Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights that the company, Visionary Technology, has become one of the few global enterprises with full-stack self-research capabilities in silicon-based OLED technology, including display chips, micro-displays, and optical systems [3][15] - Visionary Technology is the first company globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes, positioning itself as a key player in China's silicon-based OLED industry [3][15] - The company's silicon-based OLED micro-displays are expected to benefit significantly from the rapid growth of the XR (Extended Reality) market, with a projected compound annual growth rate (CAGR) of 67.3% from 2024 to 2030 [7][8] Summary by Sections Company Overview - Visionary Technology has established itself as a leading provider of micro-display solutions, with its core product being silicon-based OLED micro-displays [15] - The company has been recognized as a national leader in the new display industry chain and is tasked with enhancing the resilience and security of the supply chain [3][15] Financial Performance - From 2022 to 2024, the company's revenue from silicon-based OLED micro-displays is projected to increase from 61.71% to 79.70% of its total revenue, indicating its core product's growing importance [4][32] - The company's total revenue for 2022, 2023, and 2024 is expected to be 190.39 million, 215.45 million, and 280.06 million yuan respectively, with a significant portion coming from its main business [32][37] Market Position and Strategy - Visionary Technology has formed deep partnerships with major clients in the XR field, which is crucial for future bulk orders [4][7] - The company has a strategic focus on developing high-performance silicon-based OLED micro-displays that meet the increasing demands of the XR industry, outperforming traditional silicon-based OLED manufacturers [3][4] Industry Trends - The global XR device market is expected to grow from 31.89 billion yuan in 2024 to 700.04 billion yuan by 2030, with silicon-based OLED technology being the only mass-produced display technology applicable to both AR and VR industries [7][8] - The report indicates that the silicon-based OLED display market is projected to grow from 390 million yuan in 2020 to 1.27 billion yuan in 2024, with a CAGR of 34.3% [8] Customer Base - Visionary Technology has established itself as a strategic supplier for numerous leading clients, including ByteDance and Lenovo, with significant market share in the XR device sector [7][18] - The company has contracts with major clients that ensure a steady demand for its products, contributing to its revenue growth [7][18]