Leyard(300296) 21世纪经济报道·2025-04-24 10:45Core Viewpoint - Liard (300296) faces mixed results in its 2024 annual report, highlighting both significant growth in MicroLED technology and challenges in its main business operations, including goodwill impairment and cash flow issues [2][8]. Group 1: Positive Developments - MicroLED revenue doubled in 2024, with the company overcoming technical barriers and achieving a monthly production capacity of 1,200kk, with plans for further expansion by Q3 2025 [4]. - The company has entered the embodied intelligence sector, launching a robot training solution and establishing a joint laboratory, showcasing its capabilities in various robotic applications [6]. - The Asia, Africa, and Latin America markets showed resilience, with a 40% year-on-year revenue increase, contributing to 34% of overseas smart display revenue [7]. Group 2: Challenges Faced - Domestic revenue declined due to weak downstream demand and adjustments in the sales strategy, although overseas revenue grew by approximately 10% [10]. - The company recorded a goodwill impairment of 632 million yuan, primarily due to challenges faced by its acquired company NaturalPoint, which suffered from a decline in demand and operational disruptions [11]. - Cash flow pressures were noted, with extended payment cycles affecting the company's financial efficiency [12]. Group 3: Strategic Transformation - Liard is transitioning towards a technology ecosystem model, focusing on AI integration across its display, cultural tourism, and spatial computing sectors [13]. - The company aims to enhance its B2B offerings by providing integrated LED display solutions and expanding into new fields such as smart cultural tourism and digital exhibitions [15]. - Plans to penetrate the consumer market include launching the world's first MicroLED movie screen and AR glasses, with a focus on supply chain integration and ecosystem collaboration [16].