材料汇·2025-08-09 16:00Core Viewpoint - The display glass substrate is a critical component of display panels, accounting for approximately 15% of the cost of TFT-LCD panels, and is facing a shift towards higher pricing due to rising energy costs and market dynamics [2][5][23]. Group 1: Display Glass Substrate Overview - The glass substrate is a core raw material for display panels, with about 80% of display glass substrates used for LCD panels [1][23]. - A TFT-LCD panel requires two glass substrates, while an OLED panel primarily uses one as a carrier glass [1][23]. Group 2: Market Development - Major glass substrate manufacturers like Corning, AGC, and NEG are shifting focus from market share expansion to improving profitability due to rising energy costs, which account for over 50% of production costs [2][38]. - The global market for FPD glass substrates is expected to reach approximately 50 billion yuan (about 7.05 billion USD) by 2025, with a projected revenue growth of 15% from 2024 [2][39]. Group 3: Demand and Supply Dynamics - In 2024, the demand for FPD glass substrates is projected to be 645 million square meters, with a year-on-year growth of 4.34% and a supply surplus rate of 7% [3][39]. - By 2025, demand is expected to increase to 679 million square meters, with a further reduction in the supply surplus rate to 5% [3][39]. Group 4: Competitive Landscape - The market concentration is high, with the top three companies (Corning, AGC, and NEG) holding about 80% of the market share [4][46]. - Domestic manufacturers have accelerated the pace of localization, with companies like Rainbow Technology making significant breakthroughs in high-generation glass substrates [4][48]. Group 5: Investment Recommendations - With China holding 70% of global LCD production capacity, the demand for glass substrates is increasingly concentrated in China, prompting many related companies to establish factories there [5][6]. - Rainbow Technology has shown promising results in mass production of high-generation glass substrates, and as initial investment costs decrease over time, its profit margins are expected to improve [5][6].