洲明科技: LED+AI,開啓全新增長模式
（以下内容从天风国际证券《洲明科技: LED+AI,開啓全新增長模式》研报附件原文摘录）
Unilumin Group (300232 CH) LED+AI，开啓全新增长模式 Initiating coverage: LED and AI synergy opens up growth areas for Unilumin TP:RMB13.71 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 1、公司借力AI，打造差异化竞争优势，开啓全新增长模式 公司建立以LED超高清显示爲牵引，以内容驱动爲核心，将“硬件+系统+软件+内容+交互”融合发展的光显一体化方案。公司基於LED应用场景需求率先布局数字内容生产、IP打造，从现有硬件显示产品、软件技术自研、数字内容积累，到卡位集“硬件+软件+内容”一体化解决方案，提高公司产品附加值，构建公司业务发展新引擎。 New growth model incorporates AI to establish competitive differentiation Unilumin is an established name in integrated light display solutions, where the market thirst for content is driving its core business of ultra-high-definition LED displays. The company develops solutions that integrate hardware and software systems that are pulled by interactivity and content. To meet requirements of LED application scenarios, Unilumin led the way in business digital content production and intellectual property content creation. To drive its display hardware business, it conducts proprietary research into software technologies and has amassed digital content, which position it for integrated solutions that incorporate hardware, software and content. Thus, Unilumin adds value to its products and in itself this becomes a catalyst for business development. 2、公司海外出口占比高，看好受益出口，实现快速增长 1）海外业务收入与毛利双增长，未来海外市场需求有望回暖。2022年，公司海外业务营业收入占比大幅增长至57.52%，2023年海外占比有望延续。海外业务毛利率也有所增长，从2021年的32.34% 增长至34.27%，2023H1增长至38.68%。过去两年，随着海外经济与市场的提前常态化，LED 显示业务快速增长的市场需求得到有效释放，未来海外市场热度有望延续；2）海外需求回暖，北美将迎来补库存拐点。公司海外业务占比高，其中北美市场居主要部分。美国等发达经济体经济恢复态势超出市场预期，海外需求回升将带动国内出口增长。 Exports: leveraging the sizable foreign business to achieve total rapid growth Foreign market growth: Unilumin’s export market is growing in both revenue and gross profit terms, and the company expects foreign demand will keep rising. We expect the revenue proportion of its foreign business, which shot up to 57.52% in 2022, would have maintained the strong trend in 2023E. Gross margin widened from 32.34% in 2021 to 34.27% in 2022, and to 38.68% in 23H1. Demand for LED displays has risen rapidly as foreign economies have returned to normal and driven market growth over the past two years. We expect LED displays will remain popular in the future. North America: this market is heading for an inflection point in inventory replenishment as foreign demand picks up. North America makes up the bulk of Unilumin’s sizable export market, where developed economies like the US are recovering above market expectations. We expect the foreign demand recovery will drive Chinese export growth. 3、LED显示多元应用场景开拓，有望迎来新的增量市场 随着技术的推进，公司LED显示应用在裸眼3D、XR虚拟拍摄、会议一体机、数字虚拟人等多个新兴场景，有望带来新的量级增长。1）XR虚拟拍摄：公司在XR 虚拟制作领域具有强大的先发优势，并将国外成功经验逐步向国内市场衍生。2）裸眼3D：公司裸眼 3D 内容创意与 LED 显示销售联动效应增强。3）LED会议一体机：在智慧会议领域，罗技和洲明建立了良好的生态合作关系，洲明科技的软硬件结合＋罗技全场景产品覆盖，将爲用户带来全新的智慧会议体验和视觉振荡。4）虚拟数字人：公司创造的LED 行业首个裸眼 3D 数字虚拟人形象——祁小蓦，引发热潮。5）LED电影屏：公司在 LED 电影屏领域布局和深耕已久，技术与市场双重发力，将迎来新的增长点。 