Investment Rating - The report maintains a "Recommended" rating for the OLED industry chain related equipment stocks [5]. Core Insights - The construction of the 8.6 generation OLED production lines is accelerating, with TCL Technology announcing a joint investment of 29.5 billion RMB to build a new production line, expected to start in November 2025 and take 24 months to complete [1][8]. - The demand for OLED panels in automotive and IT applications is expected to drive significant growth, with AMOLED panel shipments projected to exceed 1.33 billion units by 2030, capturing 35% of the market share [3][21]. - The report highlights the competitive landscape, noting that major players like Samsung Display, BOE, and Visionox are also investing heavily in 8.6 generation OLED production lines, with total investments nearing 170 billion RMB [1][11]. Summary by Sections Section 1: Industry Developments - TCL, Samsung Display, BOE, and Visionox are all actively investing in 8.6 generation OLED production lines, with TCL's new line set to produce approximately 22,500 glass substrates per month [1][11]. - The report discusses the three main OLED technologies: FMM OLED, ViP OLED, and printed OLED, each with its advantages and disadvantages [2][20]. Section 2: Market Trends - The report anticipates a compound annual growth rate (CAGR) of 33% for laptops and 27% for automotive displays by 2030, indicating strong demand for OLED technology in these sectors [3][21]. - Counterpoint Research data shows that Samsung Display held a 37% market share in the global OLED panel market as of Q2 2025, with significant growth in laptop and display panel shipments [22][26]. Section 3: Investment Recommendations - The report suggests focusing on companies within the OLED supply chain, including Aolide, Linde Equipment, Dazhu Laser, and Maiwei Co., which are positioned to benefit from the growth in OLED production [4][31][35][38].

Core Viewpoint - TCL Technology has been awarded the China Quality Award for its quality management model of "Extremity, Leadership, and Collaboration," highlighting its commitment to high-quality development in the semiconductor field [3][5][22]. Group 1: Quality Management Model - The "Extremity, Leadership, and Collaboration" quality management model was developed by TCL Technology under the national quality strategy, aiming to become synonymous with high-quality development in the semiconductor sector [9][11]. - "Extremity" encompasses extreme operations, innovation, and management, focusing on strategic-driven operations, comprehensive quality management, and collaborative improvements across the supply chain [11][12]. - "Leadership" is the goal of high-quality development, with TCL achieving industry-leading performance in 19 key quality indicators and optimizing operational efficiency [11][12]. - "Collaboration" involves customer, supply chain, and environmental cooperation, enhancing responsiveness and promoting green development through ESG strategies [12][22]. Group 2: AI Integration and Manufacturing Efficiency - AI is increasingly integrated into TCL's manufacturing processes, significantly improving production efficiency and product quality, with examples including a 70% increase in production efficiency and an 11% improvement in process capability index [12][14]. - The company has achieved a high level of smart manufacturing maturity in the semiconductor display industry, with production capacity exceeding original designs by 60% [14]. - TCL's AI strategy includes partnerships with industry leaders like Alibaba Cloud to build an intelligent hub for the semiconductor display industry [15]. Group 3: Innovation and Competitive Advantage - Under the quality management model, TCL is expanding into semiconductor displays, renewable energy, and semiconductor materials, positioning itself as a leading semiconductor manufacturing group [17]. - The company has achieved global leadership in several product categories, including gaming displays and photovoltaic silicon wafers, with significant improvements in production metrics post-implementation of the quality model [17][18]. - TCL has filed nearly 80,000 patents, with a strong focus on quantum dot electroluminescence technology, leading the global patent landscape in this field [18][20]. Group 4: Investment in Quality Infrastructure - TCL has invested over 8 billion in quality infrastructure, establishing 80 laboratories, with several receiving national accreditation [22]. - The quality management model has been extended to over 2,000 enterprises within the ecosystem, facilitating cross-industry upgrades and enhancing overall manufacturing quality [22].

Core Viewpoint - TCL Huaxing has successfully launched the mass production of its first Mini LED product, the P1.2 COB display screen, marking a significant milestone in its display technology innovation [1][6]. Company Summary - The P1.2 COB display screen features a large panel design and represents TCL Huaxing's third display technology route following LCD and OLED [3]. - The brightness range of the product is adjustable from 0 to 800 nit, with a contrast ratio of up to 5000:1, targeting professional display scenarios such as conference rooms, command centers, and security monitoring [3]. - The MLED project commenced in July 2024, with the mass production being completed approximately 15 days ahead of schedule, showcasing the company's execution capabilities in display module manufacturing and supply chain coordination [5]. Industry Summary - COB packaging technology is emerging as a new trend in the small-pitch LED display sector, offering significant advantages over traditional SMD packaging in terms of pixel density, heat dissipation, reliability, and protection [5]. - Market data indicates that by the first half of 2025, COB packaging technology is expected to account for 36.6% of sales in small-pitch LED displays, with a projected increase to approximately 51.5% in products with a pitch of P1.4 and below, reflecting a year-on-year increase of nearly 20 percentage points [5]. - As technology matures and costs decrease, the penetration of COB technology in niche markets such as advertising media, command centers, exhibitions, and large monitoring screens is anticipated to continue expanding [5].

