电子行业跟踪报告：LCD竞争格局有望进一步优化，出货面积持续增长

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [25]. Core Insights - LG Display (LGD) has selected TCL Huaxing as the preferred bidder for its Guangzhou production line, which may lead to an increase in the market share of mainland Chinese panel manufacturers to over 72% if the acquisition is successful [2][10]. - The average size of LCD TV panels is expected to continue increasing, providing long-term growth momentum for the supply of LCD TV panels [20][22]. Summary by Sections 1. LGD's Potential Exit from LCD TV Supply - LGD is likely to exit the LCD TV panel market due to cost pressures and profit challenges, with an expected shipment of 13.2 million LCD TV panels in 2024, accounting for 5.7% of the global market [2][10]. - If the acquisition by TCL Huaxing is successful, the combined market share of mainland Chinese manufacturers could rise to 72% by 2025 [2][10]. 2. Short-term Price Pressure on LCD TV Panels - LCD TV panel prices have seen a decline, with specific price drops noted for various sizes, such as a 1.1% decrease for 65-inch panels [13][15]. - The "just-in-time production" strategy employed by mainland manufacturers is expected to stabilize prices by the end of Q3 2024 [13][15]. 3. Continuous Growth in LCD TV Shipment Area - The average size of global LCD TV panels increased to 49.6 inches in the first half of 2024, up 1.6 inches from the same period in 2023 [20]. - In the Chinese retail market, the average sizes for online and offline sales have risen to 66.3 and 66.9 inches, respectively, indicating a trend towards larger TV sizes [20]. 4. Investment Recommendations - The report suggests focusing on leading mainland Chinese panel manufacturers, as they are expected to enhance their bargaining power and profitability due to their control over the supply chain and ongoing production adjustments [22].