Core Viewpoint - Tianshan Electronics is accelerating its expansion while achieving positive performance, planning to invest approximately 188 million yuan of raised funds into two projects to enhance production capacity and overall competitiveness [1][2][3]. Investment Projects - The company plans to invest 116 million yuan in the Tianshan Electronics Tanwei Park vehicle LCD display module production line project, utilizing 115.8 million yuan of raised funds, with a construction period of one year [2]. - This project aims to increase annual production capacity by 25.346 million pieces, focusing on VA, medium and large size, and high value-added products to meet the demand for intelligent and large-screen products in the automotive sector [2][3]. - Additionally, the Tianshan Electronics Tanwei Park comprehensive capability enhancement project will require a total investment of 111 million yuan, with 72.6498 million yuan from raised funds and 38.2211 million yuan from self-owned funds, scheduled for two years [3]. Financial Performance - In the first quarter, the company achieved revenue of 395 million yuan, a year-on-year increase of 31.52%, and a net profit of 35.944 million yuan, up 42.24% [5]. - The non-recurring net profit reached 34.1844 million yuan, reflecting a significant growth of 83.19% [5]. - The strong performance in customized LCD display screens and modules, particularly in the automotive electronics sector, has been a key driver of revenue growth [5]. R&D and Competitive Advantage - The company has been increasing its R&D investment, with a total of 238 million yuan planned from 2020 to 2024, indicating a commitment to innovation and maintaining a competitive edge [1][5]. - As of the end of 2024, Tianshan Electronics holds 67 patents, including 11 invention patents, and has developed eight core technologies widely applied in production [6]. - The company's products exhibit superior technical performance compared to industry averages, particularly in high contrast, reliability, precision, and wide viewing angles [6].

公告指出："LG Display 正在以兼具盈利能力和技术差异化的OLED为中心，持续优化投资组合并 推进业务结构升级。为进一步扩大经营成果、强化中长期业务竞争力，公司正就多种方案展开探 讨，但截至目前，媒体报道中提及的投资计划尚未形成具体定论或决策。 " 图片来源：LG Display 此外，LG Display补充说明："若未来有具体事项确定，公司将在确定当日或一个月内另行发布公 告。"这意味着，即使相关投资计划暂未敲定，LG Display也将于7月8日前通过补充披露的方式， 向外界提供最新进展信息。 【集邦Display整理】 近期， 业内 有 报道称，LG Display计划投资约7000亿韩元 （ 约人民币 36.61亿元 ） 在其坡州工厂闲置场地建造新的OLED技术 厂房 。此外，还有传言称，LG Display最早将于7月与京畿道和坡州市签署国内回归投资谅解备忘录（MOU）。 针对上述传闻，LG Display于6月9日正式发布澄清公告。 此图片来自微信公众平台 十八届十二十六十十 #LGD #OLED ▶ 关于集邦 ...

Core Viewpoint - The article discusses the strategic shift of Weishi Electronics towards Mini LED and ultra-large screen technologies in the automotive display sector, highlighting the company's new fundraising project aimed at enhancing production capacity and product quality [2][9]. Group 1: Project Overview - Weishi Electronics has announced a new fundraising project to raise up to 480 million yuan, primarily for the "lightweight vehicle new display component project," which aims to produce 4.33 million lightweight structural parts and 1.85 million new vehicle backlight display modules annually [2][3]. - The previous project, focused on backlight display modules and smart display components, has faced multiple delays, now expected to complete by October 2025, due to insufficient implementation space rather than product demand issues [2][3]. Group 2: Financial Details - The total investment for the new lightweight vehicle display component project is approximately 616.52 million yuan, with 380 million yuan allocated from the fundraising [3]. - The company also plans to use 100 million yuan to supplement its working capital, bringing the total fundraising amount to 480 million yuan [3]. Group 3: Market Trends and Technology - Mini LED technology is gaining traction in the automotive display market due to its high brightness and potential for high-end display solutions, especially as electric vehicle manufacturers increasingly adopt larger screens [3][6]. - The automotive LED market is projected to grow to 3.445 billion USD in 2024, driven by the demand for advanced technologies like Mini LED backlight displays [6]. Group 4: Competitive Landscape - Other companies in the industry, such as Hanbo High-tech and Longli Technology, are also actively investing in Mini LED technologies, with Hanbo planning to raise 750 million yuan for a project to produce 9 million Mini LED light boards [6][7]. - Longli Technology has established partnerships with several Tier 1 suppliers and is expanding its Mini LED product offerings, indicating a competitive push in the automotive display sector [7][8]. Group 5: Future Outlook - The increasing adoption of Mini LED and ultra-large screen technologies in automotive displays is expected to enhance user experience and drive market growth, with companies like Weishi Electronics, Hanbo High-tech, Longli Technology, and Nanjiguang positioning themselves for future opportunities [9][10].

Core Viewpoint - Recent investments in display technology projects in Zhejiang Jiaxing and Anhui Huangshan highlight the growth potential in the TFT LCD, AMOLED, and automotive display sectors [1]. Group 1: Jiaxing Project - The Wan Chuang Intelligent Display Screen project in Jiaxing has a total investment of over 1 billion USD (approximately 7.20 billion RMB) [2][4]. - The project aims to produce 10 million units of TFT LCD and AMOLED display assemblies and 1 million sets of smart terminal semi-finished and finished products annually [4]. - Upon reaching full production, the project is expected to generate an annual output value of 650 million RMB [4]. Group 2: Huangshan Project - Anhui Yueda plans to invest 100 million RMB to establish an automotive display project in Huangshan [5]. - The company specializes in the research and manufacturing of OLED display modules and automotive industrial control display modules [5]. - The anticipated annual output value of the project upon completion is expected to reach 200 million RMB [5].

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].