LCD行业月报：10月LCD TV面板出货面积同比增长，11月TV面价格环比持平

Investment Rating - The report maintains an "Outperform" rating for the LCD industry [2] Core Viewpoints - The LCD industry is experiencing a stabilization in capacity, with potential for further concentration of market share due to the shutdown and sale of overseas production lines. This could lead to better price control for LCD TV panels and a gradual shift from cyclical to growth attributes, enhancing profitability stability for LCD panel companies [8] Summary by Sections Market Review - As of November 2024, the panel index has decreased by 3.69%, underperforming major indices such as the Shanghai Composite and Shenzhen Component by 7.47 percentage points and 5.58 percentage points respectively. Notable stock performances include Deep Tianma A and Longteng Optoelectronics, which increased by 1.42% and 18.18%, while BOE A, TCL Technology, and Rainbow Optoelectronics saw declines of 7.71%, 11.13%, and 6.82% respectively [4][12] - The total market capitalization of the A-share panel industry is 567.89 billion yuan, with an overall price-to-book ratio of 1.61x, positioned at the 59.1 percentile over the past five years [13] Price & Cost - In November 2024, the prices for various sizes of LCD TV panels remained stable compared to October, with prices for 32, 43, 50, 55, and 65-inch panels at $36, $62, $101, $126, and $172 respectively. Projections for December indicate prices will remain unchanged [5][19] Supply & Demand - In October 2024, global shipments of large-size LCD panels increased by 5.49% year-on-year, with TV and tablet shipments growing by 7.04% and 16.63% respectively. However, monitor and notebook shipments declined by 2.94% and 2.72% [7][34] - The report forecasts a 2.31% increase in global large-size LCD capacity in 2024 compared to 2023, with a modest growth of 0.21% expected in 2025 [28][33] Performance Review - The global revenue for large-size LCD panels in October 2024 was $5.268 billion, reflecting a year-on-year increase of 5.04% but a month-on-month decline of 16.38%. Cumulatively, from January to October 2024, the revenue reached $60.012 billion, marking a 22.27% increase year-on-year [56] Investment Recommendations - The report recommends focusing on leading domestic panel manufacturers such as BOE A, which are well-positioned to benefit from the domestic consumption upgrade and localization trends. Other recommended companies include Zhaochi Co., Kangguan Technology, and Shiyuan Co. [9]