TES(SZ:003019)2025-09-17 07:10Group 1: Company Overview - MicroTouch has over 40 years of experience in touch technology and was the first touch screen company listed on NASDAQ in 1992, later acquired by 3M in 2001 and by Chanzan Optoelectronics in 2020 [3] - The company has adjusted its development strategy to focus on product development, leading to rapid revenue growth and increasing contribution over the years [3] Group 2: Revenue Contribution and Client Structure - The top ten clients contributed nearly 70% of the company's revenue, with a more diversified client structure primarily consisting of leading companies and multinational enterprises in Europe and the United States [4] Group 3: Future Business Plans - In 2025, the company plans to integrate upstream and downstream operations, expand into new businesses like CP Line, and enhance FATP capabilities [6] - The company will increase R&D investment to develop new products and applications, enriching its product offerings and enhancing pricing power [6] Group 4: Dividend Policy - The company maintains a high dividend policy, with an average payout ratio exceeding 45% over the past three years, which has been well-received by institutional shareholders and the market [7] Group 5: Profitability and Gross Margin - The consolidated gross margin exceeds 25%, with the commercial display business gross margin exceeding 30% [8] - The company aims to maintain high profitability by leveraging its strong customer resources, integration and design capabilities, and by embracing new technologies like AI [8] Group 6: Automotive Display Business - In 2025, multiple vehicle models have entered mass production, including main control screens, air conditioning screens, and instrument screens, targeting both new energy vehicle startups and traditional automakers [9] - The company plans to implement differentiated market strategies in China, focusing on high-value products like multi-screen and entertainment screens to capture market share [9] Group 7: AI Development - The company has made some technological advancements in AI, including designs for AI CPU motherboards, camera integration structures, and the development of AI software and hardware interfaces [10] - Future efforts will focus on closely monitoring customer needs and seizing market opportunities as AI applications evolve [10]