LED displays: emerging markets add incremental growth as scenarios increase Technological advances are taking Unilumin’s LED displays into multiple emerging market scenarios, such as naked eye 3D, extended reality (XR) shooting, all-in-one conferencing devices and virtual humans, which we expect will add incremental growth: ·XR shooting: Unilumin has a strong first-mover advantage in XR production and would likely replicate its foreign market experience in the Chinese market. ·Naked eye 3D: the company has increased the correlation between naked eye 3D content creation and LED display sales. ·All-in-one LED conference devices: Logitech and Unilumin have a firm ecosystem partnership in the smart conferencing market. The confluence of Unilumin’s software and hardware systems and Logitech’s multiple-scenario product coverage delivers a wholly new user experience in smart meetings in terms of visual effects. ·Virtual humans: Unilumin sparked a craze when it created Qi Xiaomo, the first naked eye 3D virtual human in the LED industry. ·LED movie screens: as a longtime player in the LED movie screen market, we expect the company will harness both technology and market developments to add new growth catalysts. 投资建议/Investment Ideas 投资建议：预计公司2023-2025年营业收入分别爲73.59亿、81.68亿、93.94亿，归母净利润分别爲1.54亿、6.01亿、8.21亿。给予公司2024年25 PE，对应150亿市值，目标价13.71元，给予“买入”评级。 Valuation and risks We are projecting Unilumin will generate revenue of RMB7.36bn/8.17bn/9.39bn in 2023/24/25E and net profit of RMB154m/601m/821m. We assign a 25x PE for 2024E, which derives a target market cap of RMB15bn and our RMB13.71 target price. We initiate coverage with a BUY rating. 风险提示：资产减值风险、海外需求下滑风险、技术革新风险、汇率波动风险、市场竞争加剧风险、原材料涨价风险，知识产权保护风险。 Risks include: asset impairments; declining export demand; technological innovation risks; FX fluctuations; intensifying competition; rising raw material prices; and intellectual property protection risks. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。
Unilumin Group (300232 CH) LED+AI，开啓全新增长模式 Initiating coverage: LED and AI synergy opens up growth areas for Unilumin TP:RMB13.71 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 1、公司借力AI，打造差异化竞争优势，开啓全新增长模式 公司建立以LED超高清显示爲牵引，以内容驱动爲核心，将“硬件+系统+软件+内容+交互”融合发展的光显一体化方案。公司基於LED应用场景需求率先布局数字内容生产、IP打造，从现有硬件显示产品、软件技术自研、数字内容积累，到卡位集“硬件+软件+内容”一体化解决方案，提高公司产品附加值，构建公司业务发展新引擎。 New growth model incorporates AI to establish competitive differentiation Unilumin is an established name in integrated light display solutions, where the market thirst for content is driving its core business of ultra-high-definition LED displays. The company develops solutions that integrate hardware and software systems that are pulled by interactivity and content. To meet requirements of LED application scenarios, Unilumin led the way in business digital content production and intellectual property content creation. To drive its display hardware business, it conducts proprietary research into software technologies and has amassed digital content, which position it for integrated solutions that incorporate hardware, software and content. Thus, Unilumin adds value to its products and in itself this becomes a catalyst for business development. 2、公司海外出口占比高，看好受益出口，实现快速增长 1）海外业务收入与毛利双增长，未来海外市场需求有望回暖。2022年，公司海外业务营业收入占比大幅增长至57.52%，2023年海外占比有望延续。海外业务毛利率也有所增长，从2021年的32.34% 增长至34.27%，2023H1增长至38.68%。过去两年，随着海外经济与市场的提前常态化，LED 显示业务快速增长的市场需求得到有效释放，未来海外市场热度有望延续；2）海外需求回暖，北美将迎来补库存拐点。公司海外业务占比高，其中北美市场居主要部分。美国等发达经济体经济恢复态势超出市场预期，海外需求回升将带动国内出口增长。 