Group 1: Industry Performance - The industry operating rate has decreased to around 60% since the end of Q2 2022, with a slight recovery expected in Q4 2022, but still at a relatively low level [1] - The LCD production volume has significantly decreased year-on-year, and the industry is expected to maintain low operating rates during the traditional off-season [1] - Inventory levels have dropped significantly due to low operating rates, with panel production area consistently below shipment area [1] Group 2: Price Outlook - In 2022, the industry faced a downward trend due to external uncertainties and low terminal demand, putting pressure on product prices [2] - In Q1 2023, mainstream LCD TV product prices remained relatively stable, while the decline in IT product prices has slowed, with some products showing signs of stabilization [2] - Predictions indicate that demand for large-size LCD products will return to growth in 2023, particularly in the TV market, with opportunities for volume and price increases as the industry transitions from off-peak to peak season [2] Group 3: AMOLED Business Development - The flexible AMOLED business achieved its annual shipment target in 2022, with over 30% growth compared to the previous year, and a significant increase in the proportion of high-end products [3] - Despite depreciation pressure and reduced profitability from Android clients, the flexible AMOLED business is expected to continue growing in 2023, with a focus on increasing high-end product shipments [3] Group 4: Depreciation and Capital Expenditure - The depreciation amount for the first three quarters of 2022 was approximately 25 billion RMB, with ongoing depreciation of LCD production lines expected to enhance cost competitiveness [3] - Future capital expenditures will focus on new projects, existing project payments, and maintenance of current production lines, with a gradual decrease in investment intensity in semiconductor displays [3]