证券代码：300296 证券简称：利亚德 利亚德光电股份有限公司投资者关系活动记录表 编号：2025-16 | | | | ■特定对象调研 | | □分析师会议 | | --- | --- | --- | --- | --- | --- | | 投 资 者 | 关 | □媒体采访 | | | □业绩说明会 | | 系 活 动 | 类 | | □新闻发布会 | | □路演活动 | | 别 | | ■现场参观 | | | | | | | | □其他（电话会议） | | | | | | 朱宇昊 | | | 国元证券股份有限公司 | | | | 张钧宇 | | | 北京信伟达资产管理有限公司 | | 参 与 单 | 位 | 王鹏 | | | 北京风炎私募基金管理有限公司 | | | | 刘娅琴 | | | 珠海市横琴财东基金管理有限公司 | | 名 称 及 | 人 | 牛金荣 | | | 数算先锋资产管理北京有限公司 | | 员姓名 | | 刘军洁 | | | 北京中泽控股集团有限公司 | | | | 李香雨 | | | 北京最操盘信息技术有限公司 | | | | 董永 | | | 中财招商集团 | | | | 吴春 ...

Core Insights - The report from Huaxi Securities indicates that Aoto Electronics achieved operating revenue of 530 million yuan in the first three quarters of 2025, representing a year-on-year growth of 13.94% [1] - The company reported a net profit attributable to shareholders of 15.8395 million yuan, which is a significant year-on-year increase of 179.91% [1] - Both revenue and profit have shown growth, while the period expense ratio has decreased significantly [1] Revenue and Profit Growth - In 2025, the company intensified its market expansion efforts, leading to a substantial increase in new orders in advertising, digital content, and film segments [1] - As of September 30, 2025, the total amount of orders on hand and bid amounts reached approximately 550 million yuan [1] Product Development and Delivery - The company continues to focus on Douyin live streaming services and has undertaken multiple virtual studio projects [1] - By September 30, 2025, Aoto Electronics had signed a total of 175 LED movie screen orders, with 71 screens already delivered [1] Investment Rating - The report maintains an "Overweight" rating for the company [1]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Insights - The company reported a revenue of 530 million yuan for the first three quarters of 2025, representing a year-on-year growth of 13.94%, and a net profit attributable to shareholders of 15.84 million yuan, up 179.91% year-on-year [2] - The significant growth in revenue and profit is attributed to new orders in the film and advertising sectors, alongside improved management leading to a decrease in expense ratios [3][4] - The company has increased its market expansion efforts, resulting in a substantial rise in new orders across various sectors, with total new orders reaching 693 million yuan, a year-on-year increase of 29.94% [4] Summary by Sections Revenue and Profit Growth - The company achieved a revenue growth primarily due to new orders in the film and advertising sectors, with a notable decrease in expense ratios contributing to the increase in net profit [3] - The sales expense ratio decreased by 4.31 percentage points to 14.88%, management expense ratio decreased by 2.58 percentage points to 9.17%, and R&D expense ratio decreased by 2.27 percentage points to 9.26% [3] Order Growth and Market Expansion - The company signed new orders worth 693 million yuan in the first three quarters, with overseas orders growing by 45.53% to 285 million yuan and domestic orders increasing by 20.89% to 408 million yuan [4] - The film industry saw a remarkable increase in new orders of approximately 272 million yuan, up 132.74%, while the advertising sector's new orders reached about 119 million yuan, a growth of 360.66% [4] Investment Recommendations - The report maintains an "Accumulate" rating, with adjusted revenue forecasts for 2025-2027 set at 720 million, 900 million, and 1.04 billion yuan respectively, and net profits projected at 40 million, 80 million, and 100 million yuan [6]

