A-share subscription | Silicon-based OLED micro display screen delivery volume of Silicon Valley Technology (688781.SH) ranks second in the world

On March 16, Vision Technology (688781.SH) began its subscription, with an issue price of 22.68 yuan per share and a subscription limit of 14,000 shares. It belongs to the Shanghai Stock Exchange Science and Technology Innovation Board, with Guotai Haitong as its sponsor. According to the prospectus, Vision Technology is a leading global provider of overall microdisplay solutions, with its core product being silicon-based OLED micro-displays. It also offers value-added services such as strategic product development, optical systems, and XR overall solutions to its customers. The company is the first in the world to achieve mass production of silicon-based OLED micro-displays based on 12-inch wafers and is one of the few companies globally with self-developed capabilities for "display chips + micro-displays + optical systems" in silicon-based OLED technology. The company is identified by the Ministry of Industry and Information Technology as a leading enterprise in the national new display industry chain, and has been entrusted with key tasks such as leading the development of landmark products in the silicon-based OLED industry to enhance the resilience and security of the new display industry supply chain. The company adheres to the principle of "independent controllability," continuously carrying out key technological and process breakthroughs while fostering domestic equipment and material suppliers to diversify the upstream supply chain. The industry importance of silicon-based OLED micro-displays has been monopolized by foreign manufacturers for a long time. With the rapid development of downstream scenarios, the industry importance of silicon-based OLED micro-displays continues to rise. Vision Technology positioned itself as a global leader in overall microdisplay solutions from the beginning and innovatively developed a series of core technologies including silicon-based OLED strong micro-cavity technology, silicon-based OLED crosstalk suppression technology, and silicon-based high-efficiency OLED full-color technology. The company continuously breaks through the limits of product performance and gradually moves from following and catching up to leading development. Currently, the company's core product, silicon-based OLED micro-displays, have reached or exceeded comparable products from Sony in key performance indicators. According to a report by Frost & Sullivan, by 2024, the only companies in the industry to achieve million-level shipments are Sony and Vision Technology. In 2024, Sony ranked first globally in XR device silicon-based OLED product shipments, accounting for approximately 50.8% of the global market shipments; the company ranked second globally and first domestically, accounting for approximately 35.2% of the global market shipments. In terms of finances, in the fiscal years 2022, 2023, 2024, and January-June 2025, Vision Technology achieved operating revenues of approximately 190 million yuan, 215 million yuan, 280 million yuan, and 150 million yuan respectively. In the same periods, the net profit was approximately -247 million yuan, -304 million yuan, -247 million yuan, and -123 million yuan respectively.