调研基本情况 2026年1月23日（周五）10:30-11:40，天马微电子股份有限公司（以下简称"公司"）在天马总部大厦16 层会议室以现场交流形式接待了特定对象调研。本次调研参与机构包括创华投资、财富在线、知恒律 所、金证顾问、爱赢投资、赛马资本、佰世慈航等7家机构，公司接待人员为陈丹、谭蒙。 核心业务与市场动态解读 车载业务：战略核心持续领跑，前三季度增长24% 公司将车载显示作为战略核心业务之一，凭借30余年深耕，已构建覆盖研发、制造、质量、营销、供应 链管理的专业体系。作为国内最早进入全球车载显示领域的领军企业，公司产品实现中系、欧系、美 系、日韩系等国际主流品牌全覆盖，并多年获客户奖项认可。 数据显示，自2020年起，公司连续保持全球车规TFT-LCD、车载仪表显示出货量全球第一；车载抬头 显示（HUD）在2024年首次登顶全球第一。2025年前三季度，车载业务整体销售额同比增长约24%，其 中传统车显业务基本盘稳中有升，汽车电子和国内新能源业务保持快速增长态势。 毛利率与市场竞争：稳中有升，聚焦高附加值产品 市值管理：多举措维护股东利益 公司高度重视市值管理，已将相关指标纳入考核体系。2025年 ...

Group 1: Company Overview and Market Position - Tianma Microelectronics has established itself as a leading player in the automotive display sector, with over 30 years of experience and a comprehensive professional team covering R&D, manufacturing, quality, marketing, and supply chain management [2] - The company has maintained the highest global shipment volume for automotive TFT-LCD and automotive instrument displays since 2020, and is expected to achieve the same for automotive Head-Up Displays (HUD) in 2024 [2][3] - In the first three quarters of 2025, the overall sales of the automotive business increased by approximately 24% year-on-year, driven by growth in traditional automotive displays, automotive electronics, and domestic new energy sectors [2] Group 2: Profitability and Market Challenges - The gross margin of the automotive business has remained stable year-on-year in the first three quarters of 2025, despite facing competitive pressures and price challenges in the market [4] - The company aims to enhance product complexity and integration in automotive displays, focusing on high-value products to maintain a robust gross margin [4] Group 3: OLED and Micro-LED Developments - Since 2025, the demand for flexible OLED mobile display products has seen moderate growth, while market prices have faced pressure due to competitive dynamics [5] - The company has been actively developing its Micro-LED technology since 2017, focusing on automotive and splicing display applications, and has launched several industry-leading Micro-LED products [6][7] Group 4: Supply Chain and Material Localization - Tianma has established partnerships with thousands of suppliers to enhance material diversification and localization, resulting in a continuous increase in the localization rate of materials [8] - The company is committed to supporting domestic suppliers and strengthening supply chain resilience [8] Group 5: Innovation and New Technologies - The MPG platform has been established to explore non-display applications based on panel technology, with ongoing collaborations in areas such as smart antennas and flexible sensors [9] - The company is in the incubation phase for several technologies, with some already in small-scale production [9] Group 6: Market Value Management - The company emphasizes market value management, integrating it into its assessment system, and has implemented various measures to enhance shareholder value and investor confidence [10] - Initiatives include the release of valuation enhancement plans and commitments from major shareholders not to reduce their stakes [10]