Ledman(SZ:300162)2022-11-22 03:01Group 1: Company Overview - Shenzhen Lehman Optoelectronics is a leading provider of LED high-tech products and solutions, focusing on the 8K ultra-high-definition display and lighting industries [3] - The company has launched and mass-produced Micro LED ultra-high-definition display products based on advanced COB packaging technology, establishing a comprehensive ecosystem of LED products and solutions [3] Group 2: Market Performance - In 2020, revenue from Micro LED ultra-high-definition display business increased by 47% year-on-year, with domestic market growth of 62% [3] - In Q1 2021, revenue from the same business surged by 130% year-on-year, with domestic market growth reaching 187% [3] Group 3: Strategic Focus - In 2021, the company aims to strengthen its core business by integrating 5G, 8K, and AI technologies, enhancing its LED product structure, and expanding market share [4] - The company plans to leverage COB technology to penetrate various professional markets and enhance its competitive advantage [4] Group 4: Technology Insights - COB technology offers higher production efficiency and lower comprehensive costs compared to SMD technology, especially for small pitch displays [4] - The investment-output ratio for COB technology is approximately 1:3, meaning an investment of 100 million yuan can yield an annual output of about 300 million yuan [5] Group 5: International Market Strategy - The company’s overseas sales model varies by product type, with LED lighting products primarily using contract manufacturing and self-owned brand operations [5] - The overseas market is gradually recovering, with expectations for growth driven by the resumption of commercial activities and the global development of smart cities and big data [6] Group 6: Challenges and Risks - Rising prices of key raw materials like driver ICs and PCBs are impacting product prices and order fulfillment capabilities across the industry [6] - The company recorded a goodwill impairment of 138 million yuan due to underperformance of its subsidiary, but the remaining goodwill value is relatively small at 45.77 million yuan [6]