Hanbo High-tech releases 2024 financial report: operating income reaches 2.347 billion yuan, Mini-LED technology breaks through

As the global display industry accelerates the iteration of Mini/Micro LED technology, Hanbo High-Tech (301321.SZ) takes "full-chain technology + customer ecology" as its core competitiveness and has delivered an annual report that combines technological breakthroughs and market expansion. As a leading company in the field of domestic backlight display modules, the company relies on its one-stop solution capabilities to deeply integrate the two trillion-level tracks of automotive display and consumer electronics. In 2024, it will achieve operating income of 2.347 billion yuan, a year-on-year increase of 8.49%.

The industry is booming: two-wheel drive of policy and demand

As the core component of liquid crystal display panels (LCD), backlight display modules are a key link in the semiconductor display industry chain and a strategic emerging industry supported by the country. In recent years, policies have been stepped up in all aspects from industrial support to technological innovation, injecting a boost into the industry. At the same time, the diversified needs of downstream consumer electronics and vehicle displays are opening up new growth space for the industry.

In 2024, the global PC market will usher in an inflection point of recovery. Canalys report shows that global PC shipments will increase by 3.8% year-on-year to 255 million units in 2024. AI PCs have suddenly emerged, accounting for 15% of mainland China market shipments. IDC predicts that the compound growth rate of global AI PC shipments will reach 44% from 2024 to 2028. As the core component of laptop computer displays, the demand for backlight display modules is rising.

In the automotive field, the increase in the penetration rate of new energy vehicles and the upgrade of smart cockpits have driven a surge in demand for automotive displays. Burgess data shows that the global automotive LCD market will reach US$8.48 billion in 2024 and will exceed US$12.24 billion in 2031. The demand for high-brightness and high-reliability display technology in large central control screens, instrument panels, HUD and other scenarios has provided a broad stage for technology manufacturers such as Hanbo High-tech.

Technical moat: Mini-LED and full-chain capabilities build barriers

At a time when display technology is rapidly iterating from LCD to Mini/Micro LED, Hanbo High-Tech has relied on its full-chain R&D and mass production capabilities to become a one-stop comprehensive solution provider with one-stop comprehensive service capabilities as its core competitiveness, integrating optical design, light guide plate design, precision mold design, overall structural design and product intelligent manufacturing, as well as semiconductor display panel backlight display modules and important components.

For the Mini-LED backlight field, the company has comprehensive development technical capabilities such as lamp board circuit design, circuit layout, signal processing, and optical-mechanical design. Its vehicle-mounted Mini-LED backlight module has successfully entered the supply chain of leading car companies such as NIO, Chery, FAW, and GAC due to its anti-peep, curved surface, and ultra-thin features. In 2024, it has achieved breakthroughs in the field of vehicle-mounted TLCM and vehicle-mounted Mini. It has launched TLCM projects for several automobile OEMs such as Chery, Dongfeng Lantu, Kaiwo, and Geely. Related products are used in NIO/Great Wall and other models. At the same time, the company is also actively cooperating with panel manufacturers and terminal manufacturers to develop Mini-LED backlight products for consumer electronics such as notebook computers and VR.

In terms of technology research and development, the company focuses on cutting-edge areas such as Mini-LED curved display technology, vehicle-mounted HUD display systems, innovative applications of front light guide plates, reflective backlight module development, and green backlight technology. It continues to deepen the innovative research and development system, increase investment in research and development, and at the same time strive to build a professional technical talent echelon and strengthen the strategic reserve of core technologies.

Technological breakthroughs also bring authoritative certification to the company. In 2023, the company won the DIC AWARD double silver award for its "10.3-inch front light source light guide plate" and "14.5-inch Mini-LED NB display solution"; it also won the Mini-LED/Micro-LED display new technology award and the most influential backlight module supply chain award. In 2024, it will again win awards such as "China's Top Ten Mini/Micro LED Supply Chain" and "Enterprise with Outstanding Contribution to the World Display Industry", and its technical strength will be globally recognized. In the Expert Aurora Award selection, the company won the title of Mini LED Backlight Module Annual Influential Supply Chain Enterprise. At the same time, as a B-level participating unit, it participated in the compilation of the "2024 Mini LED Backlight and Automotive Research White Paper", further consolidating the company's technical voice in the industrial ecology.

Customer matrix: in-depth cooperation with leading companies

The core competitiveness of Hanbo High-tech lies not only in technological breakthroughs, but also in its in-depth cooperation with industry chain giants. The company has established solid cooperation with global head panel manufacturers such as BOE, CSOT, and Tianma. At the same time, its products have been recognized by consumer electronics brands such as Huawei, Lenovo, HP, and Xiaomi, as well as car companies such as NIO, Ford, and Aston Martin.

In the automotive field, the company’s business continues to grow. The company's products cover well-known enterprises such as BOE, Hangsheng Electronics, Marelli, Haiwei Technology, Nobo Auto, and China Star Optoelectronics, as well as automobile manufacturers such as Weilai, Chery, FAW, GAC, Geely, Ford, and Aston Martin. The financial report shows that in 2024, the company's automotive backlight display modules will maintain a good growth trend. In the future, as the penetration rate of smart cockpits increases, the in-vehicle business is expected to grow into a new engine for the company's performance growth.

Faced with the opportunities for the commercialization of Mini-LED technology and the expansion of vehicle displays, Hanbo High-tech stated that it will plan from the fields of technology, production capacity, and digital construction. By focusing on core technologies, deepening product structure optimization, promoting production capacity synergy, improving operational efficiency, strengthening R&D and technological innovation capabilities, promoting digital construction capabilities, etc., it will continue to improve the company's core competitiveness, seize the superimposed opportunities of future technology iterations and demand explosions, and open up a new round of growth space for the company.

Original text reproduced from: Xinyang News Network