BOE(SZ:000725) WitsView睿智显示·2025-02-26 11:14Core Viewpoint - The global smartphone panel shipment is expected to grow by 11.4% in 2024, reaching 2.157 billion units, driven by the increase in new smartphone sales and demand for second-hand and refurbished devices. However, a decline of 3.2% is anticipated in 2025, with shipments expected to drop to 2.093 billion units due to stabilizing new device demand and a slight decrease in the second-hand market [1]. Group 1: Company Performance - BOE (京东方) remains the leading global smartphone panel supplier, with shipments projected at 613 million units in 2024 and expected to reach 630 million units in 2025, reflecting a growth of 2.7% [2]. - Samsung Display (三星显示) is forecasted to ship 378 million units in 2024, benefiting from Apple's demand for high-end AMOLED panels. However, shipments are expected to decline to 365 million units in 2025, a decrease of 3.5% due to potential changes in Apple's supplier strategy [3]. - HKC (惠科) is projected to ship 228 million units in 2024, with a slight increase to 230 million units in 2025, growing at a rate of 0.7% [4]. - CSOT (华星光电) is expected to see significant growth, with shipments reaching 215 million units in 2024, marking an 83.2% increase, and a slight rise to 223 million units in 2025 [5]. - Tianma (天马) is anticipated to ship 158 million units in 2024, with a potential 10% increase in 2025, despite facing challenges from declining LTPS LCD demand [6]. Group 2: Market Trends - The demand for AMOLED panels remains strong among smartphone brands, contributing to the overall increase in panel shipments, a trend expected to continue into 2025. However, the demand for LTPS LCD panels used in mid-range smartphones is weakening, posing challenges for suppliers focused on this technology [6]. - The market share of Taiwanese panel manufacturers is gradually shrinking due to the rapid growth of HKC and CSOT. In contrast, Japanese panel manufacturers are exiting the smartphone market, leading to a decline in their market share [6]. - Korean panel manufacturers maintain a competitive edge in the high-end smartphone market, with a market share of approximately 20% to 21% in 2024, while Chinese manufacturers are rapidly expanding their market share, projected to reach 69.8% in 2024 and potentially exceed 70% in 2025 [6].