| | 特定对象调研 ☑ | □分析师会议 | | --- | --- | --- | | 投资者关系活动 | □媒体采访 | □业绩说明会 | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | | | | 上海国泰海通证券资产管理有限公司：肖凯 | | | | 中银国际证券股份有限公司：周世辉 | | | | 中财招商投资集团：潘晓聪、刘清香 | | | | 黄石经开产业投资有限公司：冯志强 | | | | 东方财富信息股份有限公司：卢华银 | | | 参与单位名称及 | 东方财富证券股份有限公司：王宜宁 | | | 人员姓名 | 深圳智富圈基金管理有限公司：李剑辉 | | | | 深圳市小维塔投资有限公司：徐琳 | | | | 深圳市前海骏杰资产管理有限公司：徐灵娥、孔庆华 | | | | 长城证券股份有限公司：梁韵诗 | | | | 深圳市汇银担保控股有限公司：胡俊卿 | | | | 厦门可乐兄弟投资责任有限公司:孙永青 | | | | 个人投资者：吕崇文、陈家昌、刘有友 | | | 时间 | 2025 年 8 月 19 日-2025 年 | 8 月 20 ...

Group 1: LIPO Technology Market Outlook - LIPO technology enhances the structural strength and sealing of OLED modules, improving screen-to-body ratio and product reliability [1] - Omdia data predicts that the shipment of small and medium-sized OLEDs will exceed 1 billion units in 2025, covering devices like smartphones and smartwatches [1] - Apple's early adoption of LIPO technology is expected to drive rapid penetration and new market demand [1] Group 2: LIPO Business Progress - The company is in the mass production phase of LIPO technology products, benefiting from early market positioning and demand [1] - Continuous investment and capacity ramp-up are underway, with a focus on technology upgrades and customer certifications [1] Group 3: Automotive Display Business Development - The acceleration of new energy vehicles and the rise of intelligent cockpit penetration are driving demand for new display technologies like Mini-LED [2] - The company has established partnerships with major Tier 1 automotive clients and end customers, including BYD and NIO, marking a rapid development phase for its automotive business [2] - Future efforts will focus on leveraging technological advantages to expand Mini-LED applications and accelerate business growth [2]

Group 1: OLED Mobile Display Business - The flexible AMOLED smartphone business is expected to maintain rapid growth in 2024, with the company ranking third globally in flexible AMOLED smartphone shipments [2][3] - In Q1 2025, the TM17 production line showed improved net profit year-on-year and quarter-on-quarter, indicating a continuous enhancement in profitability [3] - The company aims to further increase AMOLED product shipments, including high-spec products like foldable displays, while continuing to reduce costs [3] Group 2: Automotive Display Business - The company has been a leader in the automotive display sector for 30 years, achieving the highest global shipments of automotive TFT-LCD and instrument displays for five consecutive years since 2020 [4][5] - In 2024, the automotive business revenue grew by over 40%, with Q1 2025 showing continued strong growth [4] - The company plans to leverage existing LTPS and OLED production lines to enhance automotive display capabilities and introduce new production lines for advanced technologies [5] Group 3: Industry Trends and Market Outlook - The demand for automotive display products is expected to grow in 2025, driven by an increase in screen quantity and size, particularly in the domestic new energy vehicle market [6][7] - The company is focused on capturing opportunities in automotive electronics and new energy sectors to strengthen its competitive position [7] Group 4: Automotive Electronics Business - The automotive electronics business began mass deliveries to international leading car manufacturers in 2023, with accelerated growth expected in 2024 [8] - This segment is anticipated to become a new growth engine alongside the new energy vehicle business [8] Group 5: Profitability and Margin Trends - The gross margin for the automotive business showed a steady increase year-on-year in Q1 2025, despite facing competitive pressures and price challenges [9] - The company aims to enhance product complexity and integration to improve the value of automotive products and maintain stable gross margins [9] Group 6: IT Display Business Development - The IT display sector is a key growth area under the company's "2+1+N" strategy, with a focus on LTPS-LCD production lines [10] - The company plans to enhance its competitive edge in the IT market through diverse technology solutions and improved customer engagement [10] Group 7: Micro-LED Business Progress - The Micro-LED business is focusing on automotive and splicing display applications, with ongoing collaborations with leading industry players [12] - The Micro-LED production line is expected to achieve small batch capabilities by 2025 [12] Group 8: Depreciation Outlook - Depreciation in 2025 is expected to remain stable compared to 2024, with a gradual decline anticipated as new production lines reach maturity [13] Group 9: Market Value Management - The company has integrated market value management into its assessment system, focusing on enhancing shareholder value and investor confidence [14] - Initiatives include the release of valuation enhancement plans and share repurchase announcements [14] Group 10: 2025 Business Outlook - The company anticipates a strong start in 2025, with improved profitability and a focus on core business areas [15][16] - Plans include leveraging multiple technologies in mobile displays, enhancing automotive display capabilities, and expanding IT display offerings [15][16]

