HongliZhihui(SZ:300219)2022-12-05 02:20Group 1: Company Overview - Hongli Zhihui Group Co., Ltd. was established in 2004, focusing on the R&D, production, and sales of LED packaging and application products, including general lighting and automotive lighting [3] - In November 2018, Jinjue Investment became the controlling shareholder of the company [3] - The company's performance in 2019 declined compared to the previous year due to several factors, including a decrease in the performance of subsidiaries and a goodwill impairment of CNY 847 million [3] Group 2: Mini LED Project - The company has established Guangzhou Hongli Display Electronics Co., Ltd. to focus on Mini LED R&D and innovation, with a team that has extensive industry experience [4] - Mini LED products are primarily focused on backlighting and RGB direct display applications, with ongoing sample exchanges with major panel manufacturers [4] - The company is currently in the small batch delivery stage for Mini LED products, mainly for TV and display applications [5] Group 3: Financial Performance and Strategy - The company has implemented internal lean production management to enhance utilization rates and has strategically adjusted the product structure to increase the proportion of high-margin products, resulting in stable gross margins for LED packaging products [5] - The impact of the COVID-19 pandemic led to a temporary suspension of operations, but production has resumed as of February 16, 2020, with current orders being relatively saturated [5] Group 4: Supply Chain and Partnerships - The company sources automotive-grade packaging chips mainly from manufacturers like Jingyuan Optoelectronics and Osram, while high-power lighting chips are primarily imported [6] - The management team of Yishan Automotive Lighting has been restructured, enhancing internal controls and optimizing the shareholder structure to lower asset-liability ratios [6] - The new management team has strengthened communication with customers, improving confidence in Yishan's capacity, quality, and management [6]