CINNO Research：4月手机面板需求短期回暖 长期成本重构在即

Core Viewpoint - The mobile display panel market is experiencing strong short-term demand driven by the "national subsidy" policy and mid-year promotional inventory needs, despite overall price stability and a divergence in prices among different technology types [1] Group 1: Market Dynamics - The recent fluctuations in US tariff policies have introduced significant uncertainty into the market, leading to widespread panic and a cautious outlook, which will continue to impact the global mobile industry and reshape the export landscape to the US [1] - Mobile panel manufacturers need to demonstrate higher market sensitivity and strategic flexibility to cope with potential cost increases and changes in market demand [1] Group 2: Technology-Specific Insights - a-Si: As of April, demand for a-Si brands has increased with the rise in project numbers, leading to full production capacity in major production lines. Prices for mobile products have been slightly raised in South China, while panel and module prices provided to brands have not increased [1] - LTPS: Demand for LTPS panels in mobile applications remains weak, but growth in demand for automotive panels has allowed LTPS production lines to maintain full capacity, keeping prices stable under a balanced supply-demand scenario [1] - AMOLED: Domestic manufacturers are rapidly shifting towards flexible AMOLED, resulting in a decline in demand for rigid AMOLED, with prices dropping by $0.5. However, demand for flexible AMOLED remains strong, and panel manufacturers are striving to maintain price stability despite requests for price reductions from terminal manufacturers [1] Group 3: Future Price Trends - CINNO Research predicts that the price trends for a-Si panel brands in April and May 2025 remain to be observed; LTPS panel prices are expected to remain stable in the short term; rigid AMOLED panel prices are anticipated to decrease by $0.5; flexible AMOLED panel prices are expected to remain stable in the short term [1]