Summary of Perovskite Industry Conference Call Industry Overview - The perovskite industry is experiencing trends towards stacking and larger sizes, with tandem cell efficiency increasing to 26%-27% and single-junction cell area expanding to 2.82-2.88 square meters, achieving efficiencies close to 21% [2][3] - Flexible perovskite modules are being applied in consumer scenarios, expanding from traditional power plants to portable photovoltaics and the Internet of Things [2][4] Key Players and Their Strategies - Major companies such as GCL-Poly, Jiet Electric, CATL, and BOE are actively investing in perovskite production lines [2] - GCL-Poly plans to build a 500 MW production line by 2025, targeting a module efficiency of 27% and a price of approximately 2 RMB per watt [5] - Jiet Electric has a 300 MW large-format production line with single-junction module efficiency at 17.44% and tandem module efficiency at 26.8% [5] - CATL is focusing on upgrading existing production lines, while BOE has established a 300 MW large-format production line with a delivery efficiency of 17.6% [5] Equipment and Material Costs - The perovskite equipment procurement market is steadily progressing, with equipment valued at approximately 900-1,000 million RMB per GW [6] - FTO glass, due to its high-temperature resistance and cost advantages, accounts for the highest proportion of materials, with demand from glass and coating manufacturers increasing [6] Future Industry Expectations - 2026 is anticipated to be a pivotal year for the perovskite industry, with major manufacturers expanding production and new players entering the market [7] - Key factors to monitor include the efficiency of GCL-Poly's GW production line, the mass production stability of Jiet Electric, and the cost reduction of FTO glass [7] Cost Reduction Strategies - Enhancing cell efficiency and reducing manufacturing costs are crucial for lowering the cost per watt [8] - Current investment per GW is around 900 million RMB, with a target to reduce this to approximately 500 million RMB within 3-5 years [10] Technical Challenges - Key challenges in perovskite battery manufacturing include the deposition of the perovskite layer and the selection of suitable materials for the electron transport layer [11] - Improvements in core processes could lead to single-junction cell efficiencies rising from 19%-20% to 22%-23% [11] Advantages of Tandem Technology - Tandem technology is seen as the future of the photovoltaic industry, with efficiency limits significantly higher than single-junction cells, potentially reaching 44% [12] - The combination of perovskite and crystalline silicon is a primary solution, with the TOPCon route being favored for its cost-effectiveness [12] Key Catalysts for Industry Development - The progress of large enterprises like BOE and CATL in scaling production and the performance of domestic startups are critical for the industry's future [14] Notable Companies in Equipment and Materials - Key equipment suppliers include Jinshan Qingji and Jijiwei Chuang, while material suppliers like Jinjing Technology and Yaopi Glass are also significant players [15]

格隆汇9月9日丨京东方精电(00710.HK)公告，2025年9月9日，受托人根据股份奖励计划及信托契约的条 款和条件从市场购买合共20万股股份以备以上及未来股份奖励计划所需。购买股份占目前已发行股份总 数的0.025%，每股股份平均代价为5.52港元。 ...

智通财经APP讯，联得装备(300545.SZ)发布公告，近日，必联网发布了《京东方第8.6代AMOLED生产 线项目评标结果公示公告(1)》，公司为该项目第一中标候选人，中标价格2.01亿元。 ...

Core Viewpoint - The company, LianDe Equipment (300545.SZ), has been announced as the first candidate for the bidding of the BOE's 8.6-generation AMOLED production line project, with a winning bid of 201 million yuan [1] Group 1 - The announcement was made by LianDe Equipment regarding its successful bid for a significant project in the AMOLED production sector [1] - The project is part of BOE's ongoing expansion in the AMOLED display market, indicating a growing demand for advanced display technologies [1] - The bid amount of 201 million yuan reflects the competitive nature of the industry and the company's capability to secure large contracts [1]

人民财讯9月8日电，联得装备（300545）9月8日晚间公告，近日，必联网发布了《京东方第8.6代 AMOLED生产线项目评标结果公示公告(1)》，公司为该项目第一中标候选人，中标价格2.01亿元，中 标设备为自动贴合机(D-Lami)、自动贴合机(A-Lami)、偏光片贴片机、自动贴合机(A-Lami)、覆膜机 (RFA)。 ...

