Core Viewpoint - The article discusses the recent price trends and dynamics in the photovoltaic (PV) industry, highlighting a general decline in prices across various segments, including polysilicon, wafers, cells, and modules, due to supply-demand imbalances and inventory pressures [2][3][21]. Polysilicon Segment - The mainstream transaction prices for N-type polysilicon are reported at 38 RMB/KG for re-investment material, 36 RMB/KG for dense material, and 34.5 RMB/KG for granular silicon [5][6]. - The trading volume of polysilicon remains low as downstream demand is insufficient to stimulate purchasing, leading to a cautious procurement approach [6][9]. - Inventory levels have increased, surpassing 300,000 tons, prompting manufacturers to consider production cuts to alleviate price pressures [8][9]. Wafer Segment - The mainstream transaction prices for N-type wafers are 0.95 RMB/piece for M10, 1.30 RMB/piece for G12, and 1.10 RMB/piece for G12R [11]. - Wafer prices have been declining for several weeks, forcing some manufacturers to adjust their operating rates, but this has not significantly impacted the overall market [12][14]. - Inventory levels are around 20 GW, with a high proportion of 183N and 210RN wafers, indicating a shift in demand structure [13]. Cell Segment - The mainstream transaction prices for N-type cells are 0.260 RMB/W for M10, 0.280 RMB/W for G12, and 0.260 RMB/W for G12R [16]. - Manufacturers are initiating production cuts to maintain prices, but the supply-demand balance remains tight, particularly for 183N cells [16][17]. - Inventory pressure is relatively light compared to other segments, with stable turnover days [17]. Module Segment - The mainstream transaction prices for modules are 0.68 RMB/W for 182mm TOPCon and 0.84 RMB/W for 210mm HJT [18]. - Demand for high-power modules is supported by short-term factors, while low-power products face intense competition [19]. - Prices for concentrated and distributed projects have stabilized, but overall market conditions suggest limited potential for price recovery without significant upstream production cuts [20].

Industry Insights - The global OSAT market is facing dual challenges of technological upgrades and industry restructuring in 2024 [1] - The top ten OSAT companies are projected to generate a combined revenue of $41.56 billion in 2024, reflecting a year-on-year growth of 3% [2][3] Company Performance - ASE Holdings (日月光控股) remains the leader with a revenue of $18.54 billion in 2024, a slight decrease of 0.7% from 2023, holding a market share of 44.6% [3][5] - Amkor (安靠) ranks second with a revenue of $6.32 billion, down 2.8% year-on-year, primarily due to weak demand in automotive electronics [3][6] - JCET (长电科技) is third with a revenue of $5 billion, showing a significant growth of 19.3%, driven by improving demand in consumer electronics and AI PC markets [3][7] - TFME (通富微电) ranks fourth with a revenue of $3.32 billion, up 5.6%, benefiting from recovering demand in communications and consumer electronics [3][8] - PTI (力成科技) is fifth with a revenue of $2.28 billion, reflecting a modest growth of 1% due to transitional challenges in advanced packaging [3][9] - TSHT (天水华天) ranks sixth with a revenue of $2.01 billion, achieving the highest growth rate of 26% among the top ten OSAT companies, supported by advancements in packaging technology [3][10] - WiseRoad (智路封测) is seventh with a revenue of $1.56 billion, up 5%, driven by semiconductor demand recovery [3][11] - Hana Micron (韩亚微) ranks eighth with a revenue of $0.92 billion, growing 23.7% due to strong performance from memory clients [3][12] - KYEC (京元电子) is ninth with a revenue of $0.91 billion, down 14.5%, impacted by the sale of a subsidiary but benefiting from growth in AI server and HPC chip markets [3][13] - ChipMOS (南茂科技) rounds out the top ten with a revenue of $0.71 billion, up 3.1%, driven by stable demand in automotive and OLED sectors [3][14] Market Trends - The 2024 OSAT market indicates a restructuring of the value chain, with increasing demands for advanced packaging technologies driven by AI and edge computing [14] - The market is characterized by a dual-axis trend of "mature leaders' stability and the rise of regional new forces," setting the stage for future competition in advanced packaging and heterogeneous integration technologies [14]

Core Viewpoint - The global N-type SiC substrate industry is expected to see a revenue decline of 9% in 2024, reaching $1.04 billion, due to weakened automotive and industrial demand, increased market competition, and significant price drops [1] Group 1: Market Trends - Despite facing dual pressures of weak demand and oversupply in 2025, the long-term growth trend for SiC substrates remains intact, driven by decreasing costs and advancements in semiconductor technology [1] - The market competition is anticipated to accelerate corporate consolidation, reshaping the industry landscape [1] Group 2: Supplier Market Share - Wolfspeed maintains its position as the leading supplier with a market share of 33.7% in 2024, despite operational challenges [2] - Chinese companies TanKeBlue and SICC are rapidly developing, with market shares of 17.3% and 17.1%, respectively, ranking second and third [2] - The top four suppliers collectively hold an 82% market share, with Wolfspeed still leading [3] Group 3: Substrate Size Dynamics - The 6-inch SiC substrate is expected to continue dominating the market due to rapid price declines, while the 8-inch substrate is seen as essential for cost reduction and technology upgrades [4] - TrendForce predicts that the shipment share of 8-inch SiC substrates will exceed 20% by 2030 [4]

