Core Viewpoint - The PH2 project by Zhuhai BOE Crystal Core Technology Co., Ltd. aims to expand MLED COB packaging capacity, enhancing the company's manufacturing capabilities and market responsiveness in the high-end MLED display sector [2]. Summary by Sections Project Overview - The PH2 project has successfully moved its core processing equipment into the factory as of August 30 [1]. - The project is set to enter the equipment installation and debugging phase following the equipment's arrival [2]. Company Development - Zhuhai BOE Crystal Core Technology Co., Ltd. was officially registered in June 2024, with the project commencing construction in September 2024 [2]. - The project completed equipment relocation and began factory operations in December 2024 [2]. Production and Capacity - The COB products from the Zhuhai Crystal Core project were successfully lit up in January 2025, indicating readiness for larger-scale LED display production [2]. - The project has a total investment of approximately 1 billion yuan, with a factory area exceeding 40,000 square meters [2]. - The planned monthly production capacity for COB is expected to exceed 10,000 square meters, with over 95% automation throughout the production line [2].

Group 1 - Feng Liu's Gao Yi Lin Shan No.1 Fund entered the top ten circulating shareholders of 12 A-shares with a total holding value of approximately 15.445 billion [1] - The fund increased its positions in Angel Yeast, Songjing Co., and Tongrentang, while reducing holdings in Hikvision, Ruifeng New Materials, Zhongju High-tech, Guoci Materials, Dongcheng Pharmaceutical, and Titan Technology [1][5] - Deng Xiaofeng's Gao Yi Xiaofeng No.2 Fund entered the top ten circulating shareholders of 5 A-shares with a total holding value of approximately 6.768 billion, while the Xiaofeng Hongyuan Trust Plan entered 2 A-shares with a total holding value of approximately 3.754 billion [9] Group 2 - Feng Liu's investment philosophy includes three types: investing in well-known good companies, lesser-known good companies, and unknown good companies, each with varying levels of risk and return [6][7] - Deng Xiaofeng emphasizes assessing a company's capacity and space, profit margin based on business characteristics, and the importance of forward-looking investment strategies in rapidly changing industries [18] - The current market trend shows a migration of funds from low-yield deposits to capital markets, driven by the pursuit of higher potential returns [25][27]

Group 1 - TCL Technology reported a revenue of 85.56 billion yuan for the first half of 2025, a year-on-year increase of 6.65%, and a net profit of 1.883 billion yuan, up 89.26% [1] - In the semiconductor display sector, TCL Huaxing achieved a revenue of 50.43 billion yuan, growing 14.4% year-on-year, with a net profit of 4.32 billion yuan, an increase of 74% [1] - BOE, another major player in the panel industry, reported a revenue of 101.278 billion yuan for the same period, a year-on-year increase of 8.45%, and a net profit of 3.247 billion yuan, up 42.15% [1] Group 2 - The industry is experiencing a shift towards high profitability, high technology, and high added value, moving away from a focus on scale and market share [2] - TCL Technology completed the acquisition of 100% equity in LG Display (China) and LG Display (Guangzhou), indicating a trend of supply-side capacity concentration and industry optimization [2] - The LCD TV panel market faced significant fluctuations in supply and demand, with a notable drop in prices and a decrease in demand during the second quarter [2] Group 3 - TCL Technology's senior vice president expects a 3% to 4% quarter-on-quarter increase in TV panel shipments in the third quarter, driven by shopping season factors, with prices expected to stabilize [3] - The industry is looking for growth opportunities in new product categories, such as foldable screens, especially with potential entry from major players like Apple [3]

Group 1 - The A-share hard technology sector (electronics, communications, and computers) showed strong performance in the first half of 2025, with 972 listed companies achieving a total revenue of 37,980.35 billion yuan, a year-on-year increase of 11.84%, and a net profit of 2,366.18 billion yuan, up 16.04% [1] - Major companies such as China Mobile, Industrial Fulian, China Telecom, and China Unicom reported revenues exceeding 100 billion yuan, with China Mobile leading at 543.77 billion yuan, despite a slight decline of 0.54% [2][4] - The number of listed companies in the hard technology sector with revenues exceeding 10 billion yuan increased from 41 in 2024 to 49 in 2025, with new entrants including companies like Xiangnan Chip and Anke Innovation [5] Group 2 - Industrial Fulian achieved a revenue of 3,607.6 billion yuan, marking a significant year-on-year growth of 35.58%, and a net profit of 121.13 billion yuan, up 38.61% [4][10] - Companies like Huajin Technology and Xiangnan Chip saw substantial revenue growth, with Huajin Technology's revenue increasing by 113.06% to 839.39 billion yuan, moving up in the revenue rankings [5][10] - A total of 21 companies in the sector reported revenue growth exceeding 100%, with Cambrian-U leading at a staggering 4,347.82% increase [6][7] Group 3 - The top 50 companies by net profit collectively achieved a net profit of 2,038.21 billion yuan, accounting for 86.14% of the total, with China Mobile, China Telecom, and Industrial Fulian each reporting net profits exceeding 100 billion yuan [11][15] - The threshold for entering the top 20 companies by net profit increased, with the minimum requirement rising to 15.68 billion yuan in 2025, indicating enhanced profitability among leading firms [15]

