Core Viewpoint - The implementation of reciprocal tariffs by the U.S. starting April 9 is expected to impact the consumer electronics supply chain, particularly in Southeast Asia, leading to potential demand decline and price increases for end products [1][2]. Group 1: Tariff Impact on Supply Chain - The display industry may face tariffs on optical films and AMOLED organic materials, which could affect demand and pricing [1]. - Most of the liquid crystal display panels and related components are produced in Asia and do not directly export to the U.S., thus currently unaffected by the tariffs [1]. Group 2: Consumer Demand and Pricing - The increase in tariffs may lead to higher prices for consumer electronics, potentially affecting consumer confidence and demand for products like TVs and laptops [1]. - The IT market, which was expected to see a recovery in business demand, may experience delays as companies manage IT spending amid uncertain market conditions [1]. Group 3: Brand Strategies - Consumer electronics brands are considering strategies such as delaying shipments from Southeast Asia and optimizing production capabilities in Mexico to mitigate tariff pressures [2]. - With most brands holding about three months of inventory in the U.S., end product prices may start to rise in the second half of the year to offset increased costs from tariffs [2].

Domestic Financial Market - The Ministry of Foreign Affairs emphasizes China's commitment to true multilateralism and the protection of the multilateral trading system centered around the WTO [4] - The Ministry of Commerce held a roundtable meeting with representatives from over 20 US-funded enterprises [4] - The Ministry of Industry and Information Technology hosted a seminar on AI terminal benchmarks and intelligent classification [4] Industry Updates - As of the end of March, China's gold reserves reached 73.7 million ounces, with the central bank expanding its reserves for five consecutive months, impacting related stocks such as Zijin Mining and Chifeng Jilong Gold [5] - The first cross-provincial and cross-border freight station in the country has been officially launched, reducing costs by approximately 30%, affecting stocks like Baoshai Technology and SF Holding [5] - Display panel manufacturers maintained a capacity utilization rate above 80% in Q1 2025, influencing stocks such as BOE Technology Group and TCL Technology [5] Company Focus - Lianhua Holdings reported a significant increase in product sales and revenue in Q1 2025, with net profit expected to grow by 103% to 144% year-on-year [6] - Beijing-Shanghai High-Speed Railway signed a strategic cooperation framework agreement with the China Railway Economic Planning Research Institute [6] - Huaneng Hydropower achieved a power generation of 21.292 billion kWh in Q1 2025, a year-on-year increase of 31.22%, with grid-connected power reaching 21.104 billion kWh, up 31.42% year-on-year [6] - Heng Rui Medicine licensed its self-developed SHR7280 project to Merck KGaA, which will pay an upfront fee of €15 million [6] Market Review and Outlook - On April 7, the Shanghai and Shenzhen markets opened significantly lower due to US tariff policies and declines in external markets, with the Shanghai Composite Index closing down 7.34% at 3096 points and the ChiNext Index dropping 12.5%, marking its largest single-day decline [7] - The market faced accelerated declines due to sudden trade conflicts, but technical analysis suggests that the market may rebound after filling previous gaps [8] - The A-share market remains in a low valuation zone, with the manufacturing PMI returning above the growth line, and expectations for more favorable policies to be introduced [8]

