000050.SZ · A-shares
000050.SZ Tianma: mid-size/auto specialist, OLED still loss-making
Tianma mid-size/auto/AMOLED, not a TV major. FY2025 revenue ¥36.23B, parent NI ¥0.17B but ex-item still −¥0.57B; H1'26 parent NI −¥0.73B. PE is N/A while TTM earnings ≤ 0. See BOE, HKC.
Cite a section with a deep link, e.g. /en/r/tianma-000050-research#thesis
Snapshot
- Price
- CNY 6.61
- Mkt cap
- CNY 16.1B
- Revenue (FY2025)
- CNY 36.2B
- P/B (quote)
- 0.61
As-of 2026-09-20. Charts use Eastmoney MAINFINADATA single-quarter differences. Share points are sparse named-source estimates only. Not investment advice.
Thesis
Tianma Microelectronics (000050.SZ) Mid-size, auto, professional, AMOLED — not a TV major. FY2025 revenue ¥36.23B (+8.16%), parent NI ¥0.17B (back to black) but ex-item still −¥0.57B; OCF ¥6.99B. H1'26 revenue ¥16.69B (−4.49%), parent NI −¥0.73B, ex-item −¥0.88B. Phone panel share ~12.4% in 2Q26 (TrendForce). Auto/professional franchise is real; OLED D&A keeps ex-item NI negative — PE null while TTM earnings ≤ 0.
See BOE, TCL Tech, HKC, Tianma.
Business
Model: mid-size TFT-LCD/AMOLED for phones, auto, industrial/medical. Flagships: automotive (company: leading in several niches); phone a-Si/LTPS/AMOLED; professional. TM19 50-inch LCD is small and excluded from RUNTO TV stats. Edge: auto qualification and sticky professional accounts. Gap: no large-TV scale; AMOLED price war; persistent ex-item losses. Boundary: 000050 listco, not Visionox/EDO.
Controller / group: AVIC International / AVIC-system SOE holders (per latest register).
Strategy
| Pillar | Content |
|---|---|
| 主业定位 | 中小尺寸 + 车载/专显，不做 TV 规模战 |
| 已完成 | FY2025 账面扭亏；车载投入加码；王磊任总经理 |
| 产品延伸 | Micro-LED、IT 高世代、车载 |
| 近端现实 | 2026H1 再亏，扣非恶化 |
Value chain
Mid-size midstream. Upstream LTPS/OLED materials and tools; downstream phone brands, auto OEMs/Tier-1s, professional. FY2025 top-5 ¥11.91B / 33.22% of sales. Risks: AMOLED glut; auto qualification/cuts; phone brand mix.
Customers
| Item | Value | Note |
|---|---|---|
| 前五大客户合计 | 33.22% | FY2025 年报；金额 119.05 亿元 |
| 第一大客户 | 未具名 | 年报未披露名称 |
| 关联销售 | 0% | 前五名关联方占年度销售 0% |
| 下游结构 | 手机品牌 + 车厂/Tier1 + 专显 | 手机份额随品牌切换波动 |
Corporate events
Material items in the last 24–36 months:
Corporate events
| Date | Phase | Event | Meaning |
|---|---|---|---|
| 2025-07-24 | 人事 | 聘任王磊为总经理 | 24 个月内核心岗位变动，观察执行 |
| 2026-03 | 财报 | FY2025 归母扭亏 1.67 亿，扣非仍亏 5.74 亿，不派息 | 账面扭亏、质量不足 |
| 2026-08 | 财报 | 2026H1 归母亏 7.28 亿，扣非亏 8.80 亿 | 近端证伪「已走出亏损」叙事 |
Valuation
PE must be null while TTM parent NI ≤ 0. Frame on PB, auto backlog, and ex-item path. FY2025 no dividend. H1'26 loss widening is a falsifier until ex-item turns.
Valuation snapshot
| Metric | Value | Note |
|---|---|---|
| P/E (TTM，行情) | N/A | 亏损或极端值时为 N/A；东方财富 f162 |
| P/B（行情） | 0.61x | 东方财富 f167 |
| 盈利收益率 1/PE | N/A | PE 不可用则为 N/A |
| 现价 / 市值 | 6.61 / 161.00 亿元 | 快照 2026-09-20 |
~3y PE / PB / dividend yield / YoY price. PE is null when TTM NI ≤ 0 or extreme; dividend yield null without a filing. Eastmoney + filings.
Valuation · ~3y
Interactive chart available in the reader.
~3y price (quarterly close, adjusted approx.):
Share price · ~3y
Interactive chart available in the reader.
Financial trend (~24 months)
~8 single quarters (cumulative reports differenced; GM is period-to-date XSMLL). Nulls kept — no interpolation.
Revenue · last 8Q (single-quarter)
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
FY2025 OCF ¥6.99B vs parent NI ¥0.17B and ex-item −¥0.57B. H1'26 OCF ¥2.63B (−34%) with wider losses. ST loans ¥0.50B plus bonds/MTNs. FY2025 no dividend. Verdict: cash OK, earnings quality weak.