Exports: leveraging the sizable foreign business to achieve total rapid growth Foreign market growth: Unilumin’s export market is growing in both revenue and gross profit terms, and the company expects foreign demand will keep rising. We expect the revenue proportion of its foreign business, which shot up to 57.52% in 2022, would have maintained the strong trend in 2023E. Gross margin widened from 32.34% in 2021 to 34.27% in 2022, and to 38.68% in 23H1. Demand for LED displays has risen rapidly as foreign economies have returned to normal and driven market growth over the past two years. We expect LED displays will remain popular in the future. North America: this market is heading for an inflection point in inventory replenishment as foreign demand picks up. North America makes up the bulk of Unilumin’s sizable export market, where developed economies like the US are recovering above market expectations. We expect the foreign demand recovery will drive Chinese export growth. 3、LED显示多元应用场景开拓，有望迎来新的增量市场 随着技术的推进，公司LED显示应用在裸眼3D、XR虚拟拍摄、会议一体机、数字虚拟人等多个新兴场景，有望带来新的量级增长。1）XR虚拟拍摄：公司在XR 虚拟制作领域具有强大的先发优势，并将国外成功经验逐步向国内市场衍生。2）裸眼3D：公司裸眼 3D 内容创意与 LED 显示销售联动效应增强。3）LED会议一体机：在智慧会议领域，罗技和洲明建立了良好的生态合作关系，洲明科技的软硬件结合＋罗技全场景产品覆盖，将爲用户带来全新的智慧会议体验和视觉振荡。4）虚拟数字人：公司创造的LED 行业首个裸眼 3D 数字虚拟人形象——祁小蓦，引发热潮。5）LED电影屏：公司在 LED 电影屏领域布局和深耕已久，技术与市场双重发力，将迎来新的增长点。 LED displays: emerging markets add incremental growth as scenarios increase Technological advances are taking Unilumin’s LED displays into multiple emerging market scenarios, such as naked eye 3D, extended reality (XR) shooting, all-in-one conferencing devices and virtual humans, which we expect will add incremental growth: ·XR shooting: Unilumin has a strong first-mover advantage in XR production and would likely replicate its foreign market experience in the Chinese market. ·Naked eye 3D: the company has increased the correlation between naked eye 3D content creation and LED display sales. ·All-in-one LED conference devices: Logitech and Unilumin have a firm ecosystem partnership in the smart conferencing market. The confluence of Unilumin’s software and hardware systems and Logitech’s multiple-scenario product coverage delivers a wholly new user experience in smart meetings in terms of visual effects. ·Virtual humans: Unilumin sparked a craze when it created Qi Xiaomo, the first naked eye 3D virtual human in the LED industry. ·LED movie screens: as a longtime player in the LED movie screen market, we expect the company will harness both technology and market developments to add new growth catalysts. 投资建议/Investment Ideas 投资建议：预计公司2023-2025年营业收入分别爲73.59亿、81.68亿、93.94亿，归母净利润分别爲1.54亿、6.01亿、8.21亿。给予公司2024年25 PE，对应150亿市值，目标价13.71元，给予“买入”评级。 Valuation and risks We are projecting Unilumin will generate revenue of RMB7.36bn/8.17bn/9.39bn in 2023/24/25E and net profit of RMB154m/601m/821m. We assign a 25x PE for 2024E, which derives a target market cap of RMB15bn and our RMB13.71 target price. We initiate coverage with a BUY rating. 风险提示：资产减值风险、海外需求下滑风险、技术革新风险、汇率波动风险、市场竞争加剧风险、原材料涨价风险，知识产权保护风险。 Risks include: asset impairments; declining export demand; technological innovation risks; FX fluctuations; intensifying competition; rising raw material prices; and intellectual property protection risks. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 注意实际情况或发展可能与该等陈述有重大落差。本档并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全瞭解其风险以及有关法律、赋税及会计的特点及後果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日後的表现。在若干国家，传阅及分派本档的方式可能受法律或规例所限制。获取本档的人士须知悉及遵守该等限制。
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