Group 1: Future Development Trends - 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] - The company has proactively laid out relevant technologies in the MLED field and has launched core detection equipment and integrated circuits, anticipating rapid growth in MLED-related revenue [2][3] - The overseas market is expected to maintain good growth momentum despite pressures in the domestic market, supported by a comprehensive overseas sales system and a wide network of partners [3] Group 2: Accounts Receivable and Credit Risk - As of now, 97.98% of the company's accounts receivable are aged within one year, indicating a reasonable aging structure that aligns with sales and credit policies [3] - The company's major clients are leading enterprises in the LED display and commercial display industries, which have strong financial health and low risk of uncollectible accounts [3] Group 3: Impact of US-China Tariff War - The tariff war currently only affects the company's revenue from exports to the US, which constitutes a small portion of total revenue; the display business is exempt from tariffs [4] - The company has established an overseas production base in Thailand to mitigate potential risks associated with the tariff war [4] Group 4: R&D Investment and Achievements - R&D investments from 2022 to 2024 are as follows: ¥319.18 million, ¥441.96 million, and ¥540.27 million, representing 14.68%, 14.47%, and 16.47% of operating revenue respectively [5] - As of the end of 2024, the company holds 1,177 domestic patents (including 656 invention patents), 27 overseas patents (including 22 invention patents), 238 software copyrights, and 14 integrated circuit layout designs [5]
诺瓦星云(301589) - 2025年6月20日投资者关系活动记录表