HongliZhihui(SZ:300219)2023-11-09 12:22Group 1: Company Overview - Hongli Zhihui Group Co., Ltd. was established in 2004 and listed on the Shenzhen Stock Exchange in May 2011 [2] - The company is a leading domestic enterprise in the LED semiconductor packaging industry, focusing on two main sectors: LED packaging and LED lighting [2] - As of the first three quarters of 2023, the company achieved a revenue of CNY 2.65 billion, with a net profit attributable to shareholders of CNY 191 million, representing a year-on-year growth of 29.21% [2] Group 2: Mini LED Business Performance - The Mini LED business revenue decreased compared to the same period last year, primarily due to lower-than-expected sales from major downstream customers [3] - In the first three quarters of 2023, Mini LED backlight products accounted for approximately 30%, while direct display products made up about 70% of the business [3] - The company is actively expanding customer channels, with some products currently in the sample testing phase [3] Group 3: Automotive Lighting Business - The automotive lighting segment consists of three main modules: automotive-grade LED packaging, modules, and headlights, benefiting from integrated supply chain advantages [4] - The automotive-grade LED products have gained recognition from both domestic and international customers, with significant sales to major manufacturers [4] - The company expects to turn losses into profits in the automotive lighting segment this year due to improved management and market conditions [4] Group 4: Future Growth Prospects - According to market reports, the company ranked third in global LED manufacturer revenue in 2022 [4] - The automotive lighting market is expected to grow significantly with the development of electric and intelligent vehicles, providing ample opportunities for the company [4] - The company is one of the earliest players in the Mini LED sector in China, with substantial packaging experience and technological advantages, positioning it for future revenue growth as production costs decrease [4]