Group 1 - Xiaomi's Yu7 is set to launch at the end of June, with a starting price of around 250,000 RMB and expected monthly sales of 30,000 to 40,000 units [1][2] - The Yu7 features a 800V silicon carbide platform, a 96.3 kWh lithium iron phosphate battery with a CLTC range of 835 km, and advanced driver assistance systems [1] - The Yu7 has already attracted significant interest, with three times the number of user inquiries compared to the SU7 at the same stage, indicating a potential for greater market impact [1] Group 2 - The launch of the SU7 saw over 50,000 pre-orders within 27 minutes, leading to a surge in stock prices for related companies [3] - Companies such as Huayang Group and Longli Technology are set to supply components for the Yu7, indicating a robust supply chain [5][6] - Various suppliers, including Fuyou Glass and Baowu Magnesium, are providing essential parts for Xiaomi's automotive products, showcasing a diverse supplier network [7][8]

Group 1: AR/VR and Display Technology - The company has made significant advancements in AR/VR display products, with its Mini-LED+VR technology gaining high recognition from clients like Meta and Pico, leading to mass production in 2022 [2] - The company is also developing AR glasses optical systems using Micro-LED and waveguide technology, anticipating rapid growth in the smart wearable market as industry giants accelerate their strategies [2] Group 2: LIPO Technology and OLED Innovations - LIPO technology, an innovation in OLED screen processes, is expected to see a rapid increase in penetration, driven by demand from major clients like Apple, with the company starting its development in 2022 [2] - The company is actively upgrading LIPO technology and exploring applications in OLED folding screen hinges, which is projected to positively impact company performance as it enters mass production [2] Group 3: Automotive Partnerships - The company has successfully supplied its display products for key automotive clients, including a 14.6-inch central control screen for Geely's Xingyuan and a 15.6-inch screen for XPeng's MONA M03 [3] - Future plans include deepening and broadening collaborations with these automotive clients to enhance product offerings [3]

Group 1: Company Technology and Market Position - The company has made significant advancements in AR/VR and precision components, with its Mini-LED + VR technology products receiving high recognition from clients like Meta and Pico, leading to mass production in 2022 [2] - The integration of AI models is expected to drive rapid growth in the smart wearable market, supported by the company's existing capabilities in precision mold design and processing, as well as optical injection molding [2][3] - The demand for precision components is anticipated to increase due to the trend of electronic devices becoming thinner and more integrated, presenting new opportunities for the company [3] Group 2: Collaborations and Product Applications - The company's vehicle display products have been successfully applied in BYD's Yangwang U8 model, indicating a strong partnership and future collaboration potential [3] - The company has been developing its LIPO technology since 2022, focusing on OLED display process innovations, which have received high recognition from clients after three years of R&D [3] Group 3: Competitive Advantages - The company boasts over 15 years of experience in mold design and high-precision processing, which enhances the competitiveness of its LIPO technology [3] - The ability to quickly develop molds is a critical advantage, supported by the company's extensive experience and technical reserves [3] Group 4: Investor Relations Activity - The investor relations activity took place from May 20 to May 21, 2025, in Shenzhen and Huizhou, involving various investment firms and individual investors [2] - The event did not involve any undisclosed significant information [3]

Group 1: Company Performance - In 2024, the company achieved revenue of 2.214 billion CNY, a year-on-year increase of 31.76% [3] - The net profit attributable to shareholders was 188 million CNY, up 18.16% year-on-year [3] - Growth was driven by strong demand from European clients, expansion of the MicroTouch™ brand, and new products from the subsidiary Hongtong Technology entering mass production [3] Group 2: Strategic Plans for 2025 - The company plans to adjust strategies for its three main business segments: ODM, MicroTouch™, and smart cockpit [3] - There will be a focus on enhancing the global manufacturing system and core competitiveness [3] - Continuous improvement in core technology R&D capabilities is a priority [3] - The company aims to build an efficient global team to expand and maintain its global customer base [3] Group 3: Industry Insights - The commercial interactive display device industry is fragmented with low concentration [4] - The retail sector remains the primary application area for the company's products, with the global POS terminal market expected to exceed 100 billion USD by 2025, growing at a CAGR of over 8% from 2025 to 2030 [5] Group 4: Operational Developments - The Thailand factory commenced mass production in 2024, establishing a dual manufacturing layout in China and Thailand [6] - Plans to expand production capacity in Thailand include adding an all-in-one assembly line and SMT line to enhance supply chain resilience [6] Group 5: Trade and Tariff Impacts - Recent tariff agreements between China and the U.S. are expected to have limited direct impact on the company's performance due to exemptions for its products [7] - The company will continue to implement global manufacturing and customer strategies to mitigate trade uncertainties [7] Group 6: Business Strategies for Growth - The company will shift from a single-engine ODM model to a dual-engine EMS model to enhance profitability [9] - Focus will be on product development and planning, transitioning from a channel-centric to a product-centric approach to improve market share and brand value [9] Group 7: Challenges and Solutions - The low gross margin in the vehicle display business is attributed to low revenue scale and underutilization of capacity [11] - Management plans to improve gross margins through new customer acquisition, increasing existing customer share, optimizing product structure, and enhancing supply chain management [11]

