Voge Optoelectronics released its 2023 annual report on April 19. During the reporting period, the company achieved operating income of 1,813,614,887.75 yuan, a year-on-year increase of 29.75%, of which the sales revenue of photoelectric glass finishing business was 570.7778 million yuan, which was basically the same as that of the same period of last year, and the sales revenue of photoelectric display device business was 852.0195 million yuan, an increase of 73.45% compared with the previous year. Net profit attributable to shareholders of the listed company was -4,540,602.24 yuan, a decrease from the loss in the same period last year. During the reporting period, the net cash flow from operating activities was 170,090,666.98 yuan, and the net assets attributable to shareholders of the listed company were 1,375,883,271.30 yuan. The parent company achieved operating income of 606,438,014.52 yuan, a year-on-year decrease of 10.94%, net profit of 15,349,325.18 yuan, and net operating cash flow of 632,003,306.33 yuan.
Key accounting data
Key Financial Indicators
2023 Key Financial Data by Quarter
In 2023, the company will achieve operating income of 1,813,614,887.75 yuan, a year-on-year increase of 29.75%, mainly due to the increase in sales revenue of the company's optoelectronic display device products. At the same time, during the reporting period, the company accelerated the production capacity investment and market promotion of glass-based in Mini LED backlights, and at the same time accelerated the industrial cooperation development, marketing and mass production progress of glass-based TGV technology in the new generation of Mini/Micro direct display semiconductor new display and semiconductor advanced packaging substrate products.
During the reporting period, the company was mainly engaged in photoelectric glass finishing business, backlight and display modules, automotive display touch modules, high-end optical film die-cutting, glass-based semiconductor advanced packaging substrates, and the operating conditions of each business segment are as follows:
(1) Photoelectric glass finishing business
The company has been deeply engaged in the business of FPD photoelectric glass finishing (glass thinning, coating, cutting, yellow light) for more than 10 years, and has won the unanimous recognition of well-known panel companies such as BOE, TCL, Tianma, Innolux, CEC Panda, and Xinli with its high stability, high yield and low cost advantages. During the reporting period, the sales revenue of the photoelectric glass finishing business was 570.7778 million yuan, which was basically the same as that of the same period last year. In view of the above situation, the company optimizes the cost by optimizing the production process, adjusting the layout of the production line, improving the capacity utilization rate, improving the yield rate, etc., as well as further strengthening the market development efforts and introducing new high-quality customers to ensure that the production line is in full operation.
(2) Backlight and display module
The company's backlight module products include traditional LCD backlight, glass-based Mini LED backlight, which are mainly used in MNT displays, notebooks/PAD, TV, vehicles, etc., glass-based Mini LED backlight as a glass substrate in the new generation of display technology iteration and innovation, compared with PCB substrates, in terms of material performance and comprehensive cost reduction, has an absolute leading advantage. Up to now, the company's glass-based Mini LED backlight products have entered the mass production stage.
During the reporting period, the company further accelerated the production capacity layout of glass-based Mini LED backlights. During the reporting period, the company's annual output of 5 million square meters of glass-based Mini/Micro LED substrate project has completed the plant capping, and the first phase of the fully automated intelligent manufacturing line with an annual output of 1 million square meters of glass substrate has been officially opened in October 2023 and officially put into production.
(3) On-board display
The company's layout of on-board display products is mainly reflected in: on the product side, the company has the mass production capacity of cover plate, TP touch, glass substrate, light board, backlight module and film material; on the technical side, the company's 3A glass cover plate products can achieve anti-glare, anti-fingerprint, anti-oil stain, enhance the light transmittance of the glass cover, etc.; compared with the traditional backlight and OLED display, Mini LED backlight has the advantages of long life, high brightness, high color gamut saturation and low cost, while glass-based Mini On the market side, up to now, the company has more than 20 customers in the automotive front-loading market such as Foxconn, Yuanfeng, Skyworth, etc., and the project partners include SAIC-GM, BYD, Dongfeng Honda, GAC Mitsubishi, Great Wall, Changan, FAW Jiefang, Geely, Chery, JAC, Aion, Nezha, Volkswagen Sihao and other more than 20 terminal car companies.
In addition, the company's self-developed automotive glass QD board, which is equipped with MINI LED backlight to improve the user experience of the vehicle display, is mainly to solve the problem of low color gamut of fluorescent film and environmental tolerance of QD quantum dot film. The company's QD glass plate has passed the company's internal high-temperature and high-humidity blue light 1000 hours aging experiment, which fully solves the problem of the tolerance of quantum dot film in the automotive field, and the product has submitted international and domestic patent applications. Glass QD board is expected to become the core solution for the application of Mini LED backlight in the field of automotive display, and has been highly recognized and concerned by many well-known enterprises in the industry.
(4) Die-cutting of high-end optical films
The company's high-end optical film die-cutting business is mainly the company's holding subsidiary Beijing Baoang and its subsidiaries, the products are mainly used in LCD display, OLED display products, etc., terminal applications mainly include consumer electronics, display products, automobiles, home appliances, etc., its customers mainly include well-known panel factories in the industry and leading terminal display enterprises at home and abroad.
During the reporting period, Beijing Baoang achieved revenue of 750 million yuan at the consolidated level, an increase of 154.08% over the same period last year.
(5) Glass-based chip board scale packaging substrates
During the reporting period, Hubei Tongge Micro, as the main body of the company's glass-based TGV technology application in the field of Micro LED new display and semiconductor advanced packaging substrate materials, steadily promoted its production capacity construction. During the reporting period, Hubei Tongge Micro has completed the construction of the main plant with an annual output of 1 million square meters of chip board level packaging substrate project. Up to now, it is in the first phase of the annual output of 100,000 square meters of clean room decoration and equipment procurement stage, and is expected to be officially put into mass production in the second half of this year.
In terms of customer cooperation, during the reporting period, the company and well-known customers in the industry jointly released the world's first glass-based TGV Micro LED direct display home display, which provides a new process technology path solution for the industry to promote the large-scale mass production of indoor and outdoor large-screen displays and small-size near-eye displays with Micro LED direct display around P1.0 and below. In the field of semiconductor business, during the reporting period, a number of products such as TGV substrates and optical devices have been verified by well-known customers in the industry, and the company's TGV technical capabilities and production capacity layout are in a leading position in the world.