Core Viewpoint - The successful issuance of the 10 billion yuan MTN002 project by BOE Technology Group, led by Ping An Bank, highlights the bank's commitment to supporting the real economy and promoting technology finance [1][4]. Group 1: Issuance Details - The MTN002 project was issued with a scale of 10 billion yuan, a term of 10 years, and a coupon rate of 2.23%, receiving an oversubscription of 3.15 times from market investors [1]. - The funds raised will be specifically used for technological upgrades in the semiconductor display field, reinforcing BOE's position as a global leader [1][3]. Group 2: Regulatory and Market Context - The People's Bank of China and the China Securities Regulatory Commission jointly announced measures to support the issuance of technology innovation bonds, aiming to inject long-term capital into technology enterprises [3]. - Ping An Bank actively participated in the first batch of projects under this initiative, enhancing the efficiency of bond issuance through the "green channel" provided by the trading association [3][4]. Group 3: Company Profile and Financial Performance - BOE Technology Group, established in April 1993, is a leading IoT innovation enterprise with a core focus on semiconductor displays, maintaining the highest global shipment volume of its core products [3]. - The company is projected to achieve a net profit growth of 108.97% year-on-year in 2024, indicating strong cash flow and risk resilience [3]. Group 4: Future Outlook - Ping An Bank aims to continue focusing on national strategic areas, promoting the flow of long-term capital into the forefront of technological innovation, thereby contributing to the cultivation of new productive forces and achieving high-level technological self-reliance [4].

Group 1 - In 2024, the display industry is experiencing significant improvements in profitability due to the recovery of consumer electronics like smartphones and TVs, driven by new technologies such as AI [1] - The 2025 International Display Week (SID) showcases advancements in display technology and presents opportunities for Chinese panel manufacturers to expand internationally [1] Group 2 - BOE's core themes for this year's exhibition are technology, sustainability, and AI, with their sustainable development brand "ONE" making its debut at an overseas event [3] - BOE reported a revenue of 198.38 billion yuan in 2024, a year-on-year increase of 13.66%, and a net profit attributable to shareholders of 5.32 billion yuan, up 108.97% [3] - The company emphasizes the importance of technology and innovation, aligning market demands with strategic direction to enhance conversion rates [3] Group 3 - BOE is focusing on new growth areas, leveraging its semiconductor display technology and manufacturing capabilities to explore fields like glass-based packaging and perovskite photovoltaics [4] - The company has invested approximately 7% of its revenue annually in R&D, with 1.5% dedicated to foundational and cutting-edge technology research [4] - At the SID, BOE showcased products featuring advanced display technologies, including a 75-inch 4K UB Cell 4.0 TV with superior color accuracy and low reflection rates [4] Group 4 - In 2024, BOE introduced the "AI+" strategy, focusing on "AI + manufacturing," "AI + products," and "AI + operations," presenting AI-integrated products at the SID [10] - The company has achieved integration of various sensors within displays and developed technologies for partial screen refresh and remote monitoring [10] Group 5 - The SID serves as a global platform for Chinese semiconductor display manufacturers to expand internationally, with BOE establishing manufacturing bases in Mexico and Vietnam [11] - BOE aims to enhance communication with global customers and shift the industry focus from price competition to value competition, fostering a collaborative ecosystem for future growth [11]

Group 1 - BOE (京东方) participated in the 2025 International Display Week and won the Annual Display Award for its innovations [1][3] - The event, hosted by the Society for Information Display (SID), featured over 200 companies, including industry giants like BOE and TCL, showcasing advancements in display technology from AI to virtual reality [3] - BOE presented over 30 new products powered by its three major display technology brands: ADS Pro, f-OLED, and α-MLED, along with cutting-edge applications in light field display, 3D, micro display, AI, and sensing [3][4] Group 2 - The CEO and CTO of BOE highlighted "technological innovation, green sustainability, and artificial intelligence" as the three main themes of this year's International Display Week [4] - BOE's exhibition focused on a "technology + green" theme, featuring a low-carbon green area and hosting a green ecology forum [4] - The company aims to leverage AI technology to expand consumer scenarios and plans to introduce more innovative technologies and products based on "AI + display" in collaboration with global partners [4]

