Core Viewpoint - The article discusses the significant advancements in the G8.6 IT OLED production lines and highlights the IT market as a crucial growth point for the OLED display industry [2]. Group 1: Investment and Production Developments - TCL Huaxing announced the construction of a G8.6 printed OLED production line, indicating a strategic move to enhance production capabilities in the OLED sector [2]. - A summary of global high-generation IT OLED production line investments is provided, showcasing the industry's expansion and technological advancements [2]. Group 2: Technological Advancements - The article outlines three concurrent technological routes in high-generation IT OLED display technology, emphasizing the competitive landscape [2]. - Detailed introductions to RGB evaporation tandem OLED technology, lithography OLED technology, and printed OLED technology are included, providing insights into the various methods being developed [2]. Group 3: Market Forecasts and Trends - Predictions for the shipment area trends of medium-sized OLED display panels in the coming years are discussed, indicating a growing demand in this segment [2]. - The penetration rates of OLED panels in major application fields are forecasted, highlighting the increasing adoption of OLED technology across different markets [2].

Investment Rating - The report maintains an "Accumulate" rating for the basic chemical industry [5] Core Insights - The consumer electronics sales season is set to begin with the launch of the iPhone 17 series, which is expected to stimulate global smartphone shipments [1][21] - The penetration rate of flexible OLED displays is steadily increasing, with domestic manufacturers gaining market share [2][23] - Revenue for OLED material manufacturers continues to grow, driven by the rising demand for organic materials [3][27] Summary by Sections Industry Overview - The iPhone 17 series was launched on September 10, 2025, marking the start of the consumer electronics sales season for the second half of 2025 [1][21] - Major brands like Huawei and Xiaomi are also expected to release flagship products, further boosting replacement demand in the smartphone market [1][21] Market Performance - In the first half of 2025, global smartphone panel shipments reached approximately 1.09 billion units, a year-on-year increase of 1.6% [2][23] - The flexible OLED panel shipments were about 298 million units, growing by 4.9% year-on-year, with a penetration rate of 27.4% [2][23] Domestic Market Dynamics - In the first half of 2025, China's OLED smartphone panel shipments totaled around 200 million units, accounting for 50.9% of the global market [2][23] - Major domestic manufacturers like BOE, Tianma, and TCL Huaxing have shown significant growth in shipments, with respective increases of 10.3%, 15.6%, and 8.6% [2][23] Revenue Growth in OLED Materials - OLED material manufacturers such as Aolai and Lite-On reported revenues of 257 million yuan and 276 million yuan respectively in the first half of 2025, reflecting year-on-year growth of 22.0% and 30.0% [3][25] - The overall market for OLED organic materials in mainland China is projected to reach 7.4 billion yuan in 2025, with a growth rate of 30% [3][27] Investment Recommendations - The report suggests focusing on companies within the OLED supply chain, including Aolai, Ruile New Materials, Wanrun Co., Lite-On, Puyang Huicheng, and Bayi Shikong [4][28]

Core Viewpoint - TCL Technology, in collaboration with the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee, has signed a project cooperation agreement to establish an 8.6-generation printed OLED display panel production line with a monthly processing capacity of approximately 22,500 glass substrates measuring 2290mm x 2620mm [1] Investment Details - The total investment for the T8 project is estimated at approximately RMB 29.5 billion [1] - The parties involved have agreed to jointly contribute RMB 14.75 billion to the registered capital of the project company, with TCL Huaxing contributing RMB 8.85 billion and the state-owned enterprises coordinated by the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee contributing a total of RMB 5.9 billion [1] - The remaining investment required beyond the registered capital will be financed through loans from a syndicate and other legally compliant methods [1]

Group 1 - TCL Technology announced a project cooperation agreement with the Guangzhou Municipal Government and the Guangzhou Economic and Technological Development Zone Management Committee to jointly build an 8.6-generation printed OLED display panel production line with a monthly processing capacity of approximately 22,500 glass substrates measuring 2290mm × 2620mm [1] - The total investment for the T8 project is approximately RMB 29.5 billion, with all parties agreeing to contribute a total of RMB 14.75 billion to the registered capital of the project company [1] - TCL Huaxing will contribute RMB 8.85 billion, while the Guangzhou Municipal Government and the coordinating state-owned enterprises will contribute a total of RMB 5.9 billion [1]

