（文章来源：证券日报） 证券日报网讯 1月27日，利亚德在互动平台回答投资者提问时表示，MicroLED作为行业公认的"下一代 显示技术"，进入民用市场是大势所趋。公司自2020年底落地MicroLED的量产基地以来，始终将 MicroLED作为重点研发项目，以持续降本和规模化应用为目标，不断投入研发，提高生产良率及效 率，优化工艺流程和产品结构，并积极推动其应用市场的拓展。未来产品售价需综合考虑市场需求、供 应链成本及行业竞争格局等多方面因素，届时将根据实际情况进行合理制定。 ...

四大CSP厂自行设计ASIC今年进入量产期，有别以往按照英伟达标准型GPU路径，业界观察云端服务 商也纷纷推出自研光通信路径。微软利用MicroLED的创新可望突破物理限制，带动中国台湾厂商转型 起飞。 随着微软、台积电等指标大厂相继投入，业界认为，MicroLED光互连已不再是科学想像。这片新蓝海 对于中国台湾LED厂商而言，是提升产品附加价值、避开传统显示市场价格竞争的绝佳机会。 除了富采、錼创外，法人预期，布局MicroLED多年且技术水准极高的友达，也可望无心插柳而雨露均 霑，不让群创搭上SpaceX专美于前，一起华丽转身。 在算力竞赛进入白热化之际，MicroLED正以"光子引擎"的身分，成为推动AI时代计算效率的重要利 器，开启显示与非显示应用双轮驱动的新局 业界指出，MicroLED不仅是发光元件，其高热耐受性使其成为AI高速传输领域的救星。传统雷射对温 度敏感，高温下效率易衰减或波长飘移，而MicroLED对温度的容忍度较大，对于数据中心最在意的功 耗与散热问题非常有帮助。 此外，业界分析，MicroLED在显示领域所累积的巨量转移技术，为其跨入光通信提供了重要基础。通 过高密度巨量转移，可实 ...

报告期内，公司实现归属于上市公司股东的净利润区间为3亿元-3.8亿元，主要原因：一是公司及时改 革经营策略，从"规模扩张"转向"价值创造"，全面贯彻以盈利为目标的高质量发展理念，项目质量明显 提升；二是进一步强化"出海"战略执行力度，从市场开拓与内部管理两方面双管齐下，虽面临关税等国 际环境的不确定性因素，但截止2025年底，公司海外显示业务较去年同期仍实现逆势增长；三是持续推 动公司MicroLED在国内外市场尤其是北美市场的推广，MicroLED订单实现较好增长，为业绩改善提供 了有力支撑；四是集团全流程数字化管理变革深入推进，目前已覆盖生产、销售、供应链、服务、内部 管理等核心环节，经营效率持续提升，成本优化价值凸显。 格隆汇1月22日丨利亚德(300296.SZ)公布，预计2025年归属于上市公司股东的净利润30,000万元–38,000 万元，同比扭亏为盈，扣除非经常性损益后的净利润22,000万元–30,000万元，同比扭亏为盈。 ...

Core Viewpoint - Sanan Optoelectronics is expected to report its first annual loss since its listing in 2008, with a projected net profit attributable to shareholders ranging from -200 million to -400 million yuan for 2025, reflecting significant challenges in the lighting and semiconductor industry during its transformation period [1][2]. Financial Performance - In 2025, Sanan Optoelectronics experienced a notable shift with profits in the first three quarters but a loss in the fourth quarter, leading to a total revenue of 13.817 billion yuan (up 16.55% year-on-year) and a net profit of 88.601 million yuan (down 64.15% year-on-year) [2]. - The company's fourth-quarter net profit turned negative at -87.889 million yuan, contrasting sharply with a net profit of 253 million yuan in 2024 [2]. Industry Challenges - The annual loss is attributed to a significant inventory adjustment cycle in the lighting industry, with increased provisions for inventory write-downs reflecting expectations of oversupply in the LED chip and integrated circuit sectors [2][6]. - The decline in demand from downstream applications such as general lighting and consumer electronics has exacerbated the situation, highlighting common challenges faced by the industry during its transition [2]. Core Issues - The dual challenge of advancing high-end LED products while facing setbacks in the integrated circuit business has disrupted profitability [6]. - Despite growth in revenue and profitability in the integrated circuit sector, issues in the silicon carbide (SiC) market and unmet demand from key applications like electric vehicles and photovoltaic storage have created a "technology leading but market lagging" dilemma [6]. - A reduction in government subsidies and increased R&D expenses have further pressured profit margins, indicating a shift from a policy-driven to a market-driven industry [7]. - Fluctuations in non-recurring income, particularly from precious metal waste sales, have also impacted overall profitability, emphasizing the need for a more stable earnings structure [8]. Strategic Responses - To address performance pressures, Sanan Optoelectronics is pursuing international expansion and exploring new market segments [9]. - The planned acquisition of Lumileds for $239 million aims to enhance its position in high-end and automotive lighting sectors, aligning with industry trends towards high value-added markets [10]. - The company is also focusing on the AR glasses market, leveraging its expertise in Micro LED and SiC technologies to tap into new applications that combine lighting and display technologies [11]. Industry Insights - The first annual loss for Sanan Optoelectronics signifies a critical transition in the lighting industry from scale expansion to quality enhancement, underscoring the importance of core technology in driving profitability [14]. - The need to balance core business with cross-industry ventures is highlighted, as the integrated circuit business has detracted from overall performance, suggesting that new ventures should align closely with existing technological strengths [15]. - The losses in the SiC sector reflect a broader issue of supply outpacing demand, indicating the necessity for improved collaboration across the supply chain to mitigate market risks [16]. Conclusion - The annual loss represents a milestone challenge for Sanan Optoelectronics and serves as a reflective case for the lighting industry's transformation [17]. - Despite short-term profit pressures, the company's efforts in high-end product development, international expansion, and new market exploration align with long-term industry trends towards high-end, integrated, and international growth [17].

