Data show that from January to June 2022, Longli Technology achieved operating income of 704 million yuan, and net profit attributable to the parent company -18.2279 million yuan, which is a substantial improvement compared to the loss of nearly 100 million yuan in the same period last year. Some institutional analysts believe that this is mainly due to the increased volume of Longli Technology's Mini LED backlight products and joint efforts in the VR and vehicle display fields.
Actively respond to industry changes and proactively deploy Mini LED
In the first half of 2022, the world will still face a turbulent and changeable market environment. On the supply side, there are factors such as the Russia-Ukraine war, repeated epidemics in some areas, and shortages of upstream core components; on the demand side, CMM believes that the economic impact brought by the epidemic has intensified the conservative consumption behavior of Chinese residents, and more savings, debt reduction, and low consumption have gradually become popular. Whether it is high inflation risks on the supply side or weak consumption on the demand side, they have brought new challenges to the consumer electronics industry. As the main application area of LCD modules, competition in the LED backlight industry is still intensifying.
In order to actively respond to changes in the backlight display module industry, Longli Technology, as a national high-tech enterprise focusing on the R&D, production and sales of backlight display modules, integrates superior resources and plans in advance new display businesses such as next-generation display technologies Mini-LED and Micro-LED.
Compared with traditional backlight LED modules, Mini LED display modules can achieve better contrast and HDR (high dynamic range image) display effects, and have advantages in terms of power consumption, cost, lifespan, brightness, etc., and there are no problems such as screen burn-in and color degradation of OLED, so it is easier to industrialize and has more diverse application fields.
In terms of application fields, 2021 is the first year of the Metaverse. As the entrance to the "Metaverse", AR/VR has gradually developed into a popular product in the eyes of many technology giants. In VR headsets, Mini Led backlight has gradually become a priority for mainstream VR manufacturers to upgrade their experience. In the field of automotive displays, 2022 is also expected to be the first year of Mini-Led backlight upgrades for automotive displays due to its significant advantages in life span/cost and other dimensions.
Mass production capabilities have achieved leading advantages, and customers in many fields have continued to make breakthroughs
Currently, Longli Technology already has a production line for Mini LED mass production and supplies to new energy vehicle manufacturers, traditional automobile manufacturers and consumer electronics brands.
Specifically, Longli Technology's products are widely used in consumer product fields such as mobile phones, tablets, notebooks, TVs, AR/VR, and professional display fields such as automotive, industrial control, and medical care. It has well-known LCD module customers including BOE, Shenzhen Tianma, Shenzhen Super Optoelectronics, and TCL Group, and has been recognized by end customers such as Huawei, Samsung, vivo, OPPO, Xiaomi, well-known automobile manufacturers, and well-known VR companies.
Data shows that Longli Technology has first-mover advantages in the Mini LED field in many fields. In terms of automotive, Longli Technology's products have passed IATF16949 quality management system certification and have obtained supply qualifications from international automobile manufacturers. Its customers include well-known Tier 1 and module manufacturers such as Faurecia, Visteon, Desay SV, CSOT, and BOE Precision Electronics, as well as well-known automobile companies such as NIO, Ideal, Xpeng, BYD, SAIC, and Great Wall. In terms of displays/TVs, Longli Technology is cooperating with brand manufacturers such as TCL and Konka. In terms of VR, Longli Technology has begun delivering products to Finnish high-end head display manufacturer Varjo and well-known North American VR companies.
With continuous breakthroughs in many fields, Longli Technology's Mini LED layout has gradually shown results, and the quality of profits has improved. Data shows that in the first half of the year, the gross profit margin of Longli Technology's backlight display modules increased by 5.65% to 8.19%. The agency predicts that as production capacity further increases in 2022, Longli Technology's gross profit margin will continue to increase.
Analysts pointed out that from the perspective of the industrial chain layout, Mini LED has successfully met the conditions of technology, production capacity, yield and other conditions, and is about to enter the fast lane of development. After technology giants such as Meta, Tencent, and ByteDance stopped participating, consumer electronics giant Apple has also been working hard to apply Mini LED technology to its products (it has currently applied Mini LED technology to iPad Pro).
As a pioneer in the Mini LED field, Longli Technology has seen a sharp increase in institutional attention this year. Data shows that it received 22 research, communication, interview and other activities in the first half of the year, and received "buy" ratings from Zhongtai Securities and Zheshang Securities. With the establishment of a performance turning point, Longli Technology's performance in 2022 is worth looking forward to.
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