Leyard: Hangzhou Xiaoshan Zequan Investment Management Co., Ltd., Orient Securities Ronghui Asset Management Co., Ltd. and other 47 institutions investigated our company on December 7

On December 7, 2021, Leyard (300296) announced that: Hangzhou Xiaoshan Zequan Investment Management Co., Ltd. Tian Ye, Dong securities Ronghui Asset Management Co., Ltd. Wang Xiaoyu, Shenzhen Fengling Capital Management Co., Ltd. Li Tao, Founder Securities Co., Ltd. Asset Management Branch Cao Te, Guangzhou Hangchang Investment Management Co., Ltd. Mai Haoming, Donghai Securities Self-operated Department Yi Shang, Centennial Insurance Asset Management Co., Ltd. Li Zhenya, Shizhi (Quanzhou) Fund Management Co., Ltd. Liu Rongli, LU Di of HSBC Jinxin Fund Management Co., Ltd., Zhu Li of Shanghai Botong Investment Management Co., Ltd. Zhu Li, Johnson Johnson, Zhu Li, Wei Qibin, Liu Xi, Duration Investment Co., Ltd., Li Shengnong of Suzhou Longyuan Investment Management Co., Ltd., Zhao Chaoxia of Shanghai Singam Asset Management Center (Limited Partnership), Zhou Shi of Wanjia Fund Management Co., Ltd., Du Tong of Shanghai Qiyao Investment Management Partnership, Zhang Yuhang of Zhongrui Heyin Investment Management Co., Ltd., Liu Yuchen of Yinhua Fund Management Co., Ltd., Feng Jun of Chinese Insurance Asset Management Co., Ltd., Wei Shijie of Southwest Securities Investment Department, Wang Yanan of CITIC Securities Co., Ltd., Hu Hongwei of Asset Management Department of Anxin Securities, Lin Xiangjie of Bank of China Samsung Life Insurance Co., Ltd., Sun Yue of Changxin Fund Management Co., Ltd., You Chao of Cinda Securities Asset Management Department, Wang Lin of Self-operated Department of Guorong Securities Co., Ltd., Wang Ruming of Agricultural Bank of China Huili Fund Management Co., Ltd., Yang Yun of Taikang Pension Insurance Co., Ltd., Wu Liang of Shanghai Fengyang Asset Management Company, Sun Yaoyue of Ruiyuan Fund Management Co., Ltd., Zhang Youbin of Tibet United Yisheng Investment Management Co., Ltd., Zhu Zhangyuan of Guosen Securities Co., Ltd., Lin Feng of asset management department of CITIC Securities, Liu Guangzong of CITIC Construction Investment Fund Management Co., Ltd., Hao Yijie of Xiamen Rongkai Asset Management Co., Ltd., Huang Peng of Ruimin Investment Management Co., Ltd., Shi Ji of Beixin Ruifeng Fund Management Co., Ltd., Wu Fan of Huaxia Fund Management Co., Ltd., Liu Jia of Tianrong (Qingdao) Fund Management Co., Ltd., Xu Xiwen of Qianhai Life Insurance Co., Ltd., and Zhang Meng of Dada Asset Management Co., Ltd Wang Cheng of Yingda Securities Co., Ltd., Zhou Yuyi of Zhejiang Yisheng Asset Management Co., Ltd., Zhang Wenbo of Beijing Zhikai Investment Management Co., Ltd., Wang Guanhua of Shenzhen Danen Pioneer Investment Management Co., Ltd., Huang Yihao of Great Wall Fund Management Co., Ltd., Kuang Rongbiao of Wanlian Securities Asset Management Department, and Cui Kun of Shanghai Lifan Investment Management Co., Ltd. investigated our company on December 7, 2021.

The main contents of this survey are:

Q: What is the current situation of upstream price increases, and what will be the impact in the future?

A: In the first half of the year, raw materials including drive ICs, PCBs, lamp beads have different degrees of price increases, especially the drive IC, at that time everyone was panicked, because the downstream demand is very good, if the raw materials are out of stock will affect the supply, this time the comprehensive strength of the enterprise is a greater test, but also makes the process of industry concentration to accelerate. At present, from the perspective of the supply of driving ICs, there is no shortage of goods, and the cost has dropped significantly compared with before, but in the process, different companies have adopted different coping strategies, and the advantages and disadvantages will also be reflected. Overall, I think the leading companies will be more stable accordingly.

Q: What is the production model of the company's MicroLED?

A: Simply put, Taiwan Jingdian provides MicroLED chips, and then our joint venture with Jingdian company Lijing will make the chips into MicroLED modules, and then Leyard will make screens and sell them.

Leyard's main business: intelligent display and display epitaxial application business night tour economy, new cultural tourism formats, VR experience.

Leyard's 2021 third quarter report shows that the company's main revenue was 5.834 billion yuan, up 30.03% year-on-year; net profit attributable to the mother was 521 million yuan, up 65.09% year-on-year; deducted non-net profit was 492 million yuan, up 82.19% year-on-year; among them, in the third quarter of 2021, the company's single-quarter main revenue was 2.233 billion yuan, up 40.74% year-on-year; single-quarter net profit attributable to the mother was 236 million yuan, up 160.08% year-on-year. In the single quarter, the non-net profit was 231 million yuan, up 189.05% year-on-year; the debt ratio was 48.77%, the investment income was 9.6233 million yuan, the financial expense was 76.9688 million yuan, and the gross profit margin was 30.21%.

In the past 90 days, a total of 5 institutions have given ratings, 3 buy ratings and 2 overweight ratings; the target average price of institutions in the past 90 days is 12.86; the net inflow of financing in the past 3 months is 2.8301 million, and the balance of financing has increased; the net outflow of margin is 65.4806 million, and the balance of margin has decreased. The Securities Star Valuation Analysis Tool shows that 300296 rated good companies with a 3-star rating, a good price rating of 2 stars, and a valuation composite rating of 2.5 stars. (Rating Range: 1 ~ 5 stars, maximum 5 stars)