Core Insights - The large-area display panel market is projected to reach 910.5 million units in 2025, with a year-on-year growth of 2.9%, although this is a decline from the 9.0% growth seen in 2024 [1][2]. Group 1: Market Overview - The shipment of large-area LCD panels is expected to grow by 2.6% in 2025, reaching 876.8 million units, as some manufacturers, particularly from South Korea and Japan, reduce production investments in LCD TV panels as part of business restructuring [1][2]. - The overall demand for 'Others' and Public Information Display (PID) products is anticipated to decline due to intense price competition from Chinese manufacturers and limited capacity for production shifts in response to U.S. tariff issues [1][2]. Group 2: OLED Market Dynamics - Large-area OLED panel shipments are forecasted to increase by 12.9% in 2025, reaching approximately 33.7 million units, with significant growth in OLED shipments for monitors and notebook PCs, projected to rise by 69.3% and 26.8% respectively [1][2]. - In contrast, OLED TV panel shipments are expected to see only a 1.5% increase during the same period [1][2]. Group 3: Supplier Landscape - BOE is expected to lead the large-area LCD panel market with a 36.2% share in 2025, followed by Huaxing Optoelectronics at 16.4% and Innolux at 11.7% [3]. - For large-area OLED shipments, Samsung Display is projected to maintain a leading position with a 50.9% market share, while LG Display and AU Optronics follow with 31.8% and 14.8% respectively [3]. - Overall, in the large-area display panel market (LCD + OLED), BOE is anticipated to hold a 35.0% share, with Huaxing Optoelectronics at 15.8% and Innolux at 11.3% [3].

Core Insights - The automotive display market is experiencing rapid growth, driven by the increasing demand for larger and more interactive screens in vehicles [5][10] - LG Display has introduced advanced automotive displays, including a 51-inch P2P OLED display and a flexible OLED display for dashboards, highlighting the trend towards larger and more sophisticated in-car screens [4][5] - The transition from traditional displays to multifunctional, interactive screens is reshaping the automotive experience, making displays central to smart cockpit technology [10][12] Industry Trends - The global automotive display market is entering a competitive phase, with a shift from consumer electronics to automotive displays as a key growth driver [5][10] - The trend towards multi-screen setups in vehicles is becoming prevalent, with configurations including center screens, instrument panels, passenger entertainment screens, and rear displays [6][10] - The integration of advanced features such as touch interaction, voice control, and augmented reality navigation is enhancing the functionality of automotive displays [6][10] Technical Requirements - Automotive displays face unique challenges due to their operating environment, requiring them to withstand extreme temperatures (-30°C to 90°C) and vibrations from various road conditions [7][8] - The longevity of automotive displays is significantly higher than consumer electronics, with a lifespan of over ten years compared to 3-5 years for typical consumer displays [8] - Strict automotive certifications (e.g., IATF16949) ensure that automotive displays meet rigorous safety and performance standards, differentiating them from consumer-grade displays [8][9] Design Innovations - Special design features, such as anti-glare technology and multi-layer coatings, are being implemented to enhance visibility and user experience in automotive displays [9] - The future of automotive displays is leaning towards "display + interaction + intelligence" integration, which will require advanced technology and manufacturing capabilities [10][12] - Emerging display technologies like Mini-LED and MicroLED are gaining traction, promising higher brightness, contrast, and longevity for automotive applications [11][12] Market Opportunities - The automotive display market is poised for unprecedented growth, driven by the increasing adoption of smart cockpit concepts and the demand for larger, flexible displays [10][12] - Companies that invest in technology development and product innovation will be better positioned to compete in this evolving market landscape [12] - The automotive display is evolving from a simple display to a central hub for smart interactions, enhancing the overall travel experience for consumers [10][12]

