| | 特定对象调研 | | □分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关系活 动类别 | □媒体采访 | | □业绩说明会 | | | | □新闻发布会 | | □路演活动 | | | | □现场参观 国源信达 | 史江辉 | □其他 浙商证券 | 谭凌岚 | | | 东方红资管 张俊生、牟倍萱 | 陆嘉余 | 天宸投资 | | | | 海乘投资 | 林福海 | 恒生前海 | 龙江龙 | | | 华福电子 | 李琦 | 惠通基金 | 王青晨 | | 参与单位名称 | 太平资产 | 王紫艳 | 海富通 | 曲奕合 | | 及人员姓名 | 泰康基金 | 黄成扬 | 国金基金 | 多飞帆 | | | 国寿安保 李敬尧、邓跃辉 | 撒伟旭 | 睿亿投资 | | | | 诺安基金 | 黄友文 | 东方基金 | 梁忻 | | | 万家基金 | 黄兹睿 | 长盛基金 | 郭堃 | | | 兴银基金 王志光 | 翁公羽 | 产业投资人 | | | 杨连时间 | 2025年8月22日 | | | | | 地点 | 惠州市仲恺高新区陈江街道渡头路199号、电话会议 | | ...

Core Insights - The 2025 FIFA World Cup will showcase the RGB-Mini LED technology, marking a significant milestone in global display technology, primarily led by the Chinese company Hisense [1][3][6] - Hisense's RGB-Mini LED technology enhances viewing experiences by providing vibrant colors, smooth motion, and eliminating light reflection issues, allowing for immersive viewing in various lighting conditions [3][4] - The technology is supported by Hisense's self-developed AI picture quality chip, which significantly improves performance metrics such as CPU single-core performance by 40% and scene adaptation capabilities by 100% [6][11] Company Developments - Hisense has a history of involvement in major sporting events, having sponsored the Australian Open in 2008 and becoming a partner for the UEFA Euro 2016, showcasing its commitment to global sports marketing [7][9] - The company has been recognized as the first official VAR display technology partner for the UEFA Euro 2024, highlighting its technological advancements and global recognition in display technology [9][11] - Hisense's 100-inch television sales have led the global market, with a remarkable 179.3% year-on-year growth in the first quarter of 2023, capturing a 56.71% market share [11] Industry Impact - The introduction of RGB-Mini LED technology at the World Cup signifies a shift in the global display industry, moving from a passive observer to a leading innovator [9][11] - The collaboration with FIFA and UEFA in advanced display technologies indicates a new era for the Chinese display industry, emphasizing both technological prowess and market presence [9][11] - The success of Hisense's RGB-Mini LED technology is expected to elevate the quality of sports broadcasting and consumer electronics, setting new standards in the industry [4][11]

Core Viewpoint - The black electrical appliance industry is evolving into a large-scale industry that combines entertainment and essential attributes, driven by innovation and changes in the supply chain dynamics, with Chinese companies poised to achieve breakthroughs in both scale and profitability in the global market [1][4]. Group 1: Industry Challenges and Historical Context - Profitability and growth potential are key factors suppressing market valuations of black electrical appliance companies, with the average return on equity (ROE) for the black electrical sector from 2010 to 2020 being only 6.5%, significantly lower than white goods (23.5%) and consumer electronics (14.4%) [2][7]. - The black electrical appliance industry has long been characterized by low valuations and profitability due to strong upstream bargaining power, intense competition among brands, and a saturation of domestic market demand [7][8]. Group 2: Industry Restructuring and Technological Upgrades - The restructuring of the supply chain, technological upgrades, and a shift towards high-end products are expected to enhance profitability, with domestic panel manufacturers gaining pricing power and reducing cost volatility [3][8]. - The black electrical appliance industry is entering a new phase of structural upgrades, driven by cost reductions and a trend towards larger and higher-end products, which will likely lead to improved profitability in the long term [3][4]. Group 3: Global Market Dynamics and Competitive Landscape - Since 2000, Korean companies have dominated the global black electrical appliance market, but Chinese companies are now gaining ground through rapid innovation and competitive pricing, with the global market concentration expected to increase, as indicated by a projected 56.3% market share for the top four brands by 2024 [4][34]. - Chinese brands like Hisense and TCL are rapidly expanding their global market share, with Hisense's share increasing from 6.2% in 2016 to 14% in 2024, and TCL's share rising from 5.8% to 13.9% in the same period [35][41]. Group 4: Regional Market Insights - The North American market is characterized by intense competition and a stable retail volume, with Chinese brands like TCL and Hisense increasing their presence in the high-end segment through strategies focused on larger screen sizes and channel optimization [39][41]. - In Europe, while the market is mature and declining, Chinese brands are leveraging sports marketing and local partnerships to enhance brand recognition and market share, with TCL's high-end Mini LED models gaining traction [43][56]. Group 5: Technological Innovations and Consumer Trends - The trend towards larger screens is evident, with the average size of televisions increasing from 39.2 inches in 2015 to 53 inches in 2024, and Chinese manufacturers leading this trend with a significant share of large-screen sales [64][67]. - High-end products are becoming more prevalent, with advancements in display technology such as Mini LED and AI integration driving up prices while maintaining manageable cost increases, thus improving profitability for manufacturers [70][63].

Group 1 - The core viewpoint of the article emphasizes that OLED technology is leading the display industry upgrade due to its significant advantages over traditional display technologies like LCD and CRT [7][13][23] - OLED technology is characterized by being all-solid-state, self-emissive, energy-efficient, and capable of flexible displays, making it a strong candidate for mainstream adoption in the display market [13][16][23] - The transition from cost-driven to value-driven paradigms in the display industry is highlighted, with OLED technology enabling higher performance and innovative form factors, thus enhancing product pricing [23][24] Group 2 - The article outlines the OLED industry chain, which consists of upstream components (manufacturing equipment and materials), midstream (panel manufacturing and module assembly), and downstream applications (smartphones, TVs, etc.) [24][29] - There is a significant opportunity for domestic companies to replace imported components in the OLED supply chain, particularly in the upstream segment where the technology barriers are high [26][29] - The production cost structure of OLED panels shows that manufacturing equipment and organic materials account for a large portion of the costs, with equipment making up about 35% and organic materials around 23% [29][30] Group 3 - The article discusses the rapid growth of the OLED organic materials market, projecting a market size of approximately 43 billion yuan in 2023, with a compound annual growth rate of 11% expected until 2030 [37][50] - The domestic market for OLED materials is expanding, with several companies achieving breakthroughs in producing terminal materials, which were previously dominated by foreign suppliers [48][49] - The article notes that the OLED organic materials market is expected to reach 18.41 billion yuan by 2025, driven by the increasing demand for large and medium-sized panels [55][57]