研报 | 乐金显示广州LCD厂今正式交割，TCL华星光电大世代线产能面积占比将提升至22.9%

Core Viewpoint - TCL Huaxing has officially taken over the LCD 8.5 generation line (t11) from LG Display, enhancing its production capacity and market share in the LCD panel industry [1]. Group 1: Company Developments - TCL Huaxing now owns a total of 2 6th generation, 4 8.5 generation, 1 8.6 generation, and 2 10.5 generation LCD production lines, positioning itself as a major player in the market [1]. - The acquisition of t11 is expected to increase TCL Huaxing's global LCD production capacity share by 3.6 percentage points to 22.9% [1]. - The combined market share of the top three panel manufacturers, BOE, TCL Huaxing, and Huike, is projected to rise to 66% following the acquisition [1]. Group 2: Market Trends and Strategies - TCL Huaxing plans to expand its production capacity for large-sized TVs, particularly those 80 inches and above, to maintain its competitive edge in the 55-inch segment [2]. - The company may also consider incorporating monitor panel production into t11, given the increasing demand for IT panels [2]. - The implementation of a subsidy policy in China since August last year is expected to double the penetration rate of MiniLED backlit TVs to 4.1% in 2024, driven by energy-saving features [2]. Group 3: Supply and Demand Dynamics - The demand for LCD panels, especially for TVs 85 inches and above, is expected to grow, necessitating increased production capacity to meet this rising demand [3]. - The concentration of supply in the TV panel market is anticipated to help balance supply and demand, contributing to price stability for TV panels in the future [3].