Group 1 - The core viewpoint of the article emphasizes that OLED technology is leading the display industry upgrade due to its significant advantages over traditional display technologies like LCD and CRT [7][13][23] - OLED technology is characterized by being all-solid-state, self-emissive, energy-efficient, and capable of flexible displays, making it a strong candidate for mainstream adoption in the display market [13][16][23] - The transition from cost-driven to value-driven paradigms in the display industry is highlighted, with OLED technology enabling higher performance and innovative form factors, thus enhancing product pricing [23][24] Group 2 - The article outlines the OLED industry chain, which consists of upstream components (manufacturing equipment and materials), midstream (panel manufacturing and module assembly), and downstream applications (smartphones, TVs, etc.) [24][29] - There is a significant opportunity for domestic companies to replace imported components in the OLED supply chain, particularly in the upstream segment where the technology barriers are high [26][29] - The production cost structure of OLED panels shows that manufacturing equipment and organic materials account for a large portion of the costs, with equipment making up about 35% and organic materials around 23% [29][30] Group 3 - The article discusses the rapid growth of the OLED organic materials market, projecting a market size of approximately 43 billion yuan in 2023, with a compound annual growth rate of 11% expected until 2030 [37][50] - The domestic market for OLED materials is expanding, with several companies achieving breakthroughs in producing terminal materials, which were previously dominated by foreign suppliers [48][49] - The article notes that the OLED organic materials market is expected to reach 18.41 billion yuan by 2025, driven by the increasing demand for large and medium-sized panels [55][57]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][18]. Core Insights - The company has demonstrated strong financial performance with a significant increase in revenue and net profit for 2024, achieving a revenue of 198.38 billion yuan, up 13.66% year-on-year, and a net profit of 5.32 billion yuan, up 108.97% year-on-year [1][9]. - The company continues to solidify its position as a leader in the semiconductor display industry, maintaining the highest shipment volumes globally across major applications such as smartphones, tablets, and TVs [2][9]. - The flexible AMOLED segment is experiencing growth, with a shipment of approximately 140 million units in 2024, reflecting a continued upward trend and an improved product mix [8][9]. Financial Performance Summary - **Revenue Growth**: The company is projected to achieve revenues of 227.8 billion yuan in 2025, representing a year-on-year growth of 14.8% [1]. - **Net Profit**: The forecasted net profit for 2025 is 9.04 billion yuan, with a growth rate of 69.8% compared to 2024 [1]. - **Profitability Ratios**: The gross margin for 2024 is expected to be 15.2%, an increase of 3.7 percentage points year-on-year, while the net margin is projected at 2.09%, up 1.88 percentage points [2]. Market Trends and Outlook - The LCD terminal market is showing signs of recovery, with a price increase for LCD TV panels observed in early 2025, although demand may stabilize in the second quarter due to changing international trade conditions [3]. - The company is actively expanding its production capabilities in the AMOLED sector, including the construction of the first domestic 8.6-generation AMOLED production line, which is expected to enhance its competitive edge [9]. Valuation Metrics - The company's P/E ratio is projected to decrease from 58.1 in 2023 to 9.4 by 2027, indicating an improving valuation as earnings grow [1]. - The P/B ratio is expected to decline from 1.2 in 2023 to 0.9 in 2027, reflecting a strengthening financial position [1].

