持续深化Mini/Micro LED 布局，实现销售与技术的双重突破。上半年公司Mini/Micro LED 销售面积翻 倍，销售额超5 亿元。公司持续推动MIP 技术与COB 技术的深度融合，MIP 技术已实现多项成果落 地，实现Micro LED 30/50微米×50/70 微米无衬底技术0202(0.2mm×0.2mm)芯片封装，P0.4 MIP 产品已 量产并适用于多类高精度场景中。在0202 产品技术稳步推进的同时，0404产品及高亮度1010 产品已形 成批量化生产能力。 推动"LED+AI"深度融合，构建显示与交互新纪元。公司LED+AI 战略升级，以端侧应用为核心，构 建"硬件+IP+场景服务"三轴驱动的智能化场景生态体系。公司自研山隐大模型、构建AI Agent 平台，结 合LED 硬件推出"内容+AI+硬件+交互"一体化解决方案。基于自研山隐大模型、AR/VR 技术和AI 数字 人角色等前沿技术，公司正全力打造智能体验、文化IP 衍生品等多元化应用，并深度布局线下沉浸式 文旅项目，推动LED+AI 技术在教育、健康、文旅等领域的全面渗透。 投资建议：维持"优于大市"评级。考虑到海内外LED ...

Core Viewpoint - The company is undergoing a strategic upgrade by fully embracing AI technology, transitioning from a traditional LED manufacturer to a leader in AI-driven intelligent display solutions [1][2]. Group 1: Strategic Positioning - The company's strategic focus is to elevate the "LED + AI" business to the top priority, integrating LED display technology with AI capabilities to create interactive and intelligent products [2]. - The company is developing an AI System on Chip (SoC) based on Huawei's HarmonyOS, and is collaborating with Zhejiang University to establish a traditional culture model research institute [2][5]. Group 2: Market Potential - The company sees AI as a foundational infrastructure of the digital economy, similar to the impact of the internet, and believes that the demand for intelligent hardware is growing across various sectors such as retail, tourism, and education [3]. - The company estimates that the market size for AI edge solutions in sectors like cultural tourism, commerce, and education could potentially recreate the scale of the company itself [3]. Group 3: Product Development and Implementation - The company has already integrated multiple mainstream models into its Agent platform and is developing various AI products, including AI boxes and smart screen robots for B2B applications, and AI companionship assistants for consumers [4][7]. - The strategic steps for AI edge development include establishing a large model as the product foundation, developing AI hardware for interaction, and implementing commercial applications in real-world scenarios [5]. Group 4: Competitive Advantages - The company has a strong vertical market presence, with deep knowledge of industry processes and pain points, particularly in sectors like transportation and cultural tourism [6]. - The company has been proactive in integrating "display + AI" technologies, creating products that leverage both LED display capabilities and self-developed cultural models [6]. - The company has successfully established a commercialized closed-loop system, from research and development to production and sales, for its AI products [6].