机构：OLED在手机、IT类产品渗透率有望进一步提升

Core Insights - The release of high-end equipment for 8.6-generation large-size OLED production lines in Chengdu marks a significant breakthrough in China's display equipment sector [1] Industry Summary - Dongguan Securities anticipates that with decreasing costs and terminal demonstration effects, the penetration rate of OLED in mobile phones and IT products is expected to increase further [1] - Chinese manufacturers are continuously increasing their global market share in OLED panels, driven by technological breakthroughs, capacity releases, and active procurement by domestic smartphone manufacturers [1] - BOE and other companies are actively advancing the construction of 8.6-generation OLED factories and expanding into the mid-size OLED sector, which is expected to enhance their global market share [1] Market Performance - According to Minsheng Securities, global OLED panel shipments are projected to grow by 5% quarter-on-quarter in Q2 2025, while smartphone panel shipments are expected to increase by 2% quarter-on-quarter but decrease by 2% year-on-year [1] - In contrast, OLED panel shipments for laptops and monitors have achieved double-digit year-on-year growth, with laptop OLED panel shipments increasing by 110% quarter-on-quarter and 95% year-on-year, marking the fastest growth [1] - Monitor shipments grew by 44% quarter-on-quarter and 66% year-on-year, attributed to increased adoption of OLED in gaming and productivity models, along with the impact of the U.S. reciprocal tariff policy [1] - The high tariffs imposed by the U.S. on Chinese laptops, monitors, and components have significantly raised costs, narrowing the price gap between LCD and OLED products, thereby enhancing the price competitiveness of OLED products [1]