The increase in gross profit as driven by the increase in turnover, and the cost-optimizing and efficiency management actions implemented by the Group, EBITDA has increased by 30% from
During the year, in terms of product portfolio, the Group's Thin Film Transistor ("TFT") module business and touch panel display modules business continued to achieve remarkable growth and contributed over 75% of the Group's revenue while the revenue from monochrome display business decreased. The continuous optimization of the Group's product portfolio structure further enhances the Group's profitability.
In 2020, the outbreak of the COVID-19 pandemic has brought various degrees of impact to domestic and foreign economies. Through innovative products and services,
Significant Growth in Automotive Display Business with Surge in Sales Orders in the PRC Market
During the year, the Group's automotive display business has grown substantially, generated revenue of
According to the research conducted by a leading market research company,
During the year, the PRC is the major growth engine of automotive display market share. For the PRC market, the Group stated that as the lockdown was gradually eased during the second quarter, customer sentiments in automobile purchasing has been increasing and automobile sales in the PRC started to rebound throughout the rest of the year and result in a rapid growth of customer order. Together with the scheduled commencement of mass production of TFT display and touch panel display modules projects for both conventional vehicles and new energy vehicles ("NEVs"), the Group's PRC automotive business has recorded a notable growth in 2020. The Group has achieved over 30% of market share in automotive TFT display for top 20 PRC automobile manufacturers.
Although, the COVID-19 has brought certain impact to the macroeconomic environment, the accelerated development of smart automotive industry has generated a high demand for automotive display, which has provided opportunities for the substantial growth of
Industrial Display Business Stably Grown with Expansion in High-end Customers
Industrial Display is the second largest business of the Group. During the year, the Group has continued to promote its display business to industrial and high-end customers. The industrial display business generated revenue of
With the increase in consumer demand for information and the rise of Internet of Things ("IoT"), industrial clients prefer TFT module more. The sales of TFT display modules in education-related application in the PRC market and the ramping up of demand from a world-renowned high-end home appliance brand based in the
Meanwhile,
Creating Roadmap for Smart Cockpit Display to Seize Market Opportunities
As NEVs and autonomous driving technology are in the forefront of development, the ever-increasing trend of automotive intelligence and interconnection has indirectly driven the development and growth of automotive display market. The innovation of smart cockpit display, which has been widely adopted in instrument cluster, center information display, rear seat infotainment etc., is facing an enormous growth.
Under the positive momentum of the industry, the technical team of
In order to strengthen the capabilities in larger-sized curved display, the Group has invested in optical bonding facilities together with a PRC renowned software group whose businesses cover the field of intelligent vehicle connectivity. New production lines will commence its production in the first half of 2021.
The Group has also increased investment in
In terms of visual display experience, the Group has been working with the eco-system partners, customers and also
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