Six LED companies including Leyard, CVTE and Hongli announced their 2024 results

Recently, Leyard, CVTE, Hongli Zhihui, Longli Technology, Yidong Electronics, and Tailong have successively released their 2024 results.

Leyard

Leyard currently operates three major business segments, namely LED intelligent display, cultural tourism night tour, AI and spatial computing. Affected by factors such as weak domestic and foreign market demand, Leyard will achieve revenue of 7.150 billion yuan in 2024, a year-on-year decrease of 6.11%.

During the reporting period, Leyard's core business, LED smart display business, achieved revenue of 6.109 billion yuan, accounting for more than 85% of revenue; cultural tourism night tours achieved revenue of 710 million yuan, and AI and spatial computing achieved revenue of 307 million yuan.

In the smart display business, Leyard has made Micro LED a strategic product layout. During the reporting period, Leyard continued to increase its promotion efforts and R&D investment in Micro LED, achieving the goal of doubling its revenue again.

In terms of Micro LED mass production progress, in November 2024, Leyard's first phase of a new generation of substrate-less Micro LED production line independently developed for the entire process was officially launched at the Wuxi Lijing factory, realizing the first phase of substrate-less Micro LED production capacity of 1200kk/month. Currently, the production expansion plan is progressing as planned and is expected to reach production in Q3.

Leyard said that the new generation of Micro LED production lines will significantly promote the demand for high-definition displays below 1mm and bring higher cost performance and display to the market. Micro LED products with better effects.

With the gradual improvement of the mass production line, Leyard has also recently released "New Generation Black Diamond (Hi-Micro)" technology and new products, which use substrate-less Micro LED chips with a short side less than 30μm. The display effect is significantly improved. It is suitable for combinations of new display technologies such as AM drivers and glass substrates, and can meet the needs of commercial and high-end home displays.

In addition to large-size Micro LED technology, Leyard is also promoting the development of Micro LED micro-display technology and recently successfully launched AR glasses based on Micro LED light engines.

In addition to focusing on the development of the latest LED technology, Leyard is also continuously broadening the application scope of LED technology. In 2024, China Leyard, a joint venture company established by Leyard and China Film Group, will deepen its layout in the LED movie screen application market.

As of April 2025, China Leyard’s “Huanying Island” LED cinema (HUAN the LE D) has signed more than 20 projects across the country, among which Shijiazhuang Cinema is the first cinema in the world to apply Micro LED movie screens.

In the all-in-one machine application market, Leyard is actively deploying domestic and foreign smart LED all-in-one machine markets. In addition to its three self-owned brands of PLANAR, LEYARD and TIMESIGHT, it also provides R&D and manufacturing of intelligent LED all-in-one products for key customers at home and abroad. During the reporting period, Leyard also created new products such as LED 3D folding all-in-one machine and quantum dot all-in-one machine, integrating core technologies such as Micro LED, naked-eye 3D, and quantum dots.

In the AI ​​and spatial computing business segment, during the reporting period, Leyard's motion capture technology assisted the production of multiple games, film and television projects, including assisting the production of the first domestic AAA game "Black Myth: Wukong" and the movie "Fengshen" trilogy, and assisting the implementation of VR large space cultural tourism experience projects such as "The Wind Rises in Luoyang", "The Strange Story of the Tang Dynasty: Journey to the West", and "The Lost National Treasure".

In addition, Leyard also combines motion capture technology with robots. Fusion provides the robot with spatial perception, action decision-making and motion control capabilities.

In the cultural tourism night tour business sector, Leyard has begun to expand overseas. In the past, this business was concentrated in the mainland. With the improvement of brand influence, the enhancement of technology export capabilities and the deepening of regional cooperation, Leyard's cultural tourism night tour business has gradually extended to Hong Kong, Macao and Taiwan. In the future, it is expected to further expand to overseas markets and strengthen its international layout.

In the first quarter of 2025, Leyard achieved revenue of 1.664 billion yuan and net profit attributable to the parent company of 77 million yuan. In view of 2025 and future development, at the recently held 2025 Ecological Partner Conference, Leyard announced that the group's development strategy for the next three years is to "embrace AI, lead the creation of visual effects, and achieve the second growth curve."

Li Jun, chairman of Leyard, said that in the era of AI, 70%-80% of human perception of the world still needs to be realized through vision, and Leyard's three main businesses have huge market and development space. In 2025, Leyard will be committed to creating a closed-loop industrial ecology of "AI + display + cultural tourism" and actively expand the ecological cooperation circle.