Core Insights - The SID Display Week highlighted two major trends in the display industry: the iteration of new display technologies by leading manufacturers and the acceleration of globalization among panel manufacturers [1] - The focus on OLED technology is increasing, with significant growth expected in the mid-size market, particularly in laptops and automotive displays [4][5] Group 1: Industry Trends - The display industry is witnessing a shift towards new display technologies such as printed OLED, AMOLED, and Micro LED, with OLED penetrating various end-user markets [1] - Manufacturers are expanding their global footprint despite fluctuating trade environments, moving towards a model of "globalization + regionalization" to better meet local market demands [1] - TCL's factories in India and Vietnam are set to enhance local production capabilities, with the Vietnam factory expected to achieve mass production by September [1] Group 2: OLED Market Growth - OLED's penetration in the smartphone market is projected to reach 61.1% by 2025, while its penetration in the PC monitor segment is expected to grow to 1.9% [2] - The demand for OLED PC monitors is anticipated to reach 3 million units in 2025, representing a 49% year-on-year growth, and further increasing to 4.2 million units in 2026, with a 41% growth rate [2] Group 3: Product Innovations - TCL showcased its APEX technology brand and a full range of printed OLED products, covering sizes from 6.5 inches to 65 inches, including various display products [3] - BOE presented over 30 new products supported by its display technology brands, aiming for an OLED shipment target of 170 million units by 2025 [3] - Visionox introduced its ViP AMOLED technology, which boasts improvements in lifespan, brightness, and resolution for devices like smartwatches and laptops [3] Group 4: Market Dynamics - The demand for OLED in mid-size applications, such as laptops and automotive displays, is seen as a significant growth opportunity, with expectations of rapid growth in the next three to five years [4] - TCL is focusing on both mature evaporation OLED technology for high-end devices and printed OLED technology for mainstream mid-size products, with a projected 20% cost advantage for printed OLED [5] - The global panel industry experienced a demand recovery in Q1, but a potential phase of adjustment is anticipated in Q2 due to regional demand fluctuations and preemptive customer purchases [6][7] Group 5: Supply Chain and Production Strategies - The LCD TV panel market is currently balanced, with a supply-demand ratio of 5.7% in Q2, but price adjustments are expected due to external cost pressures [7] - TCL's acquisition of LGD's Guangzhou LCD production line aims to enhance cost efficiency and product diversification, with plans to introduce IT products alongside TV and commercial display products [7] - The industry may see further consolidation in LCD capacity, which could help mitigate market volatility, although the long-term market fundamentals remain crucial [7]

Core Viewpoint - The global panel market in Q1 2025 experienced complex and dynamic price trends influenced by multiple factors, with television panels showing initial strength but weakening by the end of the quarter, while monitor panels saw a price increase towards the end of the quarter, and notebook panels remained stable throughout [1][19]. Television Panel Price Trends - In January 2025, television panel prices rose due to strong demand driven by China's "trade-in" policy, particularly for large-sized panels, with price increases of $1 for 32-inch and 43-inch panels, $1 for 55-inch, $2 for 65-inch, $3 for 75-inch, and $4 for 85-inch panels [2][3]. - The demand for large-sized panels caused a squeeze on the production capacity of smaller-sized panels, indirectly pushing up their prices [3]. - By March, the market began to cool, with North American demand weakening post-Super Bowl promotions and Chinese policy effects diminishing, leading to a cautious outlook from brand clients due to high inventory levels [3][10]. Monitor Panel Price Trends - Monitor panel prices remained stable in January, with demand holding steady compared to Q4 2024, but began to rise in March as television panel price increases created opportunities for monitor panels [4][6]. - In February, despite being a traditional off-season, monitor panel demand remained strong, leading to a slight price increase of $0 to $0.1 for Open Cell types, while module prices stayed flat [6]. - March marked a turning point with comprehensive price increases for monitor panels, although brand clients remained cautious about future demand and international trade relations [6][10]. Notebook Panel Price Trends - Notebook panel prices remained stable throughout Q1 2025, with no significant changes observed [7][9]. - Despite some brands increasing inventory levels due to international trade issues, most panel manufacturers and brand clients adopted a cautious approach, focusing on maintaining market share and customer relationships [9][10]. Overall Market Dynamics - The price fluctuations in the panel market were influenced by demand-side drivers and constraints, with initial boosts from policies like "trade-in" in China, but diminishing effects over time [10]. - Supply-side strategies and unexpected events, such as the earthquake in Taiwan affecting production, also played a role in market dynamics [10]. - External uncertainties, particularly international trade relations, significantly impacted brand clients' inventory strategies and supply chain management [10][19]. Company Performance - In Q1 2025, several panel companies reported strong earnings, with notable revenue growth from major players like Samsung Display, BOE, and TCL Huaxing, while LG Display, AU Optronics, and others successfully turned losses into profits [11][12][14]. - TCL Huaxing's acquisition of LG Display's Guangzhou LCD line is expected to enhance its market position further [14]. - The performance of leading companies indicates strong resilience and growth potential in a competitive market, despite ongoing challenges faced by some firms [14][19].

