研报 | 新机带动需求回温，2025年第三季度全球智能手机面板出货量季增8.1%

Core Insights - The global smartphone panel shipment reached 586 million units in Q3 2025, with a quarter-on-quarter increase of 8.1% and a year-on-year increase of 5.3%, driven mainly by the iPhone 17 series and new releases from other major brands [2] - The total smartphone panel shipment for 2025 is projected to be 2.243 billion units, representing a year-on-year growth of 3.4%, marking a recent peak [2] AMOLED Panel Performance - AMOLED panel shipments in Q3 2025 reached 246 million units, with a quarter-on-quarter increase of 9.9%, benefiting from increased adoption in mid-range models [5] - SDC maintained a dominant position in the mid-to-high-end market with a 40% shipment share, while BOE continued to supply iPhones and other major brands [5] - Visionox expanded its market share by leveraging cost advantages [5] LCD Panel Performance - LCD panel shipments increased by 6.9% quarter-on-quarter to 340 million units in Q3 2025, with BOE accounting for over 30% of shipments [6] - The demand for low-end a-Si LCD panels remains stable due to cost advantages and after-sales market needs, while LTPS LCD demand continues to decline [6] - The overall smartphone panel market is expected to be dominated by AMOLED and a-Si LCD technologies moving forward [6] Market Outlook - The growth momentum for the smartphone panel market in 2025 is primarily driven by the rising penetration of AMOLED technology and close collaboration between Chinese panel manufacturers and brands [6] - By 2026, it is anticipated that AMOLED panel shipments will exceed 45% of the market, while LCD panels will maintain around 55% [6] - Korean suppliers will continue to dominate the high-end market, while Chinese manufacturers will accelerate their penetration into the mid-to-high-end market through cost and brand collaboration advantages [6]