Analysis of 2024 Performance Forecasts for Listed Companies: Revenue and Profit Under Pressure, Rapid Growth in MLED Business

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On 03/19/2025

By: Wang Xiaolei

As the lunar year-end of 2024 approaches, several LED display-related companies have released their annual performance forecasts. The overall trend indicates that revenue and profit are under pressure. However, in the MLED sector, some companies have already achieved business growth, and most companies are prioritizing investments in this area.

Table of Contents

LED Display Manufacturers

Leyard
Due to goodwill and identifiable intangible asset impairment tests, lower-than-expected market demand in domestic and international markets, and price declines, Leyard expects a net loss attributable to the parent company in 2024, transitioning from profitability in the previous year.

Notably, 2024 marks the final year of Leyard’s strategic cycle, “Technology-Driven Industrial Layout and Expanded Applications.” The company has implemented various measures to ensure stable operations:

In the Micro LED sector, Leyard’s high-end MIP production line for sub-50μm substrate-free chips officially began mass production on November 20, 2024, with an initial capacity of 1,200KK/month.

During the reporting period, Leyard’s Micro LED products adopted both MIP and COB packaging technologies. As of December 31, 2024, its Micro LED revenue exceeded 800 million RMB, marking two consecutive years of order volume doubling.

The company has also strengthened collection efforts, enhanced financial management, optimized its domestic and international market teams and branding strategies, and expanded its cultural tourism sector, AI, and spatial computing business.

Absen
On January 8, Absen (300389) released its 2024 performance forecast, expecting a net profit attributable to shareholders between 116 million RMB and 146 million RMB, marking a decline of 53.76% to 63.26% from 316 million RMB in the previous year. The net profit excluding non-recurring gains and losses is projected at 62.65 million RMB to 92.65 million RMB, down 66.44% to 77.31% year-over-year. The basic earnings per share are expected to be between 0.3167 RMB and 0.3987 RMB, significantly lower than the 0.8723 RMB per share recorded in the previous year.

During the reporting period, Absen’s total revenue was approximately 3.673 billion RMB, reflecting an 8.33% decline year-over-year. Overseas market revenue stood at about 2.883 billion RMB, growing by 11.93%, while China market revenue was approximately 790 million RMB, a 44.80% drop. The company’s gross margin was around 28.34%, down 1.23 percentage points from 2023. Absen has focused on cost control, pricing strategy optimization, and product structure adjustments to address competition challenges. Despite increased expenses, the company remains committed to enhancing its overall competitiveness.

For the first three quarters of 2024, Absen recorded revenue of 2.718 billion RMB and a net profit attributable to the parent company of 118 million RMB.

AOTO Electronics
On January 17, AOTO Electronics released its 2024 annual performance forecast, projecting a net loss of 28 million RMB to 41 million RMB, compared to a net profit of 13.78 million RMB in the previous year. Excluding non-recurring gains and losses, the net loss is estimated at 29 million RMB to 43 million RMB, whereas the previous year saw a net profit of 9.83 million RMB. The basic earnings per share are expected to show a loss of 0.04 RMB to 0.06 RMB per share.

In 2024, the company intensified its focus on the film and digital content sectors, leading to a year-over-year increase in domestic market revenue. The total projected revenue for 2024 is approximately 722 million RMB, reflecting a 9.71% growth.

The significant decline in net profit is primarily attributed to macroeconomic and industry factors. The company recorded higher provisions for credit and asset impairments. Additionally, the full subsidiary Qianbaihui’s domestic intelligent landscape lighting engineering business faced slower-than-expected receivables collection, resulting in substantial losses.

AOTO Electronics deepened its involvement in the film industry, achieving revenue growth in this sector. It delivered 36 LED cinema screens during the reporting period. Furthermore, its subsidiary Chuangxiang Shuwei expanded into the local lifestyle business starting in Q3, offering comprehensive virtual live broadcasting technology services. Both contracts and revenue from this subsidiary demonstrated year-over-year growth, contributing to new profit streams for the company.

Ledman Optoelectronic
Ledman Optoelectronic expects to achieve a revenue of approximately ¥1.242 billion to ¥1.26 billion in 2024, reflecting a year-over-year growth of around 12%. However, the company anticipates a net loss attributable to shareholders ranging from ¥78 million to ¥98 million.