近几年，Mini LED技术快速发展，相应的电视产品也逐渐成为中高端市场的主流，增长已经超过OLED 电视，成为更多人的选择。在国内，几乎所有的电视企业也都已经入局，并将其作为当下的主打产品。 过去的2024年，全球Mini LED电视出货量为785万台，较2023年的425万台增长84.7%；其中，中国市场 Mini LED电视的出货量升至416万台，同比增幅高达352.2%。 值得一提的是，随着对Mini LED技术的逐渐深入探索，RGB-Mini LED技术开始走向前台，成为高端电 视产品的代名词。日前，TCL推出了包括Q10M Ultra、Q9M等多款RGB-Mini LED电视。不仅如此， TCL还首次发布SQD-Mini LED技术以及搭载该技术的X11L电视，宣称在亮度、色彩和寿命上全面超越 OLED。 据介绍，TCL SQD-Mini LED是Mini LED技术的升级，基于超级蝶翼华曜屏与超级量子点两大技术，实 现了100% BT.2020全局高色域。对比普通RGB-Mini LED 97% BT.2020色域覆盖率，SQD-Mini LED显色 更丰富、更纯净，避免了偏色、串色等行业问题。 ...

Core Points - The sixth China Quality Conference opened in Nanjing, Jiangsu, showcasing the highest standards in quality management in China [1] - TCL Technology Group won the fifth China Quality Award, marking its first application and recognition for its quality management model [3][7] - The China Quality Award is the highest accolade in the quality field in China, established in 2012, and is modeled after international quality awards [6] Company Achievements - TCL Technology's quality management model, characterized by "extreme, leading, and collaborative," has been recognized for its effectiveness in driving high-quality development [7][8] - The model has led to significant improvements in TCL's production capabilities, including a 16% increase in monthly production capacity and a 17% rise in net profit margin since the implementation at the Suzhou T10 production line [10] - TCL has filed nearly 80,000 patents, ranking second globally in quantum dot technology patent applications, demonstrating its commitment to innovation [10] Industry Impact - The "extreme, leading, and collaborative" quality management model is aimed at establishing TCL as a leader in the semiconductor field, contributing to China's low-carbon economy [8] - The model has been adopted by over 2,000 enterprises within TCL's ecosystem, facilitating cross-industry upgrades and enhancing quality across more than 20 sectors [12] - TCL's advancements in AI and smart manufacturing are positioned to further enhance quality management and production efficiency [10][12]

东方证券研报指出，TCL科技拟投资建设第8.6代印刷OLED生产线项目（t8项目）。项目预计总投资约 295亿元，月产能为2.25万片2290mm×2620mm玻璃基板。项目规划建设周期为24个月，预计2025年11月 开工。部分投资者认为近年来国内OLED产能释放较多，担忧OLED行业出现供需失衡问题。但该行认 为，OLED在IT、车载等中大尺寸领域的需求成长确定性高，公司投资8.6代OLED生产线，有望充分享 受中大尺寸OLED面板的需求成长。在技术方面，公司印刷OLED专利已经超过1200件，在打印头精 度、材料效率等方面实现突破。在生产运营方面，公司已完成5.5代印刷OLED产线量产，在产线和工艺 管理、供应链建设等方面积累了丰富的经验。公司印刷OLED技术及生产能力逐步成熟，未来有望在印 刷OLED面板生产中持续降低成本、提升性能，打开OLED业务的成长空间。根据可比公司25年平均 1.92倍PB估值水平，对应目标价5.66元，维持"买入"评级。 ...

