1. Recently, I have noticed that the company recently held a new product launch conference and released a 34-inch glass-based 0ODMiniLED backlight curved display product solution. Can you introduce the core competitive advantages of this solution?
Reply: The core competitive advantages of this solution are mainly reflected in two aspects: First, the performance and cost comparison between glass base and other base materials in the industry (including PCB base, aluminum base, etc.). The ultra-thin properties, high flatness, low thermal expansion coefficient, low warpage and high thermal conductivity of glass base determine the The ultra-thin, large-sized and curved display of MLED backlight products can also support smaller LED lamp beads for die-bonding. In addition, the cost of the glass substrate material used by the company is relatively low. Through the optimization of the process technology and the improvement of equipment efficiency, the overall cost has been achieved to be better than other substrate solutions.
Secondly, another core competitive advantage of this solution is 0OD, which we call Z-MLED, and Z means zero.
Z-MLED further realizes the ultra-thin/narrow bezel characteristics of the product by completely fitting the distance between the light-emitting chip and the LCD screen. It also improves the visual effect, increases optical efficiency, makes the border clearer, and solves the problems of light leakage and halo to the greatest extent.
2. The layout and business situation of the company's glass-based MiniLED backlight in the field of automotive display
Reply: The application scope of glass-based MiniLED backlight in the field of vehicle display includes HUD, smart rearview mirrors, virtual instruments, CID, rear seat entertainment display, etc. As vehicle displays develop toward large-scale, integrated, special-shaped, high-brightness, high color gamut saturation, and the requirements for intelligence and safety increase, glass-based MLED backlight has great application advantages.
Through the integration of the upstream and downstream industry chains, the company already has a complete set of solutions and production capabilities for vehicle-mounted displays, including cover panels, touch modules, full lamination, LCM modules, backlight modules and appearance functional parts, superimposing the company's 3A (AG, AR, AF), integrated With core technologies such as black and glass-based MiniLED backlights, the company has officially established an automotive division and automotive display SBU in the first half of 2022. It also plans to officially launch glass-based MLED backlight automotive display solutions in the first half of 2023.
At present, the company has cooperated with a number of terminal car companies and vehicle module manufacturers, and will focus on promoting the application of the company's glass-based MLED backlight in vehicle display products.
3. From the third quarter, the company's revenue increased year-on-year, but the net profit attributable to the parent company suffered a loss. Can you tell us the main reason? Can you give us an outlook on next year's performance?
Reply: The revenue growth was mainly due to the increase in the consolidated scope of subsidiaries during the reporting period. The performance loss was mainly due to the traditional glass finishing business being affected by the industry. Both sales volume and sales price declined to a certain extent, resulting in a decline in gross profit. At the same time, due to the increase in early R&D proofing expenses, management expenses, sales expenses and equipment depreciation during the product transformation process, costs increased, ultimately leading to losses as of the third quarter of 2022.
It is expected that the company's (including subsidiaries) business will recover to a certain extent in 2023, and revenue is expected to increase compared with previous years. At the same time, if new glass-based products are successfully mass-produced in the second half of 2023, it will have a positive impact on the company's performance.
4. Will there be room for optimization of company costs and expenses in the future? And what are the future plans for personnel?
Reply: In terms of costs and expenses, in the past two years, based on the company's product transformation strategy, R&D expenses, management expenses, marketing expenses, sales expenses, etc. have increased to a certain extent. As the company's expense control is gradually optimized, including the adoption of a series of measures such as organizational structure adjustment, improvement of internal performance appraisal mechanisms, and upgrading and optimization of internal data systems, the company's costs and expenses will be better controlled.
In terms of personnel, the group company currently has a total of about 3,000 employees. The company's traditional glass finishing business is mainly a capital, technology and personnel-intensive industry. The company's planned new product business will strive to improve the level of automation, thereby increasing the annual output value of employee units.
5. Will the company consider overseas markets in the future?
Reply: The company has currently established an overseas major customer SBU and will focus on promoting products such as glass-based MiniLED backlights, MicroLED direct displays, and glass-based chip packaging carrier boards in overseas markets.
6. Is there any new progress in the company's composite copper foil project?
Reply: Composite copper foil is an important R&D project of the company. At present, the cost reduction technology path of composite copper foil based on special PI materials has been basically confirmed. The performance of the base film meets the specifications required by the battery factory. The progress of proofing and sample delivery will be further promoted in the future. The final verification results will take some time. Investors are advised to pay attention to investment risks and refer to the company's announcement.
7. The company has many technical reserves and new product applications. Can you briefly introduce the company's R&D personnel and future key R&D directions?
Reply: As of now, the company's R&D team has about 300 people. It currently has Xinyu Research Institute, Dongguan Research Institute and expert group, and plans to add Wuhan Research Institute in the future. As of the first half of 2022, the company has 340 domestic patents and 2 sets of international patents, and won the 22nd National Excellent Patent Award. At the same time, the company is currently carrying out 76 R&D projects.
R&D directions include but are not limited to optical materials, polymer materials, new displays and process engineering development. At the same time, the company has carried out industry-university-research cooperation with a number of domestic universities and colleges to promote domestic substitution and technological iteration of new materials in many fields.
8. How do you view the company's future development?
Reply: The company will continue to explore the research and development applications of glass-based, CPI/PI materials, and coating and copper plating technologies based on various substrates in many fields, including new displays, advanced semiconductor packaging, new energy, 5G and other fields.
What is currently feasible for mass production is the application of glass-based MLED backlights and direct displays in the display field. Glass-based, with its performance and cost advantages, will lay a good foundation for the company's development in the next 3-5 years.
In other fields, the company will continue to maintain close cooperation and communication with downstream customers, while keeping up with market trends and strengthening market development capabilities to achieve commercial implementation of new materials and new technologies as soon as possible.
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