Zhong Guo Chan Ye Jing Ji Xin Xi Wang·2025-05-12 23:23Core Insights - The display industry in China is experiencing a recovery, with major panel manufacturers like BOE, TCL Huaxing, and Tianma showing improved profitability in 2024 and achieving record revenues in Q1 2025 [1][2] - The new display industry is transitioning from scale competition to value competition, with a projected annual output value exceeding 740 billion yuan in 2024, reflecting a nearly 16% year-on-year growth [1] Group 1: LCD TV Panel Performance - The LCD TV panel market has benefited from factors such as large sporting events, a trend towards larger sizes, and "old-for-new" policies, leading to improved performance for manufacturers like BOE, TCL Huaxing, and Rainbow [2] - BOE's financial report indicates strong profitability from its 10.5-generation lines in Hefei and Wuhan, with significant year-on-year growth in LCD business for Q1 2025 [2] - TCL Huaxing has expanded its production capacity for large-size panels, with 58% of its shipments being 65 inches or larger, and has strengthened its competitiveness through the acquisition of LGD's Guangzhou factory [2] Group 2: Global Market Trends - Global TV panel shipments and area are expected to grow in 2024, with a stable average utilization rate above 80% in Q1 2025, despite a potential cooling in demand due to changing international trade conditions [3] - The LCD panel supply is expected to stabilize in 2025, with China accounting for 88% of global 8th generation and above LCD capacity, indicating a higher industry concentration [3] Group 3: AMOLED Market Growth - The AMOLED market is expanding rapidly, with BOE achieving a shipment of nearly 140 million flexible OLED products in 2024, and TCL Huaxing also reporting significant growth in flexible OLED shipments [4] - Despite revenue growth in AMOLED business, profitability remains a challenge for several manufacturers, including BOE and Tianma, who are focusing on cost reduction and efficiency improvements [5] Group 4: Automotive Display Market - The automotive display panel market is experiencing strong growth, with global shipments reaching 200 million units in 2024, driven by the rise of smart vehicles and the electric vehicle market [6] - Tianma's automotive display revenue grew over 40% in 2024, while BOE's automotive business revenue surpassed 10 billion yuan [6] Group 5: Upstream Material Companies - The new display industry is shifting towards value competition, with upstream material companies like Sijinjing and Shenfang Textile achieving solid growth in 2024 [8] - Sijinjing maintained a 33% share of the global large-size polarizer market, while Rainbow's glass substrate revenue grew by 21.87% [9] - The overall supply chain is improving, with local production rates increasing and a focus on collaborative innovation across the industry [10]