Financial health
| Item | Value | Note |
|---|---|---|
| OCF | FY2025 69.88 亿；H1'26 26.31 亿（−33.7%） | 现金好于利润，但 H1 回落 |
| 盈利质量 | FY2025 扣非 −5.74 亿；H1'26 扣非 −8.80 亿 | 账面扭亏不稳 |
| 短债 | 短期借款 4.97 亿（FY2025 末）+ 存续债券/中票 | 见年报债券节 |
| 审计 / 分红 | 持续经营重大不确定性：摘要为否；FY2025 不派息 | H1 未经审计 |
Operations
Volume: ~12.4% smartphone panels (2Q26 TrendForce) plus auto. Price: AMOLED ASP vs auto spec premium. Cost: OLED D&A. FY2025 Q4 already −¥0.15B parent NI; H1'26 still red — the 2025 full-year turnaround was fragile.
Key financial points
| Item | Value | Period | Note |
|---|---|---|---|
| 最新单季营收 | 89.62 亿元 | 2026-Q2 | 东方财富 MAINFINADATA 差分 |
| 最新单季归母 | -5.89 亿元 | 2026-Q2 | 东方财富 MAINFINADATA 差分 |
| 报告期毛利率（累计） | 15.60% | 2026-Q2 | XSMLL |
| KPI 营收口径 | FY2025 营收（年报/招股书） | 362.27 亿元 | 年报优先于单季加总 |
| 现价 / 市值 | 6.61 / 161.00 亿元 | 行情 | 东方财富 push2 |
Competition
Peer bars: TrendForce 2Q26 smartphone panel unit share. Trend chart is the single 12.4% point — no invented history.
Peer comparison
| Company | Position | Margin (qual.) | Strength | Weakness |
|---|---|---|---|---|
| 深天马 000050 | 手机约 12.4% / 车载 | 中低 | 车载认证 | OLED 亏损、无大尺寸 |
| 京东方 000725 | 全尺寸 | 中 | 规模 | 车载并非唯一焦点 |
| 维信诺 002387 | 柔性 OLED | 亏损 | 柔性技术 | 仍处扩张亏损 |
| 和辉 688538 | OLED | 亏损 | 刚性/车载 OLED | 大尺寸 OLED 出货有一席 |
| 三星显示 | 手机 OLED 龙头 | 高 | ASP | 不是 A 股标的 |
Management
Core management (24m)
| Role | Name/entity | Since | 24m change |
|---|---|---|---|
| 董事长 / 法定代表人 | 成为 | 持续 | FY2025 / 2026 年报负责人 |
| 总经理 | 王磊 | 2025-07-24 | 聘任至 2028-09-15；24 个月内核心岗位变动 |
| 总会计师 / 主管会计 | 卢彦宇 | 持续 | 会计机构负责人杨利明 |
| 董事会秘书 | 陈冰峡 | 持续 | 信息披露 |
Stability: Chair Cheng Wei; GM Wang Lei appointed 2025-07-24 (term to 2028-09-15); finance lead Lu Yanyu. GM change in 24m — watch execution; SOE control stable.
Outlook
Ex-item loss trajectory next two prints; auto mix; AMOLED ASP. Micro-LED is long-dated, not near-term earnings.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Panel prices/utilization surprise; OLED/new products land | Raise earnings and multiple |
| Base | Mild LCD cycle; OLED on plan | Hold and check ex-item NI / OCF |
| Bear | Price war or demand drop without capex cut | Drawdown, refinancing, PE N/A |
Risks
| Risk | Severity | Note |
|---|---|---|
| AMOLED 价格战与折旧 | 高 | 产能过剩使扣非持续为负 |
| 手机需求与品牌切换 | 高 | 2026H1 收入已下滑 |
| 车载认证/砍单 | 中 | 护城河也意味着客户集中与切换成本双向 |
| TTM 亏损估值失效 | 中 | PE 不可用，主题炒作回撤快 |
| 技术路线 | 低 | Micro-LED 开支若前置会再拖利润 |
Tracking
Next print / 6–12 months:
- Next-quarter ex-item NI trajectory
- Auto revenue/units in the segment note
- AMOLED ASP and utilization
- Whether OCF follows losses lower
- Top-5 concentration vs phone-brand mix
References
- https://disc.static.szse.cn/disc/disk03/finalpage/2026-03-14/213615a9-3688-4298-b8bc-1fd3bd62a6c0.PDF
- https://www.cninfo.com.cn/new/disclosure/stock?stockCode=000050
- https://www.trendforce.com/presscenter/news/20260831-13208.html
- https://counterpointresearch.com/q1-2026-report.pdf/reports/oled-panel-shipments-grow-4-percent-yoy-in-q4-2025
- https://quote.eastmoney.com/sz000050.html
- https://www.tianma.cn/
- CNINFO — https://www.cninfo.com.cn/
- Eastmoney — https://quote.eastmoney.com/
- SZSE — https://www.szse.cn/
Not investment advice. Defer to latest statutory filings.
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