Core Viewpoint - The LCD panel prices are expected to decline in August 2025, with a potential increase in demand as the year-end sales season approaches [1][3][5]. Price Summary - In July 2025, the prices for 32, 43, 50, 55, and 65-inch LCD TV panels were $36, $63, $95, $121, and $170 respectively, with month-over-month declines of 5.3%, 1.6%, 7.8%, 5.5%, and 3.4% [1][3]. - Omdia forecasts that in August 2025, the prices will further decline to $34, $62, $92, $118, and $167, with respective month-over-month decreases of 5.6%, 1.6%, 3.2%, 2.5%, and 1.8% [1][3]. - For IT panels, prices for 10.1-inch, 14-inch, and 23.8-inch LCD panels remained stable at $16.3, $26.2, and $44.8 respectively in July 2025 [3]. Supply & Demand Analysis - In June 2025, the global shipment area for large-size LCD panels decreased by 3.46% year-over-year, with TV panel shipments down by 6.23% [4]. - The global large-size LCD production capacity is expected to grow by 2.31% in 2024 compared to 2023, with a slight increase of 0.21% anticipated in 2025 [4]. Industry Outlook - The LCD industry is stabilizing, with a concentration of market share due to the shutdown and sale of overseas production lines, which may help regulate LCD TV panel prices [5]. - The profitability of LCD panel companies is expected to improve as the cyclical nature of the industry diminishes and growth attributes become more prominent [5]. Investment Recommendations - The industry recommends investing in leading domestic panel manufacturers like BOE Technology Group (京东方A) to capitalize on the benefits of domestic consumption upgrades and market share advantages [6]. - Other recommended companies include Zhaochi Co., Ltd. (兆驰股份), Kangguan Technology (康冠科技), and Visionox Technology (视源股份) [6].

国信证券发布研报称，看好京东方A(000725.SZ)等国内面板龙头把握我国消费升级国产化的时代红利， 凭借高世代线所带来的规模效应、成本优势以及市场份额领先所带来的行业话语权、定价权逐步实现盈 利能力的稳步提升。与此同时，LCD产业的崛起增强了国产电视品牌及ODM的出海竞争力。 国信证券主要观点如下： LCD行业月报：面板需求淡季不淡，2月全球大尺寸LCD面板营收同环比增长 行情&业绩回顾：2025年3月至今面板(申万)指数下跌13.39%，3Q24中国主要LCD厂商平均毛利率同环 比下滑l行情回顾：2025年3月至今面板(申万)指数下跌13.39%，跑输上证指数、深证成指、沪深300指 数10.90pct、6.06pct、9.80pct;其中京东方A、TCL科技（000100）、彩虹股份（600707）、深天马A、 龙腾光电分别下跌12.76%、13.85%、13.51%、16.28%、17.01%。估值方面，截至4月11日A股面板行业 总市值4773.78亿元，整体PB(LF)为1.37x，处于近五年的44.6%分位。 业绩回顾：根据Omdia数据，2月全球大尺寸LCD面板月度营收55.40亿美元，环比 ...