Core Insights - The global LCD TV panel market is entering a positive profit cycle as manufacturers shift from "production-driven sales" to "sales-driven production" [1] Group 1: Market Dynamics - The market share of leading manufacturers is expected to stabilize above 70% starting in 2026, establishing a foundation for steady operations in the TV panel market [2] - The concentration of LCD TV panel production capacity in mainland China has led to a competitive landscape dominated by BOE and TCL CSOT [2] - By 2025, TCL CSOT's market share is projected to increase from 20% to 24%, while BOE's share is expected to rise from 26% to 32% by 2026, resulting in a combined market share of approximately 72% for the top three manufacturers [2] Group 2: Cost Competitiveness - The depreciation completion rate for TV panels is anticipated to exceed 50% by 2026, enhancing cost competitiveness for mainstream sizes over the next three years [4] - The G8.5 production lines will complete depreciation by 2025, leading to cost advantages for 32-inch and 55-inch panels [5] - The G10.5 production lines will enter a rapid depreciation phase from 2025 to 2029, significantly improving the cost competitiveness of key products like 43-inch, 65-inch, and 75-inch panels [5] Group 3: Size Trends - The transition to larger sizes in the TV panel market faces challenges, with average size growth expected to stagnate in 2025 due to demand exhaustion and competitive pressures [7] - Despite the challenges, the completion of G8.6 and G10.5 depreciation is expected to enhance the cost competitiveness of large-size panels, driving growth in the segment [8] - The average size of LCD TV panels has surpassed 51 inches, making further growth more difficult [7] Group 4: Production Efficiency - A production utilization rate of 84% ± 3% is identified as the optimal range for maintaining profits in G10.5 production lines, balancing depreciation and profit [9] - The current production strategy of "demand-driven production" is crucial for sustained profitability, but it may lead to imbalances in profit distribution across the supply chain [9] - Upstream panel manufacturers are currently enjoying good profit levels, while downstream brand manufacturers face significant losses due to external pressures [9] Group 5: Strategic Recommendations - The industry should focus on high concentration, accelerated depreciation, large-size trends, and stable production strategies to achieve "long-termism" [10] - Panel manufacturers are encouraged to collaborate with downstream brands to explore stable demand for large sizes and optimize product structure and production efficiency [10] - A balanced approach to production control is necessary to ensure equitable profit distribution across the industry chain, promoting healthy development of the TV industry [10]

Core Viewpoint - In September, brand manufacturers continued to stock up for the fourth quarter peak season, maintaining high demand for panels, leading to a stabilization in LCD TV panel prices as they approached a bottoming out phase [1][3]. Demand Side Summary - Brand manufacturers increased procurement significantly in the third quarter to prepare for the year-end peak season, resulting in sustained high demand for panels [3]. - The demand for LCD TV panels is expected to slow down as the stocking phase comes to an end, but promotional events like "Double Eleven" and "Black Friday" will provide some support for demand in October [1][3]. - The overall demand in October is projected to be stable, with most panel prices remaining flat compared to September, except for larger sizes which may face slight declines [4]. Supply Side Summary - In the third quarter, TV brands increased their orders, leading to an average production capacity utilization rate of high-generation lines rising to 82%, a nearly three percentage point increase [4]. - To respond to the anticipated demand adjustment, most panel manufacturers are expected to reduce their production capacity to below 80% in October [4]. - The price stability of LCD TV panels in October is supported by the manufacturers' production control strategies and the overall demand remaining stable [4].

Core Viewpoint - The competition between South Korea and China in high-end television display technology is intensifying, with a focus on the development of Organic Light Emitting Diode (OLED) technology and cost optimization by LG Display [2] Summary by Relevant Sections OLED Technology Development - LG Display is expected to reduce the production cost of 65-inch OLED TV panels to below $500 (approximately 3,650 RMB) soon [2] - In 2024, LG Display aims to lower the OLED TV panel cost from $1,000 in 2020 to around $600 through improved yield rates and production line optimization [2] - By 2026, LG Display plans to further reduce costs through design innovations, including changes to the Display Driver IC (DDI) structure [2] Market Position and Profitability - LG Display has been continuously expanding its OLED production capacity and stabilizing yield rates, leading to a consistent decrease in OLED costs [2] - Industry analysts predict that this trend could enable LG Display to achieve an annual operating profit exceeding 1 trillion KRW (approximately 5.2 billion RMB) in its OLED business [2] - The cost advantage and mature supply chain of OLED TVs are expected to maintain their dominant position in the high-end television market for the next one to two years [2]