Group 1: Sanlipu - In 2024, Sanlipu achieved a total sales volume of polarizers of 33.07 million square meters, a year-on-year increase of 30.40% [1] - The company reported operating revenue of 2,589,692,805.31 yuan, up 25.25% from the previous year [2] - Net profit attributable to shareholders reached 68,091,111.50 yuan, reflecting a significant growth of 59.07% year-on-year [2] - The company’s cash flow from operating activities was 42,211,248.57 yuan, a slight increase of 1.70% compared to the previous year [2] - Sanlipu's gross profit margin improved, with the third and fourth quarters achieving record high revenues [1][2] Group 2: Business Expansion and R&D - Sanlipu's OLED product series continued to grow, with accelerated domestic substitution [3] - The company is advancing the construction of its second phase of production capacity in Hefei, focusing on trial production, yield improvement, and customer certification [3] - In 2024, Sanlipu submitted 29 new patent applications, including 19 invention patents and 10 utility model patents, and obtained 25 new authorized patents [3] Group 3: Hisense Visual - In 2024, Hisense Visual achieved operating revenue of 58.53 billion yuan, a year-on-year increase of 9.17% [4] - The net profit attributable to shareholders was 2.25 billion yuan, up 7.17% from the previous year [5] - The net cash flow from operating activities was 3.59 billion yuan, reflecting a growth of 22.79% year-on-year [5] Group 4: Technology and Product Development - Hisense Visual is focusing on three core display technologies: ULED, Micro LED, and laser display, accelerating platform innovation [5] - The company has seen growth in the shipment of Mini LED backlight TV products across various domestic and international markets [6] - In the AR field, Hisense Visual successfully completed the assembly of Micro LED ultra-small optical modules, achieving significant reductions in size and improvements in performance [6]

Core Viewpoint - BOE has introduced the industry's first 15.6-inch L-shaped curved OLED vehicle central control screen, showcasing advanced technology in display design and functionality [1]. Group 1: Product Features - The screen utilizes a thermal bending full lamination process, enhancing the 3D shaping capability of OLED displays [1]. - It features a thin design with a thickness of only 2.5mm, achieved through multi-layer integration of display panels and touch controls in a vacuum environment [1]. - The screen's core component is a 15.6-inch concave vehicle display module, designed with a fixed bending angle of 135° and a bending radius of 35mm, accommodating the natural arm extension of drivers [1]. Group 2: Technical Specifications - The resolution of the curved OLED display reaches 2880*1800, with a brightness exceeding 800 nits, ensuring clear visibility under strong light conditions [1]. - It boasts a million-level ultra-high contrast ratio and millisecond-level response speed, allowing real-time feedback of vehicle dynamic information [1].

从行业分布来看，电子行业个股在调研热度前十榜单中占据重要地位。盛美上海、汇顶科技和深南电路 分别以25次、24次和19次的调研次数位列前十。 上周公募调研超百家公司，德赛西威最受关注 转自：新华财经 新华财经上海3月24日电 公募基金的调研维持活跃态势。据公募排排网最新统计数据，上周（2025年3 月17日至23日）有136家公募机构对103只A股个股展开调研，覆盖24个申万一级行业，合计调研次数达 668次。 在103只被调研个股中，有40只个股被调研频次不低于5次，相当于每个交易日至少接受一次公募机构调 研。具体来看，21只个股获得5至9次调研，10只个股获得10至19次调研，6只个股获得20至29次调研， 另有3只个股被调研不少于30次。其中，计算机行业龙头德赛西威以43次调研位居榜首，成为最受公募 机构关注的个股。参与调研的机构阵容强大，包括华夏基金、天弘基金等43家知名公募机构。 从机构排名来看，嘉实基金以18次的调研次数位居榜首。该机构重点关注的个股中，浙江荣泰、江河集 团和塔牌集团表现突出，上周股价涨幅显著。博时基金以16次的调研次数紧随其后，其调研组合中的科 兴制药、东方精工和塔牌集团同样录得 ...

