京东方A：TV产品出货受国补、抢出口刺激需求前移，年内淡旺波动明显熨平

Core Viewpoint - BOE Technology Group (京东方A) anticipates growth in both shipment volume and area for LCD products in 2023, despite a temporary slowdown in large-size TV product trends due to increased demand for small-size TVs in emerging markets [1] Group 1: LCD Product Performance - TV product shipments are benefiting from national subsidies and export demand, leading to significant fluctuations in demand throughout the year [1] - IT product shipments are expected to grow rapidly due to replacement demand, while MNT product shipments are projected to remain flat year-on-year [1] - The industry is adopting a "demand-driven production" strategy, adjusting production line utilization rates based on market demand elasticity [1] Group 2: Market Trends and Projections - The average utilization rate in the industry improved in Q3, but is expected to drop below 80% in Q4 [1] - Price differentiation for LCD products is anticipated, with a slight price adjustment for TV products in Q4 while IT product prices are expected to remain stable [1] - Looking ahead to next year, the replacement cycle and AI integration are expected to drive IT product demand growth, while upcoming sports events like the World Cup are likely to boost TV product demand in Q1 [1]