Anhui (SZ:002983)2025-05-16 08:56Group 1: Market Overview - In 2024, the expected shipment of Mini LED TVs is 8.2 million units, with a penetration rate of 3.8%. By 2025, shipments are projected to reach 11.56 million units, representing a year-on-year growth of approximately 50% [2][3] - The global market share of the company's backlight modules in 2024 is estimated to exceed 10% based on shipment volume [3][4] - The combined market share of major brands like Hisense, TCL, and Xiaomi in the Mini LED TV segment is 64%, indicating a dominant position of Chinese solutions in this hot category [3][4] Group 2: Financial Performance and Projections - The company's Mini LED backlight module revenue in Q1 2025 has increased by over 100% year-on-year [4][5] - For 2025, the revenue target for display modules is set between 1.2 billion to 1.5 billion CNY, while the revenue from automotive display business is projected at 50 million CNY. The net profit target for achieving stock incentive goals is approximately 170 million CNY [5][6] Group 3: Industry Trends and Policies - Recent government policies promoting consumption through subsidies for replacing old products have significantly boosted demand, although the core demand for high-quality display parameters remains unchanged [3][4] - The display industry is experiencing stable global shipment volumes of around 200 million units, with a clear trend towards smart screens and technology-driven demand [4][5] Group 4: Strategic Focus and M&A Outlook - The company maintains an open attitude towards mergers and acquisitions within the industry, focusing on next-generation display technologies and applications in AI and health [6] - The strategic focus for 2025 is on core module development, accelerating automotive display business, and actively engaging in MicroLED material applications [5][6]