Core Viewpoint - The article provides an in-depth analysis of the materials used in display panels, focusing on the evolution from LCD to OLED and Micro-LED technologies, highlighting the complexities of material science and engineering involved in their production [2][46]. LCD Panel Material System - LCD technology operates by using backlight and liquid crystal gates to produce images, structured into backlight modules (BLU) and liquid crystal cells (LC Cell) [4]. - The backlight module includes LED chips made from sapphire or silicon substrates, with GaN-based multi-quantum well structures, and uses gold and silver for electrical connections [6]. - The liquid crystal cell consists of various layers including glass substrates, gate electrodes, and pixel electrodes, with materials like a-Si, IGZO, and ITO being critical for performance [10][11]. OLED Panel Material System - OLED technology is characterized by self-emissive pixels, with a material system focused on energy level matching and exciton management [23]. - Key components include high-temperature resistant glass substrates, LTPS or IGZO for the TFT array, and various organic materials for the emission layers [24][26]. - The encapsulation layer is crucial for protecting the organic materials from moisture and oxygen, utilizing both rigid and thin-film packaging techniques [30]. Micro-LED Panel Material System - Micro-LED technology utilizes miniaturized LED chips as individual light-emitting pixels, offering advantages like high brightness and low power consumption [32]. - The material system involves advanced semiconductor epitaxy, mass transfer, and chip bonding technologies [33]. - Key materials include sapphire or silicon substrates, n-type and p-type layers, and quantum well structures for light emission [34]. Trends in Display Panel Materials - The display panel industry is transitioning from LCD to advanced technologies like OLED and Micro-LED, with a focus on high-end materials such as flexible OLED substrates and Micro-LED mass transfer materials [46]. - There is a growing demand for diverse applications, particularly in automotive displays and AR/VR technologies, which require high-performance materials [46]. - Localization of supply chains is becoming essential, with a push for domestic production of core functional materials to reduce reliance on foreign suppliers [47]. Investment Logic in Panel Materials - Investment opportunities lie in capturing breakthroughs in high-barrier, high-growth segments of the panel materials market, particularly in domestic replacements [49]. - Focus areas include OLED red/green host materials, precision metal mask manufacturing, and core process materials for Micro-LED technologies [50]. - Companies achieving breakthroughs in these areas are expected to gain strong customer loyalty and pricing power, benefiting from the domestic replacement trend [51].