As a leader in ultra-high-definition (UHD) LED displays and LED lighting, Ledman was among the first in the industry to develop and mass-produce Micro LED UHD displays utilizing COB (Chip-on-Board) advanced integrated packaging technology. Focusing on the 8K UHD industry, the company has established a comprehensive product ecosystem and solutions portfolio, including Ledman UHD display screens, smart conference interactive display systems, smart classroom education interactive display systems, UHD home theater screens, intelligent lighting, and creative LED displays.

During the reporting period, Ledman experienced significant overseas revenue growth in its display business, increasing by approximately 39%, while its overall revenue grew by around 12%. Despite this revenue increase, the company expects a net loss primarily due to provisions for asset impairment and rising operational expenses.

LED Packaging Companies

Honglitronic
In 2024, Honglitronic expects to achieve a net profit attributable to shareholders of approximately CNY 63.5 million to CNY 95 million, representing a year-over-year decline of 55.16% to 70.03%.

Honglitronic stated that during the reporting period, competition in the LED industry intensified. While the company actively expanded its market, increasing sales volume and revenue, declining product prices and rising costs of raw materials, including precious metals, exerted dual pressure on profitability. This led to a decrease in gross margin. Additionally, impairment provisions and fluctuations in the fair value of financial assets also impacted profits.

Looking ahead, the company will focus on its long-term strategic goals by expanding market share, strengthening the development of new products, and promoting high-margin products. It will also enhance operational efficiency and cost-control measures to improve profitability.

In terms of Mini LED technology, Honglitronic has achieved mass production and shipment of its Hongyi Series P1.25 large-size modules and Hongping P0.78 ultra-fine pitch products. In the Mini LED backlight sector, the company has reinforced its advantages in VR applications while actively expanding into new fields such as laptops, aviation and marine displays, handheld gaming consoles, and drone controllers. In the automotive sector, its first automotive backlight module has successfully entered mass production.

Jufei Optoelectronics
Jufei Optoelectronics specializes in the research, production, and sales of SMD LED devices, Mini/Micro LED components, optical devices, optical films, and invisible light products. Its products are widely used in consumer electronics, including mobile phones, tablets, computers, TVs, and appliances, as well as in display screens, lighting, automotive electronics, optical communication, and optical sensing applications.

For 2024, Jufei Optoelectronics projects a net profit attributable to shareholders of CNY 311 million to CNY 380 million, reflecting a year-over-year increase of 35% to 65%.

During the reporting period, the company continued to increase R&D investment, with certain products leading industry trends, reinforcing its competitive edge as a top-tier company. Its global market share steadily increased, contributing to stable annual revenue growth. Additionally, non-recurring gains impacting net profit were approximately CNY 90 million, mainly from government subsidies, fair value gains on financial assets, and investment income.

Refond Optoelectronics
Refond Optoelectronics expects to achieve a net profit attributable to shareholders of CNY 29 million to CNY 43 million for 2024, marking a return to profitability.

Refond’s business is primarily divided into LED products and electronic paper products. Its LED segment includes backlight LEDs, CHIP LEDs, RGB LEDs, and Mini LEDs, as well as automotive LEDs, infrared LEDs, and laser technology. The backlight LED segment has seen steady growth, while the lighting LED business is shifting towards high-margin markets.

The return to profitability was driven by overall revenue growth, particularly in automotive LEDs, Mini LED backlights, and Mini LED display applications, which saw significant expansion. Additionally, improved capacity utilization contributed to the positive performance.

In 2023, Refond terminated its loss-making full-color surface-mount LED expansion project and implemented optimization measures in its lighting LED workshop. These structural adjustments have started to show positive results, helping to boost gross profit margins.

Xiamen Xinde
Xiamen Xinde expects a net loss of CNY 3.7 billion to CNY 7.4 billion for 2024.

The company operates in multiple sectors, including automobile distribution, bulk commodity supply chain, IoT, smart cities, and optoelectronics.

Xiamen Xinde reported that LED industry demand did not recover as expected, leading to a decline in product orders. The company’s optoelectronics revenue fell approximately 31% year-over-year, while fixed costs as a percentage of revenue increased.

To address these challenges, the company has been restructuring its existing business portfolio, focusing on high-value-added products, and accelerating asset optimization strategies to improve efficiency.

Despite the challenges, the optoelectronics division reduced losses year-over-year. Moving forward, Xiamen Xinde aims to optimize its product profitability structure, focus on high-margin businesses, enhance resource integration, and improve lean production management to strengthen profitability in the optoelectronics sector.