Core Insights - The company reported a revenue of 530 million yuan for the first three quarters of 2025, representing a year-on-year growth of 13.94% and a net profit attributable to shareholders of 15.84 million yuan, which is a significant increase of 179.91% [1] - The revenue growth is attributed to an increase in new orders in the film and advertising sectors, while the net profit growth is due to revenue increase, improved management, reduced expenses, and lower credit impairment losses [1] Revenue and Orders - The company secured new orders totaling 693 million yuan in the first three quarters, marking a year-on-year increase of 29.94%, with overseas orders amounting to 285 million yuan (up 45.53%) and domestic orders at 408 million yuan (up 20.89%) [1] - In the film sector, new orders reached approximately 272 million yuan, reflecting a year-on-year growth of 132.74%, while in the advertising sector, new orders amounted to about 119 million yuan, showing a remarkable increase of 360.66% [2] Digital Content and Innovations - The company's subsidiary, Chuangxiang Shuwei, secured new orders worth 26.12 million yuan, a year-on-year increase of 24.68%, and achieved a revenue of 17.97 million yuan, which is an 89.68% increase [2] - The company continues to innovate in the AI and video sectors, planning to launch a consumer-oriented lightweight virtual live broadcasting solution, MetaBox Studio, in the fourth quarter to enhance its product offerings [2] Future Outlook - As of September 30, 2025, the company has a total of approximately 550 million yuan in hand orders and bid amounts, which is expected to support performance growth in the fourth quarter [3]

Core Viewpoint - TCL Huaxing's entry into the Mini LED COB display market signifies a strategic move to leverage its brand, scale, and cost advantages in a highly competitive sector, aiming to capture market share in the P1.2 pitch area, which is currently in high demand [2][3][12]. Group 1: TCL Huaxing's MLED Technology Layout - TCL Huaxing has established a clear strategy for its MLED technology, positioning LCD as a foundational technology, OLED for medium and small-sized markets, and MLED for both backlight and direct display applications [3][6]. - The company is enhancing its vertical integration by collaborating with Sanan Optoelectronics to develop Micro LED chips, focusing on core technologies and materials [6][7]. Group 2: Market Dynamics and Growth Potential - The Mini LED COB direct display market is experiencing a dual dynamic of oversupply and emerging demand, with production capacity expected to reach 88,700 square meters per month by 2025 [8][10]. - The demand for Mini LED displays is projected to grow significantly, with a 92% year-on-year increase in chip shipments expected in 2024, driven by declining costs and expanding application scenarios [10][11]. Group 3: Competitive Landscape - Major panel manufacturers like BOE and HKC have already invested over 60 billion yuan in the Mini LED COB market, indicating a competitive environment for TCL Huaxing [13][15]. - The entry of large panel manufacturers into the LED direct display market is expected to intensify competition, potentially leading to market consolidation and the exit of smaller players [21][23]. Group 4: Emerging Applications and Regional Markets - New application scenarios such as corporate meetings, education, and LED cinema screens are driving demand, with the LED cinema screen market expected to see over 60 installations in China by 2024 [11][12]. - Emerging markets in Southeast Asia, the Middle East, and Latin America are identified as growth areas for LED displays, with companies like Leyard increasing their focus on these regions [12][21].

Group 1: Company Overview and Technology - The company has a subsidiary, Natural Point (NP), which provides advanced motion capture systems, including the OptiTrack product, widely used in various fields such as VR gaming and biomechanics [1] - The company offers services in data development, robot training, spatial perception algorithms, and hardware solutions for robotics [2] Group 2: Sales and Market Strategy - The company employs a direct sales model and a channel sales model, with the latter being more prominent in overseas markets [3] - The company has established a global strategy, with increasing overseas revenue, particularly in the Americas and Asia-Pacific regions [4][5] Group 3: Market Expansion and Performance - The company has seen a significant increase in overseas revenue, with the Asia-Pacific region projected to account for 34% of overseas smart display revenue in 2024, reflecting a nearly 40% year-on-year growth [5] - The company has made strategic acquisitions and partnerships, such as the joint venture with Huaxia Film Group to enhance its presence in the cinema market [7] Group 4: Product Development and Future Outlook - Micro LED technology is expected to grow, with its revenue share projected to reach approximately 14% in 2024, with plans to further enhance production capacity and market outreach [8]