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Shenzhen Textile A: the deduction of non-net profit increased by 123 in the first quarterMplpokerdesktop.35% innovation and upgrading, pay close attention to industrial recovery, Dongfeng Securities TimesMplpokerdesktopOn the evening of April 29th, Shenzhen Textile A (000045.SZ) released its quarterly report of 2024. Data show that the company achieved operating income of 761 million yuan in the first quarter, an increase of 12.
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Shenzhen Textile A: the deduction of non-net profit in the first quarter increased by 123.35%. Innovation and upgrading to grasp the industrial recovery Dongfeng Securities Times News. On the evening of April 29th, Shenzhen Textile A (000045.SZ) released its first quarterly report for 2024. Data show that in the first quarter, the company achieved operating income of 761 million yuan, an increase of 12.08% over the same period last year, a net profit of 20.7774 million yuan, an increase of 58.50% over the same period last year, and a non-return net profit of 16.9744 million yuan, a sharp increase of 123.35% over the same period last year. During the reporting period, the company continued to focus on the main business of polarizers, on the one hand, keeping abreast of market changes and customer demand, increasing production and sales; on the other hand, continuously optimizing customer and product structure, improving production process and product yield, and consolidating the effectiveness of operation and management; and adhere to R & D investment and technological innovation to achieve a steady improvement in performance. Since the beginning of this year, under the joint action of demand-side recovery and supply reduction, the price recovery trend has been gradually established, which has been widely concerned by the market. From the supply point of view, while overseas manufacturers accelerate the exit of production capacity, domestic manufacturers take the initiative to reduce the production capacity of control panels, and the short-term supply of panels is reduced accordingly. In terms of demand, 2024 is the year of sports events, downstream advance stock plays a role in pulling the demand for TV, driving the panel scene demeanor to warm up. According to Omdia, demand for LCDTV panels is expected to reach 180 million square meters in 2024, an increase of 9.6 percent over the same period last year. Under the background of continuous optimization of supply and demand, the price of TV panel showed an all-round upward trend in March. According to Zhiqun Consulting, Overevo and Loto Technology data, in March 2024, small-size panels (32 inches) rose by $1, while in medium-and large-size panels, 43 and 50 inches rose by $5, and 55, 65 and 75 inches rose by $3. 5. The current panel price is at the bottom of the cycle and gradually stabilizes. "the price rise driven by the above factors will be maintained in April and May." Soochow Securities said. As an important raw material of the display panel, the polarizer industry follows the development trend of the panel industry, and also ushered in the opportunity for recovery. Manufacturers with sufficient domestic production capacity, strong market competitiveness and excellent technical strength will be the first to enjoy the industry dividend. Sheng Bo Optoelectronics, a subsidiary of Shenzhen Textile A, is a leading polarizer manufacturer in China, with 28 years of industrial experience and years of accumulation, has reached a profound foundation of cooperation with Huaxing Optoelectronics, BOE, Sharp, LGD, Shentian Horse, Huike, Xianyang Rainbow and other mainstream panel enterprises, and seized the opportunity in the current round of industry recovery, handing over a bright report card in the first quarter of 2024. In the long run, panel production capacity continues to transfer to the mainland, and the share and voice of domestic panel manufacturers have also steadily increased, driving the rapid growth of domestic replacement demand for polarizers. According to panel area statistics, according to Omdia data, the floor panel production capacity will reach 67.8% of the global production capacity in 2023, an increase of 2.3% over the same period last year. The mainland is expected to reach 69.4% of the global capacity by 2024, continuing to grow by 1.7% compared with the same period last year. On the other hand, with the closure of Sharp's 10th-generation line and the sale of LG Guangzhou 8.5G line, the production capacity of overseas polarizers continues to shrink, and the market share of domestic manufacturers is gradually increasing. At present, the domestic polarizer domestic replacement is still in the initial stage, the future replacement space is broad, the domestic polarizer industry is ushering in a historic opportunity. At the same time, the application scope of display panel, especially OLED panel, continues to expand in multiple scenarios such as smart home, wearable devices, medical treatment and automobile intelligence. Car, VR/AR polarizer and other fine, high-end products also ushered in considerable market opportunities, with the matching OLED polarizer demand accelerated release. In addition, as a high-performance film material, the polarizer industry has also been highly concerned and supported by national policies in recent years, and supports the development of the industry in many aspects, such as strategic planning, tax incentives, personnel training and so on. Since the beginning of this year, the state has introduced a number of policies on the trade-in of consumer goods to further stimulate the demand for downstream cars, electronics, home appliances and other products, thereby driving the sales of polarizer products. Sheng Bo Optoelectronics under Shenzhen Textile A not only has large, medium and small size full range of polarizer production capacity, and mastered TN/STNLCD, TFT-LCD, OLED display polarizer research and development and production core technology, is one of the few domestic manufacturers with large-scale production capacity of super-large-size TFT-LCD polarizer; but also in the super-large size, large-size products in the technical level and production capacity in the industry advanced level. In addition, the company is also actively expanding OLED polarizer business, taking the lead in mass production of OLED TV and OLED mobile polarizer, which has a significant first-mover advantage in China, and further cut into the field of car polarizer. Over the years, Shenzhen Textile An insights into the changes in the industry, closely follows the market demand, insists on technological innovation-driven development, around the "polarizer +" strategy, constantly tamps the core competitiveness in the field of large-size polarizer, and further breaks through OLED polarizer products, showing a continuous high-quality development trend. In the future, under the general trend of the warming of the demand side of the industry, the accelerated clearance of the supply side, and the acceleration of domestic substitution, domestic polarizer manufacturers, including companies, are expected to further achieve profitability improvement and performance release. (Wen Sui) proofreading: Zhu Tianting
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