家用电器行业点评报告：中国彩电全球化确定高，松下或出售彩电业务

Investment Rating - The report recommends Hisense Visual and suggests paying attention to TCL Electronics H [2] Core Viewpoints - Panasonic plans to sell its television business as part of a management reform strategy announced on February 4 [2] - Japanese brands have been declining in the global television market since the early 2000s, with South Korean companies like Samsung and LG taking the lead [2] - Chinese television brands, particularly Hisense and TCL, have significantly increased their global market share since 2016, with Hisense's share rising from 6% to 13.2% and TCL's from 6% to 13% from 2016 to 2023 [2] - The report highlights that the integration of the supply chain in China's television industry has become a significant advantage, allowing Chinese brands to continue their globalization efforts [2] Summary by Sections Market Dynamics - The report notes that from 2009 to 2012, policies such as "home appliance going to the countryside" and "old-for-new" programs led to a surge in flat-panel television sales in China, although profits were primarily captured by upstream panel manufacturers [2] - By 2016, China's panel production capacity surpassed that of Taiwan, and by 2017, it exceeded South Korea, closing the gap with Korean companies and widening the gap with Japanese brands [2] Competitive Landscape - TCL and Hisense have emerged as strong global competitors, with TCL's television sales ranking second in several countries, including the US, France, and Poland, and Hisense leading in Japan with a 25.4% market share [2][6] - The report indicates that the global LCD panel production capacity is dominated by China, accounting for 66.1%, while Taiwan and South Korea hold 21.7% and 12.2%, respectively [8] Future Outlook - The report argues that the technological shift strategy employed by South Korean companies is unlikely to succeed again, as the lifecycle of OLED technology does not align with that of televisions, and consumer demand for curved screens has diminished [2] - The anticipated global panel production capacity distribution indicates a strong position for Chinese manufacturers moving forward [7]