Core Insights - Daktronics has announced the acquisition of intellectual property, equipment assets, and technical expertise from X Display Company Technology Limited (XDC), enhancing its capabilities in MicroLED technology [1][9] - The acquisition is expected to strengthen Daktronics' competitive position and support its product innovation strategy aimed at accelerating growth [2][5] Acquisition Details - The acquisition includes XDC's proprietary technologies in mass-transfer processes and MicroLED fabrication, enabling advanced display solutions with ultra-fine pixel pitches for large-format video walls and medium-sized commercial displays [9] - Daktronics has also acquired specialized equipment for developing displays with MicroLED and MicroIC technology [9] Market Potential - The Narrow Pixel Pitch (NPP) market, which includes MicroLED technology, is projected to reach $12 billion by 2029 according to Futuresource [5] - The acquisition positions Daktronics to enhance its large-scale NPP product offerings and explore smaller volume display opportunities [6] Talent Acquisition - Daktronics has integrated 15 key employees from XDC, who possess deep expertise in mass-transfer, MicroLED development, and MicroIC design [9] Product Benefits - MicroLED technology offers higher brightness, improved contrast, greater energy efficiency, and a longer lifespan compared to existing technologies like LCD [3] - The acquisition allows Daktronics to develop cost-effective solutions for lower volume applications and provides stability and flexibility in the supply chain [10]

Core Insights - The validation phase for MicroLED technology is taking longer than expected, with Apple canceling its smartwatch project in 2024 marking a significant setback [1] - Despite a recovery in momentum anticipated for 2025, the pace of development is noticeably slowing, leading to more pragmatic expectations regarding the technology's applications and challenges [1] - MicroLED is currently in its incubation stage, with the first small-batch commercial products expected to launch in 2025, specifically a smartwatch display for Garmin and an external display for Sony-Honda electric vehicles, both produced by AUO [1] Industry Dynamics - The supply chain landscape is becoming clearer, with most leading display manufacturers either controlling or forming alliances with MicroLED chip manufacturers [3] - The transition of large-size TFT-based displays and LED-on-Silicon (LEDoS) is evolving into two increasingly independent supply chains and technology platforms, yet they face common fundamental technical challenges such as yield and efficiency of ultra-small chips [3] - Initial funding for startups is projected to grow by 10-15% in 2025, although this is below the peak levels seen in 2023, indicating a cautious investment environment [3] Technical Challenges - Achieving mass production capabilities is essential for MicroLED to gain legitimacy among potential customers, but premature investment poses risks of obsolescence [3] - MicroLED must deliver differentiated performance while keeping costs comparable to OLED, with key challenges including chip cost, performance, and manufacturing infrastructure [4] - For AR applications, LED-on-Si currently meets high brightness, high resolution, low power consumption, lightweight, and small size requirements, but it has not yet reached an ideal state [4]

Core Viewpoint - The company, 聚灿光电, primarily produces full-color LED epitaxial wafers and chips, with applications in lighting, backlighting, and displays, including wearable devices [1] Group 1: Product Overview - The main products of the company are full-color LED epitaxial wafers and chips [1] - The application fields for these products include lighting, backlighting, and displays [1] Group 2: Wearable Devices - The backlighting and display segments can be utilized in wearable devices such as smartwatches, smart bands, smart glasses, VR headsets, smart helmets, and smart shoes [1] Group 3: Technology Development - The company has made technological advancements in MicroLED, which is part of the display technology for AI glasses [1]