Summary of Universal Display Corp FY Conference Call Industry Overview - **OLED Market Penetration**: - Smartphones: Over 60% penetration, with growth driven by premium and mid-tier models adopting OLED displays. Foldable smartphones are expected to further boost this market due to increased surface area [5][6]. - TVs: Currently at approximately 3% penetration in the overall TV market, with LG Display being a major player. Growth is anticipated as more consumers adopt OLED TVs [7]. - IT Market: Only about 5% penetration, but significant growth is expected as OEMs invest in OLED displays for tablets, laptops, and monitors [8][11]. Key Market Dynamics - **Smartphone Growth**: Continued growth is projected as more mid-tier and low-end models convert to OLED. The introduction of foldable smartphones is seen as a major opportunity for Universal Display Corp (UDC) [6][7]. - **TV Market Challenges**: The OLED TV market faces challenges due to consumer price sensitivity and competition from premium LCDs. However, the narrowing price gap between OLED and LCD TVs is expected to drive further adoption [14][15][39]. - **IT Market Momentum**: The IT market is gaining momentum with new capacity coming online, and many OEMs are planning to introduce OLED displays into their products [8][11][20]. Capacity Investments - **New Fabs**: Samsung and BOE are investing over $12 billion collectively in new 8.6 Gen capacity for the IT market, expected to come online in Q2 and Q3 of 2026. This new capacity is anticipated to provide a significant tailwind for UDC [21][22]. - **Future Capacity**: Additional investments from Visionox and China Star are expected to come online in 2027-2028, which may present revenue opportunities for UDC in the future [25][26]. Technological Developments - **Tandem Architecture**: Tandem displays, which use two emissive layers, are being adopted in IT products for better brightness and longevity. This technology is expected to increase material usage by 1.5 to 2 times compared to single-layer products [28][29]. - **Phosphorescent Blue**: The introduction of phosphorescent blue materials is projected to enhance energy efficiency by up to 25%. LG Display has showcased this technology, indicating a growing interest in high-efficiency blue materials [42][43]. Competitive Landscape - **Local Competition in China**: Increased competition from local suppliers in China is noted, but UDC maintains a strong position due to its extensive patent portfolio and ongoing partnerships with major players [55][56]. Financial Outlook - **Revenue Growth**: UDC expects growth in 2026, driven by increased demand for OLED materials, particularly in the IT market. The company is monitoring various factors, including component prices, that could impact demand [36][58]. - **Capital Allocation**: UDC has a strong cash position of approximately $1 billion and is focused on investing in IP, returning capital to shareholders, and exploring growth opportunities through acquisitions [62][63]. Conclusion - UDC is well-positioned to capitalize on the growing OLED market across smartphones, TVs, and IT products. The company is actively investing in new technologies and capacity to meet increasing demand while navigating competitive pressures and market dynamics.

Core Viewpoint - Apple is considering the release of a thinner iPhone Air in 2027, coinciding with the 20th anniversary of the iPhone series, and is exploring the use of Color Filter Encapsulation (CoE) technology to achieve ultra-thin panels [1][2]. Group 1: CoE Technology - CoE technology replaces the polarizer used in current OLEDs with color filters, improving light transmittance, reducing power consumption, and decreasing thickness [2]. - Apple plans to first implement CoE technology in its first foldable product, expected to launch in the second half of 2026, before potentially using it in the iPhone Air [2]. Group 2: Industry Response - Samsung Display is preparing for the market demand for CoE technology by discussing supplementary investments in its 6th generation OLED production line [3]. - LG Display has announced a significant investment of 1.26 trillion KRW before 2027, with 700 billion KRW allocated for CoE equipment at its Paju plant [3]. Group 3: Market Uncertainty - There is uncertainty in the market regarding the launch of the iPhone Air with CoE technology, as delays could lead to blind investments by Korean panel manufacturers [5]. - The sales performance of the recently launched iPhone 17 Air was below expectations, prompting Apple to cancel the Air model in the upcoming iPhone 18 series [5].

