Core Viewpoint - LG Display's large-size OLED glass substrate input capacity increased by 28% in 2023, reaching 133K sheets/month, but still below the design capacity of 180K sheets/month, indicating potential issues with production line utilization [1][2]. Group 1: Production Capacity - LG Display's monthly input capacity for large-size OLED was 175K in 2021, decreased to 160K in 2022, further dropped to 104K in 2023, and rebounded to 133K in 2024, reflecting market volatility [2]. - The OP1 factory in Paju had an input capacity of 86K in 2021, reduced to 70K in 2022, fell to 39K in 2023, and increased to 58K in 2024. The Guangzhou OLED factory maintained a more stable capacity of 75K in 2024 [2]. Group 2: Market Demand and Future Outlook - Samsung Electronics plans to increase its procurement of OLEDs from LG Display, with expected shipments of approximately 1.4 million units in 2024 and a significant increase in 2025 [3]. - LG Display's CEO aims for profitability in 2024 by strengthening customer structure and driving cost innovation [3]. - The input capacity for OLED glass substrates for Apple products is also growing, from 31K in 2021 to 47K in 2024, indicating strong demand [3]. - LG Display's automotive display business has surpassed 2 trillion KRW in sales, showcasing market potential across multiple sectors [3].

Core Viewpoint - A research team led by Professor Forrest from the University of Michigan has developed a new blue phosphorescent OLED (PHOLED) material that significantly enhances the lifespan of OLED devices, providing a viable path for commercial blue PHOLED devices [1][5]. Group 1 - The new design of the tandem device using this OLED material has a lifespan that is 250 times longer than traditional single-layer PHOLED devices [1]. - The researchers employed a Polariton-enhanced Purcell (PEP) effect on both the cathode and anode to achieve this significant lifespan improvement, resulting in the creation of PEP-PHOLED devices [3]. - The blue color coordinates of the new device are CIExy = (0.14, 0.12), indicating its color performance [3]. Group 2 - A notable achievement of the research is a tandem PEP-PHOLED device based on a platinum (Pt) complex, which has achieved an LT90 lifespan of 1,800 hours at a brightness of 500 cd/m² and has a front external quantum efficiency (EQE) of 56% [4]. - The University of Michigan has been developing commercial blue PHOLED devices for over 20 years and has collaborated closely with several display companies, including Universal Display, which recently announced that its blue PHOLED materials are nearing commercialization [4]. - LG Display has also validated the performance of the new material in a hybrid tandem structure device [4].

【WitsView整理】 5月26日， LG Display （ LGD ） 官网消息，今年4月，LGD的 透明OLED显示 屏 已应用在韩国首尔地铁 汝矣岛站 的 站台门 上 。 这些 屏幕不仅 可以 显示首尔全新的单线路地铁地图，还提供运营信息、紧急疏散等多种 内容，方 便乘客了解地铁信息。 据悉， 地铁站台门最基本的功能是提供清晰可视的内外部环境。 LGD的 透明OLED 显示屏 具有 高透明度、轻薄特性 ，可直接替代玻璃窗， 在 保留了安全性能 的同时，还 能在大尺寸屏幕上显 示地图、运营信息 、 广告 等内容。 LGD表示，公司旗下的 透明OLED 显示屏已在多个国家的 交通场景中应用 。 包括 北京、深圳、 广州、重庆 等 中国 城市的 地铁以及 日本 的 JR列车 公共交通系统都已引入这种技术。 而在韩国，LGD的 透明OLED 显示屏 最早于去年4月安装在 GTX-A线列车 的 车窗中，为乘客带来 开放、宽敞的视觉感受与丰富的信息体验。 图片来源： LG Display 除在公共交通上的应用外，LGD的 透明OLED 显示屏还在扩展应用到 汽车、航空、零售、广告标 牌、建筑设计 等多个领域 。 ...

