The traditional LED industry is recovering from the bottom, with a significant rebound in domestic orders in March 2023 and a slight slowdown in April compared to the previous month. The overall domestic recovery is relatively mild, and the overall growth rate of overseas LED in Q2 may slightly converge. The year-on-year decline in performance of most manufacturers in March and April has converged, with some growth in March compared to the previous month, and stability in April compared to the previous month; At the same time, the prosperity of the automotive LED market has rebounded, and related manufacturers are optimistic about future demand; Mini LED continues to contribute to growth momentum.