Core Viewpoint - Longli Technology (300752.SZ) has successfully developed and recognized its LIPO technology for OLED display applications, which has been validated by customers and is now in mass production for various devices [1] Group 1 - The company began its focus on OLED display-related process innovation technology, LIPO, in 2022 [1] - After three years of research and development, the LIPO technology has received high recognition from customers [1] - LIPO technology products are currently in mass production for projects such as wristbands and mobile phones [1] Group 2 - The company plans to continue upgrading product solutions to enhance product efficiency and yield [1] - There is an ongoing effort to expand the application fields of LIPO technology to further strengthen the company's core competitiveness [1]

Core Viewpoint - The company reported its 1H25 performance, meeting expectations with revenue of 292 million yuan and a net profit of 126 million yuan, driven by the growing application of OLED technology in consumer electronics [1] Financial Performance - 1H25 revenue reached 292 million yuan, a year-on-year increase of 18.84% - Net profit attributable to shareholders was 126 million yuan, corresponding to earnings per share of 0.31 yuan, up 36.75% year-on-year - In 2Q25, the company achieved revenue of 147 million yuan, with year-on-year and quarter-on-quarter growth of 11.7% and 1.4% respectively - Net profit for 2Q25 was 66 million yuan, reflecting year-on-year and quarter-on-quarter growth of 33.9% and 7.7% respectively - The gross margin in 2Q25 increased to 76.7%, marking a new quarterly high, with improvements of 10 and 4 percentage points year-on-year and quarter-on-quarter [1][2] Industry Trends - The demand for OLED technology is expanding across various applications, including smartphones, IT devices, and automotive displays - The penetration rate of OLED panels in smartphones is steadily increasing, with flexible technology accelerating the adoption of innovative forms like foldable screens - Major panel manufacturers, such as BOE, are planning to build 8.6-generation AMOLED production lines, indicating a potential rapid growth phase for OLED in tablets and PCs, which will drive material demand [2] Product Development - The company is a leader in domestic OLED terminal materials, successfully achieving domestic substitution for Red Prime, Green Host, and Red Host materials - New products like Green Prime and blue light series materials are progressing well in client validation, indicating strong long-term growth potential - The company is focusing on the development of OLED deuterated intermediates and has successfully partnered with terminal material companies such as SOLUS, P&H Tech, and SFC, which may become new growth points [2][3] Profit Forecast and Valuation - The profit forecast for 2025/26 remains unchanged, with the current stock price corresponding to a price-to-earnings ratio of 41.5/35.1 for 2025/26 - Due to the upward adjustment of the valuation center in the new materials industry, the target price has been raised by 20% to 30 yuan, corresponding to a price-to-earnings ratio of 46.5/39.4 for 2025/26 and a 12% upside potential, maintaining an "outperforming the industry" rating [4]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company's material revenue is steadily growing, while equipment orders are experiencing a temporary decline. The company plans to increase PSPI production capacity through a private placement [1][4]. Summary by Sections Revenue and Profit Forecast - For the first half of 2025, the company expects revenue between 270-290 million yuan, a year-on-year decrease of 15.23%-21.07%. The expected net profit attributable to shareholders is between 25-29 million yuan, down 68.41%-72.77% year-on-year. The non-recurring net profit is projected to be between 4-4.8 million yuan, a decrease of 92.46%-93.71% [1][4]. Business Segments - The materials segment is expected to achieve revenue of 250-260 million yuan in the first half of 2025, representing a year-on-year growth of 18.7%-23.4%. This growth is attributed to the continued ramp-up of OLED finished materials and the introduction of new products like PSPI [2]. - The equipment segment is projected to generate revenue of 23-24 million yuan, reflecting a significant decline of 81.7%-82.5% year-on-year due to reduced orders for 6th generation OLED evaporation source equipment as the construction of 6th generation production lines nears completion [2]. New Projects and Capital Increase - The company has commenced construction of a new base in Changchun for key functional materials used in OLED displays, covering an area of 136,000 square meters. The project aims to achieve an annual production capacity of 2,000 tons and an annual output value of 1 billion yuan upon completion [3]. - The company plans to raise up to 299.86 million yuan through a private placement to fund the construction of the PSPI materials production base and to supplement working capital [3]. Profitability and Valuation - The report revises the profit forecast for 2025-2026 downwards and introduces a forecast for 2027. The expected net profits for 2025, 2026, and 2027 are 127 million yuan, 244 million yuan, and 354 million yuan, respectively [4][5]. - The company has successfully secured a contract for the 8.6 generation OLED production line linear evaporation source, which is expected to positively impact the performance in 2025-2026 [4]. Financial Metrics - The company’s projected revenue growth rates for 2025, 2026, and 2027 are 31.30%, 56.49%, and 35.88%, respectively. The expected net profit growth rates for the same years are 40.85%, 91.30%, and 45.29% [5][10].