LED Chip Manufacturers

BOE HC
BOE HC projects a net loss of CNY 470 million to CNY 670 million in 2024, an improvement from the CNY 846 million loss recorded in the previous year.

The company attributes the performance change to its commitment to strategic development and customer-oriented approach. By actively expanding its market presence, conducting in-depth customer research, and increasing investment in product R&D, BOE HC has steadily gained market share and significantly increased revenue. Additionally, through capacity expansion, internal efficiency improvements, and product optimization, the company has raised the proportion of high-margin products, leading to year-over-year improvement in gross margin.

Focus Lightings
Focus Lightings has announced its 2024 annual performance forecast, expecting a net profit of CNY 195 million to CNY 215 million, reflecting a year-over-year increase of 60.95% to 77.46%. The net profit after deducting non-recurring gains and losses is projected at CNY 185 million to CNY 205 million, marking a 52.18% to 68.63% increase from the previous year.

According to the company, this growth is fueled by the revival of commercial activities, cultural tourism, large-scale events, and sports competitions, which have driven strong market demand. With expanding production capacity and precise market positioning, Focus Lightings has seen high sales performance in premium products, including high-efficiency lighting, automotive lighting, and backlighting.

The company maintains high capacity utilization and sales rates, while its refined management approach across the entire operation has enhanced economies of scale, boosted production efficiency, and optimized cost control, contributing to substantial year-over-year profit growth.

Changelight
Changelight expects a net profit of CNY 87 million to CNY 111 million in 2024, marking a 175.25% to 251.18% increase year-over-year. The net profit after deducting non-recurring gains and losses is projected at CNY 42 million to CNY 62 million, reflecting a 252.08% to 324.50% increase from the previous year.

The company has focused on product restructuring and developing a second growth curve, leading to a continuous increase in revenue from mid-to-high-end products. Additionally, Changelight has implemented management reforms and lean operational strategies, enhancing efficiency, expanding production capacity, and reducing fixed costs per unit, which resulted in an improved gross margin. Furthermore, lower per-unit costs have reduced inventory impairment provisions.

Changelight specializes in semiconductor optoelectronic products, including full-spectrum chips from ultraviolet to infrared, GaAs solar cell epitaxial wafers, Mini/Micro LED, and VCSEL. These products serve various applications such as UV sterilization, backlighting, displays, general lighting, and digital signage.

Mini LED: The company has mass-produced Mini LED chips for backlighting, covering high-end, mid-range, and entry-level TVs. Continuous R&D and collaborationare driving product performance improvements.
Micro LED: Changelight has achieved small-scale shipments of 30-60μm glass-based products and 10-30μm automotive display chips, while sub-10μm projection array chips are currently undergoing customer testing. The company’s mass transfer yield has reached 99.99%.

Driver IC Manufacturers

Fine Made Microelectronics
Fine Made Microelectronics has released its 2024 annual performance forecast, expecting revenue of CNY 690 million to CNY 700 million. However, the net loss attributable to shareholders is projected at CNY 240 million to CNY 260 million, an improvement from the CNY 341 million loss recorded the previous year. The net loss after deducting non-recurring items is estimated to be CNY 238 million to CNY 258 million, compared to CNY 349 million in 2023.

According to the company, despite continuous product innovation, technology upgrades, operational cost control, and product mix adjustments, revenue declined due to falling demand in the LED display segment and record-low sales prices.

Fine Made Microelectronics invested CNY 172.22 million in R&D, accounting for 25.99% of its total revenue, demonstrating a strong commitment to technological advancements.

LED Control System Manufacturers

Colorlight
Colorlight specializes in professional display control products, with a product portfolio that includes LED display control systems, video processing equipment, and cloud-connected media players.

In 2024, the company expects revenue of CNY 630 million to CNY 680 million, reflecting a year-over-year decline of 33.33% to 38.23%. The net profit attributable to shareholders is projected at CNY 15 million to CNY 22 million, marking a sharp decline of 89.15% to 92.60% compared to the previous year.

Colorlight attributes the decline to weak demand in the LED display industry, with certain customers reducing orders. Additionally, cost-cutting measures by downstream clients have led to a decrease in product gross margins.

Meanwhile, the company has increased investments in R&D and expanded its sales network, leading to higher R&D and marketing expenses, which further impacted net profits.