Core Insights - The report from Counterpoint Research highlights the rapid penetration of domestic OLED panels in the global market, driven by the maturity of the supply chain and cost advantages in mainland China [1] - OLED technology is gradually replacing traditional LCD technology, becoming a significant development direction in the global display industry [1] Market Performance - In Q2 2025, global OLED panel shipments are expected to increase by 5% quarter-on-quarter but decrease by 2% year-on-year [1] - The demand for high-end IT products is driving double-digit growth in monitors and laptops, while smartphone and TV demand remains stable but weak compared to the previous year [1][3] Vendor Market Share - Samsung Display (SDC) maintains the leading position with a market share of 37%, up 1 percentage point from the previous quarter [2] - BOE holds a 15% market share, ranking second, while Visionox's market share increased from 12% to 14%, ranking third [2] - LG Display's market share decreased from 11% to 9%, placing it fourth, while CSOT's market share remained at 9%, increasing by 1 percentage point [2] Growth Drivers - The shift in demand focus is evident, with IT applications becoming a new growth engine for OLED panels, supported by increased supply capacity and broader OEM adoption [3] - The gaming industry is identified as a key driver for the growth in OLED display demand, due to its advantages over LCD displays, such as high contrast and fast response times [3]

Group 1 - BOE, a mainland panel manufacturer, is set to supply OLED panels for Apple's iPhone 17, which was initially expected to be exclusively supplied by South Korean manufacturers [1] - UBI Research's vice president, Han Chang-wook, noted that BOE was not included in the previous iPhone 16 series but is anticipated to be part of the iPhone 17 lineup [1] - BOE has developed LTPO OLED technology and can meet Apple's requirements for narrow bezel panels [1] Group 2 - The LTPO OLED technology will expand to the standard version and iPhone 17 Air, while the iPhone 16 standard and Plus versions used LTPS OLED [1] - BOE previously supplied LTPS OLED for the iPhone standard series last year, and there is significant attention on its rapid advancement in LTPO technology [1] - BOE has completed the development of LTPO OLED panels and is currently undergoing quality assessments with Apple, having received approval for mass production [1] - UBI Research estimates that BOE's initial shipment volume will be approximately 5 million units [1]

