2024年中国显示面板行业系列报告（一）：产业链篇-关键材料亟待突破，国产化趋势不改

Industry Investment Rating - The report does not explicitly provide an investment rating for the display panel industry [1] Core Viewpoints - The report focuses on the Chinese display panel industry, particularly the upstream supply chain and key materials, highlighting the challenges and opportunities in domestic production and technological breakthroughs [1][2] - LCD panels dominate the market due to lower costs, while OLED panels face technical and material challenges, limiting their widespread adoption [5][6] - The upstream supply chain, including materials and equipment, is highly profitable, with foreign companies dominating key areas such as OLED organic materials and manufacturing equipment [9][20][26] Display Panel Classification - Display panels are categorized into non-self-emissive (mainly LCD) and self-emissive (OLED, Micro LED, etc) [5][6] - LCD panels, including TFT-LCD, QLED, and Mini LED, are mainstream due to their cost-effectiveness, despite being thicker and having limited viewing angles compared to OLED [6][7] - OLED panels offer advantages like high contrast, wide viewing angles, and flexibility but face challenges such as short blue light lifespan and complex production processes [6][7] LCD Cost Structure - LCD cost structure: color filters (20%), backlight modules (15%), polarizers (10%), and glass substrates (10%) account for 55% of total costs [2] - Raw materials make up 70% of LCD costs, with larger panel sizes increasing the cost of color filters and polarizers [2] - Companies with well-established upstream supply chains, such as AU Optronics, have higher gross margins due to better cost control [2] OLED Cost Structure - OLED cost structure: equipment (35%) and organic materials (23%) account for nearly 60% of total costs [3] - OLED equipment and organic materials are highly technical and dominated by Japanese, Korean, and American companies [3][20] - OLED organic materials, particularly terminal materials, have high technical barriers and are critical for panel performance and lifespan [3][20] Display Panel Industry Supply Chain - The display panel industry has a long supply chain, with upstream materials and equipment being highly profitable, while midstream panel manufacturing is highly competitive with lower margins [8][9] - Upstream materials like polarizers and glass substrates have high profit margins, with polarizers at around 40% and glass substrates at 50%-60% [10] - Foreign companies dominate the upstream supply chain, particularly in OLED organic materials and manufacturing equipment [20][26] Polarizers - Polarizers for OLED panels have higher technical barriers compared to LCD polarizers, with the market dominated by Japanese and Korean companies like Sumitomo Chemical and LG Chem [14][15] - Chinese companies like Sanritz and Shengbo have a small market share in TFT-LCD polarizers, indicating significant room for domestic growth [16] Electronic Glass - Electronic glass, including cover glass and display glass substrates, is dominated by foreign companies like Corning, with Chinese companies gradually entering the mid-to-high-end market [17][18][19] - Display glass substrates account for over 60% of the electronic glass market, while cover glass accounts for over 30% [18] OLED Organic Materials - OLED terminal materials are highly technical and dominated by Japanese, Korean, and American companies like Merck, UDC, and Doosan [20][21] - Chinese companies are mainly focused on upstream intermediates, with domestic OLED material localization rate at around 38% in 2023 [24] Manufacturing Equipment - Key OLED manufacturing equipment, such as TFT, evaporation, and encapsulation devices, is dominated by foreign companies, with limited domestic production [26][28] - Domestic equipment manufacturers have a presence in the module and testing stages but face challenges in core technology areas [28] Downstream Applications - LCD panels dominate large-size applications like TVs and commercial displays, while OLED is increasingly penetrating mid-range products in small-size applications like smartphones and wearables [11]