Core Insights - Three companies, BOE, Samsung Display, and LG Display, are set to dominate Apple's iPhone screen orders, marking a shift from a duopoly to a triopoly in the OLED panel market [1][2] - UBI Research forecasts that the competition and order distribution among these three suppliers will significantly impact the global smartphone panel market [1] Group 1: Company Performance - BOE successfully supplied 43 million panels for the iPhone 16 standard model last year and is expected to provide around 5 million panels for the iPhone 17 Pro in 2025, bringing total shipments to 45-50 million [1] - Samsung Display shipped 63.8 million panels for the iPhone 16 series, contributing to a total of 124 million panels for all iPhone models, and is projected to maintain its position as the largest OLED panel supplier for the iPhone 17 series with an expected shipment of 78 million panels [2] - LG Display supplied 42 million panels for the iPhone 16 series, with total shipments reaching 67.42 million, and is expected to increase its supply to 45.6 million panels for the iPhone 17 series [2] Group 2: Market Dynamics - The overall iPhone panel shipment last year was over 230 million, with Samsung and LG splitting the remaining market share after BOE's contribution [1] - The competition among BOE, Samsung, and LG is anticipated to be a crucial factor in the future of the smartphone panel market, particularly in high-end LTPO panel production [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 5.76 CNY [6][4]. Core Insights - The company reported a revenue of 101.3 billion CNY for 1H25, representing an 8% year-over-year increase, with a net profit of 3.25 billion CNY, up 42% year-over-year [1]. - The LCD business is expected to improve in 3Q25 due to the upcoming consumer electronics peak season, which will enhance the supply-demand balance and potentially restore ASPs [2]. - The OLED business is also anticipated to see improvements in shipment structure and profitability in 3Q25, driven by new orders from major North American clients [3]. Summary by Sections Financial Performance - In 1H25, the company achieved a revenue of 1,013 million CNY, with a gross margin of 14.4% and a net profit of 32.5 million CNY [1]. - For 2Q25, the revenue was 507 million CNY, with a gross margin of 13.0%, reflecting a decline due to reduced demand for LCD panels [1]. LCD Business Outlook - The average price of large-size LCD panels decreased by 3.2% year-over-year in 2Q25, impacting the company's profitability [2]. - The report forecasts a recovery in the LCD business in 3Q25 as clients prepare for the consumer electronics peak season [2]. OLED Business Outlook - The OLED segment faced challenges in 1H25 due to a deteriorating shipment structure and price competition [3]. - Anticipated improvements in 3Q25 are linked to new orders from major clients and the expiration of depreciation pressure on production lines [3]. Valuation Metrics - The target price of 5.76 CNY is based on a price-to-book ratio of 1.52x for 2025, which is above the average of comparable companies [4]. - The current stock price corresponds to a 1.11x price-to-book ratio, indicating a historically low valuation level [4].

UBI Research预测，明年京东方、三星、LG显示仍将是苹果的核心面板供应商。UBI Research副总裁韩 相旭表示："未来三家公司间的技术竞争与订单分配，将成为全球智能手机面板市场的重要变量。" （《中国经营报》） 【#三家瓜分苹果iPhone屏幕订单#】8月29日消息，据市场调查公司UBI Research透露，京东方(BOE)去 年成功为iPhone 16标准型号供应面板，出货量为4300万片，预计2025年将包括约500万片iPhone 17 Pro 面板，总出货量达到4500万—5000万片。 记者注意到，苹果去年整体iPhone用面板出货量达2亿3000多万片，除去京东方供应部分，三星、LG显 示瓜分了剩余的iPhone面板份额。 ...

