2024年中国显示面板行业系列报告（三）：柔性OLED面板——面板业成长动能（摘要版）

Investment Rating - The report does not explicitly state an investment rating for the flexible OLED panel industry Core Insights - The flexible OLED panel market is experiencing significant growth, with Chinese manufacturers expected to capture over 50% market share in small-sized OLED panels for the first time, surpassing South Korean competitors [3][20][28] - The report highlights the importance of key materials such as CPI and UTG in the production of foldable screens, which are crucial for performance and cost [3][4] - Innovations in technology, such as LTPO and ultra-thin glass, are enabling Chinese smartphone brands to design new foldable models, increasing demand for domestic OLED panels [3][26] Summary by Sections Upstream Materials - The upstream segment includes the supply of flexible substrates, organic materials, and inorganic semiconductor materials, with a high technical barrier for key materials like CPI and UTG [4][5] - The domestic production rate for these materials remains low, indicating potential for growth in local manufacturing capabilities [5] Midstream Production - Major players in the flexible OLED panel production include Samsung Display, LGD, and Chinese manufacturers like BOE and Tianma, with Samsung maintaining a dominant position [13][15] - The report notes that flexible OLED panels have a gross margin of around 50%, significantly higher than rigid OLED panels, which have a margin of about 30% [9][10] - Chinese manufacturers are ramping up production capacity, with BOE and others expected to increase their output significantly by 2027 [17][18] Downstream Demand - The global shipment of flexible OLED panels is projected to grow rapidly, with shipments expected to reach 430 million equivalent flat smartphone panels in 2023, up from 140 million in 2019, reflecting a compound annual growth rate of 32% [28][29] - The demand for flexible OLED panels is driven by the increasing penetration of these panels in smartphones, particularly in mid to high-end models [29] - The report anticipates that the introduction of OLED panels in Apple's iPad Pro in 2024 will further accelerate market penetration in the mid-size segment [29]