CVTE

In 2024, CVTE achieved revenue of 22.401 billion yuan, a year-on-year increase of 11.05%; net profit attributable to the parent company was 971 million yuan, a year-on-year decrease of 29.13%.

During the reporting period, in the field of intelligent control components, CVTE actively deployed overseas supply chains and further increased its market share among first-tier major customers. Superimposed on the growth of global TV shipments, LCD main control boards achieved revenue of 6.629 billion yuan, a year-on-year increase of 11.82%. At the same time, household appliance controller products achieved revenue of 1.722 billion yuan, a year-on-year increase of 65.64%.

In the field of smart terminals and applications, shipments of CVTE's seewo interactive smart tablets continue to rise. Revenues from seewo teaching terminals, seewo recording and broadcasting, seewo Rubik's Cube and other software and hardware products have maintained rapid growth. Sales of seewo learning machines and learning tablets have continued to increase year-on-year. However, affected by factors such as the tightening of customer procurement budgets, during the reporting period, the education business achieved revenue of 5.053 billion yuan, a year-on-year decrease of 8.75%.

In terms of corporate services, CVTE launched efficient conference solutions for six standardized conference scenarios including video conferencing, training, and reception, and released a new generation of software and hardware products such as conference tablets, LED all-in-one machines, and split video conferencing terminals. During the reporting period, affected by factors such as weak market demand, As a result, the enterprise service business achieved revenue of 1.582 billion yuan, a year-on-year decrease of 2.60%.

Viewed by market region, CVTE has achieved good results in overseas market expansion. Demand for educational information equipment has grown rapidly in some European countries and India. The company has also accelerated cooperation with ecological partners such as Microsoft and Intel. During the reporting period, CVTE's overseas business achieved revenue of 4.348 billion yuan, a year-on-year increase of 16.83%.

In the first quarter of 2025, CVTE achieved revenue of 5.005 billion yuan, a year-on-year increase of 11.35%; net profit attributable to the parent company was 162 million yuan, a year-on-year decrease of 9.23%. The decline in net profit was mainly due to an increase in R&D investment, a decrease in financial management income and government subsidies.

Hongli Zhihui

​​Hongli Zhihui focuses on LED semiconductor packaging devices and LED lighting business. In 2024, Hongli Zhihui achieved revenue of 4.225 billion yuan, a year-on-year increase of 12.39%; net profit attributable to the parent company was 81 million yuan, a year-on-year decrease of 61.60%; and net cash flow generated from operating activities was 540 million yuan, a year-on-year increase of 4.95%.

In the LED semiconductor packaging device business segment, Hongli Zhihui continues to expand its market share in the global LED lighting packaging market. During the reporting period, the LED semiconductor packaging business achieved revenue of 3.248 billion yuan, accounting for 76.88% of total operating revenue, with a gross profit margin of 15.39% and a comprehensive product yield rate of 98.44%.

In terms of Mini LED technology, Hongli Zhihui’s Mini LED display orders and output have improved compared with the same period last year. The company continues to promote the research and development of new products and has achieved mass production and shipment of Hongyi series large-size module P1.25 products and Hongping P0.78 ultra-fine pitch products.

In the field of Mini LED backlight, the company has consolidated its leading position in the field of VR applications, while also expanding into many new scenario applications such as notebooks, aviation and navigation, handheld game consoles, and drone controllers.

In the LED automotive lighting business segment, Hongli Zhihui continues to expand domestic and foreign, commercial/passenger car lighting markets, strengthens research and development innovation, and promotes technologies such as ambient lighting and ADB headlights. reporting period The domestic LED automotive lighting business achieved revenue of 810 million yuan, accounting for 19.15% of total operating revenue, with a gross profit margin of 25.90% and a comprehensive product yield rate of 95.99%.

It is reported that in the field of passenger cars, Hongli Zhihui has successfully obtained a number of new project appointments in 2024, achieved mass production of new projects, and successfully entered the supplier system of many well-known domestic car companies. In the field of automotive-grade LEDs, Hongli Zhihui has made breakthrough progress in close cooperation with strategic customers and is expected to enter the mass production stage in 2025.

In terms of technology research and development, Hongli Zhihui has completed the production of prototypes of ADB headlights and Mini LED taillights. The ADB headlight project has accurately selected development models with two-wheeler customers. The two parties have joined hands to jointly develop ADB headlights for motorcycles and are expected to implement the project in 2025.

