2024年，由于手机、电视等消费终端的不断回暖，使得上游面板公司大多都交出了一份不错的财报，盈利大幅改善。而在AI等新技术以及终端新需求的推 动下，今年显示产业也迎来了新的升级。 国际显示周开幕前夕，在与京东方首席执行官冯强、京东方高级副总裁、首席技术官刘志强的交流中，作者了解到，今年京东方参展的核心关键词有三个， 分别为技术、绿色和AI。与此同时，京东方可持续发展品牌"ONE"（Open Next Earth）也首次在海外展会上亮相。 "可持续发展不是选择题，是企业竞争力的新维度和企业生存的必答题。"冯强对作者说道，"'ONE'品牌会倒逼我们把可持续发展的力量拧成一股绳，倒逼 整个行业、整个产业链能够形成合力。" 根据京东方公布的年报数据显示，其在2024年实现营业收入1983.81亿元，同比增长13.66%；归属于上市公司股东净利润53.23亿元，同比增长108.97%；归 属于上市公司股东的扣除非经常性损益的净利润38.37亿元，同比增幅达706.6%。 冯强表示，技术和创新是公司一直的坚持，要根据市场的需求、客户的需求来时刻分析消费趋势的变化，然后和公司的战略方向结合起来，只有这样才能去 推动更高的转 ...

Core Insights - The SID Display Week highlighted two major trends in the display industry: the iteration of new display technologies by leading manufacturers and the acceleration of globalization among panel manufacturers [1] - The focus on OLED technology is increasing, with significant growth expected in the mid-size market, particularly in laptops and automotive displays [4][5] Group 1: Industry Trends - The display industry is witnessing a shift towards new display technologies such as printed OLED, AMOLED, and Micro LED, with OLED penetrating various end-user markets [1] - Manufacturers are expanding their global footprint despite fluctuating trade environments, moving towards a model of "globalization + regionalization" to better meet local market demands [1] - TCL's factories in India and Vietnam are set to enhance local production capabilities, with the Vietnam factory expected to achieve mass production by September [1] Group 2: OLED Market Growth - OLED's penetration in the smartphone market is projected to reach 61.1% by 2025, while its penetration in the PC monitor segment is expected to grow to 1.9% [2] - The demand for OLED PC monitors is anticipated to reach 3 million units in 2025, representing a 49% year-on-year growth, and further increasing to 4.2 million units in 2026, with a 41% growth rate [2] Group 3: Product Innovations - TCL showcased its APEX technology brand and a full range of printed OLED products, covering sizes from 6.5 inches to 65 inches, including various display products [3] - BOE presented over 30 new products supported by its display technology brands, aiming for an OLED shipment target of 170 million units by 2025 [3] - Visionox introduced its ViP AMOLED technology, which boasts improvements in lifespan, brightness, and resolution for devices like smartwatches and laptops [3] Group 4: Market Dynamics - The demand for OLED in mid-size applications, such as laptops and automotive displays, is seen as a significant growth opportunity, with expectations of rapid growth in the next three to five years [4] - TCL is focusing on both mature evaporation OLED technology for high-end devices and printed OLED technology for mainstream mid-size products, with a projected 20% cost advantage for printed OLED [5] - The global panel industry experienced a demand recovery in Q1, but a potential phase of adjustment is anticipated in Q2 due to regional demand fluctuations and preemptive customer purchases [6][7] Group 5: Supply Chain and Production Strategies - The LCD TV panel market is currently balanced, with a supply-demand ratio of 5.7% in Q2, but price adjustments are expected due to external cost pressures [7] - TCL's acquisition of LGD's Guangzhou LCD production line aims to enhance cost efficiency and product diversification, with plans to introduce IT products alongside TV and commercial display products [7] - The industry may see further consolidation in LCD capacity, which could help mitigate market volatility, although the long-term market fundamentals remain crucial [7]

【WitsView】 2025年第一季度，全球面板市场在多重因素交织影响下，呈现出复杂且动态的价 格走势。电视面板在年初延续涨势后于季末显现疲态，显示器面板则在季末启动全面涨价行情，而 笔记本面板价格基本 保 持稳 定状态 。 一季度 三大应用 面板价格走势分化 ● 电视面板涨势开年，季末承压 ● 显示器面板底部企稳，季末反弹 与电视面板的波动相比，显示器面板在2025年第一季度的价格走势相对平缓，并在季末迎来了上 涨。 1月份，显示器面板需求与2024年第四季度基本持平，价格维持稳定。随着电视面板价格上涨， 产能排挤效应为显示器面板需求改善带来 了 机会。 进入2月份，尽管处于传统淡季，但显示器面板仍维持了不错的需求动能。在电视面板需求好转且 价格上涨的趋势下，面板厂开始积极营造显示器面板涨价的氛围。然而，品牌客户对此多持观望态 度，买卖双方在价格走势上仍处于 拉锯 阶段。2月份，Open Cell类型的显示器面板价格率先微幅 上涨0至0.1美元，而面板模组价格则继续维持全面持平的态势。 真正的转折点出现在3月份。在电视面板需求良好及面板厂持续推动下，显示器面板价格迎来全面 上涨，且涨幅有扩大趋势。尽管品牌 ...