Core Viewpoint - TCL Technology has completed the acquisition of an 80% stake in LG Display (China) Co., Ltd. and a 100% stake in LG Display (Guangzhou) Co., Ltd., marking a significant step in the global display panel industry integration and layout [1][3]. Group 1: Acquisition Details - The acquisition was finalized, allowing TCL Huaxing to officially control LG Display's two main subsidiaries in China [3]. - This transaction is part of a global restructuring in the display industry, with TCL Technology aiming to enhance its market influence in OLED and LCD technology fields [3]. Group 2: Strategic Implications - The acquisition is expected to improve TCL's production capacity and technical strength in high-end display panels, facilitating collaboration with leading global display companies [3]. - By integrating LG Display's R&D, manufacturing, and sales resources in China, TCL aims to achieve synergies in new display technologies and industry ecosystems [3]. Group 3: Market Positioning - TCL Huaxing has been actively focusing on high-end display panels, Mini LED, and flexible OLED technologies in recent years [3]. - The completion of this acquisition solidifies TCL Technology's leading position in the mid-to-high-end panel market and lays a stronger foundation for its future international development [3].

Group 1 - The core viewpoint of the article highlights that the global LCD TV panel shipment volume is expected to increase by 5.1% year-on-year in Q3 2025, driven by national subsidy policies and seasonal inventory preparations [4]. Group 2 - The article provides a detailed analysis of the quarterly and monthly changes in global LCD TV panel shipment volume and area, along with forecasts [4]. - It discusses the monthly price trends of LCD TV panels from September 2024 to September 2025 [4]. - A timeline related to the "old-for-new" national subsidy policy for 2024-2025 is included [4]. - The article ranks global LCD TV panel shipment volume and area for Q3 2024, along with year-on-year comparisons [4]. - It presents the shipment volume and area share by size for BOE LCD TV panels from Q1 2024 to Q3 2025 [4]. - Similar data is provided for CSOT, HKC, Innolux, AUO, CHOT, and Sharp LCD TV panels, detailing their shipment volume and area share by size from Q1 2024 to Q3 2025 [4].

Core Insights - The demand for LCD TV panels is expected to slow down in Q4 2025, prompting major manufacturers like BOE, CSOT, and HKC to implement production breaks during China's National Day holiday to manage inventory levels and operational costs [2][3] Supply Side Analysis - BOE, CSOT, and Sharp plan to take 5 to 7 days off for their 10.5-generation production lines, leading to an estimated production utilization rate of around 74% for October [3] - HKC's main production lines are expected to take a 5-day break, resulting in an estimated utilization rate of approximately 77.5% for 8.6-generation panels [3] - CSOT's T1 and T2 plants are also planning a 5-day holiday, with an expected utilization rate dropping to 81.3% for 8.5-generation panels [3] Demand Side Analysis - Despite a 4.8% month-over-month decrease in demand for October compared to September, there is still some support due to preparations for the Double 11 shopping festival [3] - The production adjustments by panel manufacturers are aimed at controlling costs and alleviating potential supply-demand pressures in the TV market, which may help stabilize panel prices in October [3]