Core Insights - The article discusses pivotal moments in the technology industry that shape the fate of companies, highlighting TCL's current strategic choices in the display industry [1][2][3]. Group 1: Industry Context - The display industry is experiencing high volatility due to fluctuations in panel cycles and technological shifts, creating a high-entropy environment [4]. - The transition from CRT to LCD and now to OLED illustrates the industry's rapid evolution and the importance of strategic choices [6][8]. - The display industry is characterized by significant capital investment and long-term commitments, making strategic decisions critical for survival [5]. Group 2: TCL's Strategic Choices - TCL's recent decisions can be summarized as "stability, competition, and gamble," reflecting its approach to navigating the current market [9]. - The acquisition of LGD's 8.5-generation line is seen as a move to capitalize on existing LCD demand while others hesitate to invest [9]. - TCL is also focusing on Mini LED technology as a way to enhance LCD performance, positioning itself against the OLED trend [11][12]. Group 3: Challenges and Risks - Mini LED technology, while improving LCD capabilities, faces challenges such as increased power consumption, which may limit its application in mobile devices [14][15]. - The article highlights the risks associated with TCL's investment in printing OLED technology, which is still in its developmental stages and faces technical hurdles [18][20]. - The competitive landscape is shifting, with major players like Samsung and Canon maintaining strong positions in OLED, while TCL seeks to carve out its niche [26][27]. Group 4: Future Outlook - The future of the display industry may hinge on the successful development of MicroLED technology, which could redefine market dynamics [29][32]. - TCL's cautious approach to MicroLED reflects a balance between innovation and the need to solidify its current market position [32][33]. - The article concludes that while TCL is not fully committing to any single technology, its diversified strategy may provide resilience in navigating future industry challenges [33].

Core Viewpoint - The Guangdong Provincial Government has issued a plan for the construction of the Guangdong National Digital Economy Innovation Development Experimental Zone for 2025-2027, focusing on expanding new scenarios in terminal industries and promoting innovation in artificial intelligence and robotics [1] Group 1: Industry Development Initiatives - The plan emphasizes the active promotion of the "Artificial Intelligence+" and "Robotics+" initiatives to foster innovation in the AI and robotics sectors [1] - There is a strong push for the development of consumer-grade smart terminal products, including smartphones, smart computers, smart wearables, smart homes, smart cars, and smart robots [1] - The strategy includes deepening the integration of online and offline retail through models like "live streaming + shopping mall" and "live streaming + store" to uncover more consumer hotspots [1] Group 2: Emerging Technologies and Applications - The plan aims to strengthen the ultra-high-definition video industry cluster and significantly develop new display technologies such as OLED, AMOLED, MicroLED, printed displays, quantum dots, and flexible displays [1] - It seeks to explore key industry application scenarios for these new display technologies [1] - The promotion of the scaled development of electric vertical takeoff and landing aircraft, flying cars, general aviation aircraft, and unmanned drones is also a priority [1] Group 3: Economic and Industrial Zones - The initiative includes the promotion of low-altitude cultural tourism projects and the cultivation of related industries [1] - The establishment of a national low-altitude economic industry comprehensive demonstration zone is part of the plan [1]

Market Overview - The main board saw significant gains with companies like Shen Zhou Information (+10.03%), Sanqi Interactive Entertainment (+10.01%), and Xiehe Electronics (+10.01%) leading the charge [1] - The ChiNext board was led by Aerospace Intelligent Equipment (+19.98%), Wanlong Optoelectronics (+16.15%), and Fushi Holdings (+13.39%) [1] - The Sci-Tech Innovation board was boosted by Yingfang Software (+20.00%), Purang Co. (+14.10%), and Xinghuan Technology-U (+11.87%) [1] - Active sub-industries included SW Games III (+3.64%) and SW General Publishing (+3.34%) [1] Domestic News - Semiconductor materials and equipment are seeing advancements, with Chipde Semiconductor aiming for a listing on the Hong Kong Stock Exchange and an AI advanced packaging base project starting construction in Nanjing [1] - Liard disclosed that its MicroLED production capacity has reached 2,800KK per month, with plans for an additional 1,200KK capacity expansion [1] - Anshi China announced that ASML will stop supplying wafers to its Dongguan packaging and testing factory starting October 26, 2025, but has sufficient inventory to meet customer demand [1] - The electronic information manufacturing industry saw a 10.9% year-on-year increase in value added, with mobile phone production at 1.11 billion units, a 4.8% decline [1] Company Announcements - Baiwei Storage announced a share buyback progress, having repurchased 411,239 shares, accounting for 0.09% of total shares, with a transaction amount of approximately 39.99 million yuan [2] - Obi Zhongguang reported a share buyback of 339,007 shares, representing 0.08% of total shares, with a total expenditure of about 28.02 million yuan [2] - Changying Precision disclosed a buyback of 1,800,000 shares, which is 0.13% of total shares, with a transaction amount of 61.77 million yuan [2] - Pingzhi Information announced a procurement framework agreement with China Telecom for smart set-top boxes, valued at approximately 74 million yuan [2] Overseas News - Sony launched a new generation of automotive CMOS image sensors, IMX828, featuring integrated MIPI A-PHY high-speed transmission interface [3] - South Korean semiconductor equipment manufacturer ESOL received an order to supply EUV mask inspection equipment to Japan's largest photomask manufacturer [3] - International DRAM spot prices have risen, with DDR5 16G (2Gx8) 4800/5600 increasing by 0.48% to an average price of $15.563, while DDR4 16Gb (1Gx16)3200 saw a 2.41% increase to $28.333 [3] - Global TV shipments in Q3 2025 were approximately 49.75 million units, a 6% quarter-on-quarter increase but a 4.9% year-on-year decrease, marking the first time shipments fell below 50 million units in the same period [3]