In the first quarter of this year, Hongli Zhihui achieved revenue of 910 million yuan, a year-on-year increase of 12.98%; net profit attributable to the parent company was 6.17 million yuan, a year-on-year decrease of 74.48%; net profit after non-attribution to the parent company turned from profit to loss.

Longli Technology

Longli Technology is a provider that focuses on overall backlight display module solutions. It takes consumer electronics such as mobile phones/tablets/NB as its basic business, in-vehicle display business and LIPO business as its two core businesses, and has a "1+2+N" diversified layout with N businesses with future growth potential such as AR/VR displays related to new smart hardware terminals and new precision structural parts.

In 2024, Longli Technology achieved revenue of 1.320 billion yuan, a year-on-year increase of 28.64%; net profit attributable to the parent company was 106 million yuan, a year-on-year increase of 132.90%; net profit after non-attribution to the parent company was 94 million yuan, a year-on-year increase of 1813.63%.

During the reporting period, Longli Technology's mobile phone/tablet/NB and other consumer electronics businesses gradually recovered. The company has been highly recognized by customers such as BOE, TCL CSOT, and Changxin Deput, and its business revenue has grown steadily. At the same time, the company will further optimize its product structure in 2024. The proportion of smartphone business will continue to decrease, the proportion of medium and large size business (tablet/NB/PC) will continue to increase, and the overall profitability of the consumer electronics business will continue to improve.

In terms of in-vehicle business, Longli Technology has successfully mass-produced and delivered a number of new models in cooperation with well-known car companies such as Xiaopeng, Geely, Jike, NIO, and Ideal, and the in-vehicle display business has grown rapidly.

In terms of OLED display-related LIPO business, Longli Technology has undergone three years of R&D accumulation and multiple customer verifications. In 2024, LIPO technology has been highly recognized by customers and has gradually entered the stage of achievement transformation.

In the first quarter of 2025, Longli Technology’s performance continued to grow, achieving revenue of 341 million yuan, a year-on-year increase of 15.19%; net profit attributable to the parent company was 0.3 100 million yuan, a year-on-year increase of 51.88%.

Yidong Electronics

Yidong Electronics is mainly engaged in the research and development, production and sales of precision electronic components such as FPCs, connectors and components, and LED backlight modules. In 2024, Yidong Electronics achieved revenue of 1.71 billion yuan, a year-on-year increase of 16.37%; net profit attributable to the parent company turned from profit to loss.

During the reporting period, Yidong Electronics' LED backlight module business successfully introduced a number of new customers for automotive display modules, with terminals covering well-known new energy vehicle OEMs in the industry. Yidong Electronics stated that in the future, the company will continue to focus on the layout of the automotive backlight market, actively develop the Tier1 business of well-known end customers, and improve the operating performance of LED backlight module products.

In 2024, Yidong Electronics' FPC, LED backlight modules, connectors and components revenue will be 681 million yuan, 156 million yuan, and 689 million yuan respectively, accounting for 39.82%, 9.11%, and 40.28% of the revenue respectively.

Tailong shares

In 2024, Tailong Co., Ltd. achieved revenue of 2.574 billion yuan, a year-on-year decrease of 2.68%; despite a certain degree of revenue decline, its net profit attributable to the parent company was 51.1622 million yuan, a year-on-year increase of 19.44%.

Tailong's business mainly covers two major sectors: semiconductor distribution and commercial lighting. During the reporting period, Tailong achieved revenue of 2.140 billion yuan in semiconductor distribution business, accounting for 83.17% of total revenue, a decrease of 1.87% from the same period last year.

Tailong shares stated that the radio frequency and communication devices, digital and digital-analog devices distributed by the company are mainly used in the fields of communication and consumer electronics, mainly mobile phones. Affected by competition in the terminal market and lower than expected downstream demand, the revenue and profits of the semiconductor distribution business have declined to a certain extent.

In the commercial lighting business segment, Tailong achieved revenue of 444 million yuan, accounting for 16.42% of total revenue, a year-on-year decrease of 5.87%. The products of Tailong's commercial lighting business are mainly lighting appliances, and it also involves the production and sales of LED displays and photoelectric signs. The company's commercial lighting business mainly provides customers with overall commercial lighting solutions that integrate lighting design, development and manufacturing, and system comprehensive services.

During the reporting period, Tailong’s commercial lighting business revenue fell below However, the company increased investment in Xinping's R&D, strengthened marketing management, and actively promoted cost control. The net profit loss of the business decreased compared with the same period last year.