Group 1 - The automotive display sector is a significant revenue growth point for panel companies, leading them to integrate more features into automotive displays due to intensified competition in the automotive industry [1][3] - At the SID 2025 event, various new automotive display technologies were showcased, including a 12.3-inch hidden display from Deep Tianma and a 14.3-inch Micro LED projection head-up display from TCL Technology [3][4] - BOE presented a 55-inch OLED transparent sunroof with a 46% light transmittance and an OLED screen in the smart steering wheel that integrates multiple safety features [4][5] Group 2 - In the past year and the first quarter of this year, automotive displays have been a key performance driver for Chinese panel companies, with Deep Tianma's automotive business revenue growing over 30% year-on-year in Q1 2025 [5][6] - Sigmaintell forecasts that global automotive display panel shipments will continue to grow rapidly, with a projected year-on-year increase of 5.4% to 250 million units in 2025 [5][6] - The automotive display market is shifting towards larger and higher-end displays, with Omdia predicting a compound annual growth rate of 3.05% for automotive display module shipments over the next three years [5][6] Group 3 - Companies are focusing on developing new display technologies such as Micro LED for automotive applications, with Deep Tianma's Xiamen Micro LED production line targeting automotive displays as a key application area [6] - The competitive automotive market is driving companies to establish strategic partnerships with leading automotive manufacturers while being cautious about collaborations with emerging automotive startups [6]

【WitsView整理】 当地时间5月13日，SID Display Week 2025于在美国加利福尼亚州圣何塞（San Jose）举办。其作为全球显示行业最有影响力的展会之一，吸引了全球顶尖显示企业参与并展示最 新显示技术及成果。WitsView整理了与会的面板大厂相关产品动态，具体内容如下： 京东方 在本次展会上，京东方带来了LCD、OLED、Mini LED以及车载显示产品。 在LCD显示领域，京东方全球首发75英寸4K UB Cell 4.0电视，具备超高色域、全视角无色偏特 性，搭配1400:1的超高环境光对比度与超低面板反射率，集成光感、温感、雷达、摄像头等多元智 慧显示功能。 图片来源：京东方 在柔性OLED显示领域，京东方带来多款兼顾低功耗与绝佳显示的产品，展出全球首款搭载 TADF+Tandem COE技术的OLED智能终端显示解决方案，突破传统显示技术在色域、功耗和寿命 方面的限制。 图片来源：京东方 在MLED显示领域，在Mini LED 显示领域，京东方展出27英寸超快响应 HDR Mini LED电竞显示 器，其300Hz高刷新率屏幕可有效解决高速画面模糊问题。同时，该显示器以23 ...

Core Points - The A-share market showed mixed results with the China Securities Strategic Emerging Industries Index declining by 0.86% to 1373.7 points, with a trading volume of 17.892 billion yuan [1] - Over the past month, the index has increased by 5.09%, but it has decreased by 5.50% over the last three months and is down 0.87% year-to-date [1] - The index, customized by China Chengtong Holdings Group, includes 50 state-owned enterprises with growth potential from the strategic emerging industries sector, reflecting the overall performance of representative state-owned listed companies [1] Index Composition - The top ten weighted stocks in the index are: - Northern Huachuang (11.36%) - BOE Technology Group (9.49%) - Aluminum Corporation of China (8.64%) - Shengyi Technology (5.26%) - Goldwind Technology (4.26%) - China Power (4.1%) - Jingfang Technology (3.12%) - Jinghe Integration (2.78%) - Shenghe Resources (2.76%) - Changxin Technology (2.44%) [1] - The market share of the index's holdings is as follows: - Shenzhen Stock Exchange: 51.68% - Shanghai Stock Exchange: 47.54% - Beijing Stock Exchange: 0.78% [1] Industry Breakdown - The industry composition of the index holdings is as follows: - Information Technology: 45.76% - Industrial: 29.36% - Materials: 16.42% - Communication Services: 4.10% - Utilities: 2.11% - Consumer Staples: 1.79% - Healthcare: 0.47% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]