Group 1 - The automotive display sector is a significant revenue growth point for panel companies, leading them to integrate more features into automotive displays due to intensified competition in the automotive industry [1][3] - At the SID 2025 event, various new automotive display technologies were showcased, including a 12.3-inch hidden display from Deep Tianma and a 14.3-inch Micro LED projection head-up display from TCL Technology [3][4] - BOE presented a 55-inch OLED transparent sunroof with a 46% light transmittance and an OLED screen in the smart steering wheel that integrates multiple safety features [4][5] Group 2 - In the past year and the first quarter of this year, automotive displays have been a key performance driver for Chinese panel companies, with Deep Tianma's automotive business revenue growing over 30% year-on-year in Q1 2025 [5][6] - Sigmaintell forecasts that global automotive display panel shipments will continue to grow rapidly, with a projected year-on-year increase of 5.4% to 250 million units in 2025 [5][6] - The automotive display market is shifting towards larger and higher-end displays, with Omdia predicting a compound annual growth rate of 3.05% for automotive display module shipments over the next three years [5][6] Group 3 - Companies are focusing on developing new display technologies such as Micro LED for automotive applications, with Deep Tianma's Xiamen Micro LED production line targeting automotive displays as a key application area [6] - The competitive automotive market is driving companies to establish strategic partnerships with leading automotive manufacturers while being cautious about collaborations with emerging automotive startups [6]

【WitsView整理】 当地时间5月13日，SID Display Week 2025于在美国加利福尼亚州圣何塞（San Jose）举办。其作为全球显示行业最有影响力的展会之一，吸引了全球顶尖显示企业参与并展示最 新显示技术及成果。WitsView整理了与会的面板大厂相关产品动态，具体内容如下： 京东方 在本次展会上，京东方带来了LCD、OLED、Mini LED以及车载显示产品。 在LCD显示领域，京东方全球首发75英寸4K UB Cell 4.0电视，具备超高色域、全视角无色偏特 性，搭配1400:1的超高环境光对比度与超低面板反射率，集成光感、温感、雷达、摄像头等多元智 慧显示功能。 图片来源：京东方 在柔性OLED显示领域，京东方带来多款兼顾低功耗与绝佳显示的产品，展出全球首款搭载 TADF+Tandem COE技术的OLED智能终端显示解决方案，突破传统显示技术在色域、功耗和寿命 方面的限制。 图片来源：京东方 在MLED显示领域，在Mini LED 显示领域，京东方展出27英寸超快响应 HDR Mini LED电竞显示 器，其300Hz高刷新率屏幕可有效解决高速画面模糊问题。同时，该显示器以23 ...

Core Insights - The LCD industry has a high concentration, and there is potential for further capacity consolidation in the future [11] - The SID Display Week highlighted new display technologies such as OLED and Micro LED, with domestic panel manufacturers increasing their market share in the smartphone OLED segment [1][4] - Domestic panel manufacturers are competing with Korean manufacturers in both small and medium-sized display markets [1][7] Industry Trends - Domestic panel manufacturers' share in the smartphone AMOLED market rose to 45% last year, with expectations for rapid growth in OLED applications and domestic screen production rates by 2025 [1][5] - The OLED technology being widely adopted is the FMM OLED technology, while domestic manufacturers are attempting to surpass this with self-developed technologies [4][5] - TCL's printed OLED technology began mass production at the end of last year, aiming to address the high costs and challenges of FMM OLED technology [5][8] Market Dynamics - The demand for LCD panels is stabilizing, with manufacturers adopting a production strategy based on demand to manage seasonal fluctuations [9][10] - In the first quarter, several domestic panel manufacturers reported improved performance, with BOE's revenue increasing by 10.27% and net profit by 64.06% [9] - Analysts predict a decline in panel demand due to high inventory levels among brand manufacturers and a shift to conservative stocking strategies [10][11] Future Outlook - The penetration rate of AMOLED panels in smartphones is expected to exceed 8.7 billion units by 2025, with a projected market penetration of 68% by 2028 [7] - The focus is shifting towards medium-sized products, including IT devices and automotive displays, as the OLED market matures [7][8] - There are ongoing discussions about potential acquisitions and consolidations within the LCD sector, with companies like BOE considering expanding their scale through integration [11]

