投资建议：公司深耕MLED 视频图像显控领域，借助显控系统与屏厂的高粘性卡位，以及出海的性价 比优势，加速放量高毛利率产品；前瞻布局MLED检测设备与芯片，挖掘全产业链核心价值。我们预测 公司2025-2027 年实现收入37.20、44.90、55.50 亿元，实现归母净利润6.84、8.80、11.92 亿元，对应PE 为24x、18x、14x，维持 "增持"评级。 风险提示：MLED 产业发展不及预期；视频设备出海不及预期；宏观经济波动风险 国内市场承压，海外市场增长势头良好。1H2025，公司国内收入下滑8.60%，海外收入增长21.40%，国 内市场仍受到宏观环境影响，随着国内市场企稳修复，下半年有望实现收入增速提速。 应收账款增幅收窄，现金回款加速。截至2025 年中期，公司应收账款比年初增加了0.25 亿元，同比下 降35.9%；经营现金流量净额达1.55 亿元，同比增长327.9%。公司现金回款加速，经营质量显著提升。 高端新品以及海外业务占比提升，驱动毛利率持续上行。1H2025，公司推出了以"PWM+PAM 混合驱动 芯片"为核心的Infinity 无极MLED 超高画质解决方案；公司升级 ...

事件：2025 年上半年实现营业收入15.33 亿元，同比下降1.93%；归母净利润2.94 亿元，同比下降 9.33%；归母扣非净利润2.86 亿元，同比下降8.60%。 2025Q2 单季实现营业收入9.12 亿元，同比增长3.41%；归母净利润1.92 亿元，同比下降4.95%；归母扣 非净利润1.88 亿元，同比下降4.22%。 国内市场需求疲弱的大环境没有明显的改变，公司聚焦高阶战略贯彻明确在公司一季报点评中，我们提 到过公司成长趋缓的主要原因在于国内商业直显市场的需求疲软，根据洛图科技的数据，2024 年，中 国小间距LED 显示屏市场的销售额为143.6 亿元，同比下降7.6%，公司作为 LED 直显显控上游核心供 应商，一定程度上受到行业约束。但从整个上半年的数据情况来看，公司保障利润率，聚焦高阶产品， 不做低价产品内卷的策略得到了良好的贯彻，公司二季度毛利率58.20%，扣非净利润率20.65%，基本 恢复到了过去两年较佳的季度盈利水准。 公司聚焦高端、进阶的应用场景，不断提升产品以及解决方案的品质水平，集成更多一体化功能，并且 根据客户应用习惯不断迭代改善操作体验，这条路径显然是在行业低谷 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [4][10]. Core Insights - The MLED market continues to grow, with a projected investment amount of approximately 84.58 billion RMB in 2024, reflecting a year-on-year increase of 50.30%. The growth rate for 2025 is expected to exceed 30% [2]. - The company's focus on high-end video display processing systems has resulted in a 5.51% year-on-year increase in sales revenue, although sales volume decreased by 8.06%. This indicates a strategic shift towards high-end products [3]. - The MLED chips and equipment are expected to become a unique growth segment for the company in 2025-2026, driven by the increasing demand from leading domestic brands [4][9]. Summary by Sections MLED Market Growth - The MLED display market is becoming a new growth point, with superior characteristics compared to traditional LED displays. The investment in MLED projects has surpassed 56 billion RMB in the first half of 2025 [2]. High-End Video Display Processing - The company is concentrating on high-end product paths, leading to a 2.33% increase in gross margin. The transition from 2K to 4K and the nascent stage of 8K technology presents significant growth opportunities [3]. Financial Performance - In the first half of 2025, the company reported a revenue of 1.533 billion RMB, a decrease of 1.93% year-on-year, and a net profit of 294 million RMB, down 9.33% year-on-year. However, the gross margin for Q2 reached 58.20%, indicating a recovery in profitability [7][9]. Future Outlook - The company is expected to achieve revenues of 3.48 billion RMB in 2025, with a net profit of 604.73 million RMB, reflecting a year-on-year growth of 1.96% [10][12]. The focus on high-value segments and technological advancements positions the company favorably for future growth [9].