| 深圳市联建光电股份有限公司 | 2025 年半年度报告全文 | | --- | --- | | 证券代码：300269 证券简称：联建光电 | 公告编号：2025-029 | | 深圳市联建光电股份有限公司 | | | 二〇二五年八月 | | | 深圳市联建光电股份有限公司 | 2025 年半年度报告全文 | | 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 | | | 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 | | | 个别和连带的法律责任。 | | | 公司负责人乔建荣、主管会计工作负责人何浩彬及会计机构负责人(会计 | | | 主管人员)赵思琴声明：保证本半年度报告中财务报告的真实、准确、完整。 | | | 所有董事均已出席了审议本次半年报的董事会会议。 | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | 深圳市联建光电股份有限公司 | 2025 年半年度报告全文 | | 目 录 | | | 深圳市联建光电股份有限公司 | 2025 年半年度报告全文 | | 以上备查文件的备置地点：公司董事会秘书办公室。 | | | 深圳市联 ...

Core Insights - Enbon, a Shenzhen-based company established in 2014, focuses on exporting LED display screens and aims to become a leading global manufacturer in the sector [2] - The company has adopted a "Middle East First" globalization strategy, recognizing the stability of the region's trade policies and the growing demand for LED technology in smart city and infrastructure projects [3][4] - Enbon's success in the Middle East is attributed to its dual strategy of technological innovation and localized service, which has built trust and facilitated market entry [6] Market Strategy - Enbon's choice of the Middle East as its initial international market is based on favorable trade conditions and high demand for high-end LED displays in large events and commercial showcases [4] - The company has developed products specifically for the Middle Eastern environment, such as outdoor high-brightness LED displays with brightness exceeding 6000 nits [6] - Enbon has established a regional headquarters in Riyadh, Saudi Arabia, and formed a local team to engage deeply in major regional projects, enhancing its local presence [6] Performance and Expansion - In 2024, Enbon's Middle East division achieved the highest sales performance globally, marking it as a key driver of the company's market strategy [8] - The establishment of a service center in Saudi Arabia aims to improve after-sales support and customer satisfaction, further solidifying Enbon's operational foundation in the region [8] - Enbon plans to capture over 15% market share in the Middle East within three years, while also targeting emerging markets in Southeast Asia and Latin America for future growth [10] Long-term Vision - Enbon's long-term strategy includes transitioning from price competition to value creation, with a focus on penetrating high-end markets in Europe and the U.S. [10] - The company aims to leverage its experience in the Middle East to adapt its market strategies for new regions, ensuring a tailored approach to different market dynamics [10] - Enbon's narrative illustrates the importance of integrating technological innovation with localized operations to gain a competitive edge in the global value chain [12]

Group 1: Market Trends and Growth - The global market size for Mini LED direct display is expected to reach $3.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 40% from 2024 to 2028 [2][3] - The company has proactively positioned itself in the MLED sector, launching core detection equipment and integrated circuits, which will lead to rapid revenue growth in the future [2][3] Group 2: Revenue and Profitability - The company's gross profit margin is expected to improve in 2024 due to the rapid growth of the MLED industry and the introduction of high-value products in downstream applications [3][4] - In 2024, overseas revenue accounted for 19.10% of total revenue, an increase of 3.57% compared to the previous year, contributing to the overall improvement in gross profit margin [3][4] Group 3: Accounts Receivable and Credit Risk - 97.98% of accounts receivable are aged within one year, indicating a reasonable aging structure that aligns with the company's sales and credit policies [3][4] - The company's major clients are leading enterprises in the LED display and commercial display industries, which minimizes the risk of uncollectible accounts [3][4] Group 4: Customer Structure and Dependency Risk - The company serves over 4,000 clients globally, with the top five clients accounting for 27.20% of total sales [4] - The largest client generated sales of 284 million yuan, representing 8.66% of total annual sales, indicating no significant reliance on a single customer [4]

Group 1: R&D Investment and Achievements - The company's R&D investments from 2022 to 2024 were 319.18 million, 441.96 million, and 540.27 million CNY, representing 14.68%, 14.47%, and 16.47% of revenue respectively [2][3] - As of the end of 2024, the company holds 1,177 domestic patents (including 656 invention patents), 238 software copyrights, and 14 integrated circuit layout designs [2][3] Group 2: LED Display Industry Outlook - The global LED display market is projected to reach 7.971 billion USD in 2025 and 10.236 billion USD by 2028, with a CAGR of 7% from 2023 to 2028 [3] - Mini LED is expected to be a significant growth point, with a projected market size of 3 billion USD by 2028 and a CAGR of approximately 40% from 2024 to 2028 [3] Group 3: Ultra HD Video Industry Trends - The ultra HD video industry is transitioning from 2K to 4K, with 8K just beginning and significant growth potential towards 16K [4] - Future developments will integrate ultra HD technology with AI, high-performance computing, and VR, expanding applications across various sectors [4] Group 4: Overseas Business Performance - In 2024, the company's overseas revenue grew by 32.03% compared to 2023, accounting for 19.10% of total revenue [5] - The company plans to enhance its overseas market efforts in 2025 by increasing international personnel and participating in overseas exhibitions [5]

Core Viewpoint - The collaboration between Hunan Broadcasting and Zhuhai Ming Technology has led to the launch of a large outdoor LED screen named "Mango VIDEO," marking a significant development in the outdoor advertising and broadcasting industry [1] Group 1 - The "Mango VIDEO" screen is located at the core production base of Hunan Broadcasting, known as "Colorful Box" [1] - The screen utilizes Zhuhai Ming's flagship outdoor display technology, the UsurfacePL series, indicating a high-quality visual performance [1] - The project integrates Zhuhai Ming's self-developed optical display platform and content security broadcasting control solutions, enhancing operational efficiency and content management [1]

