【译自LG Display】 5月1日，LG Display宣布，其已成为全球首家在量产线上成功验证蓝色磷光 OLED面板商业化性能的公司。 #OLED #蓝色磷光OLED #LGD 【WitsView面板产业交流群】 目前，尽管红色和绿色磷光已实现商业化20多年后，蓝色磷光仍在商业化的进程中。这是因为蓝 色是三种颜色中波长最短、能量较高的颜色，因此使用磷光材料时，寿命较短，显示稳定性较 差。 图片来源：拍信网 LG Display表示，公司通过采用混合双层串联OLED结构解决了这一问题，下层为蓝色荧光，上层 为蓝色磷光。结合荧光的稳定性与磷光的低功耗优势，其功耗降低约15%，同时保持与现有OLED 面板相似的稳定性。 5月11日，在美国加利福尼亚州圣何塞举办的SID Display Week 2025上，LG Display将向外展出采 用双层串联OLED技术的蓝色磷光OLED面板。 LG Display首席技术官尹秀英表示："蓝色磷光OLED产品商业化的成功验证将成为迈向下一代 OLED的里程碑。" 此次成功验证距离LG Display与UDC合作开发蓝色磷光面板约8个月，标志着LG Display距离实 ...

Financial Data and Key Metrics Changes - In Q1 2025, revenue was $166 million, operating profit was $70 million, and net income was $64 million or $1.35 per diluted share, showing a year-over-year increase in net income of over 13% from $57 million or $1.19 per diluted share in Q1 2024 [6][16] - Total material sales were $86 million in Q1 2025, down from $93 million in Q1 2024, while royalty and license fees increased to $74 million from $68 million in the prior year [13][14] - Operating income increased to $70 million with an operating margin of 42%, compared to $63 million and a margin of 38% in the previous year [15] Business Line Data and Key Metrics Changes - Green emitter sales were $64 million in Q1 2025, down from $71 million in Q1 2024, while red emitter sales were $21 million, unchanged from the previous year [13][14] - Adesis' revenue in Q1 2025 was $6.6 million, compared to $3.7 million in Q1 2024, indicating growth in this segment [14] Market Data and Key Metrics Changes - OLED smartphone units are forecasted to grow by 6% year-over-year to 848 million units, OLED IT units are expected to increase by 16% to 27 million units, and OLED TVs are projected to grow by 4.5% to 7.1 million units [10] - The overall OLED market is expected to grow in the mid-single digits in 2025, driven by diverse product roadmaps and new generation OLED capacity coming online in 2026 [9] Company Strategy and Development Direction - The company is focused on innovation, operational agility, and maintaining a strong balance sheet to navigate market volatility [8][19] - The long-term trajectory of the OLED market is viewed positively, with a commitment to advancing OLED technology and materials for various applications, including IT and automotive [9][10] - The company announced a $100 million share repurchase authorization and a quarterly dividend of $0.45, reflecting confidence in continued positive cash flow generation [17][18] Management's Comments on Operating Environment and Future Outlook - Management noted an uptick in orders in April, attributed to ongoing tariff developments, but emphasized that the business remains largely unaffected by these uncertainties [7] - The company is committed to being a leader in the OLED ecosystem and achieving superior long-term growth while delivering cutting-edge technologies [19] Other Important Information - The company ended the quarter with approximately $918 million in cash, cash equivalents, and investments [16] - The SID Display Week event is scheduled to start on May 11, 2025, where the company will showcase its innovations [18] Q&A Session Summary Question: Update on Blue OLED commercialization - The company is pleased with LG Display's announcement regarding the commercialization of blue phosphorescent OLED panels, but specific timelines for product introduction are dependent on customers and OEMs [22][23] Question: Impact of LG's announcement on other customers - The company has been working with multiple customers on blue OLED technology, and each customer has their own development timelines [25] Question: Stability of blue fluorescence materials - Blue fluorescence has been established in the market for decades, which contributes to its stability compared to new phosphorescent materials [32] Question: Market development and adoption of blue materials - The announcement from LG is seen as a positive step, but the ultimate adoption will depend on customer decisions and market dynamics [38] Question: Gross margin expectations - The company maintains a total gross margin guidance of 76% to 77% for the year, with variations based on customer mix and contracts [40] Question: Revenue impact from tariff-related orders - There was a heightened level of orders in April, but the company did not quantify the impact; full-year revenue guidance remains at $640 million to $700 million [74] Question: Development revenue for blue materials - Blue development revenues in Q1 were approximately $1.1 million, encompassing both host and emitter sales [75] Question: Operating expenses outlook - The company expects operating expenses to be flat compared to 2024, despite a decrease in Q1 due to various factors [76]