Group 1 - The core viewpoint of the news is that the private equity firm Yuanlesheng Asset Management has conducted research on a listed company, focusing on the MiniLED television market and the company's growth prospects in both traditional and automotive display sectors [1] - The MiniLED television shipment volume is projected to reach 8.2 million units in 2024, with a penetration rate of 3.8%, and is expected to grow by approximately 50% to 11.56 million units in 2025 [1] - The company primarily serves global top 10 brand clients, and the unit value of MiniLED backlight modules varies significantly based on technical solutions [1] - The company has successfully integrated orders following the government's subsidy policy for replacing old consumer goods, which has accelerated order intake [1] - The traditional display terminal business has achieved its strategic goals, and the company plans to focus on expanding its automotive display business [1] - The company's net profit margin for Q1 2025 is reported at 18.05%, with revenue from MiniLED backlight modules expected to exceed 1 billion to 1.5 billion yuan, and automotive display revenue projected at 50 million yuan [1]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.183 billion CNY and a net profit of 118 million CNY, with a decrease in performance primarily due to the impact on terminal business [3] - The revenue for Q4 2024 was 419 million CNY, a significant increase of 157.68% year-on-year [3] - In Q1 2025, the company reported a revenue of 259 million CNY, a slight increase year-on-year, and a net profit of 46 million CNY, representing a 32% growth [3] Group 2: Business Segments - The revenue in 2024 was mainly derived from backlight modules and terminal display businesses, with Mini LED backlight modules accounting for over 50% of revenue [3] - The company’s terminal products include Mini LED-based direct display products and traditional TFT-LCD technology displays, with traditional displays currently dominating the market [3] - The company’s backlight module global market share exceeded 10% in 2024, with major competition in the Mini LED TV segment dominated by brands like Hisense, TCL, and Xiaomi, which together hold a 64% market share [3] Group 3: Market Trends and Policies - Since August 2024, national policies promoting consumption through subsidies have significantly boosted demand, leading to a rapid increase in orders for display products [4] - The display industry is characterized by a stable global shipment volume of around 200 million units, with ongoing technological advancements driving demand [4] Group 4: Strategic Planning - The company plans to focus on core businesses, particularly display modules and vehicle display products, while also exploring MicroLED technology applications [7] - The revenue forecast for 2025 is projected to be between 1.2 billion and 1.5 billion CNY for display modules and 50 million CNY for vehicle display business [7] - The company aims to achieve a net profit of approximately 170 million CNY to meet stock incentive targets [7] Group 5: Competitive Positioning - The company’s net profit margin for Q1 2025 was 18.05%, reflecting the effects of the contraction in traditional display terminal business [6] - The company maintains a competitive gross margin level comparable to peers, supported by effective budget management and government project initiatives [6]

Financial Performance - In 2024, the company reported a comprehensive sales gross margin of 20.47% and a net profit margin of 10.06% [1] - In Q1 2025, the comprehensive sales gross margin increased to 25.15%, with a net profit margin of 18.07% [2] - The significant decline in revenue in 2024 was attributed to intensified competition in overseas markets, slower new product rollout, increased expenses, and extended accounts receivable periods [2][3] Strategic Focus - In 2025, the company plans to reduce or eliminate its traditional display terminal business, with Q1 revenue primarily coming from the backlight module business [2][4] - The strategic focus for 2025 is on "focusing on core (modules), specializing, and moving up the industry," emphasizing the development of display module business and accelerating the automotive display sector [4] Growth Opportunities - The company anticipates a revenue growth of 40%-60% in display modules for 2025, aiming for a net profit of approximately 170 million yuan [4] - The display module business grew by 35% year-on-year in 2024, with MiniLED display modules experiencing a doubling in growth [5] - The automotive display business is identified as a second growth curve, with products already in the sampling phase and beginning mass shipments [6] Industry Outlook - The display industry is entering a rapid growth phase, driven by national subsidy policies and the accelerated penetration of MiniLED technology [5] - The global shipment volume in the large-size display market remains stable at around 200 million units, with the industry expected to expand further with advancements in MiniLED, MiniRGB, and MicroLED technologies [7][8]