Mini LED track competition: Opportunities and challenges behind Sinruida and Hanbo High-tech's 2024

In the wave of iterative upgrades of display technology, the Mini LED industry is ushering in a critical period of development. Recently, two key companies in the industry, Sinruida and Hanbo High-tech, have successively released their 2024 annual reports. Against the background of fluctuating consumer electronics demand and diversified technical routes, the two companies have shown different business trends, reflecting the complex pattern and future direction of the Mini LED market.

Xinruida: Steady revenue growth, technological innovation drives product diversification The

annual report disclosed on April 22 shows that Xinruida achieved operating income of 1.18 billion yuan in 2024, a slight increase of 0.6% year-on-year; net profit attributable to the parent company was 118 million yuan, a year-on-year decline of 28.8%; net profit deducted from non-parent company was 100 million yuan, a year-on-year decrease of 31.6%.
Despite the pressure on profits, the company's performance in segments is remarkable: display module revenue reached 896 million yuan, a significant increase of 35.17% year-on-year, becoming the core engine of performance growth.
The dual stimulation of policy dividends and market demand provides an opportunity for the development of Xinruida. quot; The trade-in policy has activated the consumer market, and demand for color TVs with large size sizes of 75 inches and above has surged, driving the penetration rate of Mini LED products to exceed expectations. In terms of its technical route, Sinruida is actively deploying and believes that COB technology is expected to accelerate its development, and RGB backlight technology will also bring new growth points to the market.
Technological innovation is Sinruida's core competitiveness. The company will complete a number of key technological breakthroughs in 2024, launching innovative products such as ultra-thin OD10 direct-down backlight module and light-drive integrated fully flip-chip COB Miniled backlight system, which have been successfully applied to Skyworth, Hisense, Xiaomi, and Huawei Smart screens. and other mainstream terminals demonstrate strong technological transformation capabilities. In the field of Mini LED direct displays, Sinruida has built a complete product matrix from P0.3 to P1.25, laying the foundation for future market expansion.
Entering 2025, Sinruida continues its growth momentum, achieving revenue of 259 million yuan in the first quarter, a year-on-year increase of 3.39%; net profit attributable to the parent company was 46.003 million yuan, a year-on-year increase of 31.59%; net profit deducted from non-profit was 46.1659 million yuan, a year-on-year increase of 56.42%, and its profitability was significantly improved.

Hanbo High-tech: The cost pressure behind the rise in revenue has made the in-vehicle market the key to breaking the situation.

Hanbo High-tech achieved total operating income of 2.347 billion yuan in 2024, a year-on-year increase of 8.49%, but its parent net profit loss was 215 million yuan, a year-on-year decrease of 505.7%, and the performance was mixed. In terms of business, backlight display module revenue was 1.673 billion yuan, a year-on-year increase of 20.09%, becoming the main force of revenue growth; while backlight display module components revenue was 561 million yuan, a year-on-year decrease of 3.44%.

The fluctuations in company performance are mainly affected by the dual impact of production capacity climbing and technological upgrades. The new production line is in the early stage of production capacity release, with high fixed costs such as depreciation. Coupled with the difficulty of newly developed product manufacturing processes and low yield, this leads to an increase in unit costs and pressure on gross profit margins. However, the outstanding performance of the in-vehicle market has brought new growth momentum to Hanbo High-tech.
In the automotive field, Hanbo High-tech's Mini-LED backlight products have successfully entered the mainstream supply chain, cooperating with Tier1 suppliers such as BOE, Hangsheng Electronics, and Marelli, as well as well-known car companies such as NIO, Chery, FAW, and GAC. The company has achieved breakthroughs in vehicle-mounted TLCM and Mini-LED technology, and has successfully implemented many projects. The products are used in popular models such as NIO and Great Wall. In addition, Hanbo High-tech is also actively deploying Mini-LED backlight products in consumer electronics fields such as notebook computers and VR to expand diversified markets.

Industry Outlook: Opportunities and challenges coexist. It

can be seen from the performance of the two companies that although the Mini LED market has broad prospects, competition is fierce, and technology iteration and cost control have become the key to companies 'breakthrough. With its technological innovation and product diversification, Xinruida is making steady progress in the field of consumer electronics; Hanbo High-tech relies on the in-depth layout of the vehicle-mounted market to strive to resolve the pressure brought by the climbing production capacity.
In the future, as display technology continues to evolve, new technologies such as COB and RGB backlights are expected to bring new growth space to the industry. How to find a balance between technological innovation, market expansion and cost optimization will become the key for Mini LED companies to win the future.