2025年第一季度，公司电视面板营收占比22%，IT设备（包括显示器、笔记本电脑、平板电脑等） 面板占比35%，移动设备及其他设备面板占比34%，车用面板占比9%。 【译自LG Display官网】 4月24日，LG Display公布2025年第一季度营收。 报告期内，公司实现营收6.065万亿韩元（约人民币307.15亿元），营业利润达335亿韩元（约人民 币1.70亿元）。得益于电视、IT及移动设备等OLED面板出货量的增加以及以及汇率因素的利好， 公司营收同比增长15%。OLED产品在总营收中的占比同比提升8个百分点，达到55%。 在拓展OLED业务和持续推进的降本增效措施加持下，LG Display实现了连续两个季度营业获利。 与去年同期相比，公司成功实现扭亏为盈，盈利能力改善超过5000亿韩元。 在中小尺寸OLED业务领域，公司旨在基于其技术竞争力，进一步巩固在高端市场的地位。 对于移动OLED面板，LG Display计划凭借稳定的供应能力，提升质量、成本等关键竞争力，以扩 大出货量；对于IT用OLED面板，LG Display将重点放在了具有高耐用性、低功耗、长寿命、高亮 度等性能的Tande ...

Core Viewpoint - Apple has decided to rely solely on Samsung Display for the OLED panels of its upcoming foldable iPhone, prioritizing screen quality over supplier diversification [1][2]. Group 1: Product Specifications and Launch Timeline - The foldable iPhone is planned for release in the second half of 2026, featuring an external screen size of 5.5 inches and a larger 7.8-inch display when unfolded [1]. - The expected launch price for the foldable iPhone is estimated to be around $2,000 [1]. Group 2: Supplier Strategy and Market Dynamics - Apple typically uses multiple suppliers to mitigate risks and enhance pricing leverage, but for the foldable iPhone, it has chosen to depend entirely on Samsung Display due to its technological advantage in foldable OLED panels accumulated since the launch of Galaxy Fold in 2019 [2]. - The anticipated annual shipment volume for the foldable iPhone is projected to reach 15 million units, significantly higher than the previous estimate of 9 million units [2]. Group 3: Industry Context and Challenges - The foldable smartphone market has seen various brands enter since Samsung's initial launch, but Apple has delayed its entry due to the technical challenges associated with foldable devices, such as increased thickness and screen creasing issues [2].

Core Viewpoint - The OLED industry is at a critical juncture as it expands into medium and large-sized markets, facing challenges related to cost and technology bottlenecks [2][5]. OLED Application Expansion Status - In 2024, the penetration rate of OLED technology in the smartphone sector is expected to exceed 60%, with foldable phones being a significant highlight [3]. - Advances in 3D printing technology and ultra-thin glass (UTG) have improved the thickness and cost of foldable screens, enhancing their market potential [3]. - Apple is rumored to launch a foldable phone in 2026, which may accelerate industry standards and supply chain maturity [3]. Medium and Large-Sized OLED Market - The application of OLED in medium and large-sized displays, such as monitors and laptops, is growing but remains in the early stages compared to smartphones [5]. - Cost and lifespan issues are critical barriers for OLED technology in the medium-sized market [5]. - Major manufacturers like Samsung Display, BOE, and Visionox are investing in high-generation OLED production lines to capture this market [5]. Technical and Cost Challenges - Backplane technology is a key factor affecting OLED costs, with Samsung opting for Oxide technology and BOE choosing LTPO technology [5]. - LTPO technology, while promising, is more complex and costly, primarily used in small-sized panels [6]. - Upgrading deposition technology from 6th to 8.6th generation presents challenges, including increased difficulty in developing fine metal masks (FMM) and issues with color deviation [6][8]. Cost Dynamics in Production - The cost of OLED panels varies significantly across different generations, with 5.5 generation lines producing panels at a cost of $70-$80, while 6th generation lines may see costs rise to $100-$120 [8]. - Initial costs for higher generation lines can reach $600-$700 due to equipment investment and yield issues, but costs are expected to decrease over time [8][9]. Competitive Landscape: QD-OLED vs. WOLED - QD-OLED, led by Samsung, enhances color purity and brightness but is currently more expensive due to new equipment and material costs [11][13]. - WOLED, developed by LG Display, offers better uniformity and lower costs but may suffer from color saturation issues in high brightness scenarios [11][13]. - Both technologies are evolving, with QD-OLED improving energy efficiency and WOLED enhancing white light brightness [13]. Conclusion - Domestic manufacturers are making breakthroughs in key materials and equipment, which will accelerate the reduction of OLED costs [14]. - The medium and large-sized OLED market is in a critical phase of technological innovation and cost control, with manufacturers exploring new production techniques [14][15]. - Despite challenges, the future of the medium and large-sized OLED market remains promising, driven by brand initiatives and ongoing technological advancements [15].

