Weishi Electronics relaunched fundraising and added car displays, focusing on Mini LED and ultra-lar

Recently, the popularity of the Mini LED track has continued to rise. After Vogue Optoelectronics and Shengtian Optoelectronics, Weishi Electronics has become another industry participant in this field. On June 3, Weishi Electronics issued an announcement responding to the Shanghai Stock Exchange's review inquiry letter, and announced that it would start fundraising again, focusing on Mini LED and automotive ultra-large screen product projects in the field of in-vehicle displays to comply with industry technology upgrades and market demand. The dual trend of change.

1. Fundraising investment: Technology iteration drives production capacity upgrades The

total investment of this fundraising project is approximately 617 million yuan, of which 380 million yuan is used for project construction and 100 million yuan is used to supplement working capital. After the project reaches production capacity, the production capacity of 4.33 million lightweight structural parts and 1.85 million new vehicle-mounted backlight display modules will be added. It is expected to be completed and put into operation within 2026. It is worth noting that this fundraising is not a simple repetition of the previous project, but focuses onMini LED technology upgrades andlarge-scale screen products, aiming to break through existing production capacity bottlenecks and achieve technical focus and production capacity release for high-end display components.
Weishi Electronics emphasized in its reply that the display module products invested in this round of investment will focus on using Mini LED backlight technology and ultra-large screen solutions, which has intergenerational differences in technology compared with the previous project. For example, the Mini LED module will adopt a denser lamp bead arrangement (500 m spacing) and more efficient zoning light control technology (Local Dimming zoning number of 2000), while the ultra-large screen products will be developed for car central control screens above 15 inches. Customized backlight solution to solve technical problems such as curved surface fitting and brightness uniformity (95%).

2. Technology trends: Mini LEDs and ultra-large screens have become the mainstream of car displays

1. Mini LED: The core solution for high-end car displays

Mini LED backlight technology"" is becoming the first choice for high-end models of car companies due to its thin film, miniaturization and zoning characteristics:

• Performance advantages: By reducing the LED size (chip size 100m) and shortening the spacing (1mm), and adopting a direct-down backlight structure, a display effect with a contrast ratio of 10000:1 and a brightness of 1000nit is achieved, far exceeding traditional LED backlights (contrast ratio of 3000:1, brightness of 500nit). It also supports curved display (minimum curvature radius of 500mm), meeting the needs of car screens for high image quality and flexibility;
• Cost breakthrough: Compared with OLED, Mini LED avoids the risk of screen burn and high material costs (OLED panel cost is about 1.8 times that of Mini LED). In 2024, the global Mini LED car backlight module market size will reach 1.2 billion US dollars, with an annual growth rate of over 80%;
• Customer recognition: Tesla Model S Plaid, Ideal L9 and other models have been the first to be equipped with Mini LED central control screens. Weishi Electronics '2024 Mini LED module shipments will increase by 45% year-on-year, mainly supplying leading car companies such as BYD and NIO.

2. Ultra-large screen: The size revolution of car displays

With the intelligent upgrade of new energy vehicles, the size of car screens shows a trend of" larger size":

• Market data: From January to August 2024, central control screens of 15 inches and above accounted for 17%, an increase of 12 percentage points from 2022; brands such as Tesla and Krypton have launched central control screens with sizes of 17 inches or larger, and the supporting backlight module needs to solve technical difficulties suchas high brightness uniformity (brightness deviation of 3%) andirregular processing(such as rounded corners and asymmetrical surfaces);
• Technical threshold: Weishi Electronics 'ultra-large screen module adopts a customized optical design. Through a micro-structured diffuser plate (thickness of 0.3mm) and a dynamic dimming algorithm, it achieves edge brightness attenuation of 5%. At the same time, it develops a flexible circuit board (FPC) welding process, the yield increased to more than 98%;
• Performance: In 2024, sales of ultra-large-screen modules will reach 169 million yuan, a year-on-year increase of 92%, and their proportion in vehicle-mounted business revenue will increase to 35%, becoming a core growth pole.

3. Production capacity and profit: Large-scale drives improvement in gross profit margin

Although Mini LED products are limited by mass production scale in the early stage, the gross profit margin in 2022 will be only 15%. However, with the release of production capacity and process optimization, the gross profit margin in 2024 has increased to 22%, exceeding the overall level of vehicle backlight modules (20%). This fundraising project will add 1.85 million Mini LED module production capacity. It is expected that the unit cost will drop by 12% after reaching production capacity, and the gross profit margin is expected to exceed 25%.
Weishi Electronics 'technical layout has formed" a gradient R & D system of traditional LED backlight + Mini LED+Micro LED". In the field of Micro LED, the company is cooperating with upstream chip manufacturers to develop a huge transfer technology (the current yield rate is 99.5%), and plans to launch samples in 2026 to reserve strength for the next generation of in-vehicle display technology.

4. Industry impact: Technology upgrades and ecological synergy

Weishi Electronics 'additional actions reflect two major trends in the in-vehicle display industry:

• Intergenerational technology change is accelerating: The upgrade cycle from traditional LEDs to Mini LEDs has been shortened to 2-3 years, and companies need to continue to invest in research and development to remain competitive;
• Deepening of synergy in the industrial chain: The linkage between upstream chips (such as San 'an Optoelectronics), midstream packaging (such as Guoxing Optoelectronics) and downstream module manufacturers has been strengthened. Weishi Electronics has reached a purchase agreement with Ruifeng Optoelectronics for Mini LED lamp beads to ensure key materials. Stable supply.

随着智能汽车渗透率提升（预计 2025 年全球渗透率超 40%），车载显示市场规模将从 2024 年的 120 亿美元增至 2027 年的 180 亿美元，年复合增长率 15%。Through this fundraising, Weishi Electronics is expected to consolidate its advantages in the fields of Mini LEDs and ultra-large screens, become a core supplier of vehicle display components, and pave the way for the commercialization of Micro LEDs.
This fundraising is not only the expansion of the company's own production capacity, but also the epitome of China's demonstration that the industrial chain is moving towards high-end. Against the background of intensified global competition in automotive electronics, Weishi Electronics is writing a China solution in the field of in-vehicle displays with technological innovation and two-wheel drive.