Group 1: Automotive Display Business - The company's automotive display revenue grew over 40% year-on-year due to increased market share in the new energy sector and improved product specifications [2] - The company has maintained the global leading position in automotive TFT-LCD and instrument display shipments for five consecutive years, with the head-up display (HUD) also ranking first globally in 2024 [2][3] - In 2025, demand for automotive display products is expected to continue growing, driven by increased screen sizes and specifications, particularly in the domestic new energy market [3] Group 2: OLED Mobile Display Business - The flexible AMOLED smartphone business continued to grow rapidly in 2024, with significant improvements in profitability due to price recovery and product structure optimization [4] - The company anticipates continued growth in demand for flexible OLED technology in smartphones, supported by consumption stimulus policies [4] - The company aims to enhance production capacity and reduce costs in the AMOLED business to improve profit margins [4] Group 3: Market Competition and Strategy - The automotive display market is characterized by high barriers to entry and strong customer loyalty, requiring high product quality and reliable supply [5][6] - The company views automotive display as a strategic core business, leveraging 30 years of expertise to strengthen its competitive capabilities [6] - The company plans to invest in new production lines and advanced technologies to enhance its automotive display solutions [6] Group 4: Profitability and Financial Outlook - The overall gross margin for major business segments, including mobile, automotive, and IT, is expected to improve, with a year-on-year increase of 6.47 percentage points in 2024 [7] - Despite fluctuations in net profit due to new production line ramp-up and product structure changes, the company achieved steady revenue growth in 2024 [8] - The company is optimistic about turning a profit in 2025, focusing on improving operational quality and profitability across its main business segments [15] Group 5: Production Capacity and Investment - The TM19 production line, targeting automotive and industrial display markets, is designed for high efficiency and flexibility, with full product line activation expected in 2024 [10] - The company plans to gradually reduce capital expenditures while focusing on existing production line upgrades and strategic investments [13] - The company is considering potential mergers and acquisitions to strengthen its core competencies and adapt to market changes [14]

天马微电子股份有限公司（以下简称"公司"）2024年年度报告 已于2025年3月15日披露。为使广大投资者更加全面、深入地了解公 司情况，公司将于2025年4月3日（周四）举行2024年度业绩网上说明 会，具体如下： 一、业绩说明会相关安排 1、时间：2025年4月3日（周四）下午15:00-16:30。 2、召开方式：本次网上说明会将采用视频录播结合网络文字互 动的方式召开。 3、参与方式：投资者可通过全景网 "投资者关系互动平台" （http://ir.p5w.net/）网络远程参与。 证券代码：000050 证券简称：深天马 A 公告编号：2025-018 天马微电子股份有限公司 关于举行2024年度业绩网上说明会并征集相关问题的 公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 欢迎广大投资者参与！ 特此公告。 4、公司出席人员：董事长彭旭辉先生，董事、总经理成为先生， 独立董事张红先生，总会计师卢彦宇先生，董事会秘书陈冰峡女士。 公司现向投资者提前征集公司2024年度业绩说明会相关问题，欢 第 1 页 共 2 页 迎 广 大 投 资 者 于 20 ...

Group 1: OLED Mobile Display Business - The flexible AMOLED smartphone business is expected to maintain rapid growth in 2024, with global shipments ranking third and an increase in flagship project coverage [2] - The company aims to optimize production capacity and reduce costs, leading to significant revenue growth and improved profitability in the AMOLED mobile segment [2] Group 2: Automotive Display Business - The automotive electronics business is projected to grow significantly in 2024, with revenue from automotive displays increasing by over 40% year-on-year, driven by market share gains in the new energy sector [3] - The company has maintained the global leading position in automotive TFT-LCD and instrument display shipments for five consecutive years, with HUD products expected to lead globally for the first time in 2024 [3] Group 3: Micro-LED Business Development - The Micro-LED business is focusing on automotive and splicing display applications, with plans for small batch shipments starting in 2025 after achieving product lighting in June 2024 [6] Group 4: Profitability and Margins - The overall gross margin improved by 6.47 percentage points year-on-year, with stable margins in automotive and specialty display sectors compared to the more volatile consumer goods sector [7] - In the mobile display segment, flexible AMOLED products now account for over 60% of sales revenue, indicating a shift in product structure towards higher-margin offerings [9] Group 5: Supply Chain and Material Localization - The company is actively promoting the localization of upstream materials for AMOLED production, with increasing domestic supply chain collaboration and resource pool expansion [8]