Core Viewpoint - The collaboration between Visionox and Semiconductor Energy Laboratory (SEL) through a patent licensing agreement will enhance the company's capabilities in manufacturing OLED display panels and modules globally, facilitating efficient product innovation and commercialization [1][2]. Group 1: Patent Licensing Agreement - Visionox announced a patent licensing agreement with SEL to obtain rights related to OLED display technology, allowing the company to manufacture OLED display panels and modules worldwide [1]. - The agreement permits Visionox to sublicense the granted rights to its subsidiaries, specifically Hefei Visionox Technology Co., Ltd. and Hefei Guoxian Technology Co., Ltd., which are involved in AMOLED display panel production [1]. - SEL, a laboratory focused on research and patent licensing, holds various patents in OLED displays, oxide semiconductors, and rechargeable batteries across multiple countries [1]. Group 2: Impact on Product Development - The partnership with SEL is expected to improve Visionox's product performance and accelerate the development of innovative products, leading to effective transformation and industrialization of technological innovations [2].

Core Viewpoint - 隆利科技 is experiencing significant growth in revenue and profit, driven by advancements in display technologies and strong market demand in the automotive and OLED sectors [2][3][4]. Financial Performance - In 2024, the company achieved operating revenue of 1.32 billion yuan, a year-on-year increase of 28.64%, and a net profit attributable to shareholders of 106 million yuan, up 132.90% [2]. - For Q1 2025, the company reported operating revenue of 340.73 million yuan, a 15.18% increase year-on-year, with a net profit of 30.61 million yuan, reflecting a 51.88% growth [2][6]. Market Outlook - The automotive display market is projected to grow steadily, with global shipments of automotive display panels expected to reach 232 million units in 2024, a 6.2% increase [3]. - The Mini-LED technology is anticipated to have a significant market presence due to its superior display quality and energy efficiency, positioning 隆利科技 favorably in the automotive display sector [3]. Technology Development - The LIPO technology, related to OLED displays, is expected to see over 1 billion units shipped by 2025, with increasing adoption by major companies like Apple [4]. - 隆利科技 has been developing LIPO technology since 2022 and is now entering mass production, which is expected to positively impact its financial performance [5]. Business Operations - 隆利科技 specializes in the research, development, production, and sales of backlight display modules [6]. - The company's Q1 2025 report indicates a main revenue of 341 million yuan, a 15.18% increase year-on-year, with a gross margin of 17.8% [6]. Analyst Ratings - In the last 90 days, three institutions have rated 隆利科技, with two buy ratings and one hold rating, and the average target price set at 27.6 yuan [7].

因技术进步与新产品的带动，预计2025年QD-OLED在OLED显示器出货占比将升至73% 根据Tr endFor c e集邦咨询最新研究，OLED显示技术持续发展，带动QD-OLED显示器(monitor)出 货量成长， 预计在OLED显示器的占比将从2024年68%提升至2025年73% ，展现出在高阶显示 器领域的竞争力。受到市场需求趋动，预期未来将有更多品牌和产品线采用QD-OLED技术，以提 升画质表现与刷新率，以满足高阶玩家和专业使用者的需求。 点击右边 阅读原文 了解更多详情 国际形势变化带动拉货潮，预估2Q25存储器合约价涨幅将扩大 根据Tr endFor c e集邦咨询最新调查，近期国际形势变化已切实改变了存储器供需方操作策略。 Tr endFor c e资深研究副总吴雅婷表示，由于买卖双方急于完成交易、推动生产出货，以应对未来市 场不确定性，预期第二季存储器市场的交易动能将随之增强。 点击右边 阅读原文 了解更多详情 TrendForce 存储产业 趋势分析 商业洞察 信息精选 PS:当您需要在报道中引用TrendForce集邦咨询提供的研报内容或分析资料，请注明资料来源为TrendFor ...