Equipment Manufacturers

AMEC (Advanced Micro-Fabrication Equipment Inc.)
On January 14, AMEC (688012) disclosed its 2024 performance forecast, expecting annual revenue of approximately CNY 9.065 billion, reflecting a year-over-year increase of 44.73%. However, its net profit attributable to shareholders is projected to be between CNY 1.5 billion and CNY 1.7 billion, marking a decline of 16.01% to 4.81% compared to 2023. Meanwhile, the net profit excluding non-recurring gains and losses is expected to be between CNY 1.28 billion and CNY 1.43 billion, reflecting a growth of 7.43% to 20.02% year-over-year.

Revenue Growth Factors

AMEC attributes its revenue growth to the strong market demand for its etching and thin-film deposition equipment, which are critical front-end semiconductor manufacturing tools with high technical barriers. The company’s etching and thin-film equipment have been widely recognized by customers, leading to a significant increase in shipments and sales of high-end products used in key chip manufacturing processes.

According to the financial report:

Etching equipment sales reached CNY 7.276 billion, up 71%year-over-year.
MOCVD equipment sales were CNY 379 million, down 11%year-over-year.
LPCVD thin-film equipment achieved its first sale in 2024, contributing CNY 156 millionin total revenue.

Profit Decline Factors

Despite the strong revenue growth, AMEC’s net profit did not increase proportionally, primarily due to a significant rise in R&D investments.

In response to market and customer demands, AMEC intensified its R&D efforts, currently developing over 20 new equipment models across six categories.
R&D expenditures for 2024 reached CNY 2.45 billion, an increase of CNY 1.188 billion (94.13%)compared to 2023, accounting for 03% of the company’s total revenue.

Technological Advancements & Expansion

AMEC has made significant progress in developing MOCVD equipment for Micro-LED and high-end display applications.
The company is actively expanding into the power device market, focusing on SiC (silicon carbide) and GaN (gallium nitride) power semiconductor applications.

Manufacturing & Supply Chain Enhancements

AMEC’s new production and R&D facilitiesin Nanchang (140,000 square meters) and Shanghai Lingang (180,000 square meters) have been put into operation, supporting rapid product shipments and sales growth.
The company has enhanced its production management, improved cost control and operational efficiency, and developed a stable and secure supply chainto ensure high delivery rates.

Impact of Stock Disposal in 2023

Another key factor in the net profit decline was the absence of stock disposal gains. In 2023, AMEC sold part of its shares in Tokin Semiconductor Equipment Co., Ltd., generating a tax-free net gain of approximately CNY 406 million. Since no such disposal occurred in 2024, this also contributed to the profit decrease.

Cross-Industry Enterprises

BOE
BOE released its 2024 annual performance forecast, expecting a net profit attributable to shareholders of approximately ¥5.2 billion to ¥5.5 billion, reflecting a 104%–116% year-over-year (YoY) growth.

BOE noted that despite a complex and volatile international landscape, China’s economy remained on an upward trajectory, while the industry saw a “weak growth and rebalancing” trend. Facing internal and external challenges, the company continued to lead in the semiconductor display sector, adapting strategically and seizing opportunities, resulting in a doubling of net profit compared to the previous year.

BOE’s MLED business strategy began to yield results, showing clear operational improvements. The “N business” experienced rapid expansion, and the smart cockpit business continued to grow.

In September 2024, BOE launched its first 3 MicroLED in-vehicle display.
In the same month, BOE’s MLED Zhuhai projectwas officially launched.
In December, BOE’s MLED provided a 48-inch Mini LED backlit displayfor Hongqi’s “Guoya” flagship series, marking BOE’s first mass production application of MiniLED technology in the automotive display sector.

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CVTE
CVTE announced its 2024 financial report, reporting a total revenue of ¥22.457 billion, reflecting an 11.32% YoY increase. However, net profit attributable to shareholders dropped 29.07% YoY, reaching ¥972 million.

During the reporting period, CVTE expanded its domestic and international markets, leading to revenue growth:

LCD main control boards and related businessessaw a 64% YoY increase.
Home appliances segmentcontinued rapid expansion, achieving 23% YoY growth.
Automotive electronicsmaintained a stable growth trajectory.

However, some business segments faced declines:

Education sector revenuefell 69% YoY due to tighter client procurement budgets.
Enterprise services revenuedecreased 18% YoY.
Emerging businesses, including LED technology, computing devices, and power electronics, experienced steady growth.

Skyworth Digital
Skyworth Digital expects 2024 net profit attributable to shareholders to be between ¥210 million and ¥290 million, representing a 51.83%–65.12% YoY decline.