Group 1: Financial Performance - The company achieved a revenue of approximately 33.5 billion CNY in 2024, representing a year-on-year growth of 3.79% [4] - The overall gross margin improved by 6.47 percentage points year-on-year, with net profit attributable to shareholders increasing by over 1.4 billion CNY [5][14] - The net cash flow from operating activities reached 5.752 billion CNY, marking a year-on-year increase of 45.33% [5] Group 2: Business Segments - The smartphone and automotive display segments each accounted for approximately 35% of total revenue [4] - The automotive display business saw a revenue growth of over 40% year-on-year, maintaining the global leading position in car-grade TFT-LCD and HUD displays [5][7] - The flexible AMOLED smartphone business ranked third globally in terms of shipment volume, with significant growth in revenue and gross margin recovery [4][9] Group 3: Market Position and Strategy - The company maintained the global number one position in various display application markets, including automotive and professional displays [4] - The LTPS product revenue from non-mobile categories accounted for nearly 70% of total LTPS revenue, indicating a diversification strategy [10] - The company plans to enhance its AMOLED product offerings in 2025, focusing on expanding production capacity and optimizing costs [9][16] Group 4: Production and Technology Development - The TM20 production line for automotive modules has commenced mass production, with the TM19 line also achieving significant milestones [6][12] - The company is advancing its Micro-LED production capabilities, aiming for small batch shipments in 2025 [6] - The SLOD technology for flexible AMOLED displays is expected to reduce power consumption by 30% compared to conventional devices, with products set to be delivered to brand clients in 2025 [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company's flexible OLED and automotive display segments are driving a recovery in operational performance, with significant improvements in profitability and revenue growth expected in the coming years [2][3][4] - The company achieved a revenue of 33.494 billion yuan in 2024, representing a year-on-year growth of 3.79%, and a notable reduction in net losses by 68.13% compared to the previous year [8][10] - The flexible OLED business is entering a phase of full-scale development, supported by a diversified customer base and improved production capabilities, leading to a significant increase in revenue contribution from mobile displays [2] - The automotive display segment is experiencing rapid growth, with a projected revenue increase of over 40% in 2024, and the company has secured record-high project values for automotive applications [3] - The IT business is also expanding, with an increase in market share for LTPS NB displays and successful delivery of new monitor products [4] Summary by Sections Mobile Segment - The mobile display business has optimized its structure, with a significant improvement in profitability driven by the flexible OLED segment, which now accounts for over 60% of mobile display revenue [2] Automotive Segment - The automotive display market is growing rapidly, with the company achieving the highest global shipment volumes in automotive displays and head-up displays, and entering large-scale deliveries in the automotive electronics sector [3] IT Segment - The IT business is focusing on high-end positioning, with LTPS LCD technology enhancing competitiveness and successful product launches, including a new 50" commercial display [4] Financial Performance - The company is expected to see revenue growth from 36 billion yuan in 2025 to 43.671 billion yuan in 2027, with net profits projected to turn positive by 2025 [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's flexible OLED and automotive display segments are driving a recovery in operational performance, with significant improvements in profitability and revenue growth expected in the coming years [2][3][8] Summary by Sections Mobile Segment - The mobile display business has seen a notable improvement in profitability, with the flexible OLED segment entering a phase of full-scale development. The company has diversified its customer base and improved production capacity, leading to a substantial increase in revenue and profitability [2] Automotive Segment - The automotive display market is experiencing rapid growth, with the company achieving over 40% year-on-year revenue growth in 2024. The company holds the global leading position in automotive display shipments and has entered the automotive electronics sector, which is now in mass production [3] IT Segment - The IT business has strengthened its competitive position with LTPS LCD technology, achieving an increase in global market share for LTPS NB display products. The company has successfully launched its first large-screen commercial display product and is entering mass production for its IT products [4] Financial Performance - In 2024, the company achieved operating revenue of 33.494 billion yuan, a year-on-year increase of 3.79%. The net profit attributable to shareholders improved significantly, with a reduction in losses by 68.13% compared to the previous year [8][10]

非经营性资金占用及其他关联资金 往来情况专项说明 天马微电子股份有限公司 容诚专字[2025]215Z0063 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 关于天马微电子股份有限公司 非经营性资金占用及其他关联资金往来情况专项说明 容诚专字[2025]215Z0063 号 天马微电子股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了天马微电子股份有限公 司（以下简称深天马）2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表和合并及母公司所有者权益变 动表以及财务报表附注，并于 2025 年 3 月 13 日出具了容诚审字[2025]215Z0013 号的无保留意见审计报告。 根据中国证券监督管 ...

审计报告 天马微电子股份有限公司 容诚审字[2025]215Z0013 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-7 | | 2 | 合并资产负债表 | 1 | | 3 | 合并利润表 | 2 | | 4 | 合并现金流量表 | 3 | | 5 | 合并所有者权益变动表 | 4 | | 6 | 母公司资产负债表 | 5 | | 7 | 母公司利润表 | 6 | | 8 | 母公司现金流量表 | 7 | | 9 | 母公司所有者权益变动表 | 8 | | 10 | 财务报表附注 | 9-128 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 审计报告 容诚审字[2025]215Z0013 号 天马微电子股份有限 ...

内部控制审计报告 天马微电子股份有限公司 容诚审字[2025]215Z0012 号 容诚会计师事务所(特殊普通合伙) 中国·北京 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 1 幢 10 层 1001-1 至 1001-26 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 容诚审字[2025]215Z0012 号 天马微电子股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了天马微电子股份有限公司（以下简称"深天马"）2024 年 12 月 31 日的 财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部 控制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是深 天马董事会的责任。 我们认为，深天马于 2024 年 12 月 31 日按照《企业内部控制基本规范》和 相关规定在所有重大 ...