Group 1: MLCC Market Insights - The MLCC market faces increased uncertainty for the second half of 2025, with a growing risk of a "not-so-busy" peak season due to companies and end markets adopting a cautious and wait-and-see attitude [1] Group 2: OLED Display Growth - The OLED display market is experiencing rapid growth, with shipments expected to reach approximately 507,000 units in Q1 2025, representing a year-on-year increase of 175% [3] - In Q2 2025, shipments are projected to benefit from a significant increase in 27-inch UHD models, potentially reaching 650,000 units [3] - The total shipment for 2025 is forecasted to reach 2.58 million units, with an annual growth rate of 81%, and the overall penetration rate of displays is expected to grow to 2% [3] Group 3: Company Collaborations - Mitsubishi Motors has signed a memorandum of understanding with Hon Hai's subsidiary, Honhua Advanced Technology, to supply electric vehicles to the Australian and New Zealand markets starting in 2026 [7] - This collaboration is a strategic move for Mitsubishi to implement its electrification blueprint and adapt to rapid market changes, while Hon Hai's CDMS model gains recognition from international automakers, which is crucial for future business expansion [7]

TrendForce集邦咨询 TrendForce 汽车产业 May. 9, 2025 产业洞察 三菱汽车(Mitsubish Motors)近日宣布与鸿海子公司鸿华先进科技签订电动车供应备忘录，计划于2026年 向澳洲与新西兰市场销售电动车。TrendForce集邦咨询表示，此举不仅是三菱实现其电动化蓝图的具体行 动，也是面对市场快速变化所做的策略性布局。对鸿海而言，其建立的CDMS (contract design and manufacturing service)模式获得国际级车厂认可至关重要，对未来业务拓展具有指导性意义。 这款电动车将由鸿华先进开发，裕隆生产，挂三菱品牌销售。TrendForce集邦咨询分析，此合作案突显目 前汽车产业的两大趋势：首先，传统车厂在电动化浪潮与市场不确定性下，正积极寻求外部资源以加速转 型；其次，不同背景的制造服务商皆可能在未来的汽车产业链中扮演重要角色，展现出产业竞争与合作的 多元可能性。 根据三菱的电动化目标，公司计划推动油电混合车(HEV)、插电式混合动力车(PHEV)及纯电动车(BEV)在 2030年前成为主要销售车型，并于2035年达成以纯电动车为销售主力的 ...

Core Viewpoint - The article discusses the recent price trends and market dynamics in the photovoltaic (PV) industry, highlighting a downward pressure on prices across various segments including silicon materials, wafers, cells, and modules due to reduced demand and increased inventory levels [4][5][6][8][10][15][19]. Silicon Material Prices - The mainstream transaction prices for N-type silicon materials are reported as follows: N-type recycled material at 39 RMB/KG, N-type dense material at 37 RMB/KG, and N-type granular silicon at 35.5 RMB/KG [4][8]. - The trading volume for silicon materials remains low, with many manufacturers reluctant to accept prices below production costs [5]. - Silicon material output in May is estimated to be between 45.0-45.5 GW, with a rising inventory level leading to weakened production intentions among manufacturers [6][8]. Wafer Prices - The mainstream transaction prices for N-type wafers are: N-type M10 at 1.02 RMB/piece, N-type G12 at 1.32 RMB/piece, and N-type G12R at 1.15 RMB/piece [10]. - Wafer production is projected to be between 56-57 GW, reflecting a month-on-month decrease of approximately 9.0%, with manufacturers adopting a cautious approach due to reduced end-user demand [10][11]. Cell Prices - The mainstream transaction prices for N-type cells are: M10 at 0.265 RMB/W, G12 at 0.280 RMB/W, and G12R at 0.265 RMB/W [14]. - Monthly production is estimated at 60-61 GW, down about 7.0% from the previous month, with some manufacturers reducing output in response to declining demand [15][16]. Module Prices - The mainstream transaction prices for modules are: 182mm single-sided PERC at 0.69 RMB/W, 210mm single-sided PERC at 0.70 RMB/W, and 182mm double-sided TOPCon at 0.72 RMB/W [18]. - Module production is expected to be between 60-61 GW, down approximately 10.4% month-on-month, with low order continuity affecting the market [19][20].