4月11日，据韩国金融监督院电子公示系统的数据显示，韩国LG集团旗下面板企业LG Display将旗下广 州LCD工厂以2.25万亿韩元(约合人民币113亿元)的价格出售给TCL华星光电技术有限公司(TCL华星)。 去年9月，LG Display和TCL华星签署了"关于广州LCD面板厂和模组厂股权转让"合同。(新浪财经) ...

Group 1 - The South Korean Ministry of Trade, Industry and Energy approved a business restructuring plan for 24 companies, including LG Display, with a total investment of 868.1 billion KRW over the next five years [1] - LG Display plans to establish high-performance artificial intelligence infrastructure to analyze real-time process data and enhance production efficiency in OLED manufacturing [2] - The company is committed to investing in AI talent development and integrating AI technology, achieving significant improvements in production efficiency and product yield through digital transformation [3]

Market Performance - The main board led the gains with notable stocks such as Zhizhen Technology (+10.01%), Shenzhou Information (+9.99%), and Sanwei Communication (+9.96%) [1] - The ChiNext board saw top performers like Tianhe Defense (+7.19%) and Jiuzhiyang (+7.16%) [1] - The Sci-Tech Innovation board was led by Puyuan Information (+5.14%) and Guoguang Electric (+5.13%) [1] - Active sub-industries included SW Communication Cables and Accessories (+2.52%) and SW Education Publishing (+0.68%) [1] Domestic News - Huaxing Optoelectronics plans to diversify the supply chain for components at its newly acquired LCD factory in Guangzhou from LG Display, set to begin operations next month [1] - Guangxun Technology will launch an upgraded version of its optical module featuring a 3nm DSP chip during OFC 2025, extending the lifecycle of high-speed pluggable optical modules in AI interconnection scenarios [1] - Rayyu has introduced a full-color light engine equipped with its 0.13-inch PowerMatch®️ 1 micro-display, which is 45% smaller than traditional three-color solutions and weighs only 0.5g [1] - Yake Hongyu completed the first closing of its Series B financing, with funds aimed at advancing key technologies in digital front-end EDA and hardware-assisted verification [1] Company Announcements - Jiangbolong reported a total revenue of 17.464 billion yuan for 2024, a year-on-year increase of 72.48%, with a net profit of 499 million yuan, up 160.24% [2] - Huiding Technology announced a total revenue of 4.375 billion yuan for 2024, a slight decrease of 0.75%, while net profit surged by 265.76% to 604 million yuan [2] - Huibo Yuntong issued a notice regarding the dilution of shareholding for significant shareholders, with Jinan Zhixin's stake reduced from 5.02% to 4.98% [2] - Lingyun Optics announced share reduction plans for some directors and supervisors, with specific reductions outlined [2] Overseas News - Sony plans to launch a 200 MP image sensor this year, which is expected to outperform Samsung's equivalent due to its larger size [3] - SK On has signed a battery supply contract with Nissan, committing to supply nearly 100 GWh of high-performance batteries from 2028 to 2033 for electric vehicles produced in Mississippi [3] - SK Hynix is expediting the introduction of equipment at its new M15X factory due to a surge in HBM orders, with full production expected by 2026 [3] - Amazon is adjusting its product lineup to compete more effectively with Apple, potentially introducing new Alexa+ devices including AR glasses [3]

