Group 1: Company Growth and Market Trends - The global market 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 this area [2][3] - Despite domestic market pressures, overseas market growth is anticipated to remain strong, supported by a comprehensive overseas sales system and a broad partner network [3] Group 2: Product Applications and Innovations - The company's products are widely used in various fields, including stage performances, surveillance, competitive events, exhibitions, commercial advertising, virtual filming, celebrations, conferences, television broadcasting, information dissemination, creative displays, and smart cities [3] - As MLED technology advances, the application scenarios for LED displays are expanding from outdoor to indoor settings, and from professional markets to commercial and consumer markets [3] - The company plans to explore high-value areas and potential applications continuously, focusing on technological innovation and product upgrades [3] Group 3: Financial Performance and R&D Investment - 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 [4] - R&D investments from 2022 to 2024 were 319.18 million, 441.96 million, and 540.27 million yuan, representing 14.68%, 14.47%, and 16.47% of revenue, respectively [5][6] - As of the end of 2024, the company holds numerous domestic and international patents, including 1,177 domestic patents and 656 foreign patents [6]