Group 1 - The global large-size LCD TV panel shipment volume reached 63.0 million units in Q1, with a year-on-year increase of 11.5% and a quarter-on-quarter increase of 4.8% [2] - The shipment area for large-size LCD TV panels was 46.7 million square meters in Q1, reflecting a year-on-year increase of 13.8% and a quarter-on-quarter increase of 3.4% [2] - The average size of LCD TV panels increased to 49.5 inches in Q1, up by 0.2 inches compared to the same period last year [2] Group 2 - Major manufacturers like BOE and TCL achieved record high shipments in Q1, with BOE exceeding 17 million units and TCL nearing 5 million units in March [3] - The domestic TV market experienced a decline in volume but an increase in revenue, with Q1 sales volume at 6.91 million units, down 2.2% year-on-year, while revenue grew by 3.4% to 26.4 billion yuan [4] - The trend towards larger TV panels contributed significantly to revenue growth, with over 5.4% of sales coming from products priced above 10,000 yuan [4] Group 3 - Companies like TCL reported substantial profit increases, with net profit growth of 321.96% and 329% for its semiconductor display business [4] - The panel market is expected to see a decline in shipments in Q2, with a projected decrease of 3%-5% [5] - The industry is focusing on "demand-driven production" and enhancing large-size demand to maintain stable growth [5]

2.毛利率及费用率：会计政策调整的影响 。本季度能看到公司的毛利率骤降，而销售费用单季度这算竟然为 "负数" ，这主要是公司对会计政策做了调整。 公司将 计提的保证类质保费用计入 "主营业务成本"，而不再计入 "销售费用"，这对本季度的数据影响大约在 21 亿元 。 如果不考虑该影响，公司本季度的毛利率将回升 至 15.7%， 而销售费用也将回到 8.6 亿元，相对符合公司的经营状况。受 2024 年年末面板价格有所降低的影响，毛利率环比也有所回落。 3.具体业务来看 ：显示器件和物联网创新业务是公司最大的收入来源，合计占比达到 95% 以上。其中 2024 年下半年显示器件业务同比增长 9.9%，主要受益于面 板出货量的增长；物联网创新业务同比下滑 22.4%，受经济面的需求扰动较大。 4.存货及价格变动 ： 京东方在 2024 年第四季度的存货减少至 233 亿元，环比下降 4.7%。 公司本季度存货/收入的比值继续下降至 0.43。随着存货状况的好转，面 板从 2024 年底开始价格再次上涨。而在面板涨价的带动下，公司在下季度的业绩仍将继续向好。 | | | | | Beijing Oriental E ...