Core Viewpoint - The global LCD panel industry is undergoing significant changes due to capacity expansion, technological iteration, and supply chain restructuring, with Chinese manufacturers like BOE and TCL Huaxing emerging as dominant players, reshaping the global landscape [1] Group 1: Industry Capacity and Market Share - Chinese panel manufacturers have increased their capacity share from 20% in 2016 to over 60% in 2024, and it is expected to exceed 70% by 2025 [1] - In the TV and monitor panel sectors, Chinese manufacturers account for over 60% of shipments, with a significant lead in the large-size market [1] - The market share of Chinese panel companies in the notebook panel segment is currently at 50%, indicating ongoing expansion that pressures South Korean and Taiwanese manufacturers [1] Group 2: Television Panel Market Dynamics - The demand for television panels is expected to remain stable, with 2024 TV shipments projected at approximately 197.8 million units, a year-on-year increase of about 1.2% [3] - Domestic brands like TCL and Hisense are rising in global rankings, now positioned as the second and third largest TV brands [4] - The average size of TV panels is projected to increase from 51.5 inches in 2024 to 52.2 inches in 2025, driven by growing demand for larger panels [5] Group 3: Production Strategies and Supply Chain - The importance of production control strategies is highlighted, especially in response to demand fluctuations, with a focus on maintaining supply-demand balance [6] - The average utilization rate of the industry is volatile, necessitating adjustments in production capacity to stabilize supply and demand [6] - Domestic companies are increasingly taking over the polarized film market as Japanese manufacturers exit, indicating a shift in the supply chain [9][10] Group 4: Mergers and Acquisitions - The market is witnessing significant consolidation, with LG Display's transfer of its Guangzhou factory to TCL Huaxing expected to drastically reduce LG's panel shipments while boosting TCL's [7] - Potential acquisition targets include the 8.6-generation line of Xi'an Rainbow Optoelectronics and Sharp's 10.5-generation line, which could enhance market concentration and bargaining power [8] Group 5: Overseas Expansion and New Technologies - Major panel manufacturers are expanding overseas production capacities in countries like Vietnam and Thailand to diversify supply chains and mitigate risks [12][14] - Chinese manufacturers are investing in new technologies, including Mini LED and OLED, to enhance their competitive edge in the market [18] - The industry is expected to focus on five core areas: production control, consolidation, domestic component supply chain enhancement, overseas capacity expansion, and new display technologies [19]

印刷 OLED 赛道上，TCL 华星甚至没有同行者。但他们知道，还有更高的山峰矗立在面前。 2024 年 6 月的一个深夜，TCL 华星 10 多位工程师守在武汉的屏幕模组车间。他们面前的产线上只有一块 孤零零的屏幕。接下来 3 个多小时，他们的目光与那块屏幕紧紧相连。 TCL 科技首席技术官、TCL 华星首席技术官闫晓林正式宣布，首支投产的印刷 OLED 屏幕进入量产阶 段。 TCL 华星首款量产印刷 OLED 4K 显示屏（21.6 吋） 印刷 OLED 最显著的优势就是节约材料，降低生产成本。蒸镀工艺中，绝大部分材料会残留在掩膜板上， 利用率甚至不到 30%，而印刷工艺能达到 95% 以上。但节省材料的背后，需要从头开发材料和设备，来 满足极致苛刻的技术要求：1 毫升的液体需要分成 10 亿滴，按照每秒滴下 4 万次的频率工作，每一滴都必 须精准无误，同时还要确保铺展、干燥后完全均匀。 焦虑和压力都在积聚，即将到来的那一刻，检验着他们过去 11 年努力的价值。 为了保证生产质量，车间的温度始终保持在 20 多度，几乎没有波动；工程师们穿着包裹严密的无尘服， 与每一台设备、每一道工序隔开。在这种环境待上 ...