3、公司研发投入情况如何？未来有何研发计划？ 2024 年和 2025 年前三季度，公司研发投入分别为 54,027.23 万元、38,750.27 万元，研发投入占营业收入的比例 分别为 16.47%、16.05%。未来，公司将密切关注行业发展动 态，保持高强度研发投入，对前沿技术进行前瞻性布局，不 断增强技术领先优势。 编号：2025-012 | | 特定对象调研 ☑ | □分析师会议 | | | --- | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | | 活动类别 | □新闻发布会 | □路演活动 | | | | □现场参观 | | | | | 其他 ☑ (电话会议) 远东宏信 王星 | | | | | 富国基金 李世伟 财通证券 杨博星 | | | | | 人保资产 孔文彬 | | | | 参与单位名称 | 景顺长城 陆哲皓 | | | | 及人员姓名 | 国海证券 刘熹 朱谞晟 | | | | | 博时基金 甘霖 谭苏翔 | 符昌铨 | | | | 天弘基金 王帆 张寓 | 申宗航 | | | | 东方红资管 刘中群 | 陆嘉余 廖嘉瑞 | | | ...

Core Viewpoint - Nova Star Cloud's stock price has surged by 9.95% over two days, driven by its latest mid-term performance report and dividend plan, showing strong growth potential in the LED display market [2] Financial Performance - In the first half of 2025, Nova Star Cloud achieved revenue of 1.533 billion yuan and a net profit of 294 million yuan, with a proposed cash dividend of 50.736 million yuan [2] - The company reported a revenue of 1.182 billion yuan from the domestic market, a decrease of 7.20% year-on-year, while overseas revenue reached 351 million yuan, an increase of 21.31% [4] Market Growth - The global LED display market is projected to grow from $6.093 billion in 2021 to $8.176 billion in 2023, with an expected CAGR of 13.78% from 2021 to 2026 [3] - Nova Star Cloud's revenue is forecasted to grow from 1.584 billion yuan in 2021 to 3.280 billion yuan in 2024, with net profits increasing from 212 million yuan to 593 million yuan during the same period [3] Global Expansion - The company has established a global layout centered around Xi'an, Beijing, and Shenzhen, effectively covering major domestic cities and key overseas regions, serving over 4,000 clients globally [5] R&D and Innovation - Nova Star Cloud maintains a strong focus on R&D, with expenses projected at 319 million yuan, 442 million yuan, and 540 million yuan from 2022 to 2024, representing 14.67%, 14.47%, and 16.46% of revenue respectively [6] - The company holds 1,222 domestic patents and 34 international patents, showcasing its technological leadership in the industry [7] MLED Technology Development - The company is actively developing MLED technology, which is expected to drive significant market growth, with the global MLED penetration rate projected to rise from 5% to 10% by 2027 [14] - MLED technology is anticipated to expand its application from outdoor to indoor markets, with new products like conference all-in-one machines and transparent screens emerging [12][14] Industry Trends - The COB technology is becoming a key direction for small-pitch LED displays, with domestic manufacturers increasingly focusing on this technology to enhance pixel density and reduce costs [12][13] - The ultra-high-definition video industry is transitioning from 2K to 4K, with significant potential for 8K and 16K developments, indicating a growing demand for advanced display technologies [15]