电子行业跟踪报告：液晶电视面板涨势收敛，显示器面板涨幅扩大

Investment Rating - The industry investment rating is "outperforming the market," indicating an expected increase of over 10% in the industry index relative to the broader market within the next six months [24]. Core Insights - In Q1 2025, brand manufacturers are actively stocking up, leading to increased inventory levels for TV panels, which may result in a moderation of price increases in Q2. However, under the production control and price stabilization strategies of mainland Chinese panel manufacturers, a smooth transition is anticipated [1][3]. - The supply-demand balance for MNT panels is expected to remain tight due to the capacity crowding effect from TV panels, with monthly price increases showing an upward trend [2][3]. Summary by Sections LCD TV Market - The price increase for large-sized LCD TV panels continued in March 2025, but the momentum has slowed compared to February. The forecast for April suggests further moderation in price increases due to inventory pressures from buyers [2][11]. - In Q2 2025, inventory pressures are expected to impact the LCD TV market, with brand manufacturers adjusting their procurement plans downward. The upcoming "618" promotional period may provide a short-term boost to demand [3][13]. MNT Panel Market - The domestic display market has shown significant growth, with online sales on major platforms increasing by 75% year-on-year in February. The upcoming "618" promotions are expected to enhance procurement momentum [3][18]. - Despite a 10% year-on-year increase in MNT panel production in March, channel inventory continues to decline slightly, indicating a tight supply-demand balance [3][18]. Taiwanese Panel Manufacturers - Taiwanese panel manufacturers reported revenue growth in January and February 2025, with notable increases from major companies such as AUO and Innolux. The overall revenue for these companies showed a positive trend, with most achieving year-on-year growth [4][19][21]. Investment Recommendations - With the LCD industry transition nearing completion, mainland Chinese panel manufacturers are expected to maintain a market share of nearly 70%. The demand for LCD panels is anticipated to stabilize, and the profitability of leading companies is expected to improve as they leverage their competitive advantages [8][22].