据证券之星公开数据整理，近期诺瓦星云（301589）发布2025年中报。截至本报告期末，公司营业总收 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%。按单季度数据看，第二季度营 业总收入9.12亿元，同比上升3.41%，第二季度归母净利润1.92亿元，同比下降4.95%。本报告期诺瓦星 云公司应收账款体量较大，当期应收账款占最新年报归母净利润比达156.24%。 本次财报公布的各项数据指标表现一般。其中，毛利率58.57%，同比增5.62%，净利率19.13%，同比减 7.83%，销售费用、管理费用、财务费用总计3.33亿元，三费占营收比21.73%，同比增19.13%，每股净 资产40.12元，同比增6.91%，每股经营性现金流1.68元，同比增327.91%，每股收益3.22元，同比减 12.5% 财务报表中对有大幅变动的财务项目的原因说明如下： 在建工程变动幅度为-31.13%,原因:公司在建工程转固。 短期借款变动幅度为179.18%,原因:公司取得银行贷款增加。 经营活动产生的现金流量净额变动幅度为327.91%,原因:上年同期公司购买商品、接受劳务支付的现金 较多 ...

Group 1: Market Growth and Trends - The global LED display market is projected to reach $79.71 billion by 2025 and $102.36 billion by 2028, with a compound annual growth rate (CAGR) of 7% from 2023 to 2028 [2] - The Mini LED market is expected to grow significantly, with a projected market size of $33 billion by 2028 and a CAGR of approximately 40% from 2024 to 2028 [2] - The transition from 2K to 4K and the emergence of 8K video technology indicates substantial growth potential in the video processing equipment industry [3] Group 2: Revenue and International Expansion - The company's overseas revenue grew by 32.03% year-on-year in 2024, accounting for 19.10% of total revenue, with stable growth in Europe and North America, and rapid growth in Southeast Asia and Latin America [3] - The company plans to increase its international market efforts, including expanding its workforce and participating in overseas exhibitions to enhance global influence [3] Group 3: Competitive Landscape and Intellectual Property - The video image display control industry has high barriers to entry, with few manufacturers achieving large-scale sales in the domestic market [3] - As of the end of 2024, the company holds 27 patents (22 invention patents) and 238 software copyrights, with a total of 1,177 domestic patents [3] Group 4: Profit Margins and Sales Structure - The disparity in gross margins between domestic and international sales is attributed to higher quality and performance requirements from foreign clients, leading to higher-priced product sales [4] - The sales structure differs, with a higher proportion of video processing systems and sending cards sold internationally, contributing to higher gross margins abroad [4] Group 5: Production and Supply Chain Management - The company employs a combination of external processing and internal production, focusing on efficiency and resource optimization [5] - To mitigate supply chain risks, the company collaborates with multiple international and domestic suppliers and establishes annual cooperation agreements with key suppliers [7]

Group 1: Market Trends and Growth - The global market size for Mini LED direct display is expected to reach $3.3 billion by 2028, with a compound annual growth rate (CAGR) of approximately 40% from 2024 to 2028 [2][3] - The company has proactively positioned itself in the MLED sector, launching core detection equipment and integrated circuits, which will lead to rapid revenue growth in the future [2][3] Group 2: Revenue and Profitability - The company's gross profit margin is expected to improve in 2024 due to the rapid growth of the MLED industry and the introduction of high-value products in downstream applications [3][4] - In 2024, overseas revenue accounted for 19.10% of total revenue, an increase of 3.57% compared to the previous year, contributing to the overall improvement in gross profit margin [3][4] Group 3: Accounts Receivable and Credit Risk - 97.98% of accounts receivable are aged within one year, indicating a reasonable aging structure that aligns with the company's sales and credit policies [3][4] - The company's major clients are leading enterprises in the LED display and commercial display industries, which minimizes the risk of uncollectible accounts [3][4] Group 4: Customer Structure and Dependency Risk - The company serves over 4,000 clients globally, with the top five clients accounting for 27.20% of total sales [4] - The largest client generated sales of 284 million yuan, representing 8.66% of total annual sales, indicating no significant reliance on a single customer [4]