维信诺2024年营收大增33%至79亿 毛利率显著提升 维信诺(002387)近日发布2024年年报，公司2024年实现营业收入79.29亿元，同比增长33.80%。维信诺高端产品出货持续攀升，规模效应逐渐显现，公司 OLED产品毛利率较上年增长35.03%。 拓展多元化产品 AMOLED新领域实现量产供货 财报数据显示，2024年维信诺OLED产品营收为74.94亿元，较上年增长46.01%，毛利率较上年增长35.03%。此外，公司境外营收为8.08亿元，较上年增长 43.83%。 在产能布局方面，2024年，维信诺昆山第5.5代AMOLED生产线持续优化产品结构，升级产线提高优质产能，覆盖数字时代更多应用场景的创新产品；维信 诺固安第6代柔性AMOLED生产线产能持续释放，稼动率维持较高水平，保障核心品牌客户的高质量交付。 此外，维信诺参股的合肥第6代柔性AMOLED生产线量产供货搭载低功耗动态刷新率技术、折叠等新技术的产品，产能持续释放，并供货了多款高端产品。 中期战略目标如期达成 以创新技术夯实信心 作为中国新型显示领域的代表性企业，维信诺"一强两新"的中期（五年）发展战略到目前已行至盘中，公司稳步推 ...

【WitsView整理】 3月21日，惠科官方微信发文称，公司旗下第七座整机生产基地在郑州航空港区正式点亮投产。 据介绍，郑州惠科基地规划总占地约1253亩，分两期建设。项目一期第一阶段投资约30亿元，占地约300亩，用于建设超高清新型显示模组及整机 生产线，预计达产后年产值约80亿元。此次投产项目于2024年9月开始施工，建设周期共180天。 惠科表示，该项目将打造成TV行业单体规模最大的生产建筑，并拥有高度配套整合和领先的自动化水平。 在生产线方面，采用测试双线设计和模组整两条整机线供应的架构，在减少线体和无尘室建设成本的同时，还能兼容多尺寸产品，将产能利用率最 大化。在自动化领域，一层布局13条高效线体，设计近60%工序实现智能化运作，效率与精度显著提升。 惠科指出，郑州基地的建立，公司战略布局的重要一环，将有效辐射中西部地区，完善产业链布局，提升惠科显示产业的核心竞争力。 E गर TRENDFORCE 集 邦 咨 询 显示器研究中心 电视产业市况季度更新报告 Size Covered>18.5" and above Report format>Excel . . Update frequency>M ...

Group 1 - The core viewpoint of the article is the strategic partnership between INNOCN and Samsung to develop QD-OLED displays in the Chinese market [1][2]. - INNOCN will act as Samsung's exclusive strategic partner in China, receiving comprehensive support for research and production of QD-OLED technology [2][3]. - QD-OLED technology is highlighted as the next-generation display technology, combining quantum dot technology with OLED's self-emissive advantages, offering wider color gamut, higher brightness, and longer lifespan [3]. Group 2 - Samsung will provide INNOCN with access to its core QD-OLED panel technology and customized R&D support, facilitating rapid technology transfer and production breakthroughs for INNOCN [3]. - INNOCN, a brand under Shenzhen Century Innovation Display Electronics Co., Ltd., focuses on integrating IoT, 5G, cloud terminals, and display technology to expand into niche industry applications [3]. - Currently, INNOCN is targeting the professional design sector and has launched several art displays [4].