Core Viewpoint - Huawei has officially launched the new Mate XTs foldable smartphone, priced at 17,999 yuan, which is 2,000 yuan lower than its predecessor, marking a significant development in the foldable smartphone market [2] Group 1: Product Features - The new Mate XTs features a new hinge system called "Tiangong Hinge," which reduces the thickness of the outer fold axis by 23% and the inner fold axis by 16% compared to single-sided foldable phones [2] - The device has a lightweight metal frame design and introduces eSIM functionality, eliminating the need for a physical SIM card slot. Its thickness is only 3.6mm when unfolded, making it 15% thinner than Samsung's Galaxy Z Fold 7 [3] - The screen is the largest foldable display in the industry, utilizing 30μm ultra-thin UTG glass, which enhances impact resistance by 30% through the use of non-Newtonian fluid materials [3] Group 2: Market Performance - Huawei has achieved a historical milestone by becoming the first Chinese brand to exceed 10 million cumulative shipments of foldable smartphones, with a market share of 75% in the foldable smartphone segment [4] - According to IDC data, the foldable smartphone market in China is expected to reach 4.98 million units in the first half of 2025, reflecting a year-on-year growth of 12.6% [4] Group 3: Supply Chain Insights - The hinge system's value is approximately 1,000 yuan, with suppliers including Kosen Technology, Jingyan Technology, and Yian Technology [2] - The metal frame's value is estimated to be between 800-1,000 yuan, with the supplier being AAC Technologies, which also provides speaker and motor components [3] - The display suppliers include BOE and Visionox, while the UTG flexible glass is sourced from Kaisheng Technology and Changxin Technology, indicating an increase in material costs due to upgrades [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 101.278 billion yuan for the first half of 2025, representing a year-on-year growth of 8.45%. The net profit attributable to shareholders was 3.247 billion yuan, up 42.15% year-on-year, while the net profit excluding non-recurring items was 2.282 billion yuan, an increase of 41.45% year-on-year [2][6] - In the large-size LCD panel sector, the company continues to hold the industry-leading position with a shipment of approximately 33 million units, a significant year-on-year increase of 17.3%, which is well above the industry average. The market share reached 27.4%, up 3.6 percentage points year-on-year [2][12] Summary by Sections Financial Performance - The company's display device business generated revenue of 84.332 billion yuan, a year-on-year increase of 8.10%, with a gross margin of 12.40%, down 0.30 percentage points year-on-year. The IoT innovation business revenue was 18.191 billion yuan, up 6.03%, with a gross margin of 11.09%, an increase of 0.75 percentage points year-on-year. The MLED business revenue was 4.347 billion yuan, a year-on-year growth of 7.76% [12] - The total depreciation has peaked, with only the Chengdu 8.6 generation line remaining significant capital expenditure. It is expected that total depreciation will begin to decline significantly by 2028 [12] Market Position - The global shipment of large-size LCD panels in the first half of 2025 was 120.5 million units, a year-on-year increase of 1.8%. The shipment area was 88.8 million square meters, up 1.9% year-on-year. The company's shipments accounted for 70.6% of the market share, an increase of 4.6 percentage points year-on-year, primarily due to TCL Huaxing's acquisition of LG's Guangzhou line, which further concentrated the industry [12] Research and Development - The company has increased its R&D investment, spending over 6 billion yuan in the first half of the year, with more than 4,000 new patent applications, over 90% of which are invention patents. The company is actively embracing AI technology, integrating it deeply into production and operations [12]

Core Viewpoint - The Global Product Technology Innovation Awards recognized BOE's UB Cell 4.0 high-end TV display technology solution, which won the gold award for its intelligent eye-care technology, showcasing the company's commitment to innovation and technology leadership in the display industry [1]. Group 1: Product Innovation - The UB Cell 4.0 utilizes new circular polarized light eye-care technology, simulating natural light to reduce eye strain while enhancing color reproduction to 95% of the BT2020 color gamut, providing a vibrant viewing experience [2]. - The technology achieves an ultra-low reflection rate of only 0.7% and an ambient contrast ratio (ACR) exceeding 1400, setting a new industry standard for comfort and glare reduction [2]. - The TV features a Mini LED backlight, a high refresh rate of 165Hz, and a motion picture response time (MPRT) of approximately 2ms, ensuring clear and smooth dynamic images while minimizing dizziness [2]. Group 2: Smart Features and Energy Efficiency - The UB Cell 4.0 includes an AI digital assistant that understands user intent and can manage smart home devices, enhancing user interaction and convenience [3]. - The display technology allows for customizable refresh rates and can reduce power consumption by up to 50% depending on the application scenario, demonstrating a commitment to energy efficiency [3]. - Integrated sensors and radar systems enable the TV to adjust settings based on environmental conditions, promoting intelligent energy management [3]. Group 3: Research and Development Commitment - The company invests approximately 7% of its revenue annually in R&D, with 1.5% specifically allocated to foundational and cutting-edge technology research [5]. - As of 2024, BOE has filed over 100,000 patents, with more than 90% being invention patents and over 33% filed overseas, indicating a strong focus on innovation [5]. - BOE ranks 12th globally in patent grants and has consistently been in the top 20 for seven consecutive years, reflecting its significant contributions to technology [5]. Group 4: Industry Leadership and Standards - BOE is actively involved in the development and revision of 429 domestic and international technical standards, transitioning from a technology innovator to a standard setter in the display industry [6]. - The UB Cell series has received multiple prestigious awards, including the IFA Technology Gold Award and CES Innovation Gold Award, validating its technological advancements and market acceptance [5]. - The UB Cell 4.0 sets new benchmarks in eye-care, image quality, and smart interaction, potentially establishing future industry standards for high-end televisions [5].