Group 1: R&D Investment and Achievements - The company's R&D investments from 2022 to 2024 were 319.18 million, 441.96 million, and 540.27 million CNY, representing 14.68%, 14.47%, and 16.47% of revenue respectively [2][3] - As of the end of 2024, the company holds 1,177 domestic patents (including 656 invention patents), 238 software copyrights, and 14 integrated circuit layout designs [2][3] Group 2: LED Display Industry Outlook - The global LED display market is projected to reach 7.971 billion USD in 2025 and 10.236 billion USD by 2028, with a CAGR of 7% from 2023 to 2028 [3] - Mini LED is expected to be a significant growth point, with a projected market size of 3 billion USD by 2028 and a CAGR of approximately 40% from 2024 to 2028 [3] Group 3: Ultra HD Video Industry Trends - The ultra HD video industry is transitioning from 2K to 4K, with 8K just beginning and significant growth potential towards 16K [4] - Future developments will integrate ultra HD technology with AI, high-performance computing, and VR, expanding applications across various sectors [4] Group 4: Overseas Business Performance - In 2024, the company's overseas revenue grew by 32.03% compared to 2023, accounting for 19.10% of total revenue [5] - The company plans to enhance its overseas market efforts in 2025 by increasing international personnel and participating in overseas exhibitions [5]

Core Insights - Nova Star Cloud (诺瓦星云) reported a total revenue of 3.28 billion yuan for 2024, representing a year-on-year growth of 7.38% [1] - The company achieved a net profit attributable to shareholders of 593 million yuan, with a basic earnings per share of 6.57 yuan [1] - The company plans to distribute a cash dividend of 6.50 yuan per 10 shares, totaling 59.42 million yuan [1] Financial Performance - The domestic market contributed 2.65 billion yuan in revenue, a growth of 2.85% year-on-year, while the overseas market generated 626 million yuan, growing by 32.03% [2] - Research and development (R&D) investment reached 540 million yuan, an increase of 22.24%, with an R&D intensity of 16.47% [2] Business Overview - Nova Star Cloud focuses on algorithm-driven solutions for LED display and ultra-high-definition video applications, providing a full range of services from display control to video processing [1] - The company serves over 4,000 clients globally, including industry leaders like Leyard, Absen, and BOE [1][2] - The company has made significant advancements in the MLED sector, launching core detection equipment and integrated circuits, leading to rapid revenue growth in this area [2] Intellectual Property - As of the end of the reporting period, the company holds 1,177 domestic patents (including 656 invention patents), 27 foreign patents (including 22 invention patents), and 238 software copyrights [3] - The company aims to continue high-intensity R&D investments to support advancements in MLED and ultra-high-definition video technologies [3]

Core Viewpoint - The company has reported its annual financial results, highlighting its main products and future development plans, with a focus on LED display control systems, video processing systems, and cloud-based information publishing and management systems [1][3][5]. Company Overview - The company specializes in LED display control systems, video processing systems, and cloud-based information publishing and management systems, aiming to meet diverse customer needs and enhance operational efficiency [3][5]. - The LED display control systems include various products such as sending and receiving cards, with capabilities ranging from 1080P to ultra 8K displays, catering to virtual shooting scenarios [3][4]. - The video processing systems support multiple display terminals and include products like video processors and multimedia servers, enhancing video quality and display flexibility [4][5]. - The cloud-based information publishing and management systems consist of hardware and software solutions that facilitate remote management and monitoring of LED displays, improving operational efficiency and reducing costs for clients [5]. Financial Highlights - The company has not made any adjustments or restatements to previous years' financial data, indicating stability in its financial reporting [6]. - The company has proposed a cash dividend of 6.50 yuan per 10 shares (including tax) to shareholders based on the total share capital as of March 31, 2025 [2]. Important Events - The company successfully launched its initial public offering of 12,840,000 shares on February 8, 2024, on the Shenzhen Stock Exchange [7]. - The board of directors approved the profit distribution plan for 2023 on April 16, 2024, which was subsequently ratified by the shareholders [7]. - On October 24, 2024, the board approved a profit distribution plan for the first three quarters of 2024, which was also approved by the shareholders [7]. - A share repurchase plan was approved by the board on October 27, 2024 [8].