万联证券发布研报称，根据洛图科技数据，11月面板大厂LCDTV面板报价有所上涨，预计月末结算价 仍下跌，但跌幅有望环比收窄。需求端，明年迎来体育赛事催化，下游终端厂商有望提前备货，12月 TV面板价格有望止跌。在大尺寸显示面板需求增长推动下，整体面积需求有望保持强劲。展望后市， 伴随着高世代产线折旧逐步进入尾声，龙头企业盈利能力及现金流情况有望持续改善，建议关注中国内 地面板行业的龙头企业。 LCD面板厂稼动率维持较高水平，产线折旧压力减缓有望改善运营压力 根据洛图科技数据，2025年10月，全球大尺寸液晶电视面板出货量为20.6M片，同比增长8.0%，环比9 月下降4.8%。2025年下半年至今，LCD面板厂商产能利用率均维持在较高的水平，7-10月整体市场的出 货量均呈同比增长状态，增幅分布在5%-10%之间。此外，10.5代LCD工厂折旧期进入尾声，有望改善 企业运营压力，利于控产稳价策略的维持。 投资建议 未来LCD总出货量预计将趋于稳定，中国内地面板厂市场份额占据全球接近七成，基本掌握产业链话语 权，控产稳价策略有望维持。需求端迎来明年体育赛事的催化及长期电视面板大尺寸化的市场增量，产 业链盈利能力 ...

Core Viewpoint - The global esports market is experiencing a recovery in the first half of 2025, leading to increased demand for monitors and gaming laptops, which in turn injects growth momentum into the panel industry [1][3]. Group 1: Esports Market Growth - The global esports monitor retail market is expected to grow by 34% year-on-year this year, while the gaming laptop retail market is projected to increase by 15% in the first half of the year [1]. - In Q1 of this year, China's esports monitor shipments reached 2.58 million units, a year-on-year increase of 56%, with high-end 4K esports monitors seeing a shipment growth of 71.5% [3]. Group 2: Panel Industry Dynamics - Despite the recovery in esports demand, the overall panel industry is still undergoing structural adjustments, with a temporary decline in panel prices due to seasonal factors [6]. - Starting from Q3, the panel industry is expected to see improved demand, with TV panel shipments projected to increase by 3% to 4% compared to Q2, driven by traditional sales peaks and domestic policies [6]. Group 3: Technological Advancements and Market Opportunities - TCL Huaxing is optimizing its mid-size production lines and accelerating the development of mid-size OLED technology, viewing it as a significant industrial opportunity for the coming years [4]. - The global esports monitor market is projected to reach approximately $11.35 billion by 2025, with a compound annual growth rate of about 6.6% until 2035 [4]. Group 4: Supply Chain and Production Strategies - The company emphasizes the importance of maintaining flexibility in technology, supply chain, and product structure to remain competitive in the industry [1]. - TCL Huaxing has achieved over 50% localization in its supply chain materials and aims to strengthen both domestic and global supply chain capabilities [7].

Core Insights - The global esports market is experiencing a recovery in the first half of 2025, leading to increased demand for monitors and gaming laptops, which in turn boosts the panel industry [2][4] - Major panel manufacturers are focusing on esports and high-end displays, with TCL's CEO highlighting a significant growth in the retail market for esports monitors and gaming laptops [2][4] - The esports monitor retail market is expected to grow by 34% year-on-year, while the gaming laptop market is projected to grow by 15% in the first half of the year [2][4] Market Trends - In Q1 2024, China's esports monitor shipments reached 2.58 million units, a 56% year-on-year increase, with high-end 4K monitors seeing a 71.5% increase [4] - The global esports monitor market is projected to reach approximately $11.35 billion by 2025, with a compound annual growth rate (CAGR) of about 6.6% until 2035 [5] Panel Industry Dynamics - Despite the recovery in esports demand, the overall panel industry is undergoing structural adjustments, with a temporary decline in panel prices due to seasonal factors [7] - The third quarter is expected to see a rebound in demand, driven by traditional sales peaks and government policies, with a projected 3-4% increase in TV panel shipments compared to Q2 [7] - The industry is witnessing a healthy inventory level, which, along with recovering demand, is anticipated to stabilize panel prices [7] Technological Innovations - The trend towards larger sizes and technological innovations, such as Mini LED TVs, is expected to drive growth, with a projected 4.2% increase in global large-size panel shipment area by 2025 [8] - The introduction of high-refresh-rate OLED monitors by brands like ASUS and MSI indicates a strong consumer demand for high-end products [4] Supply Chain Strategy - The company emphasizes a dual approach to supply chain management, balancing domestic and global partnerships to enhance resilience [9] - The current domestic material localization rate exceeds 50%, with a strategy to strengthen both domestic and global supply chain capabilities [9]

Group 1 - The core viewpoint is that BOE Technology Group Co., Ltd. (京东方A) has observed a continuation of inventory destocking trends among manufacturers since July, leading to a slight decrease in LCD TV panel prices [1] - Looking ahead to August, the company anticipates a gradual recovery in panel stocking demand during the peak season, which is expected to stabilize the LCD TV panel prices [1] - The industry operating rate is projected to recover as demand for LCD TV panels increases [1]