公司报告 | 首次覆盖报告 凯伦股份（300715） 证券研究报告 检测设备转型元年，看好公司业绩估值双升空间 2025 年 1 月 7 日，凯伦股份发布公告，与苏州矽彩光电、苏州和彩、苏州 源彩及陈显锋先生签订框架协议，凯伦将以支付现金的方式购买目标公司 不高于 51%的股权，交易包括股权转让和股权收购两项事宜，4 月 28 日 公告完成工商变更。凯伦股份在此次收购佳智彩的框架协议中签订业绩对 赌协议，承诺佳智彩在 25-27 年累计扣非归母净利润不低于 2.4 亿元。考 虑到公司未来转型后具备较高业绩提升空间，且主业有望触底后实现困境 反转，同时公司收购佳智彩的面板检测设备业务有望放量、半导体检测设 备业务有望带来优异成长空间，首次覆盖给予"买入"评级。 凯伦股份：主业防水经营承压，转型检测设备元年 凯伦股份原深耕防水材料业务，25 年转型显示面板和半导体检测设备领 域。股权结构相对分散，无单一绝对控股方，实控人及一致行动人持股占 三四成。公司有 24 家参控股子公司，目前以苏州总部为中心，产能辐射全 国。20 年及之前公司防水主业稳步增长，21 年后经营承压，防水卷材业绩 贡献收窄，防水涂料和施工贡献加 ...

5月13日至15日，2025年SID显示周在美国加州举办。在这场被称为"显示行业奥斯卡"的展会上，TCL华星发布了搭载印刷OLED的多款显示产品，包括平 板、笔记本、显示器等，覆盖大、中、小多尺寸。 印刷OLED是TCL华星重点布局的显示技术之一。2024年，公司量产并交付了第一款印刷OLED产品——21.6吋印刷OLED医疗专业显示器。这是中国企业显 示新技术进入商用阶段的标志性事件。 近年来，显示行业内LCD（液晶显示屏）扩产逐步进入尾声，OLED（有机发光二极管）成为厂商角逐激烈的新领域。其中，中尺寸领域是下一个赛点。 "OLED在中尺寸渗透率的提升，是目前我们观察到的巨大机会。对于显示产业来讲，可能是未来五年唯一的产业级趋势。三到五年之内，中尺寸产品，包 括笔记本、平板、显示器、车载等领域的OLED渗透率预期会保持快速成长。"TCL科技高级副总裁、TCL华星首席执行官赵军接受智通财经等媒体采访时指 出。 智通财经记者 | 张熹珑 在经历多年高速增长后显露疲态的显示产业，中尺寸OLED市场成为厂商新一轮的战场。 群智咨询数据显示，2023年全球OLED平板面板渗透率约为1.5%。而随着2024年苹果iP ...

行业报告 | 行业研究周报 消费电子 证券研究报告 海外科技股 25Q1：Capex 保持较高强度，看好 AI 算力链修复 端侧 AI：AI 红利开始在业绩端兑现。1）苹果营收和利润同比增长 5%，服务与 iPad 业务表现突出，尽管大中华区 营收下滑，但公司积极通过全球生产布局应对关税带来的成本上升；2）高通创下营收历史新高，车用与物联网芯片 业务强劲增长，推动整体业绩上扬；3） 联发科则受益于 AI 旗舰芯片升级和市场需求增长，实现营收同比增长近 15%，虽毛利率因基期效应略有下滑，但预期 AI 产品组合将继续提升市场份额与产品均价。 云侧 AI：资本开支强度保持，产业链信心有望迎来修复。Meta、微软和亚马逊均实现了稳步增长，并在资本开支上 大幅加码，重点投入 AI 数据中心、云服务及相关技术基础设施建设。1） Meta 的 25Q1 收入增长 16%，主要由应用 家族驱动，并大幅提升资本支出以支持 AI 基础设施建设；2） 微软则通过 Azure 服务的强劲增长以及自研 AI 芯片 的投入，进一步推动 AI 技术的发展，并提高了资本支出的预期；3） 亚马逊25Q1 净销售额增长 9%，AWS 云服务 ...

【WitsView】 据日经新闻昨日（5/12）报道，夏普计划将生产中小尺寸LCD液晶面板的日本龟山 第二工厂出售给母公司鸿海。这是继堺10代线、三重事业所第一工厂之后，夏普近一年来又一次 出售液晶面板厂，若该消息得到证实，夏普液晶面板业务的调整将再度引起广泛关注。 图中近处为夏普龟山工厂的第二工厂（图片来源：共同社） 夏普决心缩减液晶面板业务，转型谋长足发展 近年来，液晶面板产业一直在经历着革新，产业新格局正在重塑中。市场格局方面，BOE京东 方、TCL华星、惠科等中国大陆面板企业在该领域不断扩张，整体产能、产量及市占率持续提升， 而液晶面板市场的整体盈利能力也因供给增加而呈现下降的趋势。技术革新方面，OLED、 Mini/Micro LED等新型显示技术强势崛起，已成为面板厂商换道超车，形成差异化竞争优势的战 略发展方向。 在此背景下，三星、LG、松下、JDI以及夏普等日韩液晶面板厂商陆续宣布退场，并加紧向 OLED、Mini/Micro LED或其他技术赛道转型，卡位高成长性、高毛利新兴市场，以摆脱液晶面板 业务长期亏损的困境，提升竞争力和盈利能力。 其中，夏普2022-2023年累计亏损4,100亿日 ...