CoreRay's Q1 Mini display module revenue surged by more than 300%, and its in-vehicle display business progressed beyond expectations-EEWORLD

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Recently, Xinruida disclosed the minutes of institutional research. From April 23 to 24, the company accepted research from 50 institutions including Huaan Securities, Tianfeng Securities, Bocom Schroder, Shenzhen Stock Exchange, and Anhui Securities Regulatory Bureau.

The company introduced that its operating income in the first quarter was 250.0867 million yuan, a year-on-year decrease of 16.68%, mainly due to the delay of delivery of display terminal business orders due to transportation and customs declaration, resulting in a year-on-year decrease of 79.3245 million yuan, a decrease of 50.61%. The income of display module business increased by 22.47% year-on-year, of which the income of Mini display module increased by more than 300% year-on-year.

In the first quarter, the company realized a net profit attributable to shareholders of listed companies of RMB 34.9569 million, a year-on-year decrease of 9.64%. This was mainly due to non-direct operating and management factors such as credit impairment provisions in accordance with accounting policies and lower financial income due to exchange rate fluctuations, which resulted in a year-on-year profit decrease of RMB 4.3556 million, accounting for 11.26% of the net profit in the same period last year.

Previously, Xinruida released its annual performance report stating that its operating income in 2023 was approximately 1.176 billion yuan, a year-on-year increase of 23.25%; the net profit attributable to shareholders of the listed company was approximately 166 million yuan, a year-on-year increase of 57.08%; and the basic earnings per share was 0.9 yuan, a year-on-year increase of 55.17%.

During the reporting period, the new display manufacturing business was one of the main sources of revenue for Xinruida, with revenue reaching 663 million yuan, accounting for 56.37% of the total revenue. On the display manufacturing side, Xinruida has successively completed the development and design of new products such as ultra-thin OD10 direct-type backlight module optoelectronic system, integrated lamp-driven fully flip-chip COB Mini LED backlight display optoelectronic system, integrated lamp-driven POB Mini LED backlight display optoelectronic system, automotive Mini LED backlight display optoelectronic system, flip-chip high-power and high-efficiency direct-type backlight module optoelectronic system, and has successfully applied them in batches to TV and display terminal users such as Skyworth, Hisense, Xiaomi, Huawei, Samsung, and LG.

New display terminal business is another important source of revenue for Xinruida, with revenue reaching 497 million yuan during the reporting period, accounting for 42.30% of total revenue. In display terminals, Xinruida has formed a combination of direct display products based on Mini LED technology, such as small-pitch display modules, all-in-one machines of various sizes, in-vehicle display terminals, and commercial displays or digital TVs based on traditional TFT-LCD technology.

In March 2024, Xinruida announced that the board of directors approved the proposal and agreed that the company would use its own funds of RMB 10 million to invest in the establishment of a wholly-owned subsidiary "Wuhu Xinruida In-vehicle Display Co., Ltd." (tentative name) in Wuhu, Anhui. Xinruida said that this investment in the establishment of a wholly-owned subsidiary is the implementation of Xinruida's strategic layout of in-vehicle display terminals, which has positive and long-term significance for enhancing Xinruida's comprehensive strength and core competitive advantages, as well as Xinruida's long-term development and strategic layout.

In November last year, Xinruida planned to invest 30 million yuan to set up a joint venture company "Anhui Ruilong Automotive Electronics Co., Ltd." (tentative name) with related parties. Xinruida said that this joint venture company will be established with related parties to integrate industrial chain resources, improve the level of the manufacturer's supply chain, promote the rapid growth of the company's in-vehicle display business, enhance overall competitiveness and profitability, and achieve sustainable development.

Xinruida said that with the rapid development of intelligent new energy vehicles, system solutions centered on intelligent cockpit driving, parking and driving have become standard in the "third space". As the core hardware of the intelligent cockpit, the use of in-vehicle displays is increasing, and the market demand is doubling. The company started the research and development of Mini LED technology in 2017, strategically positioning it as the second growth pole. At present, the company has developed 10.5, 12.3 single and dual and 15.6-inch in-vehicle display screens, among which the performance parameters of the 15.6-inch floating screen have been recognized by potential customers. In the course of business development, the company and its related parties jointly established Ruilong Electronics to promote the rapid growth of the company's in-vehicle display business and enhance its overall competitiveness and profitability.

Looking ahead to 2024, Xinruida introduced that the company's traditional business includes traditional display modules and traditional LCD terminal ODM business in display terminals, and incremental businesses include Mini LED module business, automotive display business (including modules and terminals), and Mini direct display business (including all-in-one and small-pitch module products). In terms of Mini LED module business, the company hopes that the business growth rate will maintain or exceed the industry's penetration rate. At present, the automotive display business is progressing faster than expected, and the Mini direct display business is expected to expand the scope and field of cooperation and achieve qualitative improvement.

In addition, Xinruida stated that the company has both COB and POB technology routes. From a market perspective, the ever-increasing demand for image quality parameters is conducive to COB application solutions. The company has laid out a relatively rich product matrix to respond to the solution demands of different customers.

Reference address：CoreRay's Q1 Mini display module revenue surged by more than 300%, and its in-vehicle display business progressed beyond expectations

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