Core Viewpoint - The CES 2026 showcased significant advancements in display technologies, particularly in the automotive display sector, with a strong emphasis on OLED and Micro LED technologies, indicating a competitive landscape among leading panel manufacturers [87]. Group 1: Automotive Display Innovations - Major panel companies focused on automotive displays, with OLED technology emerging as a preferred choice due to its lightweight, flexible, and high-quality characteristics [2]. - BOE introduced the "HERO 2.0 smart cockpit," featuring the world's first Micro LED PHUD with a brightness of 50,000 nits and AI capabilities for voice and gesture control [3][5]. - Deepinma showcased a 49.6-inch panoramic "Tianxuan" screen, integrating various cockpit functions into a single display with a peak brightness of 10,000 nits [10][12]. - TCL Huaxing presented the HVA Ultra P-HUD system, which includes three LCD screens with a brightness of 11,000 nits and a 7.5% transmittance rate [14][15]. - Visionox introduced a flexible AMOLED dual-curved display solution that can bend to save space when not in use [20]. Group 2: Display Technology Developments - BOE displayed two large Micro LED products, including a P0.9 ultra-thin HDR Micro LED integrated machine with a peak brightness of 2,000 nits and a contrast ratio of over 20,000:1 [38]. - Deepinma launched the world's first fully laser giant transfer 108-inch seamless Micro-LED screen with a peak brightness of 1,500 nits and a contrast ratio of 1,000,000:1 [40]. - TCL Huaxing introduced a 98-inch HVA Ultra television display with over 18,000 backlight partitions and a BT2020 coverage rate exceeding 96% [44]. - Visionox unveiled a "glare-free AMOLED laptop solution" that significantly reduces eye strain by minimizing environmental light reflection [50][51]. - LG Display presented an 83-inch WOLED TV panel with a peak brightness of 4,500 nits and 99.5% DCI color gamut coverage [76]. Group 3: Industry Trends and Future Outlook - The competition among panel manufacturers is intensifying, with companies like AUO and Innolux focusing on Micro LED technology, while TCL Huaxing and Hehui Optoelectronics are deepening their expertise in OLED [87]. - The display industry is expected to enter a new development phase as demand for automotive, commercial, and consumer electronics continues to evolve [88].

Group 1 - Apple is negotiating long-term DRAM supply agreements with Samsung and SK Hynix, as their current contracts are set to expire, with prices for 12GB LPDDR5X chips rising to $70, a 230% increase from early 2025 [5][6] - The ongoing DRAM shortage is causing significant pressure on major tech companies, including Microsoft and Google, to secure supply agreements, with some executives facing internal pressure to ensure supply [6] - If Apple cannot secure favorable DRAM pricing, it may face profit margin pressures for its upcoming iPhone models [6] Group 2 - Tesla China has launched a limited-time car purchase plan offering 5 years of 0% interest for Model Y L, with a down payment of 99,900 yuan and monthly payments starting at 3,985 yuan [11] - The new purchase plan aims to boost sales amid competitive market conditions, with additional incentives for trade-ins and old car scrappage [11] Group 3 - Great Wall Motors has confirmed the implementation of a standard two-day weekend policy starting in 2026, which is seen as a positive shift in employee work-life balance [13][14] - Employees expressed satisfaction with the change, celebrating the decision as a long-awaited improvement in their working conditions [14] Group 4 - Xiaomi has responded to a controversy involving a KOL by terminating the involved employee and issuing reprimands to senior management, emphasizing the importance of maintaining trust with its customer base [16][17] - The incident highlights the challenges companies face in managing public relations and maintaining brand integrity in the digital age [16] Group 5 - NIO's CEO highlighted the significant pressure from rising memory prices on the automotive industry, urging consumers to purchase vehicles sooner rather than later [21] - The company is currently managing the cost pressures without passing them onto consumers, but the situation remains dynamic [21] Group 6 - LG Display is reportedly planning to lay off over 1,000 employees at its Yantai factory, with compensation based on an "N+1" standard, indicating a significant restructuring in its LCD business [24][25] - This move follows previous signals of operational adjustments at the factory, reflecting broader trends in the display panel industry [25] Group 7 - Xiaomi's market capitalization has surpassed BYD, placing it among the top three global automotive companies, with a reported market value of $131.49 billion [31] - The company achieved significant growth in vehicle deliveries, with a 110% year-over-year increase in December, indicating strong market performance [31][32] Group 8 - The Korean government is implementing a 4.5-day workweek policy, providing monthly subsidies to companies that adopt this model, aimed at improving work-life balance [47][48] - This initiative reflects a broader trend in labor policy aimed at enhancing employee satisfaction and productivity [48]