Summary of the Conference Call for 深天马 Company Overview - **Company**: 深天马 (Shenzhen Tianma Microelectronics Co., Ltd.) - **Industry**: Display technology, specifically focusing on small to medium-sized displays for various applications including automotive, IT, and mobile devices Key Points and Arguments Financial Performance - In 2024, 深天马 achieved revenue of approximately 33.5 billion yuan, representing a year-on-year growth of 3.79% [3][5] - The company's gross margin improved by 6.47 percentage points, with net profit attributable to shareholders exceeding 1.4 billion yuan [3][5] - Operating cash flow reached 5.752 billion yuan, marking a 45.33% increase year-on-year, providing a solid foundation for 2025 [3][5] Business Segments - Mobile and automotive businesses each accounted for about 35% of total revenue, while professional display and IT display segments contributed 13% and 8%, respectively [3] - The automotive display market has seen significant growth, with the company holding the global number one position in pre-installed displays and instrument displays for five consecutive years, with market shares of 18.3% and 25.1% respectively [3][4] Production and Technology Advancements - The TM18 OLED production line in Xiamen has successfully delivered flagship products for multiple clients, while the TM19 line has entered mass production [6] - The company is investing in new Micro LED technology, with expectations to achieve small batch delivery capabilities by 2025 [6] Market Outlook - For 2025, the company aims to ship 100 million AMOLED screens, with specific targets of 50 million from the Wuhan production line and 40 million from the Xiamen line [10] - The demand for LTPS technology in automotive applications is expected to surge, prompting the company to shift focus towards larger-sized products [12][13] Strategic Focus - Future development will prioritize expanding domestic leadership, particularly in the automotive sector, while addressing challenges posed by LCD price fluctuations [7] - The company plans to enhance its competitive edge through the development of new technologies like Micro LED [7] Market Dynamics - The company anticipates a healthy supply-demand structure in the OLED market, with a projected 10% growth in smartphone OLED penetration in 2025 [15] - The automotive electronics segment is expected to continue outperforming industry averages, with significant growth in both international and domestic markets [20][25] Challenges and Risks - The company faces challenges from price volatility in the LCD market and the need for industry self-regulation to ensure high-quality development [18][24] - The depreciation from production lines, particularly from the Wuhan G6 plant, has increased significantly, but is expected to stabilize in the coming years [14] Additional Insights - The company has a strong customization and delivery capability in the automotive display sector, with a gross margin of approximately 19-20% [8][9] - The competitive landscape between rigid and flexible OLED screens is expected to drive technological advancements and market growth [16] Conclusion 深天马 is positioned for continued growth in the display technology sector, particularly in automotive and mobile applications, with a strong focus on innovation and market expansion. The company's financial health and strategic initiatives suggest a positive outlook for 2025 and beyond.

Core Viewpoint - The global smartphone panel shipment is expected to grow by 11.4% in 2024, reaching 2.157 billion units, driven by the increase in new smartphone sales and demand for second-hand and refurbished devices. However, a decline of 3.2% is anticipated in 2025, with shipments expected to drop to 2.093 billion units due to stabilizing new device demand and a slight decrease in the second-hand market [1]. Group 1: Company Performance - BOE (京东方) remains the leading global smartphone panel supplier, with shipments projected at 613 million units in 2024 and expected to reach 630 million units in 2025, reflecting a growth of 2.7% [2]. - Samsung Display (三星显示) is forecasted to ship 378 million units in 2024, benefiting from Apple's demand for high-end AMOLED panels. However, shipments are expected to decline to 365 million units in 2025, a decrease of 3.5% due to potential changes in Apple's supplier strategy [3]. - HKC (惠科) is projected to ship 228 million units in 2024, with a slight increase to 230 million units in 2025, growing at a rate of 0.7% [4]. - CSOT (华星光电) is expected to see significant growth, with shipments reaching 215 million units in 2024, marking an 83.2% increase, and a slight rise to 223 million units in 2025 [5]. - Tianma (天马) is anticipated to ship 158 million units in 2024, with a potential 10% increase in 2025, despite facing challenges from declining LTPS LCD demand [6]. Group 2: Market Trends - The demand for AMOLED panels remains strong among smartphone brands, contributing to the overall increase in panel shipments, a trend expected to continue into 2025. However, the demand for LTPS LCD panels used in mid-range smartphones is weakening, posing challenges for suppliers focused on this technology [6]. - The market share of Taiwanese panel manufacturers is gradually shrinking due to the rapid growth of HKC and CSOT. In contrast, Japanese panel manufacturers are exiting the smartphone market, leading to a decline in their market share [6]. - Korean panel manufacturers maintain a competitive edge in the high-end smartphone market, with a market share of approximately 20% to 21% in 2024, while Chinese manufacturers are rapidly expanding their market share, projected to reach 69.8% in 2024 and potentially exceed 70% in 2025 [6].