Core Viewpoint - The OLED monitor market is experiencing rapid growth, with significant increases in shipment volumes expected through 2025, driven by new product launches and market demand [1]. Group 1: Market Overview - OLED monitor shipments are projected to reach approximately 507,000 units in Q1 2025, representing a year-on-year increase of 175% [1]. - By the end of 2025, total shipments are expected to hit 2.58 million units, with an annual growth rate of 81%, and overall penetration in the display market will rise to 2% [1]. Group 2: Brand Performance - Samsung leads the OLED monitor market with over 22% market share in Q1 2025, with its 49-inch product accounting for 40% of its shipments [2]. - ASUS has climbed to the second position in market share, closely trailing Samsung by less than one percentage point, and achieved the highest monthly shipment volume in February and March [3]. - MSI holds the third position with a 14% market share, benefiting from a 63% year-on-year growth in overall monitor shipments and a staggering 36-fold increase in OLED shipments [4]. - LG Electronics (LGE) ranks fourth with a 13% market share, but is expected to fall behind due to a lack of strong product offerings in the 27-inch UHD segment [5]. - Dell is currently in fifth place with an 11% market share, anticipating an increase in its ranking due to new product launches aimed at the business market [6].

Core Insights - The MLCC supply-demand rhythm is disrupted in the first half of 2025, with increased risks of a "weak peak season" in the second half due to rising caution and wait-and-see attitudes among companies and end markets [1] - OEMs and ODMs have moved North American Chromebook and some consumer laptop orders to the first quarter, leading to unexpectedly weak stocking momentum for the traditional education laptop peak season starting in April [1] - The average forecast order volume for Dell and HP education laptops from MLCC suppliers is expected to decrease by 20% to 25% in the second quarter [1] Group 1: Market Demand and Supply Challenges - The decline in end-market demand and soaring sales costs present two major challenges for MLCC suppliers, including the risk of OEMs reducing orders and potential price reductions [2] - The Japanese yen has become a favored safe-haven currency, appreciating from 150 to 141 yen against the dollar since April, impacting MLCC pricing [2] - Current pricing for mid-capacity and automotive-grade MLCC products is below the levels seen in Q4 2019, indicating a significant market shift [2] Group 2: AI Server Segment - The order and material preparation momentum for AI servers remains robust, with ODMs in Mexico benefiting from the USMCA agreement, allowing for normal shipments [1] - However, future international situation changes could still pose risks to this segment [1] - High-end standard products commonly used in AI servers have seen significant profit declines due to competitive bidding in 2024, leading to low visibility in end-order demand [2]

Core Viewpoint - The panel prices are expected to remain stable for TV panels, while monitor panel prices are anticipated to continue rising, and laptop panel prices are expected to stay flat [1][6][8]. Group 1: TV Panel Prices - The average price for a 65-inch TV panel is projected to be $177, with a minimum price of $173 and a maximum of $182 [4]. - The average price for a 55-inch TV panel is expected to be $127, with a minimum of $122 and a maximum of $130 [4]. - The average price for a 43-inch TV panel is estimated at $66, with a minimum of $64 and a maximum of $67 [4]. - The demand for TV panels is gradually weakening, leading some brands to request price concessions from manufacturers [6]. - Manufacturers are implementing production cuts, with an estimated average utilization rate adjustment of about 6-7% in May compared to April, aiming to alleviate downward price pressure [6]. Group 2: Monitor Panel Prices - The average price for a 27-inch IPS monitor panel is $63, reflecting an increase of $0.1 or 0.2% from the previous month [7]. - The average price for a 23.8-inch IPS monitor panel is $49.9, showing an increase of $0.2 or 0.4% from the previous month [7]. - The demand for monitor panels remains strong due to tariff issues, which supports the upward price trend [7]. - However, the weakening demand for TV panels may impact the price increase momentum for monitor panels [7]. Group 3: Laptop Panel Prices - The average price for a 17.3-inch TN laptop panel remains stable at $38.3, with a minimum of $37.7 and a maximum of $39.8 [8]. - The average price for a 15.6-inch Value IPS laptop panel is expected to be $40.3, unchanged from the previous month [8]. - The average price for a 14.0-inch TN laptop panel is stable at $26.9, with a minimum of $26.4 and a maximum of $28.1 [8]. - Despite ongoing tariff discussions, the demand for laptop panels has not surged significantly, maintaining a normal pace [9]. - Manufacturers are adopting flexible pricing strategies to secure customer orders and market share, leading to a stable price outlook for laptop panels in May [9].

周价格表 | 多昌硅 (Per KG) | 高点 | 低点 | 均价 | 涨跌幅 | | --- | --- | --- | --- | --- | | N型复投料(RMB) | 43.000 | 37.000 | 39.500 | -1.25% | | N型致密料(RMB) | 40.000 | 36.000 | 37.500 | -1.32% | | N型颗粒硅(RMB) | 37.000 | 35.000 | 36.000 | -2.70% | | 非中国区多昌硅(USD) | 22.000 | 13.100 | 18.500 | 0.00% | | 硅片 (Per pc) | 高点 | 低点 | 均价 | 涨跌幅 | | N型183单晶硅片-183mm/130µm (RMB) | 1.100 | 1.000 | 1.050 | -4.55% | | N型210单晶硅片-210mm/130µm (RMB) | 1.400 | 1.350 | 1.400 | -3.45% | | N型210R单晶硅片-210*182mm/130μm (RMB) | 1.200 | 1.100 | 1.150 | -11. ...