国泰海通｜电子：Mini LED技术的渗透率预计将不断提升

Core Viewpoint - The Mini LED industry is entering a rapid growth phase due to technological advancements and cost reductions, with expectations of significant sales increases in the coming years [1][3]. Group 1: Market Growth and Projections - By 2025, China's Mini LED TV sales are projected to grow by 122% year-on-year, with a penetration rate exceeding 25% [1][3]. - The global Mini LED TV market is expected to see shipments surpassing 13 million units, reflecting a year-on-year growth of 70.6% [3]. - The introduction of RGB Mini LED TVs by more brands is anticipated in 2026, further enhancing market penetration [1][3]. Group 2: Technological Advancements - Mini LED technology, characterized by LED chips sized between 100-300 microns, allows for precise control of backlighting in LCD displays, improving contrast and dynamic range [2]. - The technology addresses key limitations of traditional OLED displays, such as brightness and lifespan, positioning Mini LED as a significant driver in the television industry [3]. Group 3: Competitive Landscape - Mini LED is increasingly competing with OLED in the mid-to-high-end television market, with ongoing efforts to reduce costs and improve technology [1][3]. - Despite challenges in image quality compared to OLED, Mini LED is expected to penetrate the mid-to-low-end market and other sectors like automotive and direct display [1][2].