TCL科技：武汉华星5.5代印刷OLED线将扩产

Core Viewpoint - TCL Technology is actively developing mid-size products such as laptops and displays in collaboration with brand clients, with positive feedback leading to an expansion of the production capacity of its 5.5-generation printed OLED line (T12) from 3K/month to 9K/month [1] Group 1: OLED Technology and Production - The printed OLED technology offers significant advantages in investment costs, yield, and material utilization, facilitating the penetration of OLED in IT products due to product lightweighting [1] - By the end of 2024, T12 is expected to achieve small-batch production of 21-inch medical products, with the printed OLED product line covering sizes from 6.5 inches for mobile displays to 65 inches for TVs, encompassing all forms of products [1] Group 2: T9 Production Line Performance - The T9 production line is experiencing strong demand and is currently operating at high capacity, with a favorable product structure optimization, where TV and commercial display products account for less than 15% of revenue, primarily focusing on mid-size and some small-size mobile panels [2] - T9 has achieved profitability, and its earnings are expected to gradually increase in line with company expectations [2] Group 3: Depreciation Trends and Financial Outlook - Most of the 8th generation production lines have completed depreciation, but with the ramp-up of new capacities like T9, a slight increase in depreciation is expected in 2025 compared to 2024 [4] - Starting in 2026, depreciation in the display business is projected to decline, contributing positively to performance, with the depreciation-to-revenue ratio expected to be lower than last year due to the rapid revenue growth driven by high-value new lines like T9 [5] Group 4: Market Demand Outlook - In the first half of the year, global supply chain stocking rhythms were disrupted by external tariff issues, leading to strong demand in Q1 but a decline in Q2; however, total global demand remains unchanged [6] - Demand is expected to rebound rapidly in the second half of the year, driven by shopping events such as China's Double Eleven, India's Diwali, and overseas Black Friday [6] - The year 2026 is anticipated to be a significant year for sports events, with expected strong performance in demand from the end of this year through the World Cup period [6]