Core Viewpoint - BOE has launched two high-brightness HUD display solutions based on COG Micro LED technology, showcasing advancements in display technology and potential applications in various sectors [1][3]. Group 1: Product Launches - The first product is a 6.2-inch P0.2 RGB Micro LED HUD, featuring self-developed Micro LED chips and a brightness of up to 30,000 nits, designed for stability and seamless splicing in high PPI scenarios [1]. - The second product is a monochrome glass-based Micro LED HUD with a pixel pitch of 58μm and a peak brightness of 300,000 nits, ensuring visibility in bright environments [3]. Group 2: Financial Performance - In Q1 2025, BOE achieved a revenue of 50.599 billion yuan, a year-on-year increase of 10.27%, marking a historical high for the company's first-quarter revenue [5]. - The net profit attributable to shareholders was 1.614 billion yuan, reflecting a significant year-on-year growth of 64.06% [5]. Group 3: Business Growth - The revenue from Mini LED backlight devices increased by 215% year-on-year, indicating strong growth in the MLED business segment [6]. - BOE has launched COB small-pitch LED indoor displays in overseas markets and deepened collaborations with key domestic clients, providing customized MLED display solutions [6]. Group 4: Capacity Expansion - In Q1 2025, BOE Huacan Optoelectronics held a product delivery ceremony for the world's first 6-inch Micro LED production line, aimed at large-size commercial displays, AR/VR devices, and wearables [6]. - The production line is expected to reach an annual capacity of 24,000 6-inch wafers and 45,000 KK Micro LED pixel devices upon full production [6].

大中尺寸渗透加速，国产替代方兴未艾 华安证券研究所 分析师 王强峰 S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师 刘天其 S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 华安证券研究所 2025年5月15日 华安研究•拓展投资价值 证券研究报告 1 • 整体而言，中游面板制造厂商积极扩建高世代产线，叠层OLED等新技术商业化进程加快，下游应用多元化将加速上游材 料与设备国产化，提供需求增量。以发光材料为例，其市场规模持续扩大，据QYResearch预计，2023年全球OLED发光 层主体材料市场销售额达到了15.3亿美元，预计2030年将达到33.03亿美元，年复合增长率（CAGR）为11.6%（2024- 2030）。OLED终端材料是当前国产替代的重点难点，核心专利技术一度被海外公司垄断，据群智咨询测算，2023年 OLED有机材料（包括OLED终端材料和前端材料）整体国产材料市占率约为38%；前端材料占比较大为58%，终端材料 国产化率低，其中终端材料中通用层材料为17%左右，发光层材料不足6%， ...

Core Viewpoint - Nanolumens and AUO Display Plus have formed a strategic partnership to develop customized display systems for various industries, leveraging their respective expertise in LED design and Micro LED technology [1][2]. Group 1: Partnership Details - The collaboration aims to integrate R&D resources to create new transparent, large-sized, and high-performance display solutions that can blend into architectural environments [1]. - The first showcase of their collaborative results is scheduled for the InfoComm 2025 exhibition from June 11 to 13, 2025 [2]. Group 2: Company Background - Nanolumens, established in 2006, specializes in LED design and manufacturing, offering various series of LED displays with pixel pitches ranging from 0.93mm to 10mm, and is expanding its market presence beyond North America [2]. - AUO Display Plus, a subsidiary of AUO, focuses on industrial and commercial display solutions, applying smart display technologies across multiple sectors including education, healthcare, and transportation [2]. Group 3: Technological Advancements - AUO has been actively developing Micro LED technology, showcasing several products at the Touch Taiwan 2025 exhibition, including the world's largest single Micro LED module and the thinnest 17.3-inch dual-sided transparent Micro LED display [3].

Core Viewpoint - The OLED display market is experiencing rapid growth, with significant increases in shipment volumes projected for 2025, driven by new product launches from various brands [1] Group 1: Shipment Growth - OLED monitor shipments are expected to reach approximately 507,000 units in Q1 2025, representing a year-on-year increase of 175% [1] - In Q2 2025, shipments are anticipated to benefit from a substantial increase in 27-inch UHD models, potentially reaching 650,000 units [1] - The total shipment volume for OLED displays in 2025 is projected to be 2.58 million units, with an annual growth rate of 81% [1] Group 2: Market Penetration - The overall penetration rate of OLED displays in the monitor market is expected to grow to 2% by the end of 2025 [1]