Group 1 - LG Display (LGD) has announced the complete closure of its Yantai module factory, affecting over 1,000 employees, with compensation set at N+1 [2] - The Yantai factory, established in 2010, has been a significant LCD module assembly base for LGD, responsible for processes such as driver chip packaging and shell assembly [4] - The factory's net profit has been declining sharply, with figures dropping from 119.1 billion KRW (approximately 598 million RMB) in 2022 to 10.09 billion KRW (approximately 507 million RMB) in 2023, and plummeting to 2.69 billion KRW (approximately 13.5 million RMB) last year, a nearly 80% decrease [4] Group 2 - LGD is strategically exiting the LCD business, having already sold its large LCD panel and module factory in Guangzhou to TCL Technology, further consolidating its focus on OLED technology [6] - The transfer of equipment to Vietnam and the potential sale of the Yantai factory are part of LGD's ongoing efforts to optimize resource allocation and respond to competition from Chinese panel manufacturers [5][6]

Core Insights - TopRun Total Solutions announced a contract to supply display modules worth 52 billion KRW (approximately 250 million RMB) to a German automotive manufacturer [1][3][5] - The supplied modules will include a 10-inch digital instrument cluster, a 14-inch central information display (CID), and a co-driver display (COD) [1][5] Company Overview - TopRun Total Solutions is a manufacturer of automotive display components, including backlight units (BLU), in-vehicle infotainment systems (IVI), head-up displays (HUD), and organic light-emitting diode (OLED) components [3][5] - The company is expanding its business with Chinese automotive manufacturers and collaborating with LG Display and Continental Group [3][5] Financial Performance - The company's order backlog for automotive displays has reached approximately 1.3 trillion KRW (around 626.6 million RMB), marking the highest level since its establishment [3][5] - The contract with the German manufacturer will be fulfilled through Aumovio, a subsidiary of Continental Group, over a five-year period starting in 2027 [3][5] Strategic Outlook - The CEO of TopRun Total Solutions, Park Yong-geun, stated that the company's technological capabilities have been recognized by a luxury German automotive brand, indicating potential for positive developments in the upcoming year [3][5]

这款33英寸柔性卷曲面板基于P-OLED技术打造，支持 局部区域以约3厘米半径进行弯曲卷收，结构设计灵感来 源于卷轴式移动设备。在车辆正常行驶时，屏幕可保持 较小显示区域，用于呈现导航等必要信息；当车辆进入 自动驾驶状态或处于停车状态时，屏幕则可展开至完整 的33英寸大屏形态，满足用户对信息获取及影音娱乐的 多样化需求。 另一款首次亮相的51英寸"柱到柱"OLED面板，实现了 从A柱延伸至另一侧A柱的横向贯穿布局，突破传统车载显示的空间限制，带来一体化的视觉体验。该 设计充分利用座舱前部横向空间，提升人机交互的整体感与科技氛围。 2026年1月5日，LG Display宣布将在即将举行的国际消 费电子展上推出多款专为汽车应用设计的先进OLED技 术产品。其中重点展示的包括一款33英寸柔性可卷曲 OLED面板和一款51英寸"柱到柱"超宽OLED显示屏。 这款33英寸柔性卷曲面板基于P-OLED技术打造，支持局部区域以约3厘米半径进行弯曲卷收，结构设 计灵感来源于卷轴式移动设备。在车辆正常行驶时，屏幕可保持较小显示区域，用于呈现导航等必要信 息；当车辆进入自动驾驶状态或处于停车状态时，屏幕则可展开至完整的33英寸 ...

3 January 2026 | 5:49PM KST Equity Research South Korea Tech: December 2025 export tracker: stronger memory exports growth in 4Q25 According to MOTIE (Ministry of Trade, Industry and Energy) and TRASS (Trade Statistics Service), exports for major tech products we track (memory, OLED, Li-ion batteries, MLCC) showed overall positive trend in December 2025 as exports value for memory (+64% yoy) and MLCC (+11% yoy), and display (+1% yoy) saw positive yoy growth while Li-ion batteries (-21% yoy) exports declined ...