The company attributed the decline to:

Increased market competitioncausing significant price drops in smart terminal products.
Pressure on small- to medium-sized display modules, leading to declining revenue and profit margins.

TCL Technology
TCL Technology remains focused on its core businesses, including semiconductor displays, new energy photovoltaics, and other silicon-based materials. The semiconductor display segment is primarily managed by TCL CSOT and Maoka Technology. In 2024, TCL Technology expects a net profit attributable to shareholders of approximately ¥1.53 billion to ¥1.76 billion, representing a year-over-year decline of 20% to 31%.

TCL Technology highlighted that in the semiconductor display sector, the company benefited from balanced supply-demand dynamics and government-driven consumer stimulus initiatives, leading to seasonal but moderate price fluctuations. The annual average price remained on an upward trend, driven by strategic business optimizations and structural adjustments. The company also strengthened its market position in the TV and commercial display segments, while expanding production capacity and refining product structures in the IT, automotive, and professional display markets. Additionally, OLED business competitiveness significantly improved.

Furthermore, TCL CSOT plans to acquire a 100% stake in LG Display (China) Co., Ltd., a move aimed at further consolidating its industry position and enhancing profitability.

WG Tech
On January 17, WG Tech announced its 2024 revenue is expected to be between ¥2.1 billion and ¥2.35 billion, reflecting a 15.79%–29.58% YoY increase.

However, net profit attributable to shareholders is expected to be negative, ranging from -¥95 million to -¥139 million.
After excluding non-recurring gains and losses, the net profit is projected at -¥106.5 million to -¥155.5 million.

Reasons for the loss:

Declining sales prices and gross profit marginsin traditional optoelectronic glass processing and optoelectronic components.
Increased R&D, management, and marketing expenses.
Absence of last year’s one-time compensation gainfrom Xingwei Electronics, along with termination of certain trade-related businesses.

GQY Video
On January 18, Ningbo-based GQY Video released its 2024 earnings forecast:

Revenue: ¥135 million to ¥185 million.
Net profit attributable to shareholders: -¥45 million to -¥60 million, reflecting a 87%–197.15% YoY decline.
Net loss after non-recurring gains/losses: -¥55 million to -¥72 million, down 79%–115.73% YoY.

In 2023, the company reported:

Revenue of ¥135 million.
Net loss of ¥20.19 million.
Net loss after non-recurring gains/losses of ¥33.38 million.

Key factors behind the expected loss:

Increased industry competition, shrinking profit margins, and rising expenses, further squeezing the company’s profit potential.
Accounting policy adjustments and impairment testing, leading to asset impairment provisions.
Investment lossesfrom its affiliate Shenzhen Lamp Video Technology Co., Ltd., which failed to meet expectations.

Longli Technology
Longli Technology specializes in backlight display modules (including LED, MiniLED backlight modules, and Micro LED displays).

For 2024, Longli Technology expects:

Net profit attributable to shareholders: ¥100 million–¥120 million, reflecting a 94%–162.73% YoY growth.
Net profit after excluding non-recurring gains/losses: ¥85 million–¥110 million, marking a 1,638.21%–2,149.44% YoY increase.

Factors driving growth:

Product portfolio optimization, with increasing contributions from smart cockpits and mid-to-large-sized displays.
Surging revenue from automotive display business, fueled by new energy vehicle (NEV) adoption and designated model production.
Recovery in consumer electronics, as the market rebounds.
Ongoing cost reduction and efficiency improvements, enhancing capital utilization and profitability.

Hisense
For 2024, Hisense Visual Technology forecasts:

Revenue: ¥52 billion–¥60 billion, with a -3.0% to 11.9% change YoY.
Net profit attributable to shareholders: ¥2 billion–¥2.3 billion, reflecting a -4.6% to 9.7% fluctuation.

Despite a challenging market and industry-wide pressure, Hisense remained resilient, implementing:

Globalization and premiumization strategies.
Digital transformation initiatives.
High-quality development efforts, leveraging favorable policies.

Hisense’s Q4 net profit surged over 47.5% YoY.

Key milestones:

October 14, 2024: Hisense increased its stakein Qianzhao Optoelectronics by ¥70 million, raising its holding to 25%.
August 2024: Hisense completed a ¥1 billion semiconductor base in Jiangxi, producing RGB red light chips, MiniLEDs, and high-end LED products.