SQM(SH:688138) Zheng Quan Shi Bao Wang·2025-05-15 01:03Group 1: AMOLED Market Growth - The global AMOLED smartphone panel shipment is expected to exceed 840 million units in 2024, representing a nearly 25% year-on-year growth, and is projected to surpass 870 million units in 2025, indicating strong development momentum [1] - In the first half of 2024, Chinese display panel manufacturers are expected to capture 50.7% of the global smartphone AMOLED panel shipment share, surpassing South Korean companies for the first time [1] Group 2: Mid to Large-Sized AMOLED Applications - The application of mid to large-sized AMOLED panels is continuously breaking through, with a forecasted 116.5% year-on-year increase in shipments of AMOLED panels larger than 9 inches in 2024, followed by an additional growth of over 32% in 2025 [2] - Both China and South Korea are actively laying out 8.6-generation AMOLED production lines, with future developments expected to include large-sized OLED mask plates [2] Group 3: Domestic Mask Plate Development - As of 2023, the domestic production rate of high-precision mask plates for AMOLED/LTPS is only 12%, indicating significant room for domestic substitution [2] - The substantial market demand in China presents vast development opportunities for domestic mask plate manufacturers, although there remains a considerable gap in supply capabilities compared to international competitors [2] Group 4: Company Initiatives - Qingyi Optoelectronics has taken proactive steps in capacity layout, successfully completing a private placement to raise 1.2 billion yuan for the construction of high-precision mask plates and high-end semiconductor mask plate production base [3] - The company's Foshan production base has completed the installation of its first main equipment as of April 10, and is currently in the equipment installation and debugging phase [3] - With the successful production of advanced capacity, Qingyi Optoelectronics is expected to accelerate the filling of the domestic high-precision mask plate gap and gain a first-mover advantage in the wave of domestic substitution [3]