Core Viewpoint - BOE has successfully entered the iPhone panel supply chain, with significant shipments for the iPhone 16 and projections for the iPhone 17, indicating a shift in the competitive landscape of smartphone panels towards a three-way competition among BOE, Samsung, and LG Display [1][5][11]. Group 1: Market Share and Supply Chain Dynamics - BOE supplied 43 million panels for the iPhone 16, and is expected to supply 5 million panels for the iPhone 17 Pro, bringing total shipments to 45-50 million [1][5]. - Apple's overall iPhone panel shipments reached over 230 million last year, with Samsung and LG Display capturing the remaining market share after BOE [3][4]. - Samsung Display shipped 63.8 million panels for the iPhone 16 series, maintaining its position as the largest OLED panel supplier for Apple [3][4]. - LG Display shipped 42 million panels for the iPhone 16 series, with expectations to increase shipments for the iPhone 17 series [4][5]. Group 2: Competitive Landscape and Technology - The competition among BOE, Samsung, and LG Display is intensifying, with a focus on technology and order distribution becoming critical variables in the global smartphone panel market [3][5]. - The entry of BOE into the high-end iPhone 17 Pro panel supply chain marks a significant achievement, reflecting its advancements in technology and production capabilities [5][6]. - The ongoing patent disputes between BOE and Samsung highlight the competitive tensions in the OLED market, with both companies engaging in legal battles over intellectual property [7][9]. Group 3: Future Projections and Industry Trends - UBI Research predicts that BOE, Samsung, and LG Display will continue to be Apple's core panel suppliers, with Samsung expected to supply around 10 million panels for foldable iPhones [5][10]. - The global AMOLED smartphone panel shipment is projected to reach 420 million units in the first half of 2025, with Chinese manufacturers, including BOE, capturing a 51.7% market share [10][11]. - The trend indicates a shift in the OLED panel market towards Chinese manufacturers, with BOE expected to become the largest supplier of LCD panels for Apple's MacBook by 2025 [11][12].

Core Insights - BOE successfully supplied 43 million panels for the iPhone 16 standard model last year and is expected to supply around 5 million panels for the iPhone 17 Pro in 2025, bringing total shipments to 45-50 million [2] - Apple’s total iPhone panel shipments exceeded 230 million last year, with Samsung and LG Display capturing the remaining market share after BOE [2] - UBI Research predicts that BOE, Samsung, and LG Display will remain the core panel suppliers for Apple, with competition among these three companies becoming a significant variable in the global smartphone panel market [2][3] Company Performance - Samsung Display shipped 63.8 million panels for the iPhone 16 series, with total iPhone panel shipments reaching 124 million. It is expected to ship 78 million panels for the iPhone 17 series this year [3] - LG Display shipped 42 million panels for the iPhone 16 series, with total shipments of 67.42 million. Projections indicate an increase to 45.6 million and 75.1 million for the iPhone 17 series [3] - BOE's entry into the iPhone 17 Pro panel supply chain marks a significant milestone, as it has been increasing its shipment volume and market share since it began supplying panels for the iPhone 12 [4] Market Dynamics - The competition for iPhone panel orders has intensified, transitioning from a two-player market (Samsung and LG) to a three-player market with the inclusion of BOE [2][4] - The ongoing patent disputes between BOE and Samsung highlight the competitive landscape, with both companies engaging in legal battles over OLED technology [6][7] - If the ITC's preliminary ruling against BOE is upheld, it could significantly impact both BOE and Apple, forcing Apple to shift its supply chain [7] Future Outlook - UBI Research forecasts that by the first half of 2025, BOE will supply approximately 22.7% of OLED panels for iPhones, slightly surpassing LG Display's 21.3% [7] - The global AMOLED smartphone panel shipment is projected to reach 420 million units in the first half of 2025, with Chinese manufacturers, including BOE, accounting for 51.7% of the market share [7] - Despite fierce competition, there remains potential for collaboration, as BOE and Samsung are reportedly discussing partnerships for high-end display panels [8]

Core Viewpoint - TCL Technology reported a strong performance in the first half of 2025, with revenue and net profit showing significant growth, indicating a positive trend in the semiconductor display sector and overall industry recovery [3][5]. Financial Performance - TCL Technology's revenue for the first half of 2025 reached 85.56 billion yuan, a year-on-year increase of 6.65%, while net profit was 1.883 billion yuan, up 89.26% [3]. - TCL Huaxing, a subsidiary, generated revenue of 50.43 billion yuan, marking a 14.4% increase, and net profit of 4.32 billion yuan, up 74% [3]. - BOE Technology, another major player, reported revenue of 101.278 billion yuan, a growth of 8.45%, and net profit of 3.247 billion yuan, increasing by 42.15% [5]. Industry Trends - The display industry is undergoing a transformation, with TCL Technology completing acquisitions of LG Display's subsidiaries, indicating a consolidation of supply capacity and an optimization of industry structure [6]. - The industry is shifting from a focus on scale and market share to prioritizing high profitability, advanced technology, and added value [6]. - Factors benefiting the panel industry include government subsidies stimulating consumer electronics demand, although the LCD TV panel market experienced fluctuations in supply and pricing [6][7]. Market Dynamics - The second quarter of 2025 saw a decline in LCD TV panel shipments, with 57.4 million units shipped, the lowest quarterly level since 2019, reflecting a contraction in the television market [7]. - TCL Technology anticipates a 3% to 4% increase in TV panel shipments in the third quarter due to seasonal shopping trends, with prices expected to stabilize [7]. - The industry is exploring growth opportunities in new product categories, such as foldable screens, particularly with expectations of major players like Apple entering the market [7].