Core Viewpoint - TCL Huaxing's entry into the Mini LED COB display market signifies a strategic move to leverage its brand, scale, and cost advantages in a highly competitive sector, aiming to capture market share in the P1.2 pitch area, which is currently in high demand [2][3][12]. Group 1: TCL Huaxing's MLED Technology Layout - TCL Huaxing has established a clear strategy for its MLED technology, positioning LCD as a foundational technology, OLED for medium and small-sized markets, and MLED for both backlight and direct display applications [3][6]. - The company is enhancing its vertical integration by collaborating with Sanan Optoelectronics to develop Micro LED chips, focusing on core technologies and materials [6][7]. Group 2: Market Dynamics and Growth Potential - The Mini LED COB direct display market is experiencing a dual dynamic of oversupply and emerging demand, with production capacity expected to reach 88,700 square meters per month by 2025 [8][10]. - The demand for Mini LED displays is projected to grow significantly, with a 92% year-on-year increase in chip shipments expected in 2024, driven by declining costs and expanding application scenarios [10][11]. Group 3: Competitive Landscape - Major panel manufacturers like BOE and HKC have already invested over 60 billion yuan in the Mini LED COB market, indicating a competitive environment for TCL Huaxing [13][15]. - The entry of large panel manufacturers into the LED direct display market is expected to intensify competition, potentially leading to market consolidation and the exit of smaller players [21][23]. Group 4: Emerging Applications and Regional Markets - New application scenarios such as corporate meetings, education, and LED cinema screens are driving demand, with the LED cinema screen market expected to see over 60 installations in China by 2024 [11][12]. - Emerging markets in Southeast Asia, the Middle East, and Latin America are identified as growth areas for LED displays, with companies like Leyard increasing their focus on these regions [12][21].

凤凰网科技讯 9月15日，TCL今日举行秋季新品发布会，正式推出了其新一代显示技术——SQD-Mini LED，并发布了首款搭载该技术的旗舰电视产品TCL X11L系列。该系列新品旨在解决传统Mini LED技 术的行业瓶颈，在色彩表现、控光能力、亮度及工业设计上均有显著突破。 据TCL介绍，SQD-Mini LED技术是对现有Mini LED背光系统的一次重要升级。其核心优势在于实现了 100% BT.2020的全局高色域，相比之下，行业内一些RGB-Mini LED电视的色域覆盖率约为97% BT.2020，且可能只在显示单色画面时才能达到。SQD-Mini LED通过采用激发超级量子点产生纯净三色 光混合为白光的技术路径，确保了无论画面内容复杂与否，都能维持稳定的高色域输出，有效避免了因 光源混合导致的偏色或串色问题，使色彩还原更纯净、真实。 在背光控制与亮度方面，SQD-Mini LED也展现了其结构优势。其发光芯片一颗即可发出白光，而传统 RGB-Mini LED则需要三颗不同颜色的芯片为一组才能混合出白光。这意味着在同等芯片数量和成本 下，SQD-Mini LED能够实现更多的背光分区，从而带来更 ...

Group 1 - TCL Technology announced a joint investment with the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee to build an 8.6-generation printed OLED display panel production line, with a total investment of approximately 29.5 billion yuan [1] - The t8 project aims to produce about 22,500 glass substrates per month, suitable for applications in tablets, laptops, and monitors, positioning TCL to commercialize high-generation printed OLED technology and surpass foreign competitors in the high-generation AMOLED field [2][3] - The printed OLED technology utilized in the t8 project boasts advantages such as excellent color performance, high resolution, high material utilization, low energy consumption, and lower investment and manufacturing costs, making it suitable for scalable commercial OLED technology across various sizes [2] Group 2 - TCL Huaxing, a subsidiary of TCL Technology, has been researching OLED technology for over a decade and holds more than 1,200 patents in printed OLED technology, with its G5.5 generation line achieving mass production in 2024 [3] - In the first half of the year, TCL Technology reported revenue of 85.56 billion yuan, a year-on-year increase of 6.65%, with semiconductor display business revenue contributing 57.55 billion yuan, and TCL Huaxing's revenue reaching 50.43 billion yuan, up 14.4% year-on-year [4] - TCL Technology ranked fourth globally in flexible OLED smartphone shipment market share during the first half of the year [4]

9月15日，TCL举办秋季新品发布会，SQD-Mini LED正式发布。同时，全球首款采用这一技术的X11L SQD-Mini LED电视以及RGB-Mini LED电视Q10M Ultra、RGB-Mini LED电视Q9M同步亮相。 据悉，TCL SQD-Mini LED是Mini LED技术的升级。基于超级蝶翼华曜屏与超级量子点两大核心技术， 它实现了100% BT.2020全局高色域，在亮度、色彩和寿命上全面超越OLED。对比普通RGB-Mini LED 97% BT.2020色域覆盖率，SQD-Mini LED显色更丰富、更纯净，避免了偏色、串色等行业问题。同 时，它在分区、亮度、外观设计等方面都实现了突破。 ...