5月显示器面板急单延续，群创、友达受惠

Core Viewpoint - The display panel prices remain relatively stable despite the off-season, driven by preemptive orders from brand manufacturers ahead of tariff implementations, leading to a continuous price increase and positively impacting the performance of companies like Innolux and AU Optronics [1][2]. Group 1: Market Dynamics - The global market for display panels experienced a year-over-year growth of 2% in the first quarter, despite being a traditional off-season, indicating a wave of preemptive consumption due to tariff issues [1]. - The "old-for-new" subsidy policy in mainland China has further stimulated the market, with IT panel demand also increasing this year [1]. - The upcoming demand for low-power devices is expected to be driven by new CPU and GPU launches, as well as the Taipei International Computer Show (COMPUTEX) [1]. Group 2: Company Performance - Innolux reported that its orders exceeded expectations this season due to urgent orders from clients responding to tariff concerns [1]. - AU Optronics anticipates stable shipment volumes in non-display areas compared to the previous season, with commercial displays expected to see low single-digit percentage growth [1].