诺瓦星云领跑MLED时代的强alpha龙头关注Q2业绩积极表现目前估值仅

Summary of Conference Call Records Company and Industry Overview - The company is a leading player in the domestic display control industry, operating in a "dual oligopoly" market with a market share of 60%, while its competitor, Kaleite, holds 20% [1][1] - The industry has high competitive barriers, with stable gross margins over 50% and net margins over 20%, both of which are gradually improving [1][1] Key Financial Performance - The company reported a 45% increase in its first-quarter results [1][1] - There are concerns in the market regarding the impact of industry conditions on the company's Q2 performance [1][1] - However, after conducting supply chain research, the company has accelerated shipments, maintaining a growth guidance of over 40% for Q2 [1][1] - The company aims to achieve an annual performance target of 850 million, with potential upward adjustments, corresponding to a valuation of less than 20 times earnings, indicating high cost-effectiveness [1][1] Industry Trends and Growth Drivers - The small-pitch, Mini/Micro LED industry is experiencing robust growth, with a rapid increase in pixel points driving the expansion of display control systems [1][1] - Improvements in LED chip manufacturing and packaging processes are leading to continuous cost reductions in small-pitch and Mini/Micro LED displays, transitioning from 2K to 8K ultra-high definition [1][1] - The demand for display control systems is linearly correlated with the increase in pixel points, with the industry maintaining a compound annual growth rate (CAGR) of over 20% [1][1] Business Expansion and Market Strategy - The company is a domestic leader in video processing with a global market share of nearly 20% [1][1] - The company is rapidly iterating its products to capture market share from overseas competitors, with products like splicers and control consoles seeing significant growth [1][1] - This segment is a major growth driver for the company, as it consolidates the domestic market and strategically targets international leaders like Barco and Crestron, opening up a market space exceeding 20 billion for audio-visual solutions, with an expected revenue growth rate of 50% in 2024 [1][1] Technological Advancements - The company is leading in the MLED era by developing Demura detection equipment and ASIC chip business [1][1] - In the MLED era, the difficulty of detecting and calibrating display screen light beads is significant; the company has introduced Demura detection equipment to replace manual detection, achieving automated calibration on production lines [1][1] - As Mini/Micro LEDs accelerate into the consumer electronics sector, the trend towards chip integration for receiving cards is becoming inevitable; the company is developing and mass-producing MLED control and interface chips to achieve energy savings, automatic calibration, and precise pixel control [1][1] Dividend Policy - The company plans to distribute a dividend of 9.7 yuan per share in 2023, resulting in a dividend yield of nearly 3%, with a total cash dividend payout of 500 million, accounting for 35% of undistributed profits [2][2] - Projections for 2024-2025 indicate a net profit attributable to shareholders of 850 million and 1.2 billion, corresponding to price-to-earnings ratios of 20 times and 14 times, respectively [2][2] - Compared to its peer Kaleite, which has a valuation of 30 times, the display control leader Nova is significantly undervalued [2][2]