Core Insights - Nanshan District is launching a comprehensive international service platform called Go Global to facilitate outbound and inbound business operations for companies [1] - The platform aims to lower the psychological barriers for companies venturing into unfamiliar global markets by providing tailored solutions based on real needs [2] - The center has formed a team of professional service providers to proactively address the challenges faced by companies during their international expansion [2] Group 1: Service Offerings - Go Global will provide customized reports, including 360° enterprise profiles and key personnel analysis, to help companies like Di Shang Tie enhance their confidence in overseas ventures [2] - The center's operational model integrates government guidance, enterprise collaboration, and platform services to create a market-oriented international service "fleet" [4] - The platform has partnered with renowned service providers, including Dun & Bradstreet for consulting, King & Wood Mallesons for legal services, and various financial institutions to offer comprehensive support [4] Group 2: Industry Impact - Companies such as Shenzhen Ruivode Life Technology and Lehman Optoelectronics have already begun their international expansion, showcasing the potential for Chinese firms in global markets [3] - The center aims to support foreign enterprises entering China by providing investment consulting, site selection, market access, and policy support [4] - The initiative is expected to enhance the global competitiveness of Chinese companies by optimizing their technical capabilities and market strategies [3]

Core Points - Amazon Web Services announced the establishment of the Greater Bay Area Industry Digital Empowerment Center in collaboration with the Nanshan District government, marking its sixth center in China and the only one in the Greater Bay Area, aimed at providing high-quality technology and solutions for local enterprises [1] - The Go Global center is designed to serve both domestic companies looking to expand internationally and foreign enterprises seeking to enter the Chinese market, facilitating a comprehensive international service platform [1][3] Group 1: Go Global Center - The Go Global center aims to lower the "psychological threshold" for companies venturing into unfamiliar global markets by offering customized solutions based on real needs [3] - The center has formed a service team that proactively addresses the challenges faced by companies in their international expansion efforts [3] - The center provides extensive support to companies like Di Shang Tie, which operates over 170,000 electric logistics vehicles across more than 200 cities in China, helping them navigate potential risks in international partnerships [4][6] Group 2: Case Studies of Companies - Di Shang Tie has expressed that the center's expert team has significantly boosted their confidence in international expansion by providing comprehensive reports on potential overseas partners [4] - Companies like Rayman Optoelectronics and Ruivode have successfully expanded globally, with Rayman participating in high-profile events like the 2022 Beijing Winter Olympics and Ruivode engaging in over 300 international exhibitions in 2024 [5][10] - The center has provided tailored support to Ruivode in overcoming challenges in entering the Dutch market, including assistance with talent recruitment and establishing distribution channels [10] Group 3: Service Offerings - The Go Global center operates on a model that integrates government guidance, enterprise collaboration, and platform services, creating a market-oriented international service "joint fleet" [11] - The center has partnered with renowned service providers like Dun & Bradstreet for consulting services, offering access to a vast database of global enterprises [13] - The center aims to enhance the international business environment in Nanshan District, promoting two-way interaction between domestic and foreign enterprises to drive high-quality economic development [14]

Operating Overview - The total operating revenue of the company for 2024 was 665 million yuan, a year-on-year decrease of 32.14% [2] - The net profit attributable to shareholders was 6.34 million yuan, down 25.04% year-on-year [2] - The non-recurring net profit was -12.15 million yuan, an increase of 42.05% year-on-year [2] - In Q4, total operating revenue was 196 million yuan, a decrease of 20.64% year-on-year, while net profit attributable to shareholders increased by 138.41% to 13.23 million yuan [2] Profitability Analysis - The company's gross margin for 2024 was 29.11%, an increase of 3.4% year-on-year [3] - The net profit margin was 0.95%, up 43.52% year-on-year [3] - Earnings per share were 0.01 yuan, a decrease of 50.0% year-on-year, indicating ongoing pressure on profitability [3] Cash Flow and Debt Situation - The net cash flow from operating activities increased significantly by 8071.61% to 0.24 yuan per share [4] - Cash and cash equivalents were 193 million yuan, down 37.10% year-on-year [4] - Interest-bearing liabilities were 242 million yuan, a decrease of 30.39% year-on-year, but the interest-bearing asset-liability ratio remained at 30.38% [4] Main Business Composition - Revenue from the main business, primarily digital devices, was 657 million yuan, accounting for 98.74% of total revenue [5] - Export business accounted for 54.38% of total revenue, amounting to 362 million yuan [5] - The East China region contributed the most to domestic revenue, generating 111 million yuan, or 16.69% of total revenue [5] Industry Environment and Future Outlook - The LED display industry faces challenges in 2024 due to macroeconomic downturns, the US interest rate hike cycle, and geopolitical conflicts [6] - Despite these challenges, demand in overseas markets, particularly in emerging markets like India, is increasing and becoming a significant growth point [6] - The company plans to enhance product competitiveness through technological innovation and market expansion, focusing on MicroLED and MiniLED technologies [6] Summary - The company's profitability has improved in 2024, but cash flow and debt situations require attention [7] - The company should continue to optimize cash collection mechanisms, reduce debt risks, and seize opportunities in emerging markets and technological innovations to enhance market competitiveness [7]