Core Viewpoint - The OLED monitor market is experiencing rapid growth, with significant increases in shipment volumes expected in 2025, driven by new product launches from various brands [1]. Industry Overview - TrendForce's research indicates that OLED monitor shipments are projected to reach approximately 507,000 units in Q1 2025, representing a year-on-year increase of 175%. By Q2 2025, shipments are expected to rise to 650,000 units, with an annual growth rate of 81%, leading to a total of 2.58 million units for the year [1]. Market Share Analysis - Samsung leads the OLED monitor market with a 22.4% market share, primarily driven by its 49-inch product line, which accounts for 40% of its shipments. The 27-inch UHD products are expected to become the highest-selling category for Samsung in Q2 [2][3]. - ASUS has climbed to the second position with a market share of 21.6%, closing the gap with Samsung to less than one percentage point. ASUS has invested heavily in OLED technology and diversified its product offerings, including portable dual-screen monitors [2][4]. - MSI holds the third position with a 14% market share, benefiting from a strong performance in 2024, where it achieved a 63% year-on-year growth in overall monitor shipments and a staggering 36-fold increase in OLED shipments [2][5]. - LGE ranks fourth with a 13% market share, boosted by the launch of its 45-inch WUHD model. However, it is expected to lag behind competitors due to a lack of focus on the popular 27-inch UHD segment [2][6]. - Dell occupies the fifth position with an 11% market share, with expectations of growth driven by the introduction of new 27-inch UHD and 31.5-inch 120Hz models aimed at the business market [2][7].

Core Viewpoint - LG Display is set to showcase innovative automotive display technologies at the SID Display Week 2025, focusing on solutions for electric and high-tech vehicles [1]. Group 1: Key Product Features - The "Driving the Future" stretchable automotive display can expand to 150% of its original size without losing resolution or color fidelity, maintaining 100 pixels per inch (ppi) and full RGB color quality [3]. - This display allows touch buttons to protrude, enabling easy operation while driving, and aims to integrate the functions of separate automotive displays and physical buttons into a single unit [3]. - LG Display is also developing a display with a switchable privacy mode, allowing front passengers to view content without the driver being distracted [3]. Group 2: Additional Innovations - LG Display will present a 57-inch "Pillar-to-Pillar" OLED screen, the largest in its category, spanning the entire width of the dashboard, with a confirmed supply of a 40-inch version to automotive manufacturers [3]. - The company is working on an 18-inch retractable OLED display for rear-seat entertainment, which can be stored in the roof when not in use and maintains clarity and performance in extreme temperatures ranging from -40°C to 85°C [4].

Core Insights - LG Display has achieved a significant milestone by becoming the first company to verify the commercialization-level performance of blue phosphorescent OLED panels on a mass production line, marking a crucial step towards the realization of a "dream OLED" display [1][5]. Group 1: Technology and Innovation - The term "dream OLED" refers to an OLED panel that achieves phosphorescence for all three primary colors of light: red, green, and blue. Phosphorescence offers a luminous efficiency of 100% and consumes a quarter of the power compared to fluorescence, which has a luminous efficiency of only 25% [2]. - Achieving blue phosphorescence has been a challenge for over 20 years due to its shorter wavelength and higher energy requirements compared to red and green [3]. - LG Display has developed a hybrid two-stack Tandem OLED structure that combines blue fluorescence in the lower stack and blue phosphorescence in the upper stack, resulting in approximately 15% less power consumption while maintaining stability [4]. Group 2: Commercialization and Market Impact - LG Display has successfully reached the commercialization stage of blue phosphorescent OLED panels, confirming performance evaluation, optical characteristics, and processability on actual mass production lines [5]. - The company plans to showcase its blue phosphorescent OLED panel featuring two-stack Tandem technology at the SID Display Week 2025, indicating its commitment to innovation in the display market [6][7]. - The application of blue phosphorescence technology is expected to expand rapidly, particularly in high-definition and high-efficiency products such as AI PCs and AR/VR devices [7]. Group 3: Future Outlook - The successful commercialization of blue phosphorescence technology is viewed as a milestone towards the next generation of OLED displays, with expectations for LG Display to secure a leading position in the future display market [8].