in its overall performance starting from Q3 2024, with a continuous increase in quarterly revenue and net profit [1] Group 2 - In 2024, the company is optimizing its business structure and expanding into markets for backlight display modules in areas such as tablets, laptops, gaming, and automotive displays, leading to improved product profitability and gross margins [2] - The company is implementing cost reduction and efficiency enhancement measures, which have improved operational management and cost control, further boosting performance [2] - The innovation of AI technology is accelerating the replacement cycle of smart terminals, with significant market potential as predicted shipments of generative AI smartphones and AI PCs are expected to grow substantially by 2025 [2] Group 3 - The diverse and sufficient demand for terminal products ensures a broad market space for backlight display module manufacturers, with the company planning to expand its product applications into various fields, including healthcare displays and smart home devices [3] - The company aims to achieve a breakthrough in the proportion of non-mobile product business, forming a diversified product matrix covering multiple sectors [3]