电竞市场增长，三季度面板价格有望企稳

Core Insights - The global esports market is experiencing a recovery in the first half of 2025, leading to increased demand for monitors and gaming laptops, which in turn boosts the panel industry [2][4] - Major panel manufacturers are focusing on esports and high-end displays, with TCL's CEO highlighting a significant growth in the retail market for esports monitors and gaming laptops [2][4] - The esports monitor retail market is expected to grow by 34% year-on-year, while the gaming laptop market is projected to grow by 15% in the first half of the year [2][4] Market Trends - In Q1 2024, China's esports monitor shipments reached 2.58 million units, a 56% year-on-year increase, with high-end 4K monitors seeing a 71.5% increase [4] - The global esports monitor market is projected to reach approximately $11.35 billion by 2025, with a compound annual growth rate (CAGR) of about 6.6% until 2035 [5] Panel Industry Dynamics - Despite the recovery in esports demand, the overall panel industry is undergoing structural adjustments, with a temporary decline in panel prices due to seasonal factors [7] - The third quarter is expected to see a rebound in demand, driven by traditional sales peaks and government policies, with a projected 3-4% increase in TV panel shipments compared to Q2 [7] - The industry is witnessing a healthy inventory level, which, along with recovering demand, is anticipated to stabilize panel prices [7] Technological Innovations - The trend towards larger sizes and technological innovations, such as Mini LED TVs, is expected to drive growth, with a projected 4.2% increase in global large-size panel shipment area by 2025 [8] - The introduction of high-refresh-rate OLED monitors by brands like ASUS and MSI indicates a strong consumer demand for high-end products [4] Supply Chain Strategy - The company emphasizes a dual approach to supply chain management, balancing domestic and global partnerships to enhance resilience [9] - The current domestic material localization rate exceeds 50%, with a strategy to strengthen both domestic and global supply chain capabilities [9]