Core Viewpoint - The company, Lian De 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 bid price of 201 million yuan [1] Group 1 - The announcement was made by Lian De Equipment regarding the bidding results published by Bili Internet [1] - The project involves the production of AMOLED technology, which is significant in the display industry [1] - The bid price of 201 million yuan indicates the company's competitive positioning in the market [1]

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]

Core Viewpoint - LianDe Equipment (300545) has been announced as the first candidate for the bidding of BOE's 8.6-generation AMOLED production line project, with a bid price of 201 million yuan [1] Group 1 - The project involves the procurement of equipment including D-Lami automatic laminating machines, A-Lami automatic laminating machines, polarizer attaching machines, and RFA coating machines [1]

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].

Core Insights - The perovskite battery concept has seen a significant increase of 5.67%, ranking fourth among concept sectors, with 54 stocks rising, including notable gainers like Xian Dao Intelligent and Li Yuan Heng, which hit the 20% limit up [1][2] Market Performance - The perovskite battery sector attracted a net inflow of 4.305 billion yuan, with 43 stocks receiving net inflows, and 8 stocks exceeding 100 million yuan in net inflows. Leading the inflow was Xian Dao Intelligent with 1.968 billion yuan [2][3] - Other notable stocks with significant net inflows include Longi Green Energy (0.408 billion yuan), Tongwei Co. (0.356 billion yuan), and Huagong Technology (0.353 billion yuan) [2] Stock Performance - Top performers in the perovskite battery sector included: - Xian Dao Intelligent: +20.01% with a turnover rate of 19.94% and a net inflow of 1.968 billion yuan [3] - Li Yuan Heng: +20.00% with a net inflow rate of 8.64% [4] - Mingyang Smart Energy: +9.97% with a net inflow rate of 18.04% [5] - Stocks with the highest net inflow ratios included Xizi Clean Energy (22.02%), Mingyang Smart Energy (18.04%), and Yaopi Glass (15.13%) [3][5] Decliners - The stocks with the largest declines included China Nuclear Power (-0.46%), Huangshi Group (-0.26%), and Lushan New Materials (-0.08%) [1][6]

Core Viewpoint - The rise of Chinese panel manufacturers and TV brands is intensifying competition for overseas companies, impacting their market share and profitability [2]. Group 1: Profitability of Major Companies - Samsung's VD/DA business reported an operating profit margin of 1.4% in Q2 2025, down 0.7 percentage points quarter-on-quarter and 2.0 percentage points year-on-year. The company plans to improve profitability by capitalizing on peak season demand and developing high-end TVs [4]. - LG Electronics' MS business experienced an operating profit margin of -4.4% in Q2 2025, a decline of 4.5 percentage points quarter-on-quarter and 6.9 percentage points year-on-year, facing challenges from Chinese TV brands. LG aims to enhance its WebOS platform and expand its influence in the Southern Hemisphere [4]. - Hisense's TV business is performing well, with continuous growth in shipment volume and market share, maintaining an operating profit margin around 5% in recent quarters [4]. Group 2: Panel Manufacturers' Performance - Samsung Display's (SDC) operating profit margin was 7.8% in Q2 2025, although it has decreased both quarter-on-quarter (by 0.7 percentage points) and year-on-year (by 5.4 percentage points) [7]. - AUO reported an operating profit margin of 2.2% in Q2 2025, remaining positive for two consecutive quarters, while Innolux (INX) had an operating profit margin of -1.4%, remaining negative for four consecutive quarters [7]. - BOE, as a leading domestic panel manufacturer, continues to maintain a positive operating profit margin in its TV panel business [7]. Group 3: Market Trends and Challenges - Domestic flexible AMOLED smartphone panel manufacturers are actively expanding capacity and increasing shipments, achieving a combined market share of over 50% by 2024, which is impacting SDC's profitability [10]. - SDC's quarterly profitability is subject to significant seasonal fluctuations, with operating profit margins decreasing from 12.4% in H1 2023 to 10.4% in H1 2024, and further down to 8.1% in H1 2025 [10]. - AUO's profitability has outperformed INX in recent quarters, attributed to a lower proportion of traditional display business, which has a lower gross margin compared to commercial and automotive displays [10]. Group 4: Strategic Developments - Innolux is actively developing Micro-LED and FOPLP businesses, although these new ventures are unlikely to generate profits in the short term. The company announced the acquisition of Japan's Pioneer in June 2025 to strengthen its automotive display business, which may improve profitability post-acquisition [11].