CINNO Research：淡季叠加成本高企 手机面板价格全线下行

Group 1 - The overall performance of the mobile phone market is expected to be weak in February 2026 due to the impact of the Spring Festival holiday and the traditional off-season [1] - Upstream memory prices continue to rise significantly, increasing the BOM costs for finished devices, leading terminal brands to lower shipment targets to control costs [1] - The mobile phone panel market remains sluggish, with all types of mobile phone panel prices facing varying degrees of downward pressure [1] Group 2 - In February, demand for a-Si panels has significantly shrunk, but leading manufacturers have maintained high production line utilization by increasing shipments to the South China market [2] - Despite the pressure from rising prices of raw materials like copper and silver, a-Si cell prices may start to loosen as the long-term downward trend in module prices becomes unsustainable [2] - For LTPS panels, although there is some demand support from non-mobile applications, overall demand is contracting due to rising memory prices, leading to slight price loosening for smartphone LTPS panels [2] Group 3 - Rigid AMOLED panel prices are beginning to soften as major manufacturers like Samsung Display lower prices to secure new projects [2] - Flexible AMOLED panels face greater challenges as terminal brands significantly reduce procurement volumes due to inventory adjustments and cost control, leading to intense price competition among panel manufacturers [2] - CINNO Research predicts that prices for a-Si modules and LTPS panels will continue to decline in February and March 2026, with flexible AMOLED panel prices also expected to remain on a downward trend [2]