Core Insights - The latest research from TrendForce indicates that the prices of TV, monitor, and laptop panels are expected to remain stable through September 2025, consistent with earlier forecasts [1] TV Panels - The average price for a 65-inch TV panel is $173, with a minimum of $167 and a maximum of $176 [2] - The average price for a 55-inch TV panel is $124, with a minimum of $118 and a maximum of $127 [2] - The average price for a 43-inch TV panel is $64, with a minimum of $62 and a maximum of $66 [2] - The average price for a 32-inch TV panel is $35, with a minimum of $34 and a maximum of $36 [2] Monitor Panels - The average price for a 27-inch IPS monitor panel is $63, with a minimum of $57.6 and a maximum of $65.8 [3] - The average price for a 23.8-inch IPS monitor panel is $49.9, with a minimum of $47.1 and a maximum of $51.4 [3] Laptop Panels - The average price for a 17.3-inch TN laptop panel is stable at $38.3, with a minimum of $37.7 and a maximum of $39.8 [4] - The average price for a 15.6-inch Value IPS laptop panel is expected to remain at $40.3, with a minimum of $38.6 and a maximum of $41.9 [4] - The average price for a 14.0-inch TN laptop panel is stable at $26.9, with a minimum of $26.4 and a maximum of $28.1 [4] - The average price for an 11.6-inch TN laptop panel is stable at $25.1, with a minimum of $24.2 and a maximum of $26.5 [4]

Core Viewpoint - The mobile display panel market is experiencing high operating rates due to strong demand driven by the traditional peak season in Q3, with market prices showing slight declines [2][3]. Group 1: a-Si Panels - a-Si panels continue to see strong demand in the mid-to-low-end market, but increased competition at the module level is leading to slight price declines [3]. - Despite stable screen prices, core components like driver ICs are in a downward cycle, and a-Si module prices are expected to continue to decrease slightly due to intense competition and price pressure from brand clients [3][4]. Group 2: LTPS Panels - The demand growth in the automotive display market, along with the iteration of notebooks and tablets, keeps LTPS production lines operating at full capacity [3]. - However, demand for LTPS in the smartphone sector remains sluggish, prompting some panel manufacturers to lower prices further to secure new project orders, with an expected price drop of $0.1 [3][4]. Group 3: AMOLED Panels - The demand for rigid AMOLED panels is declining due to the accelerated replacement by flexible panels, leading to short-term price stabilization at low levels [3]. - Flexible AMOLED panels are nearing full production capacity due to seasonal stocking, but aggressive pricing strategies by some manufacturers have initiated a downward price trend [3][4].

Group 1 - The mobile panel market is maintaining high operating rates due to strong demand driven by the traditional peak season in Q3 [1] - a-Si panels continue to see strong demand in the mid-to-low end market, but prices are expected to decline slightly due to intensified competition among module manufacturers [1] - LTPS production lines are operating at high capacity driven by strong demand from automotive, laptops, and tablets, although demand in the smartphone sector remains weak [1] Group 2 - Flexible AMOLED panels are facing both demand growth and price pressure, with some manufacturers expanding capacity and adjusting pricing strategies to capture market share [1] - The demand for rigid AMOLED panels is declining due to the accelerated replacement by flexible panels, leading to stable prices in the short term [2] - CINNO Research predicts that a-Si module prices will continue to decline slightly in September and October 2025, while LTPS panel prices will also see reductions in new projects [2]

Core Viewpoint - TCL Huaxing has successfully launched the mass production of its first Mini LED product, the P1.2 COB display screen, marking a significant milestone in its display technology innovation [1][6]. Company Summary - The P1.2 COB display screen features a large panel design and represents TCL Huaxing's third display technology route following LCD and OLED [3]. - The brightness range of the product is adjustable from 0 to 800 nit, with a contrast ratio of up to 5000:1, targeting professional display scenarios such as conference rooms, command centers, and security monitoring [3]. - The MLED project commenced in July 2024, with the mass production being completed approximately 15 days ahead of schedule, showcasing the company's execution capabilities in display module manufacturing and supply chain coordination [5]. Industry Summary - COB packaging technology is emerging as a new trend in the small-pitch LED display sector, offering significant advantages over traditional SMD packaging in terms of pixel density, heat dissipation, reliability, and protection [5]. - Market data indicates that by the first half of 2025, COB packaging technology is expected to account for 36.6% of sales in small-pitch LED displays, with a projected increase to approximately 51.5% in products with a pitch of P1.4 and below, reflecting a year-on-year increase of nearly 20 percentage points [5]. - As technology matures and costs decrease, the penetration of COB technology in niche markets such as advertising media, command centers, exhibitions, and large monitoring screens is anticipated to continue expanding [5].