Leyard(SZ:300296)2023-02-22 08:21Industry and Technology Development - The LED industry began developing in China in the 1990s, experiencing three technological leaps, with LianYade leading the progress [2] - The first breakthrough occurred in 1998 when LianYade launched the first full-color LED screen in China, achieving the largest market share in the industry [2] - In 2010, the company developed small-pitch LEDs with a pixel pitch below 2.5mm, which have gradually replaced traditional DLP and LCD products over the past decade [2][3] - By 2020, the industry saw a breakthrough with the mass production of Micro LED technology, leading to the establishment of a joint venture for Micro LED production [3] - Micro LED technology is expected to replace many traditional display products, with LianYade's Micro LED series covering 80% of the indoor small-pitch LED market [3] Business Development and Strategy - Since its establishment in 1995, LianYade has focused on the R&D, production, and application of LED displays, expanding its business through horizontal mergers post-2012 [3][4] - The revenue share from display business decreased from 100% to around 50% in 2018 but has since rebounded to approximately 85% due to advancements in Micro LED technology [3][4] - The company has initiated a new three-year strategic cycle starting in 2022, focusing on solidifying its smart display business and expanding application markets [4] Financial Performance - In 2022, LianYade achieved a revenue of approximately 8.5 billion yuan, a decrease of about 4% year-on-year, with the smart display segment contributing around 7.2 billion yuan, marking a 5% increase [4] - The company experienced a significant decline in new orders for its cultural tourism segment, with a 61% drop year-on-year, leading to substantial losses [4] - Goodwill impairment amounted to approximately 236 million yuan, with the goodwill net value of other acquired companies reduced to zero [4] Future Outlook and Market Position - LianYade plans to continue investing in Micro LED technology to reduce costs and expand market scale, with a focus on smaller applications [3][4] - The company has achieved significant breakthroughs in Micro LED technology, with the black diamond series officially launched in October 2022 [4] - The company is optimistic about market recovery in 2023, despite current stability in the overall market [5]