BOE(SZ:000725) 是说芯语·2025-08-14 02:27Core Viewpoint - The U.S. International Trade Commission (ITC) has made a preliminary ruling against BOE, stating that the company has infringed on Samsung Display's OLED trade secrets, leading to a proposed import ban lasting 14 years and 8 months [1][3]. Summary by Sections ITC Ruling and Implications - BOE's OLED panels, modules, and related components will be banned from entering the U.S. market, with the ban expected to take effect after a final ruling in November 2024 [3]. - The ITC's preliminary ruling indicates that BOE illegally obtained Samsung's OLED manufacturing technology, violating Section 337 of the U.S. Tariff Act [3]. - The ruling not only affects OLED panels but also includes end-device components that use these panels, potentially impacting Apple's iPhone 17 series models [3]. BOE's Response and Legal Actions - In response to the ITC ruling, BOE has initiated legal proceedings, seeking a review from the ITC and filing a patent lawsuit against Samsung in the U.S. [4]. - BOE claims that the initial ruling contains significant legal flaws and emphasizes that previous investigations found no violations of Section 337 [4]. Technological Developments and Market Impact - BOE is accelerating its development of next-generation display technologies, such as Micro LED, with plans for mass production by March 2025 [6]. - The company is also investing 2.02 billion yuan in a smart terminal base in Vietnam, aimed at reducing reliance on the U.S. market [6]. - The potential ban could significantly alter the global display industry landscape, with Korean companies like LG Display seeing stock price increases in anticipation of capturing BOE's U.S. market share [6]. Supply Chain and Cost Implications - BOE's dependence on the U.S. market is relatively low, with only 15% of its panel business exported to the U.S. [6]. - However, if the ban is enforced, Apple may face a 10%-15% increase in OLED procurement costs and heightened supply chain concentration risks [6]. Legal and Regulatory Context - The ruling marks a critical point in the ongoing legal battle between Samsung and BOE, which has spanned three years [8]. - The U.S. government has been tightening technology restrictions on China, with the display panel sector becoming a focal point [8]. Timeline of Events - October 2023: Samsung files a lawsuit against BOE for OLED trade secret infringement. - December 2024: ITC recommends an import ban on BOE. - July 2025: ITC makes a preliminary ruling confirming infringement. - November 2025: Final ruling expected, followed by a 60-day presidential review period. - January 2026: If not vetoed by the president, the ban will take effect until September 2040 [9]. Future Outlook - Analysts suggest that while BOE is pursuing legal avenues to mitigate the impact, the likelihood of overturning the ITC's preliminary ruling is low [10]. - The next six months will be crucial for both parties, as the ruling will influence BOE's global market strategy and set new boundaries in U.S.-China technology competition [10].